Happy Wednesday everyone!

Regulatory standards, international equity inflows, and bilateral security partnerships are driving key corporate and diplomatic developments across regional markets. Prediction market platform Kalshi partnered with Nasdaq to deploy real-time trade surveillance tools, reinforcing market oversight amid a potential $36 billion lawsuit. In capital markets, the Abu Dhabi Securities Exchange (ADX) recorded AED 1.4 billion ($381 million) in foreign net inflows during H1 2026, with international traders generating 48% of total trading value. Meanwhile, Saudi Crown Prince Mohammed bin Salman held talks with Ukrainian President Volodymyr Zelenskiy to expand joint drone manufacturing frameworks and agricultural supply programs.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Kalshi Deploys Nasdaq Trade Surveillance Infrastructure to Combat Market Abuse

What Is It About

Prediction market venue Kalshi signed a multi-year agreement to integrate Nasdaq Market Surveillance software across its event contracts and perpetual futures platforms. According to Head of Enforcement Robert Denault, the phased rollout introduces real-time cross-asset monitoring designed to detect insider trading and market manipulation. The compliance upgrade comes as the platform manages a $36 billion legal challenge filed by the State of New York, following a $1 billion funding round led by Coatue Management that valued the firm at $22 billion.

• Deploying Institutional Oversight: The software integrates real-time cross-market detection tools matching systems used by major global stock exchanges.

• Managing State Legal Claims: The compliance rollout addresses elevated regulatory pressure and an ongoing $36 billion state lawsuit.

• Evaluating Listing Plans: Chief Executive Officer Tarek Mansour confirmed the firm is considering an eventual public listing, though an IPO will not occur in 2026.

Why It Matters

Adopting Wall Street-grade surveillance technology gives institutional investors greater confidence to trade event-based financial derivatives. Adding automated tracking tools simplifies reporting compliance for the Commodity Futures Trading Commission (CFTC), helping the company differentiate itself from offshore, unregulated prediction markets. Showing strong compliance oversight is essential for protecting the platform's $22 billion private valuation as regulators increase scrutiny over prediction markets.

What’s Next

Technical teams will roll out the 1st phase of the Nasdaq surveillance software across high-volume event markets over the coming weeks. Legal representatives will continue pre-trial proceedings to address the State of New York's pending civil claims.

• Completing Technical Integration: Software engineers will complete system testing on live trading feeds across perpetual derivative contracts.

• Filing Federal Compliance Updates: Compliance officers will submit updated trade monitoring workflows to CFTC oversight boards.

Abu Dhabi Securities Exchange Captures Foreign Inflows Supported by International Registrations

What Is It About

Data from the Abu Dhabi Securities Exchange (ADX) shows international traders accounted for 48% of total trading value in the 1st half of 2026. Net foreign investment inflows reached AED 1.4 billion ($381 million), marking a 13.7% increase compared to the same period last year. The exchange onboarded over 30,000 new trading accounts, with foreign individuals and overseas institutions representing 77% of all new registrations.

• Rising Daily Trading Volumes: Average daily trading volume expanded 9% year-on-year to reach 423 million shares.

• Expanding Market Capitalization: Total market value of listed equities on the ADX reached AED 2.8 trillion ($762 billion).

Why It Matters

Sustained foreign capital inflows highlight international institutional confidence in Abu Dhabi’s financial markets despite broader regional uncertainty. Growing international participation deepens market liquidity, allowing listed companies to raise capital at lower borrowing costs. A high proportion of foreign registrations shows that international asset managers view the UAE as a secure, long-term destination for institutional capital.

What’s Next

Exchange executives will expand direct market access programs to connect additional international brokerage firms. Product managers plan to list new exchange-traded funds (ETFs) to broaden investment choices for incoming international funds.

Saudi Arabia and Ukraine Deepen Defense Collaboration and Agricultural Trade Pacts

What Is It About

Saudi Crown Prince Mohammed bin Salman met with Ukrainian President Volodymyr Zelenskiy to advance bilateral defense manufacturing and food security initiatives. The talks build on a military cooperation agreement signed in March, focusing on counter-drone systems and unmanned aerial vehicle development. Discussions also covered long-term agricultural supply lines to secure grain exports to Saudi Arabia.

Why It Matters

Partnering with Ukraine gives Saudi Arabia access to combat-tested counter-drone technology, strengthening its air defense capabilities against low-altitude threats. Direct cooperation helps the Kingdom build out its domestic defense manufacturing sector under Vision 2030 targets. For Ukraine, deepening trade ties with Saudi Arabia secures vital food export revenues while expanding diplomatic partnerships outside Europe.

What’s Next

Military technical delegations from both countries will meet to establish joint testing protocols for unmanned systems. Trade officials will review shipping routes to ensure agricultural exports arrive on schedule at Saudi Red Sea terminals.

👨‍💻From Smashi Business’ Desk

• Billionaires: UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• US-Iran War: Donald Trump Demands Compensation from Iran Following Tehran's Claims

• Crypto Lawsuits: Bybit Sues North Korea and Lazarus Group Over $1.5 Billion Cyberattack

• Palestine Stance: Khabib Nurmagomedov Reveals Pro-Palestine Stance Cost Him Major Sponsorship Deals

• AI Investments: FalconMind Backs US Startup Freeport Markets to Turn Breaking News Into Real-Time Trades

🔍In other news…

• ADNOC Expansion: ADNOC Gas Explores New LNG Export Hub Outside the Strait of Hormuz

• Media Shift: MBC Group's Shahid Reaches Profitability Ahead of Schedule Amid Core Broadcast Headwinds

• AI Infrastructure: Saudi Arabia Invests $4.26 Billion to Evolve Data Centers Into "AI Factories"

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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Happy Tuesday everyone!

Regional corporate growth, artificial intelligence computing infrastructure, and international law enforcement cooperation are defining economic and legal developments across the Middle East. Emaar Properties reported a 9% year-on-year increase in second-quarter net profit to AED 3.7 billion ($1 billion) on revenue of AED 11.5 billion. In Saudi Arabia, total investment in data center infrastructure topped SR 16 billion ($4.26 billion) as facilities evolve into large-scale computing hubs for artificial intelligence models. Meanwhile, UAE authorities extradited alleged transnational crime group leader Daniel Kinahan to Ireland following his April arrest in Dubai under a bilateral extradition treaty.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Emaar Properties Posts $1 Billion Q2 Profit Supported by UAE Economic Resilience

What Is It About

Dubai developer Emaar Properties posted an 8.8% increase in second-quarter net profit attributable to owners, reaching AED 3.7 billion ($1 billion). Total quarterly revenue rose 18% to AED 11.5 billion, lifting first-half net profit 22% to AED 8.7 billion on revenues of AED 24 billion. Founder Mohamed Alabbar attributed the performance to disciplined execution, with cumulative first-half property sales reaching AED 26.6 billion and a sales revenue backlog of AED 164.9 billion.

• Expanding Revenue Backlog: Emaar's total property sales revenue backlog grew 13% over the past year to AED 164.9 billion.

• Sustained First-Half Gains: Group net profit climbed 22% in the first six months of the year, supported by non-oil economic growth.

• Steady Local Sales: Second-quarter Dubai residential property sales prices rose 2% annually despite regional uncertainty.

Why It Matters

Strong financial results from Emaar demonstrate that Dubai's primary real estate developer continues to generate strong cash flows despite regional market headwinds. An AED 164.9 billion backlog guarantees revenue recognition over coming fiscal quarters, providing long-term visibility for shareholders. The company's stable performance highlights how non-oil sector growth and continued population inflows maintain demand for premium residential and commercial developments.

What’s Next

Emaar management will execute construction schedules across master-planned communities to convert off-plan sales into delivered units. Financial analysts will track third-quarter property booking rates to see if buying momentum holds steady through the autumn.

Saudi Arabia Expands Data Center Infrastructure Beyond 4 Billion Dollars to Power AI Systems

What Is It About

Saudi Arabia has deployed more than SR 16 billion ($4.26 billion) into data center infrastructure since 2016, establishing foundational hardware for its digital economy. Semiconductor designer NVIDIA confirmed that Saudi computing facilities are evolving into specialized industrial-scale hubs designed to train and run complex artificial intelligence models. This infrastructure transition requires integrated software, specialized cooling, high-capacity networking, and localized technical talent.

• Expanding Infrastructure Outlays: Capital expenditure in national data facilities crossed $4.26 billion under Vision 2030 initiatives.

• Transitioning to AI Hubs: Processing centers are upgrading server architectures from standard cloud storage to AI training clusters.

Why It Matters

Building advanced computing hubs allows Saudi Arabia to process and store artificial intelligence workloads domestically rather than relying on overseas cloud providers. Constructing these specialized computing facilities helps attract international software developers, cloud providers, and technology firms to set up regional operations. Positioning the Kingdom as a digital processing gateway supports broader economic goals to diversify national income streams away from crude exports.

What’s Next

State utility providers will build dedicated power infrastructure to supply electricity to energy-intensive computing clusters. Technology agencies will launch specialized training programs to equip local engineers with system architecture skills.

• Building Power Infrastructure: Utility companies will connect dedicated high-capacity power lines to computing park sites.

• Expanding Technical Academies: Government institutes will open specialized training tracks for AI system management.

UAE Extradites Alleged Crime Boss Daniel Kinahan to Ireland Under Bilateral Treaty

What Is It About

UAE authorities extradited 49-year-old Daniel Kinahan to Ireland following his April arrest by Dubai Police under a bilateral extradition treaty implemented in May 2025. Kinahan appeared before Dublin’s Special Criminal Court on Sunday, where Irish prosecutors charged him with directing a criminal organization. Identified by US authorities in 2022 as a senior leader of a transnational criminal network estimated to be worth over $1 billion, Kinahan was remanded in custody until his next court date on October 5.

Why It Matters

Extraditing a high-profile suspect to Ireland demonstrates the UAE's commitment to international judicial cooperation and cross-border law enforcement. Utilizing formal extradition frameworks helps close legal loopholes that transnational organized crime groups previously exploited to protect illicit assets. Strengthening judicial ties between Gulf states and European law enforcement agencies deters money laundering and supports joint international criminal investigations.

What’s Next

Irish judicial authorities will prepare evidence files ahead of Kinahan’s next scheduled appearance before the Special Criminal Court on October 5. Law enforcement agencies across Europe and the US will continue joint operations targeting the remaining financial assets of the criminal network.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Saudi Arabia, Turkey and Pakistan sign defence pact

• Adnoc vessel targeted by missile in Strait of Hormuz

• Emaar Property Sales Hit Dh26.6 Billion as Backlog Climbs to Dh164.9 Billion

• Kingdom Holding Profit Falls as Costs and Tax Expenses Rise

• Careem Super App Revenue Grows Despite Widening Losses

• UAE Extends Corporate Tax Relief for Small Businesses Through 2029

• Emirates NBD Completes Acquisition of HSBC Egypt's Retail Banking Business

• UAE Moved More Oil Through Strait of Hormuz Than Any Other Producer

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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Happy Monday everyone!

Bilateral real estate investments, complex maritime negotiations, and energy infrastructure security incidents continue to drive corporate and geopolitical developments across Middle Eastern markets. In Egypt, Emirati investors are close to finalizing a $2.7 billion partnership agreement to develop 642 feddans in Jefaira along the North Coast. In the Persian Gulf, Iranian Foreign Minister Abbas Araghchi stated negotiators are close to a temporary transit route in the Strait of Hormuz, though Tehran insists Washington must meet broader conditions before reopening. Meanwhile, Saudi firefighters extinguished a drone-induced blaze at Aramco’s 400,000-barrel-per-day Jazan refinery following an attack claimed by Yemen's Houthi movement.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

UAE Nears $2.7 Billion Partnership Deal for Jefaira Land Development in Egypt

What Is It About

Egypt is nearing a $2.7 billion agreement with an unnamed Emirati investor to develop 642 feddans in the Jefaira area along the northwestern coast. Under the preliminary partnership framework, the investor will pay for the land over a 6-year schedule while constructing a hospitality and tourism complex. The Egyptian government will retain a 20% to 30% share of annual project revenues alongside an in-kind allocation of hotel units, backed by an initial 100 million Egyptian pound booking deposit.

• Structured Payment Timelines: The $2.7 billion land valuation will be settled over 6 years alongside active construction work.

• Securing State Revenues: Egypt’s government secures a 20% to 30% annual revenue share plus physical hotel assets.

Why It Matters

Securing a $2.7 billion partnership expands the UAE's real estate footprint along Egypt’s Mediterranean coast, turning the area into a hub for Gulf investment. Revenue-sharing terms allow the Egyptian government to generate steady, long-term foreign currency income without giving up full land ownership. Strong demand for plots in Jefaira shows how major projects like Ras El Hekma increase land values across surrounding coastal areas.

• Expanding Foreign Direct Capital: Continuing Gulf investments provide stable foreign exchange inflows to Egypt's economy.

• Boosting Coastal Tourism: Building modern hotel developments increases Egyptian accommodation capacity for international travelers.

What’s Next

Government legal teams will finalize contract terms and complete ownership transfer procedures for the National Investment Bank land. Official representatives expect to sign and announce the agreement before the end of 2026.

Iran Signals Progress on Strait of Hormuz Navigation Scheme Subject to US Conditions

What Is It About

Iranian Foreign Minister Abbas Araghchi stated that negotiations mediated by Oman are close to establishing a temporary maritime transit lane through the Strait of Hormuz. However, Iranian officials stressed that a temporary lane will not mean an immediate full reopening. Tehran insists the United States must meet specific demands first, including ending its naval blockade, removing military forces, lifting economic sanctions, and releasing frozen assets.

• Drafting Temporary Transit Lanes: Negotiators in Oman are finalizing technical traffic schemes for commercial cargo vessels.

• Setting Strict Preconditions: Tehran requires sanctions relief, military rollbacks, and released assets before fully opening the waterway.

• Targeting Regional Shipping: ADNOC reported 1 of its tankers was targeted by missiles in the strait, though crew members remained unharmed.

Why It Matters

Establishing a temporary transit corridor would reduce risk premiums for commercial shipping lines and ease global supply chain bottlenecks. However, conditioning a full reopening on major diplomatic concessions shows that commercial passage through the Persian Gulf remains tied to broader US-Iran tensions. Continued vessel targeting highlights ongoing risks for energy exporters operating in the region.

What’s Next

US and Iranian negotiating teams will review the traffic proposal drafted by Omani mediators. Naval units will coordinate mine-clearing operations to prepare designated transit lanes for commercial vessels.

• Evaluating Traffic Protocols: Maritime security agencies will assess proposed coordinates for commercial vessel convoys.

• Clearing Maritime Hazards: Specialized naval vessels will clear underwater mines from agreed-upon transit channels.

Saudi Security Teams Extinguish Drone Fire at Aramco's Jazan Refinery

What Is It About

Saudi industrial security teams extinguished a fire that broke out early Sunday at Aramco's 400,000-barrel-per-day Jazan refinery in southwestern Saudi Arabia. Yemen's Houthi movement claimed responsibility, stating they targeted the Red Sea facility with an attack drone. The Saudi Energy Ministry confirmed the fire was brought under control without injuries, less than 2 weeks after a previous strike hit the plant's gasification complex.

Why It Matters

Repeated attacks on Red Sea refining infrastructure highlight the ongoing security challenges facing Gulf energy facilities. While Aramco's swift containment prevented major damage, continued strikes force energy operators to maintain high defensive readiness around critical processing plants. Protecting Red Sea facilities is essential for maintaining Saudi Arabia's refined fuel exports to European and Asian markets.

What’s Next

Aramco technical teams will complete facility inspections and resume full processing operations across affected refinery units. Air defense units will increase radar monitoring around Red Sea industrial cities to intercept potential low-altitude drones.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Saudi Arabia, Turkey and Pakistan sign defence pact

• Adnoc vessel targeted by missile in Strait of Hormuz

• Emaar Property Sales Hit Dh26.6 Billion as Backlog Climbs to Dh164.9 Billion

• Kingdom Holding Profit Falls as Costs and Tax Expenses Rise

• Careem Super App Revenue Grows Despite Widening Losses

• UAE Extends Corporate Tax Relief for Small Businesses Through 2029

• Emirates NBD Completes Acquisition of HSBC Egypt's Retail Banking Business

• UAE Moved More Oil Through Strait of Hormuz Than Any Other Producer

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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Happy Sunday everyone!

Geopolitics, homegrown startups and food technology are shaping this week's business headlines. The US sanctioned crypto exchange Shelbit over alleged support for Iran's IRGC, Dubai's Peekabox climbed to the top of the UAE App Store organically, while Travis Kalanick unveiled NAMAA as the new brand for his Gulf food infrastructure business after Atoms secured $1.7 billion in fresh funding.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

US Targets Iran's Crypto Networks With Fresh Sanctions

What Is It About

The United States has imposed sanctions on cryptocurrency exchange Shelbit, alleging it processed millions of dollars in digital assets for Iran's Islamic Revolutionary Guard Corps (IRGC) and other entities linked to the Iranian state. According to Reuters, US authorities allege Shelbit also processed cryptocurrency on behalf of Iran's central bank and one of the world's largest illegal online gambling networks as part of an alleged $4 billion sanctions evasion scheme. The Treasury also sanctioned founder Siavash Kayvanpour and Iran-based exchange Aban Tether.

Why It Matters

The move underscores Washington's growing focus on cryptocurrency as a channel for sanctions evasion and illicit finance. Treasury Secretary Scott Bessent said the department would "hunt down and dismantle the illicit financial networks that keep the regime afloat," signalling continued pressure on financial infrastructure linked to Tehran as geopolitical tensions persist.

What’s Next

The sanctions are expected to further restrict access to the global financial system for the targeted entities and increase scrutiny of crypto platforms with links to sanctioned jurisdictions. Shelbit rejected the allegations, saying it "categorically rejects any suggestion" it knowingly participated in money laundering, terrorist financing or sanctions evasion, adding that it had ceased operations in January 2026.

Dubai Brothers' Savings App Peekabox Reaches No. 1 on UAE App Store

What Is It About

Dubai-based food savings app Peekabox has reached No. 1 on the UAE App Store for the second time, overtaking major food delivery platforms without paid advertising. Co-founder Omair Sarwar said the milestone came "without spending a single dirham on ads," with the app attracting nearly 150,000 downloads in just three months. Founded in 2025 by brothers Hasan and Omair Sarwar, Peekabox connects consumers with surplus food from restaurants, cafés and supermarkets at discounts of 50% to 70%.

Why It Matters

The startup highlights growing demand for homegrown consumer technology tackling real-world challenges. Peekabox operates in a market where the UAE wastes more than $3.5 billion worth of food annually while helping consumers offset rising living costs and enabling businesses to recover revenue from unsold inventory.

What’s Next

Following an oversubscribed $1.5 million seed round in May, Peekabox is positioned to expand its partner network and scale beyond its current footprint of 1,000+ stores across brands including Carrefour, Costa Coffee, Tim Hortons and Krispy Kreme. Its ability to sustain organic growth while expanding across the GCC will be a key test of the business model.

Travis Kalanick's Gulf Food Empire Rebrands as NAMAA After $1.7B Raise

What Is It About

Travis Kalanick's Gulf food infrastructure business has rebranded as NAMAA, a new regional identity unifying businesses including KitchenPark, CloudRetail and HungerHub. The move follows Atoms' $1.7 billion funding round led by Andreessen Horowitz (a16z) and comes after the business reportedly explored a $2 billion dual IPO in Abu Dhabi and Riyadh. Since 2019, NAMAA says it has built or acquired more than 150 facilities across four Middle Eastern markets.

Why It Matters

The Gulf has become central to Kalanick's post-Uber strategy. NAMAA deployed roughly $100 million into the region in 2025, has earmarked another $40 million for Dubai, and is betting that software, robotics and AI can make food infrastructure more valuable over time. The strategy also reflects growing investor confidence in the Gulf's food delivery ecosystem and digital infrastructure.

What’s Next

NAMAA will continue expanding its network of cloud kitchens, fulfilment centres and retail infrastructure while pursuing Kalanick's vision of a "food computer" powered by automation. Investors will be watching whether the company revives its Gulf IPO ambitions once regional capital markets stabilize and whether the infrastructure-first model can succeed where many cloud kitchen rivals have struggled.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Saudi Arabia, Turkey and Pakistan sign defence pact

• Adnoc vessel targeted by missile in Strait of Hormuz

• Emaar Property Sales Hit Dh26.6 Billion as Backlog Climbs to Dh164.9 Billion

• Kingdom Holding Profit Falls as Costs and Tax Expenses Rise

• Careem Super App Revenue Grows Despite Widening Losses

• UAE Extends Corporate Tax Relief for Small Businesses Through 2029

• Emirates NBD Completes Acquisition of HSBC Egypt's Retail Banking Business

• UAE Moved More Oil Through Strait of Hormuz Than Any Other Producer

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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Happy Saturday everyone!

Global media consolidation, luxury real estate and sports marketing are highlighting the Gulf's growing international influence. The UK approved Paramount's $111 billion Warner Bros. Discovery takeover backed by Gulf sovereign wealth funds, Dar Global advanced construction of Dubai's $1 billion Trump International Hotel and Tower, while Emirates extended its landmark partnership with Premier League champions Arsenal until 2033, reinforcing the region's expanding footprint across entertainment, property and global sport.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

UK Clears Gulf-Backed Paramount's $111 Billion Warner Bros. Discovery Takeover

What Is It About

The UK has approved Paramount's $111 billion takeover of Warner Bros. Discovery, removing one of the final international regulatory hurdles for the landmark media merger. The deal is backed by nearly $24 billion from Gulf sovereign wealth investors, including Saudi Arabia's Public Investment Fund, Abu Dhabi's L'imad Holding Company, and the Qatar Investment Authority. To secure approval, Paramount agreed to preserve the editorial independence of Channel 5 News and keep its traditional television channels separate from its streaming platforms for five years.

Why It Matters

The approval highlights the growing role of Gulf sovereign wealth funds in financing some of the world's largest corporate transactions. It also underscores how regulators are increasingly requiring safeguards around media independence and competition as consolidation reshapes the global entertainment industry.

What’s Next

With the UK and European Union now on board, Paramount's biggest remaining challenge is a US antitrust trial scheduled for March 2027. If completed, the merger would create one of the world's largest entertainment companies, combining major film studios, television networks and streaming assets under a single group.

Trump Tower Dubai Moves Into Construction as Project Nears Sellout

What Is It About

Construction of Dubai's $1 billion Trump International Hotel and Tower has advanced after Dar Global awarded Gulf Asia Contracting the podium construction contract. The milestone follows the completion of enabling works, keeping the 80-storey project on track for delivery within five years. According to Dar Global CEO Ziad El Chaar, around 80% of the project's inventory has already been sold to investors from roughly 40 countries, highlighting continued demand for Dubai's luxury real estate market.

Why It Matters

The project signals continued confidence in Dubai's property sector, despite regional uncertainty following the Iran conflict. It also reflects the growing appeal of Trump-branded developments across the Gulf, with Dar Global expanding similar projects in Saudi Arabia, Oman and Qatar. Strong international demand reinforces Dubai's position as a global destination for luxury property investment.

What’s Next

Construction will now move into its main structural phase as Dar Global targets completion within five years. Investors will also be watching whether sales continue to accelerate as the project rises, alongside broader trends in the UAE's residential market, where Abu Dhabi and Dubai home prices have continued to post annual gains.

Emirates Extends Arsenal Partnership Until 2033

What Is It About

Emirates has renewed its long-standing partnership with Arsenal through 2033, extending its role as the club's front-of-shirt sponsor, training kit partner and Emirates Stadium naming rights holder. The agreement continues a relationship that began in 2006 and is regarded as the Premier League's longest-running shirt sponsorship. The renewal follows Arsenal's first league title in 22 years, reinforcing one of football's most enduring commercial partnerships.

Why It Matters

The extension strengthens Emirates' global sports marketing strategy at a time when Gulf airlines continue investing heavily in elite football. Alongside partnerships involving Real Madrid, Manchester City and Paris Saint-Germain, the deal highlights how aviation brands are using football to expand international visibility, deepen customer engagement and reinforce brand loyalty.

What’s Next

The renewed partnership officially enters its next chapter with the Emirates Cup this weekend before Arsenal begin defending their Premier League title later this month. The deal also positions Emirates to benefit from Arsenal's growing global fanbase as the club looks to build on its recent domestic success.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Emaar Property Sales Hit Dh26.6 Billion as Backlog Climbs to Dh164.9 Billion

• Kingdom Holding Profit Falls as Costs and Tax Expenses Rise

• Careem Super App Revenue Grows Despite Widening Losses

• UAE Extends Corporate Tax Relief for Small Businesses Through 2029

• Emirates NBD Completes Acquisition of HSBC Egypt's Retail Banking Business

• UAE Moved More Oil Through Strait of Hormuz Than Any Other Producer

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

Latest Episode of The Smashi Business Show

Apple | Spotify | Youtube | Anghami | Smashi TV

Were you forwarded this email? Subscribe here

Happy Friday everyone!

Regional travel rebounds, diplomatic maritime negotiations, and specialized oil export routes are steering economic activity across the Middle East. Syria’s Ministry of Tourism reported a 111% increase in visitor arrivals during the first half of 2026, reaching 3.52 million people and generating up to $10 billion in economic activity. In maritime logistics, the US, Iran, and Oman are negotiating a temporary 60-day arrangement to safely reopen the Strait of Hormuz to commercial shipping. Meanwhile, Abu Dhabi National Oil Co. (ADNOC) moved over 130 million barrels of crude out of the Persian Gulf through unannounced tanker runs, helping stabilize global energy benchmarks near $79 per barrel.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Syrian Tourism Inflows Surge Past 3.5 Million as Hotel Capacity Faces Shortages

What Is It About

Syria’s Ministry of Tourism released data showing visitor arrivals rose 111% during the first six months of 2026, reaching 3.52 million travelers. Official projections indicate tourism-linked economic output could deliver $9 billion to $10 billion in revenue this year. However, the country has fewer than 20,000 operational hotel rooms, causing room shortages across primary urban centers.

• Rapid Tourist Volume Growth: Visitor arrivals more than doubled compared to the same six-month period last year.

• Severe Room Inventory Shortage: The nation's total supply of fewer than 20,000 hotel rooms remains insufficient to handle current guest numbers.

• Significant Revenue Contribution: Tourism activity is expected to generate nearly $10 billion toward national GDP.

Why It Matters

The gap between growing visitor demand and limited accommodation creates an immediate opening for regional hospitality groups. Gulf developers are targeting hotel acquisitions and construction projects in historic Syrian cities to capture early market share. Rebuilding local hospitality infrastructure generates immediate employment and brings foreign currency directly into the domestic economy.

What’s Next

Syrian municipal authorities will streamline building permit approvals to encourage new hotel construction projects. Gulf real estate firms will evaluate joint venture offers with local landowners to expand accommodation capacity.

• Releasing Commercial Land Plots: Municipal planning boards will designate urban land for hotel resort construction.

United States Iran and Oman Negotiate Temporary Sixty-Day Hormuz Shipping Accord

What Is It About

The United States, Iran, and Oman are finalizing a 60-day temporary agreement to reopen the Strait of Hormuz to commercial shipping traffic. Under the proposed arrangement, cargo vessels and crude tankers will navigate designated transit channels running through Omani and Iranian waters. Specialized naval teams will clear leftover maritime mines while diplomats resume broader regional security talks.

• Designating Safe Transit Channels: Cargo vessels will move along specific lanes overseen by regional maritime authorities.

Why It Matters

Reopening the Strait of Hormuz lowers risk premiums for cargo carriers and reduces global supply chain disruptions. Because the waterway handles roughly 20% of global oil shipments, restoring safe passage eases energy price volatility for international markets. A successful 60-day trial period provides a practical framework for reducing broader diplomatic tensions across the region.

• Lowering Freight Insurance Costs: Restoring safer navigation routes reduces war-risk premiums for international cargo fleets.

• Stabilizing Global Energy Supply: Opening shipping channels ensures steady crude deliveries to European and Asian refiners.

What’s Next

Diplomatic representatives will finalize transit protocols before publishing official navigation guidelines for commercial ship captains. Maritime safety agencies will monitor initial vessel movements along the newly designated channels.

• Publishing Transit Rules: Transport ministries will release clear navigation coordinates to international shipping companies.

• Conducting Channel Sweeps: Naval units will finish clearing designated transit paths to ensure safe passage for commercial fleets.

United Arab Emirates Maintains Crude Exports Through Strategic Waterway Runs

What Is It About

Abu Dhabi National Oil Co. (ADNOC) exported more than 130 million barrels of crude oil through the Persian Gulf over the past two months using unannounced tanker movements. Vessels such as the supertanker Romania Prosperity turned off location transponders while loading before reappearing in the Gulf of Oman. Operating through 7 independent commercial tenders, the state producer supplied energy volumes equivalent to more than a month of Japan's total oil needs.

• Moving High Crude Volumes: ADNOC sold over 130 million barrels across 7 private tender offerings since June.

• Utilizing Transponder Silence: Tanker crews switched off transponders during cargo loading to navigate high-risk waters safely.

• Sustaining Asian Energy Supplies: Delivered crude volumes provided critical supply buffers for major Asian import markets.

Why It Matters

ADNOC's active export strategy helped prevent severe global oil shortages during a period of intense regional tension. Maintaining steady crude shipments limited price spikes, holding Brent crude benchmarks near $79 per barrel. Demonstrating an ability to deliver crude despite regional risks reinforces Abu Dhabi's reputation as a dependable energy supplier for international buyers.

What’s Next

ADNOC logistics managers will continue coordinating tanker departures to meet scheduled delivery commitments. Market analysts will monitor weekly shipping data to track whether export volumes remain stable as formal transit agreements take effect.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Former Lebanese Central Bank Governor Riad Salameh Arrested

• Karen Wazen Launches Limited Edition Collection With Saie

• Lebanese Lawyers Sue Banker Antoun Sehnaoui Over Netanyahu Meeting

• Kuwait Pauses New Freelance Business Licenses Pending Regulatory Overhaul

• Dubai Now Has More Than 80,000 Millionaires

• Disneyland Abu Dhabi Could Transform Tourism Across the Gulf

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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Sovereign wealth funding, electric vehicle restructuring, and gaming platform consolidations are reshaping capital distribution across technology markets. Dubai-headquartered fleet startup Moove raised $250 million in a funding round led by Abu Dhabi’s Mubadala, elevating its valuation to $2.1 billion to fund autonomous vehicle infrastructure. In automotive markets, Lucid Group shares dropped nearly 8% in extended trading following a quarterly loss of $2.78 per share, despite revenues reaching $405 million. Meanwhile, Saudi Arabia’s Public Investment Fund (PIF) finalized its $55 billion leveraged buyout of gaming publisher Electronic Arts (EA) under Vision 2030 targets.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Fleet Management Startup Moove Secures $250 Million to Expand Autonomous Vehicle Networks

What Is It About

Dubai-based fleet management startup Moove closed a $250 million investment round led by Abu Dhabi sovereign fund Mubadala, taking the company's valuation to $2.1 billion. Co-Chief Executive Officer Ladi Delano confirmed the funding will support expanded operations with autonomous vehicle partners Waymo and Uber Technologies. The company plans to construct specialized service hubs, termed "nests," where self-driving vehicles dock for automated cleaning, maintenance, and technical repairs.

Why It Matters

Commercial autonomous vehicle fleets require specialized maintenance hub infrastructure that traditional ride-hailing networks cannot provide. Building specialized maintenance centers creates a dedicated operating model for driverless fleets, letting software platforms scale without managing local physical repair shops. Mubadala’s lead investment shows how regional sovereign funds are backing mobility infrastructure to secure equity stakes in automated transport networks.

• Building Driverless Infrastructure: Dedicated maintenance sites ensure self-driving car fleets maintain daily operational uptime.

• Diversifying Mobility Portfolios: Regional funds are putting capital directly into vehicle management software rather than car assembly alone.

What’s Next

Moove will begin site selection for its initial maintenance hubs in major US cities where autonomous ride services currently run. Engineering managers will recruit specialized technicians and robotics software developers to staff the new service stations.

• Selecting Regional Hub Sites: Operations teams will secure commercial real estate locations near urban transport corridors.

• Finalizing Software Integrations: Technical units will connect vehicle diagnostic software with automated maintenance tools.

Lucid Group Shares Slide 8% Following Quarterly Loss Despite Revenue Growth

What Is It About

Shares of electric vehicle manufacturer Lucid Group dropped almost 8% in late trading after reporting a wider-than-expected quarterly net loss of $2.78 per share. Although quarterly revenue grew 56% to $405 million, sustained cash burn continues to weigh on overall financial performance. Chief Executive Officer Silvio Napoli introduced an operational restructuring plan targeting $1.4 billion in cash flow gains to stabilize cash reserves alongside existing liquid buffers.

• Royal Shareholder Backing: Saudi Arabia’s Public Investment Fund holds majority control while Prince Alwaleed bin Talal’s Kingdom Holding owns 5%.

• Sustaining Cash Balances: The carmaker retains $3.0 billion in total liquidity, extending its operating runway into 2027.

• Restructuring Operational Costs: Management is cutting manufacturing overheads to reduce quarterly burn rates.

Why It Matters

Maintaining major financial backing from sovereign investors shields Lucid from short-term public market pressures as high development costs affect profit margins. Strong backing from Saudi investors helps the automaker maintain assembly work at its factory in King Abdullah Economic City while updating production lines. Implementing $1.4 billion in cash flow savings helps management manage rising component expenses while scaling vehicle production volumes.

What’s Next

Executive leadership will implement cost reductions across material sourcing, vendor logistics, and assembly lines to improve cash margins. Equity analysts will track monthly vehicle delivery numbers to see if structural changes reduce losses in upcoming quarterly reports.

Saudi Public Investment Fund Completes $50 Billion Acquisition of Electronic Arts

What Is It About

Saudi Arabia’s Public Investment Fund (PIF) finalized its $55 billion acquisition of major game publisher Electronic Arts (EA), completing the largest leveraged buyout in global corporate history. The sovereign fund holds controlling ownership over iconic franchises such as EA Sports FC, Battlefield, Apex Legends, and Madden. Private equity firms Silver Lake and Affinity Partners retain minority equity positions as part of the transaction framework.

• Consolidating Gaming Holdings: PIF's gaming division Savvy Games Group previously purchased Mobile publisher Scopely and regional developer Loom Games.

• Expanding Global Franchises: The transaction brings major sports and action video game titles under direct sovereign ownership.

• Retaining Minority Partners: Private equity buyers Silver Lake and Affinity Partners retain minority shares in the privatized entity.

Why It Matters

Acquiring EA establishes Saudi Arabia as a dominant corporate owner within the international video game and esports industry. Bringing top sports titles like EA Sports FC into PIF's media portfolio supports broader economic goals under Vision 2030 to build domestic entertainment sectors. Taking the publisher private allows executive management to focus on long-term game development without facing quarterly earnings pressures from public stock markets.

What’s Next

Savvy Games Group managers will align EA’s regional distribution operations with existing mobile and esports business units. Production teams will maintain current game release calendars while evaluating expansion plans for new regional studios.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Former Lebanese Central Bank Governor Riad Salameh Arrested

• Karen Wazen Launches Limited Edition Collection With Saie

• Lebanese Lawyers Sue Banker Antoun Sehnaoui Over Netanyahu Meeting

• Kuwait Pauses New Freelance Business Licenses Pending Regulatory Overhaul

• Dubai Now Has More Than 80,000 Millionaires

• Disneyland Abu Dhabi Could Transform Tourism Across the Gulf

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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Happy Wednesday everyone!

Regional energy earnings, digital platform regulatory compliance, and coastal real estate developments are defining corporate activity across Middle Eastern markets. State oil producer Saudi Aramco posted a 33% increase in second-quarter adjusted net income to $33.4 billion, utilizing its East-West Pipeline to maintain export flows. In the technology sector, Apple briefly removed messaging application Telegram from the App Store over content violations before restoring access, as the Dubai-based platform reported $1.4 billion in 2024 revenue. Meanwhile, Emaar Misr's historic $174 million acquisition of the Al Alamein Hotel continues to anchor Egypt's North Coast tourism corridor.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Saudi Aramco Capitalizes on High Energy Prices via Red Sea Pipeline Logistics

What Is It About

Saudi Aramco reported second-quarter adjusted net income of $33.4 billion, up 33% from $25.2 billion in the previous year. The state oil giant beat analyst expectations of $31.1 billion by redirecting crude shipments through its 1,200-kilometer East-West Pipeline to the Red Sea port of Yanbu, bypassing shipping disruptions in the Strait of Hormuz. Under Chief Executive Officer Amin Nasser, the firm maintained export volumes while maximizing shipments of refined diesel and jet fuel.

• Beating Earnings Forecasts: Second-quarter profit reached $33.4 billion, exceeding Bloomberg compiled analyst estimates.

• Bypassing Strait Disruptions: Aramco moved up to 7 million barrels per day across its East-West pipeline to Red Sea terminals.

• Sustaining Cash Dividends: Operating cash flow generated $25.4 billion, supporting a base dividend payment of $21.9 billion.

Why It Matters

Maintaining active export routes during regional maritime conflicts allows Aramco to generate substantial cash reserves while foreign competitors face logistical halts. Processing crude into high-value refined fuels along the Red Sea coast provides strong refining margins even when raw benchmark prices fluctuate. However, recent Houthi drone threats against Red Sea tankers introduce new operational risks for long-distance maritime shipments.

What’s Next

Aramco executives will assess the operational impact of recent localized facility attacks to verify output capacity remains stable. Shipping coordinators will evaluate Red Sea convoy routes to protect fuel tankers from potential regional drone activity.

Apple Restores Telegram Following Temporary Store Removal Over Guidelines

What Is It About

Apple briefly pulled messaging application Telegram from the iOS App Store after a routine content review identified violations of platform rules. The application was restored shortly after Telegram moderation teams removed the non-compliant material and banned the accounts involved. The temporary removal coincided with legal scrutiny surrounding founder Pavel Durov, who faces formal investigations in France and legal charges in Russia, even as Telegram reported $1.4 billion in revenue and $540 million in profit for 2024.

• Resolving Moderation Violations: Apple reinstated the app after Telegram removed non-compliant content and terminated offending user accounts.

• Recording First Profitability: The Dubai-headquartered messaging platform generated $540 million in profit on $1.4 billion in annual revenue.

• Expanding Paid Subscribers: Telegram Premium memberships tripled during 2024 to surpass 12 million global users.

Why It Matters

Enforcing platform guidelines highlights the delicate balance major app stores maintain between user privacy and content moderation. For Telegram, maintaining access to iOS users is critical for protecting its growing digital advertising and premium subscription revenue lines. Strong financial results show that the messaging platform's commercial monetization model remains effective despite legal investigations involving its leadership team in Europe.

• Protecting Mobile Distribution: Quick compliance resolution prevents long-term interruptions to user onboarding across global app marketplaces.

• Diversifying Revenue Lines: Combining paid subscriptions with in-app ad sales provides financial stability while servicing corporate debt.

What’s Next

Telegram's compliance team will refine automated content filters to prevent future policy breaches on major application stores. Legal representatives will address ongoing court proceedings in France while corporate officers oversee bond repayment schedules.

Emaar Misr's Historic Investment Anchors Tourism Growth Along Egypt's North Coast

What Is It About

Emirati technology group e& published detailed standalone financial results for In 2006, Emaar Misr, founded by Emirati businessman Mohamed Alabbar, purchased the historic Al Alamein Hotel and 6.2 million square meters of land for $174 million. Rather than clearing the 1960s structure, Emaar restored the historic hotel and built Marassi, a premier master-planned resort community. That initial investment transformed Egypt's Mediterranean coastline into a major hub for luxury real estate and international tourism.

• Restoring Heritage Hospitality: Emaar renovated the original 1960s coastal hotel while expanding surrounding resort facilities.

• Developing Coastal Land: The project converted 6.2 million square meters into residential neighborhoods, marinas, and commercial zones.

• Pioneering Sahel Investments: The $174 million purchase established the framework for modern master-planned developments along the Mediterranean.

Why It Matters

Emaar's early commitment proved that Egypt's North Coast could attract long-term foreign direct investment beyond seasonal domestic vacationers. Success at Marassi paved the way for subsequent multi-billion-dollar developments, including Modon's $35 billion Ras El Hekma project and Aldar's expansion through SODIC. These foreign capital flows strengthen Egypt's central bank reserves and create thousands of jobs in construction, hospitality, and retail.

What’s Next

Property developers will expand hospitality and commercial infrastructure along the North Coast to support extended seasonal stays. Local authorities will upgrade transport links, including airport expansions and highway connections, to accommodate growing visitor numbers.

• Expanding Year-Round Services: Resort operators will add winter amenities and medical centers to attract permanent residents.

• Upgrading Regional Infrastructure: Civil engineering teams will construct expanded road networks connecting coastal cities to Alexandria and Cairo.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Former Lebanese Central Bank Governor Riad Salameh Arrested

• Karen Wazen Launches Limited Edition Collection With Saie

• Lebanese Lawyers Sue Banker Antoun Sehnaoui Over Netanyahu Meeting

• Kuwait Pauses New Freelance Business Licenses Pending Regulatory Overhaul

• Dubai Now Has More Than 80,000 Millionaires

• Disneyland Abu Dhabi Could Transform Tourism Across the Gulf

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

Latest Episode of The Smashi Business Show

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Happy Tuesday everyone!

Macroeconomic liquidity pressures, Red Sea maritime transit directives, and tech corporate financial disclosures are reshaping business sentiment across regional markets. In Baghdad, government officials confirmed a severe cash crunch caused by reduced oil export revenues, raising concerns over potential public sector salary delays. In Yemen, Houthi authorities denied plans to collect transit fees from commercial ships passing through the Bab el-Mandeb strait, reassuring operators that transit support remains voluntary and free. Concurrently, UAE technology group e& published the full balance sheet and financial results of Careem Technologies after agreeing to sell a 12.5% stake back to Uber for $100 million (AED 367 million).

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Iraq Explores Domestic Borrowing as Oil Revenue Shortfalls Threaten Public Sector Payrolls

What Is It About

Government spokesman Haidar Al-Aboudi confirmed that Iraq is experiencing a severe liquidity shortfall, threatening timely salary payments for state employees. The cash deficit follows disruptions along primary Strait of Hormuz export routes, which restricted oil shipments and capped first-half oil revenues at $18.5 billion. With the national budget posting a $5 billion fiscal deficit early this year, the Ministry of Finance is evaluating domestic bond issuances and local credit lines to cover payroll obligations without taking on foreign debt.

• Depressed Oil Revenues: State oil earnings generated only $18.5 billion during the first six months of the year due to export bottlenecks.

• Widening Fiscal Gaps: Public finances registered an initial $5 billion fiscal deficit following maritime shipping disruptions.

• Prioritizing Local Credit: Financial authorities plan to rely on domestic debt instruments rather than international loan facilities.

Why It Matters

Relying on public sector payrolls to sustain domestic consumer spending makes any payment delay a direct risk to local economic stability. Reduced oil revenues force the ministry to draw down cash reserves and lean heavily on domestic banks to cover short-term operational expenses. This liquidity squeeze highlights how external shipping chokepoints can quickly disrupt state finances in energy-dependent economies.

What’s Next

Finance Ministry officials will present their domestic borrowing framework to parliament for formal legislative review. Budget planners will track daily crude export volumes from southern terminals to determine if revenue streams normalize before year-end.

• Drafting Debt Frameworks: Government economists will structure short-term Treasury bill sales for local commercial banks.

• Monitoring Terminal Output: Energy officials will issue updated monthly export volume reports to evaluate cash flow recovery.

Houthi Authorities Clarify Voluntary Shipping Guidance Across Bab el-Mandeb Corridor

What Is It About

Yemen's Houthi-run Humanitarian Operations Coordination Center refuted reports claiming it intended to impose transit fees on commercial vessels navigating the Bab el-Mandeb strait. Official statements emphasized that vessel tracking and routing advice remain entirely free, warning shipping companies against paying unauthorized third parties claiming to collect transit fees on the group's behalf. The clarification came as maritime tracking data showed two Saudi oil tankers successfully exiting the Red Sea, even as total daily vessel crossings eased from 28 to 18 ships over the weekend.

Why It Matters

Clearing up rumors about mandatory transit fees helps prevent additional cost spikes for global shipping operators navigating high-risk maritime routes. While daily traffic volumes remain below historical averages, the successful transit of commercial oil tankers demonstrates that energy shipments are still moving through the corridor. Unrestricted vessel passage remains critical for maintaining global supply chain schedules and containing war-risk insurance premiums for cargo ships.

• Preventing Operational Costs: Avoiding unexpected transit fees prevents cargo carriers from adding secondary surcharges to global freight rates.

• Stabilizing Maritime Traffic: Clear operational guidelines help commercial fleets plan transit routes through the Red Sea with greater predictability.

What’s Next

International shipping registries will monitor daily vessel crossing numbers to track whether transit volumes recover over the coming weeks. Maritime security agencies will continue issuing safety updates to commercial fleets operating in surrounding waters.

• Tracking Vessel Crossings: Logistics analysts will review daily transit data to assess cargo carrier confidence levels along the route.

• Updating Fleet Instructions: Shipping operators will evaluate insurance guidelines before routing additional container vessels through the strait.

e& Discloses Careem Financials Following $100 Million Stake Sale to Uber

What Is It About

Emirati technology group e& published detailed standalone financial results for Careem Technologies within its H1 2026 financial report. The disclosure follows e& signing a binding $100 million agreement to sell a 12.5% stake back to Uber, reducing its holding to 37.53% and reclassifying the asset as a discontinued operation held for sale. Careem generated AED 883.69 million ($240.6 million) in H1 revenue—a 20.4% year-over-year increase—while higher operating costs widened its H1 net loss to AED 451.61 million ($122.9 million).

• Shifting Equity Control: The $100 million cash sale reduces e&'s stake to 37.53%, restoring Uber as the majority owner with 62.47%.

• Expanding Revenue Lines: Careem's H1 2026 revenue rose 20.4% to AED 883.69 million, supported by growth across digital services.

• Disclosing Balance Sheet Values: Total assets held for sale reached AED 2.21 billion against associated liabilities of AED 945.98 million.

Why It Matters

Publishing Careem’s complete financials gives investors their first detailed view of the super-app’s operating margins, unit economics, and cash burn rate. Selling back a controlling stake allows e& to focus capital on core telecom and tech infrastructure while maintaining upside exposure through its remaining 37.53% holding. For Uber, regaining majority ownership aligns Careem’s regional delivery and fintech platforms directly with its broader global expansion strategy.

• Focusing Corporate Capital: Reclassifying the holding allows e& to reduce direct exposure to early-stage digital platform losses.

• Aligning Global Mobility Platforms: Uber regains operational control to coordinate software features and delivery operations across Middle Eastern markets.

What’s Next

Upon formal deal closure, e& will account for its remaining 37.53% stake as an associate investment under the equity method rather than fully consolidating Careem's balance sheet. Both parties maintain reciprocal put and call options exercisable between December 2031 and January 2032 for the remaining shares

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Former Lebanese Central Bank Governor Riad Salameh Arrested

• Karen Wazen Launches Limited Edition Collection With Saie

• Lebanese Lawyers Sue Banker Antoun Sehnaoui Over Netanyahu Meeting

• Kuwait Pauses New Freelance Business Licenses Pending Regulatory Overhaul

• Dubai Now Has More Than 80,000 Millionaires

• Disneyland Abu Dhabi Could Transform Tourism Across the Gulf

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

Latest Episode of The Smashi Business Show

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Were you forwarded this email? Subscribe here

Happy Monday everyone!

Cross-border capital expansions, regional retail banking consolidation, and local commercial regulatory updates are shaping economic activity across Middle Eastern markets. Qatari producer Baladna initiated a $3.3 billion agricultural and food-processing initiative in Syria covering 2,400 square kilometers across the Euphrates River Basin. In retail banking, Dubai-listed Emirates NBD signed definitive agreements to acquire the retail banking operations of HSBC Bank Egypt. Concurrently, Kuwait's Ministry of Commerce and Industry temporarily suspended issuing new Single-Owner Business freelance licenses to review address links and regulatory rules.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Qatari Food Giant Baladna Commits $3.3 Billion to Agricultural Recovery in Syria

What Is It About

Qatari food producer Baladna launched a $3.3 billion agricultural and food-processing venture in Syria through its newly established subsidiary, Baladna Syria. Led by Chief Executive Kamel Al Abdullah, the enterprise covers 2,400 square kilometers in the Euphrates River Basin, leasing land across Raqqa and Deir Ezzor governorates. The project will produce raw crops including wheat, cotton, and sugar alongside processed commodities like cheese and textiles.

• Leasing Public Land: The primary farming site spans 1.3% of Syria's total land mass in the Euphrates River Basin.

• Acquiring Processing Sites: Baladna acquired land in central Syria for dairy processing while evaluating coastal land acquisitions.

• Contracting Local Growers: The subsidiary plans to supply equipment and expertise directly to local independent farmers.

Why It Matters

Large-scale farming commitments from Qatari and Emirati groups demonstrate how private Gulf capital is moving to rebuild Syria's post-war production capacity. Following the removal of US sanctions and Syria's entry into the anti-ISIS coalition under President Ahmad Al Shara, regional firms can invest directly in strategic infrastructure. Rebuilding food production locally helps lower import dependence while creating thousands of employment opportunities across rural regions.

What’s Next

Baladna Syria will begin site preparations and install modern irrigation hardware across leased plots in Raqqa and Deir Ezzor. Engineering teams will finalize architectural blueprints for the central dairy plant before beginning construction.

Emirates NBD Agrees to Purchase HSBC's Retail Banking Business in Egypt

What Is It About

Dubai’s largest lender, Emirates NBD, signed binding agreements to acquire the retail banking operations of HSBC Bank Egypt through its local subsidiary. The transaction transfers HSBC Egypt’s entire consumer portfolio, branch network, automated teller machines, and supporting operational personnel to Emirates NBD Egypt. While total deal figures were undisclosed, HSBC confirmed the divestment will generate an expected pre-tax gain of $300 million.

• Expanding Customer Bases: The deal integrates HSBC's local retail branch network directly into Emirates NBD Egypt.

• Corporate Banking Focus: HSBC will retain its institutional, corporate, and investment banking operations within Egypt.

• Awaiting Regulatory Sign-off: The transfer remains subject to official approval from the Central Bank of Egypt and the DFM.

Why It Matters

Acquiring HSBC's local consumer accounts consolidates Emirates NBD’s footprint in Egypt, one of the Arab world's largest consumer markets. Strengthening presence along the UAE-Egypt banking corridor allows the Gulf lender to process cross-border trade settlements and personal remittances more efficiently. For HSBC, selling retail branches aligns with its broader corporate strategy to exit retail markets and focus on core international corporate banking clients.

• Consolidating Retail Banking: Expanding branch networks strengthens Emirates NBD's market share against competing regional lenders.

• Facilitating Corridor Capital: Unified accounts simplify deposit transfers and trade finance between UAE and Egyptian businesses.

What’s Next

Both financial institutions will submit formal merger applications to Egyptian regulatory bodies for final approval. Transition teams will outline software migration plans to move account data without interrupting daily banking operations.

Kuwait Temporarily Pauses New Freelance Business Licenses for Regulatory Review

What Is It About

Kuwait’s Ministry of Commerce and Industry temporarily halted issuing new Single-Owner Business licenses, commonly known as freelance licenses, pending a review of local business regulations. The pause targets new individual applicants and does not impact existing, active one-person commercial permits. Working alongside the Public Authority for Civil Information (PACI), the ministry plans to update address verification requirements across 122 permitted freelance fields.

Why It Matters

Pausing new applications allows Kuwaiti commerce officials to update oversight rules for sole proprietorships that do not require physical commercial office space. Digitally linking business permits directly to residential addresses prevents shell-entity creation and improves tax compliance tracking across professional services. Reorganizing the administrative framework ensures that independent consultants, tech freelancers, and service providers operate within clear legal boundaries.

What’s Next

Technical teams from the Ministry of Commerce and PACI will finish updating the electronic licensing portal. Ministry representatives will publish updated licensing guidelines before reopening the application portal to new sole-proprietor applicants.

• Publishing Updated Guidelines: Commerce officials will outline revised physical address requirements for prospective freelancers.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Former Lebanese Central Bank Governor Riad Salameh Arrested

• Karen Wazen Launches Limited Edition Collection With Saie

• Lebanese Lawyers Sue Banker Antoun Sehnaoui Over Netanyahu Meeting

• Kuwait Pauses New Freelance Business Licenses Pending Regulatory Overhaul

• Dubai Now Has More Than 80,000 Millionaires

• Disneyland Abu Dhabi Could Transform Tourism Across the Gulf

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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Happy Sunday everyone!

A Reuters investigation has uncovered a $4 billion Iranian crypto network allegedly linked to illicit gambling, New York is taking prediction market giant Kalshi to court over claims of illegal gambling, and Gianni Infantino has been forced to abandon FIFA's controversial $20 billion investment plan. Three stories showing how regulators, governments and institutions are tightening scrutiny over finance, betting and global sport.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Infantino Retreats as Backlash Kills FIFA's $20 Billion World Cup Plan

What Is It About

FIFA President Gianni Infantino has scrapped plans for a $20 billion World Cup commercial venture after fierce opposition from UEFA, the Asian Football Confederation (AFC) and other regional football bodies. The proposal would have sold a 20% stake in a new commercial company to private investors, including Joshua Kushner-led Thrive Eternal, while FIFA retained majority ownership.

Why It Matters

The reversal marks one of the biggest governance setbacks of Infantino's presidency. AFC president Sheikh Salman bin Ebrahim Al Khalifa argued the proposal lacked proper consultation and warned decisions of such significance "should never be rushed," highlighting growing resistance to private capital reshaping global football.

What’s Next

Infantino says he will work to rebuild consensus after admitting the proposal had created divisions "no longer in the interest of the objective." Meanwhile, attention is shifting to next year's FIFA presidential election, with Politico reporting European officials are discussing PSG president Nasser Al Khelaifi as a potential challenger.

Iran Gambling Network Helped Channel $4 Billion Through Crypto Exchange: Reuters

What Is It About

A Reuters investigation found an illicit Iranian gambling network allegedly channelled at least $4 billion through Shelbit, an unlicensed cryptocurrency exchange registered in Dubai and reportedly run by an expatriate Iranian. Reuters said the network processed funds from thousands of Persian-language gambling websites and interacted with wallets linked to sanctioned exchange Nobitex and Iran's central bank.

Why It Matters

The findings highlight growing concerns over the use of cryptocurrency to move illicit funds across borders, raising fresh questions around anti-money laundering, sanctions compliance and oversight of digital asset platforms. The case also underscores the increasing intersection of cybercrime, financial networks and regional geopolitics.

What’s Next

The investigation is likely to intensify scrutiny from regulators and law enforcement over crypto exchanges, sanctions enforcement and cross-border financial flows. Market participants will also watch for any official responses from the companies and individuals named in the Reuters report, as well as potential enforcement actions.

New York Sues Lebanese-Founded Kalshi in Prediction Markets Showdown

What Is It About

New York Attorney General Letitia James has sued Kalshi, the prediction market platform co-founded by Lebanese entrepreneur Tarek Mansour, accusing it of operating an illegal gambling business. The lawsuit seeks to halt Kalshi's operations in New York, recover alleged illegal gains and impose financial penalties. Kalshi says it is a federally regulated event contracts exchange, not a gambling platform.

Why It Matters

The case could become a landmark test for the fast-growing prediction market industry. Regulators argue platforms like Kalshi are gambling businesses, while the company says it operates a regulated financial marketplace. The outcome could reshape how event-based trading is regulated across the United States.

What’s Next

Kalshi has vowed to fight the lawsuit, arguing states cannot shut down a federally regulated exchange. The company already faces legal challenges in several US states, making this a closely watched battle over the future of prediction markets.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Former Lebanese Central Bank Governor Riad Salameh Arrested

• Karen Wazen Launches Limited Edition Collection With Saie

• Lebanese Lawyers Sue Banker Antoun Sehnaoui Over Netanyahu Meeting

• Kuwait Pauses New Freelance Business Licenses Pending Regulatory Overhaul

• Dubai Now Has More Than 80,000 Millionaires

• Disneyland Abu Dhabi Could Transform Tourism Across the Gulf

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

Latest Episode of The Smashi Business Show

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Were you forwarded this email? Subscribe here

Happy Saturday everyone!

Saudi Arabia is pushing Washington for access to the advanced F-35 fighter jet as it seeks deeper security ties with the US, while Riyadh is also building a maritime coalition to protect critical oil and trade routes across the Red Sea. Meanwhile, Abu Dhabi’s Disneyland project is set to become the anchor of a regional entertainment boom, with theme parks expected to reshape tourism, real estate and hospitality markets.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Saudi Arabia's High-Stakes Push For F-35 Jets Enters Critical Phase, Semafor Reports

What Is It About

Saudi Arabia has stepped up efforts to secure a deal for US-made F-35 fighter jets, with Defense Minister Khalid bin Salman holding meetings in Washington with senior Trump administration officials. The discussions reportedly covered the proposed aircraft sale and broader defense cooperation, as Riyadh seeks to capitalize on momentum following its recent nuclear agreement with the US before the upcoming US midterm elections.

Why It Matters

An F-35 sale would significantly strengthen Saudi Arabia's air capabilities and deepen US-Saudi defense ties. However, the proposal is expected to face scrutiny in Congress over concerns about preserving Israel's qualitative military edge. The negotiations also intersect with wider regional diplomacy, including US efforts to encourage Saudi Arabia to normalize relations with Israel under the Abraham Accords.

What’s Next

The Trump administration is expected to continue discussions with Saudi officials, but any deal could face political and legislative hurdles. Washington may also use the F-35 sale as leverage in broader negotiations over regional security and normalization with Israel, while Congress is likely to closely examine any proposal before approving the transfer of the advanced fighter jets.

Saudi-Led Naval Coalition Could Become The Region's Most Important Oil Trade Shield

What Is It About

Saudi Arabia has proposed leading a multinational maritime security alliance after holding talks with military representatives from 43 countries. Thirteen nations backed the initiative, which would focus on protecting shipping through the Red Sea, Bab al-Mandab Strait and the Gulf of Aden following Houthi attacks on tankers and a declared maritime blockade targeting the kingdom.

Why It Matters

The coalition is about far more than military cooperation—it's about safeguarding global energy markets. The Red Sea has become a critical export route for Saudi crude after disruptions in the Strait of Hormuz. Securing Bab al-Mandab helps protect millions of barrels of oil, LNG cargoes and container shipments moving between Asia and Europe, reducing insurance costs, freight rates and supply chain disruptions while supporting stable energy prices.

What’s Next

Saudi Arabia will work on the alliance's charter, command structure and operational framework before seeking broader participation. If the coalition becomes operational, it could provide naval escorts, intelligence sharing and coordinated patrols to secure one of the world's busiest energy corridors. Success would strengthen confidence in Red Sea shipping, while failure could leave oil markets vulnerable to further disruptions and price volatility.

"Disney Is The Signature Project": Abu Dhabi Disneyland Could Transform Gulf Tourism

What Is It About

“Disney traditionally is the signature project that’s got the brand, it’s got the pull,” Mike Rigby, regional vice president and director of the International Association of Amusement Parks and Attractions, told AGBI. As Abu Dhabi's Disneyland moves toward its planned early-2030s opening, Rigby said the park could become the anchor for a broader Gulf theme park ecosystem, alongside Saudi Arabia’s Qiddiya, Bahrain’s planned Six Flags park and Qatar’s expanding waterpark developments.

Why It Matters

Rigby told AGBI the parks are expected to grow the region’s tourism market rather than simply compete for visitors. He said Disneyland’s global appeal could encourage longer trips across the Gulf, similar to Orlando’s theme park model. Beyond tourism, he said entertainment projects act as catalysts for real estate, hospitality and population growth. Yas Island has already seen one-bedroom apartment rents climb about 67% since 2023, highlighting the economic ripple effects.

What’s Next

Abu Dhabi’s Disneyland is expected to open in the early 2030s, while other GCC attractions continue to advance. Rigby told AGBI that domestic tourism should help cushion the sector during periods of regional instability, while international visitors are expected to increase as more attractions come online. If the projects are delivered as planned, the Gulf could emerge as a global multi-destination entertainment hub, supporting tourism, property and hospitality growth across the region.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Iraq hunts for $77bn missing funds in corruption crackdown

• Qatar has launched a diamond exchange in a bid to position Doha as a regional hub for the global trade in rough and polished diamonds

• Red Sea shipping slows after Houthi attack on Saudi Arabia, data shows

• UAE, Canada conclude record-speed CEPA talks to boost trade 

• Saudi Arabia’s push to become a global gaming and esports powerhouse is creating a new generation of professional content creators, prompting livestreaming platform Kick to expand aggressively across the Gulf

• Iran says it still controls strait, not seeking talks, after Trump halts bombing

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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Happy Friday everyone!

Regional capital commitments, sustainable urban transit infrastructure, and resilient energy corridors are driving corporate and municipal growth across the Middle East. Emirati billionaire Khalaf Al Habtoor disclosed a potential 3 billion Egyptian pound ($59 million) investment in Cairo’s Zamalek SC to stabilize the sports club's finances. In Dubai, DMCC Executive Chairman Ahmed Bin Sulayem announced the August 1 launch of JLT Link, a fully electric bus service serving 18 community stops. Meanwhile, Texas-based MWG Enterprises and Saudi Arabia's AHQ Group formed the Mera Oil consortium to build a $5 billion, 200,000-barrel-per-day oil refinery outside the Strait of Hormuz.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Khalaf Al Habtoor Eyes $59 Million Investment in Cairo’s Zamalek SC

What Is It About

Billionaire investor Prince Alwaleed bin Talal purchased 19.5 million shares in Emirati businessman Khalaf Al Habtoor announced he is considering a 3 billion Egyptian pound ($59 million) investment in Cairo-based sports club Zamalek SC. The potential capital injection follows recent financial hurdles for the Egyptian football giant, including settled player disputes with Omar Faraj and Ibrahima Ndiaye alongside registration challenges. Al Habtoor previously gifted 59 Mitsubishi vehicles to Egypt's national team staff and players following their World Cup performance.

• Clearing Pending Claims: Zamalek management recently resolved financial claims with FC Oleksandria to lift player transfer restrictions.

• Expanding Regional Philanthropy: The proposed investment builds on Al Habtoor's long-standing backing of Egyptian sports institutions.

• Strengthening Club Liquidity: Fresh private capital would help the club settle remaining player dues and secure squad additions.

Why It Matters

Injecting private foreign capital into Egyptian sports entities provides immediate financial liquidity to traditional clubs struggling with balance sheet debt. For Zamalek SC, securing a $59 million corporate commitment allows management to stabilize operating budgets, pay down FIFA registration claims, and remain competitive against regional rivals. The move reflects a growing trend of Gulf investors funding sports franchises and entertainment assets across North Africa.

• Stabilizing Operational Budgets: External funding helps traditional sports clubs manage currency fluctuations and international debt liabilities.

• Attracting Gulf Capital: Private investment partnerships demonstrate how regional business leaders support North African sports franchises.

What’s Next

Legal and financial teams from Al Habtoor Group will evaluate Zamalek SC's accounting records to finalize the investment structure. Club directors will work to clear remaining transfer bans before the upcoming domestic season opens.

DMCC Launches Electric JLT Link Bus Fleet Connecting Jumeirah Lakes Towers

What Is It About

Dubai free zone authority DMCC is rolling out JLT Link, a 100% electric community bus service starting August 1. Overseen by Executive Chairman Ahmed Bin Sulayem, the transit network will replace existing RTA routes across 18 designated stops. The service features two internal JLT loops running every 20 minutes and a dedicated Uptown Dubai route operating every 30 minutes, providing direct transit connections to the DMCC and Sobha Realty Metro Stations.

• Replacing Existing Routes: The zero-emission fleet takes over community bus operations without altering daily passenger travel schedules.

Why It Matters

Replacing fossil-fuel transit options with electric community buses supports Dubai's net-zero sustainability goals while improving last-mile transit for daily commuters. Providing frequent, low-cost transit loops reduces reliance on private vehicles, easing traffic congestion around high-density business districts like Jumeirah Lakes Towers and Uptown Dubai. Integrated public transport links make commercial free zones more attractive to international tenants and daily office workers.

• Reducing Local Emissions: Deploying zero-emission buses lowers carbon output across densely populated commercial zones.

• Easing Traffic Density: Frequent transit loops encourage commuters to choose public transport over private vehicle travel.

What’s Next

DMCC will monitor daily rider numbers and peak travel times to adjust bus loop frequencies as passenger demand grows. Commuters will scan QR codes via a mobile app to pay AED 3 fares directly on board starting August 1.

• App Ticketing Integration: Commuters will top up digital wallets to pay AED 3 fares directly on board.

• Route Expansion Assessments: Transit coordinators will evaluate adding stops as new commercial towers open in Uptown Dubai.

US-Saudi Mera Oil Consortium Advances $5B Refinery Outside Strait of Hormuz

What Is It About

A private US-Saudi joint venture, Mera Oil, has reached the final stage of selecting a host location for a $5 billion integrated oil refinery and export corridor. Formed by Texas-based MWG Enterprises, Patel Family Office, and Saudi Arabia’s AHQ Group, the consortium has narrowed its selection to three GCC locations outside the Strait of Hormuz. The planned facility will process 200,000 barrels per day and feature deepwater port access, large-scale storage, and marine export terminals.

Why It Matters

Building a 200,000-barrel-per-day refinery outside the Strait of Hormuz provides a critical alternative route for global energy exports amid ongoing Persian Gulf security risks. Recent strikes on regional energy infrastructure highlight the importance of establishing export terminals with direct access to open ocean shipping lanes. This $5 billion project strengthens regional refining capacity while offering international fuel buyers reliable energy supplies.

What’s Next

The consortium expects to announce its chosen host jurisdiction by the end of the year before commencing final site engineering and environmental studies. Developers will then begin detailed design work and secure construction permits for the deepwater port facilities.

• Host Jurisdiction Announcements: Sponsors will confirm the winning GCC location before entering final engineering phases.

• Port Engineering Permits: Survey teams will assess deepwater marine channels ahead of heavy foundation construction.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Iraq hunts for $77bn missing funds in corruption crackdown

• Qatar has launched a diamond exchange in a bid to position Doha as a regional hub for the global trade in rough and polished diamonds

• Red Sea shipping slows after Houthi attack on Saudi Arabia, data shows

• UAE, Canada conclude record-speed CEPA talks to boost trade 

• Saudi Arabia’s push to become a global gaming and esports powerhouse is creating a new generation of professional content creators, prompting livestreaming platform Kick to expand aggressively across the Gulf

• Iran says it still controls strait, not seeking talks, after Trump halts bombing

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

Latest Episode of The Smashi Business Show

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Were you forwarded this email? Subscribe here

Happy Thursday everyone!

Technology investments, international sports broadcasting, and bilateral defense initiatives are driving new capital and strategic alignments across Middle Eastern markets. Saudi Prince Alwaleed bin Talal acquired a 5% stake in electric vehicle maker Lucid Group for $129.5 million, providing private royal backing alongside the Public Investment Fund. In sports entertainment, Netflix confirmed it will stream the third edition of Riyadh’s Six Kings Slam exhibition tennis tournament this October, featuring a $13.5 million purse. Meanwhile, the United States and the United Arab Emirates are launching Task Force Talon Synapse, a joint military AI unit based in Abu Dhabi to advance defense technologies.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Prince Alwaleed Acquires Five Percent Stake in Lucid Following Volatile Trading

What Is It About

Billionaire investor Prince Alwaleed bin Talal purchased 19.5 million shares in Lucid Group for $129.5 million, securing a 5% equity stake in the electric vehicle manufacturer. The purchase follows weeks of market volatility during which the company dismissed insolvency rumors and hired operational restructuring advisers. Disclosure of the regulatory filing triggered a 22% surge in Lucid’s stock price, supplementing the 45.4% majority position held by Saudi Arabia's Public Investment Fund.

• Capitalizing on Market Dips: The prince’s investment office acquired the equity position during a sharp decline in the company's share price.

• Institutional Backing Presence: The Public Investment Fund has committed over $9 billion to the vehicle maker since 2018.

• Broader Tech Portfolios: Prince Alwaleed's Kingdom Holding maintains significant stakes in major global firms including Citigroup, X, and Snap.

Why It Matters

Individual royal backing alongside sovereign fund capital signals continued domestic commitment to establishing Saudi Arabia as a hub for electric vehicle production. While the $129.5 million capital injection does not fully solve the automaker's long-term cash requirements, it helps restore investor confidence following recent insolvency speculation. This personal investment reinforces the Kingdom's strategy to diversify its industrial base beyond traditional crude processing.

What’s Next

Lucid executives will focus on operational cost reductions while preparing to roll out their mid-size vehicle platform. Financial analysts will track quarterly delivery numbers to evaluate whether recent restructuring steps improve profit margins.

• Mid-Size Platform Launches: Engineering teams will complete pre-production testing for the upcoming mass-market vehicle line.

• Cost Reduction Audits: Management will review operational expenses across production facilities to lower cash burn rates.

Netflix Secures Global Streaming Rights for Riyadh’s Six Kings Slam Tennis Tournament

What Is It About

Netflix will broadcast the third edition of the Six Kings Slam exhibition tennis tournament worldwide this October at no additional charge to subscribers. Held as part of Riyadh Season, the event features top players including Jannik Sinner, Carlos Alcaraz, and Novak Djokovic competing for a $13.5 million total prize pool. Production will be managed by IMG, a subsidiary of TKO Group Holdings, which confirmed its long-term operational framework in Saudi Arabia remains unchanged.

• High Player Earnings: The tournament offers a $6 million winner’s check alongside a guaranteed $1.5 million appearance fee for each participant.

• Elite Player Lineup: The six-player roster includes Alexander Zverev, Taylor Fritz, and Alex de Minaur competing in Riyadh.

• Broadcast Production Partners: IMG will manage live feeds for Netflix, building on TKO’s existing event operations in the region.

Why It Matters

Securing live global streaming rights for high-prize exhibition events allows streaming platforms to build their subscriber base through exclusive sports content. For Saudi Arabia, partnering with major entertainment distribution networks increases international visibility for its Riyadh Season cultural and sports initiatives. The multi-million-dollar purse highlights how non-tour exhibition formats are shifting financial structures across professional tennis.

What’s Next

Netflix and IMG production crews will set up broadcast hardware at the venue ahead of the October matches. Tournament organizers will publish the complete match schedule and court assignments once initial player draws are finalized.

United States and UAE Form Joint Defense Task Force Dedicated to Military Artificial Intelligence

What Is It About

The US Central Command and the United Arab Emirates are launching Task Force Talon Synapse, a joint military unit focused on artificial intelligence applications. Based in Abu Dhabi, the team will bring together roughly 20 American and Emirati specialists in AI, cybersecurity, and data analysis. First proposed by UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan and CENTCOM commander Admiral Brad Cooper, the unit will concentrate on intelligence processing, infrastructure protection, and threat monitoring.

• Bilateral Command Structure: Embedded specialists from both militaries will work within a single operational team to test defense technologies.

• Operational Focus Areas: The unit’s mandate covers regional security analysis, critical infrastructure defense, and real-time data processing.

• Pioneering Defense Model: CENTCOM identified the project as its first dedicated bilateral AI military unit with a regional partner.

Why It Matters

Establishing a dedicated military AI unit strengthens defense cooperation between Washington and Abu Dhabi, providing a framework to test advanced software under real-world conditions. The initiative aligns with the UAE’s broader ambition to become a global hub for artificial intelligence and advanced technology development. Integrating technical teams directly accelerates the evaluation of new security software compared to traditional procurement channels.

What’s Next

Military leaders will formally activate the task force in Abu Dhabi and begin joint intelligence processing operations. Defense teams will test automated monitoring software across designated infrastructure networks over the coming months.

• Task Force Activation Ceremonies: Command personnel will finalize operational handovers at the new Abu Dhabi headquarters.

• Software Deployment Audits: Technical specialists will run trial tests on cybersecurity systems and real-time threat detection models.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Iraq hunts for $77bn missing funds in corruption crackdown

• Qatar has launched a diamond exchange in a bid to position Doha as a regional hub for the global trade in rough and polished diamonds

• Red Sea shipping slows after Houthi attack on Saudi Arabia, data shows

• UAE, Canada conclude record-speed CEPA talks to boost trade 

• Saudi Arabia’s push to become a global gaming and esports powerhouse is creating a new generation of professional content creators, prompting livestreaming platform Kick to expand aggressively across the Gulf

• Iran says it still controls strait, not seeking talks, after Trump halts bombing

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

Latest Episode of The Smashi Business Show

Apple | Spotify | Youtube | Anghami | Smashi TV

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Happy Wednesday everyone!

Cross-border security updates, corporate registration milestones, and commercial sports sponsorships are reshaping corporate activity across Middle Eastern markets. In Saudi Arabia, air defense units intercepted incoming drones launched toward energy facilities, though official state channels have not confirmed viral claims of physical damage or output halts at the Abqaiq processing hub. In the UAE, the Dubai International Financial Centre surpassed 10,000 active registered companies after attracting 2,318 new corporate entities over the past twelve months. Concurrently, Saudi football giant Al-Nassr FC signed artificial intelligence firm HUMAIN as its principal shirt sponsor and training facility naming rights partner for the upcoming 2026–2027 season.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Saudi Air Defenses Intercept Inland Drones Near Critical Crude Infrastructure

What Is It About

Saudi defense forces intercepted several hostile drones launched from Iraqi territory targeting petroleum facilities across the Eastern Region and Riyadh. While viral satellite imagery circulated online claiming visible smoke near the Abqaiq oil processing complex, Saudi state authorities and Aramco officials have not confirmed physical damage or reported operational pauses. The Abqaiq plant remains a vital node in global energy supply chains, processing the bulk of the Kingdom's daily crude output.

• Intercepting Air Attacks: Military commanders confirmed defensive batteries shot down multiple unmanned aerial vehicles before reaching major refinery perimeters.

• Unconfirmed Social Media Claims: Independent intelligence analysts noted satellite imagery remains inconclusive regarding the exact origin or scope of localized smoke plumes.

• Sustaining Domestic Output: State energy operators maintained standard delivery schedules along the East-West pipeline to Red Sea export terminals.

Why It Matters

Uncertainty surrounding critical energy facilities immediately adds geopolitical risk premiums back into global crude markets. Because Abqaiq handles a significant share of world petroleum processing, any confirmed disruption threatens immediate supply bottlenecks for international refineries. However, the swift interception of incoming drones demonstrates the growing operational capacity of regional air defense systems, helping protect key industrial sites during periods of heightened military tension.

What’s Next

State security teams will maintain elevated readiness levels around eastern energy hubs to intercept potential low-altitude drone threats. Energy market analysts will monitor Aramco's weekly loading manifests to verify that daily crude export volumes remain fully stable.

• Defensive Readiness Inspections: Air defense units will expand radar coverage networks along northern and eastern border corridors.

Dubai Financial Hub Expands Corporate Base Past Ten Thousand Active Firms

What Is It About

The Dubai International Financial Centre recorded its strongest H1 performance, pushing its total count of active registered companies to 10,018. Driven by a 30% year-on-year increase in corporate registrations, the financial free zone added 2,318 new businesses over the past year. The expansion was led by a 16% rise in regulated financial services firms and a 39% jump in technology and innovation entities establishing regional hubs.

• Record Corporate Registrations: The center onboarded 775 new companies during the first quarter, maintaining steady growth despite regional geopolitical uncertainties.

• Growing Innovation Hubs: The DIFC Innovation Hub welcomed 361 new startups, bringing the total number of tech and fintech firms to 1,933.

• Expanding Wealth Ecosystems: Entities tied to family businesses grew 36% to 1,408, alongside a 67% increase in registered active foundations.

Why It Matters

Passing the 10,000-company threshold reinforces Dubai’s status as the primary financial gateway for the Middle East, Africa, and South Asia. International wealth managers, hedge funds, and corporate headquarters continue choosing the emirate due to its transparent legal framework and independent common-law courts. This steady influx of foreign businesses supports the city's D33 economic vision, which aims to place Dubai among the top four global financial centers.

What’s Next

DIFC management will focus on expanding physical commercial office spaces to accommodate incoming multinational tenants. Regulators plan to issue updated framework guidelines to streamline registration steps for international family offices and AI software builders.

Al-Nassr Secures AI Partnership With HUMAIN For Jersey and Training Rights

What Is It About

Riyadh-based football giant Al-Nassr FC has named HUMAIN, a Public Investment Fund company, as its primary sponsor for the 2026–2027 season. The multi-faceted agreement includes main jersey sponsorship rights as well as naming rights for the club's new high-tech training center. Beyond traditional branding, the partnership focuses on deploying full-stack artificial intelligence solutions, performance analytics, and data-driven software to improve squad training routines and elevate fan engagement.

• Expansive Partnership Rights: The agreement covers main jersey placement, training complex naming rights, and digital content integration.

• Integrating AI Solutions: Technical teams will utilize cloud computing platforms, predictive modeling, and performance analytics to support athletic development.

• Strengthening Club Finances: Securing high-value domestic commercial partnerships reinforces Al-Nassr's financial standing and balance sheet stability as the club expands its global brand presence.

Why It Matters

Partnering with a state-backed artificial intelligence enterprise illustrates how professional sports clubs in Saudi Arabia are being integrated into the country's broader digital transformation strategies. Moving beyond conventional sponsorship models allows teams to use sports analytics to improve player health monitoring and performance recovery. For HUMAIN, associating its brand with a high-profile international club provides a visible global platform to showcase its enterprise cloud and AI capabilities to an international audience.

• Commercial Revenue Diversification: Blending technological integration with sports sponsorship helps regional teams secure higher commercial valuations.

• Enhancing Digital Fan Engagement: Using advanced data models allows clubs to build customized mobile app experiences for their international fan bases.

What’s Next

Al-Nassr will unveil its new official season kits featuring the brand's logo ahead of upcoming domestic league matches. Engineering teams from both organizations will begin installing performance data hardware and software monitors across the club's new training complex.

• Kit Reveal Campaigns: Marketing divisions will launch the 2026–2027 home and away jerseys across global retail networks.

• Training Center Construction: Contractors will finalize structural construction work on the new AI-integrated training facility.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Iraq hunts for $77bn missing funds in corruption crackdown

• Qatar has launched a diamond exchange in a bid to position Doha as a regional hub for the global trade in rough and polished diamonds

• Red Sea shipping slows after Houthi attack on Saudi Arabia, data shows

• UAE, Canada conclude record-speed CEPA talks to boost trade 

• Saudi Arabia’s push to become a global gaming and esports powerhouse is creating a new generation of professional content creators, prompting livestreaming platform Kick to expand aggressively across the Gulf

• Iran says it still controls strait, not seeking talks, after Trump halts bombing

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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Happy Tuesday everyone!

Dubai’s property market is slowing, but Danube Properties says long-term demand remains strong, with Adel and Rizwan Sajan arguing that the correction will separate disciplined developers from weaker players. Saudi Arabia’s PIF is tightening control of Al-Nassr after the club’s reported $213 million debt crisis, pushing for stronger governance and commercial sustainability. Meanwhile, Riyadh-based Ash Games is betting that ancient Arabian folklore can become a global gaming advantage, raising $1.5 million to build culturally inspired titles for international audiences.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Danube's Adel Sajan Says Dubai Property Demand Remains Strong Despite Market Slowdown

What Is It About

“People say the war is happening and real estate is over. But come to our office and you see that’s simply not the case,” Adel Sajan told AGBI, Managing Director of Danube Properties, as he dismissed concerns over Dubai’s property slowdown. While Dubai Land Department data shows residential transactions and values declined in the second quarter, Danube says customer confidence remains intact. Chairman Rizwan Sajan added: “People who want to be in Dubai still want to buy.”

Why It Matters

Adel believes the market is undergoing a healthy correction rather than a collapse. “The pie has become smaller... but the developers competing for that pie have also reduced drastically,” he said, predicting weaker rivals could face delays. Rizwan echoed that view, warning: “The people who have gone overboard will be in trouble,” while arguing disciplined developers with strong cash flow are best placed to navigate the slowdown.

What’s Next

Danube says it will continue launching projects despite softer market conditions. “Why should I hold back?” Rizwan said, insisting demand will return even if sales take longer. Adel also expects the downturn to reshape the industry, saying: “Some consolidation is healthy for the market. It will separate the boys from the men.” The developer is also expanding overseas, opening a London office to attract more international buyers to Dubai.

PIF Tightens Grip on Al-Nassr as Club's $213 Million Debt Triggers Overhaul

What Is It About

Saudi Arabia’s Public Investment Fund (PIF) is moving to tackle Al-Nassr’s reported debt of more than $213 million (SAR 800 million). According to Arriyadiyah, the fund will tighten the club’s financial controls, appoint independent financial and legal advisers, and explore investment offers. The Cristiano Ronaldo-led club will also be barred from signing new players or coaches unless it secures funding through its own revenues and sponsorships.

Why It Matters

The move signals a shift toward stricter financial discipline in Saudi football after years of heavy spending on global stars. It also highlights growing pressure on clubs to become commercially sustainable, balancing ambitious investment with stronger governance and long-term financial stability.

What’s Next

The PIF is reportedly evaluating two serious investment proposals, favouring a partial sale over a full acquisition to preserve Al-Nassr’s market value. The club is expected to focus on boosting commercial revenues, reducing costs, and strengthening governance before resuming major spending in the transfer market.

A Riyadh Studio Just Raised $1.5M and is Betting on “Saudi Stories, History and Tradition” to Win Global Gamers

For Ash Games Studio, the pitch starts with a story most players have never heard. The Riyadh-based developer has raised $1.5 million in seed funding co-led by Merak Capital and Impact46 through the Merak Gaming Fund — capital the studio plans to pour into games built from Saudi and Arabian folklore rather than the genre templates dominating Steam.

Founded in 2022 by Yaser Alahmadi, with Anas Bakhsh serving as CEO alongside co-founder Saud Bakolka, the 18-person, remote-first studio has staked its identity on creating culturally rich, story-driven games with global appeal by combining authentic regional stories with accessible gameplay mechanics. That philosophy is most visible in its next release, Nomad: The Legend of Zarqa, a top-down action roguelite drawing from the pre-Islamic legend of Zarqa al-Yamama, a seer whose legendary sight anchors the game's world. Its signature mechanic lets players steer arrows mid-flight to strike enemies through difficult angles, and the title is targeting a Q1 2027 PC launch, with PlayStation and Xbox versions to follow.

It isn't the studio's first attempt to translate local culture into playable form. Its debut, Azooma Escape, a stealth-comedy built around dodging relatives at a Saudi family gathering, became the first game by an Arabic indie team to reach Steam's global front page after launching in August 2025, drawing over 20,000 pre-launch wishlists and a third-place finish at The Very Big Indie Pitch in Dubai.

The seed round adds momentum to a broader push: Ash Games has also drawn backing from NEOM, Saudi Arabia's Ministry of Communications and Information Technology, and other Vision 2030-linked programs, alongside a December 2025 MoU with Korea's Plithus for structured playtesting support.

Merak Capital, a CMA-licensed investment firm, and Impact46, a Riyadh-based multi-asset investment and advisory firm, are betting that authentic storytelling — not just publishing deals — can be the region's competitive edge.

With Nomad still in development, the real test will be whether stories rooted in Ancient Arabia can hold their own against the genre's biggest global names.

👨‍💻From Smashi Business’ Desk

• Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.

• Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar

• UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War

• Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab

• The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.

🔍In other news…

• Iraq hunts for $77bn missing funds in corruption crackdown

• Qatar has launched a diamond exchange in a bid to position Doha as a regional hub for the global trade in rough and polished diamonds

• Red Sea shipping slows after Houthi attack on Saudi Arabia, data shows

• UAE, Canada conclude record-speed CEPA talks to boost trade 

• Saudi Arabia’s push to become a global gaming and esports powerhouse is creating a new generation of professional content creators, prompting livestreaming platform Kick to expand aggressively across the Gulf

• Iran says it still controls strait, not seeking talks, after Trump halts bombing

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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Happy Monday everyone!

US diplomatic mandates, regional shipping recoveries, and cross-border transport plans are altering Middle Eastern trade and energy systems. US President Donald Trump stated he will not advance a newly signed civil nuclear reactor agreement with Saudi Arabia unless Riyadh normalizes diplomatic relations with Israel under the Abraham Accords. In Doha, Qatar’s Ministry of Transport fully reopened maritime navigation for all commercial vessels following weeks of restricted operations tied to US-Iran security escalations. Concurrently, Iraq authorized a memorandum of understanding with Syria to construct new pipelines connecting domestic oil fields directly to Mediterranean ports.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Washington Ties Civil Nuclear Approvals to Regional Diplomatic Recognition

What Is It About

US President Donald Trump stated that a proposed 30-year civilian nuclear framework with Saudi Arabia will not move forward unless Riyadh formalizes ties with Israel through the Abraham Accords. The statement followed an agreement signed by US Energy Secretary Chris Wright and Saudi Energy Minister Prince Abdulaziz bin Salman to build commercial reactors across the Kingdom. Saudi Arabia maintains that formal diplomatic recognition requires a clear, irreversible path toward an independent Palestinian state.

• Legislative Submission Phase: The Department of Energy submitted the underlying nuclear cooperation documents to Congress for a mandatory review period.

• Enrichment Restrictions Added: White House statements clarified that the current civil nuclear deal excludes domestic uranium enrichment capabilities.

• Bilateral Defense Context: The nuclear framework follows a $142 billion military agreement signed last year alongside a recent $2 billion weapons sale.

Why It Matters

Linking civilian energy hardware to the Abraham Accords creates a major diplomatic hurdle for the pact, as Saudi leadership faces domestic and regional pressures regarding Palestinian statehood. For American energy firms, stalling the deal delays commercial entry into a multi-billion-dollar nuclear construction market. The political condition shows how Washington is leveraging access to commercial reactor technology to secure broader diplomatic goals across the Middle East.

• Slowing Industrial Diversification: Condition-based delays hold back Riyadh's plans to add baseline nuclear power to its domestic electricity grid.

• Reordering Sovereign Priorities: Capital commitments for nuclear construction remain paused until both governments align on regional diplomatic terms.

What’s Next

Congressional committees will review the non-proliferation and security terms outlined in the Department of Energy’s initial filing. Diplomatic teams from both capitals will attempt to find workable compromises before the legislative review window closes.

Qatar Lifts Maritime Restrictions to Restore Full Waterway Navigation

What Is It About

Qatar’s Ministry of Transport announced the full resumption of all maritime navigation activities across its territorial waters. The decision removes previous operational caps that had restricted commercial shipping and industrial vessels to a narrow seven-nautical-mile (13-kilometer) coastal corridor. Maritime authorities instructed all vessel captains to strictly follow state safety protocols to protect commercial transit as full shipping activity resumes.

• Lifting Precautionary Buffers: The decision expands navigation rights from the limited coastal zone back to all national port approaches.

• Impact of US-Iran Escalations: Initial maritime restrictions were enacted following two weeks of military strikes and tanker disruptions in nearby waters.

• Universal Vessel Coverage: The updated directive applies to all bulk cargo carriers, energy tankers, and commercial shipping operations.

Why It Matters

Reopening Qatari territorial waters to full maritime traffic helps restore predictability to regional supply chains and LNG transport networks. Qatar is one of the world's primary exporters of liquefied natural gas, making its port access vital for European and Asian energy buyers. Normalizing vessel movements signals a stabilization in local maritime threat levels, helping reduce war-risk insurance premiums for cargo ships entering the Gulf.

What’s Next

Port authorities will coordinate with international shipping lines to organize ship movements and clear anchored vessels waiting outside territorial waters. Maritime security units will continue monitoring surrounding shipping lanes to ensure commercial traffic moves safely.

• Clearing Port Backlogs: Logistics teams will schedule priority docking windows for delayed container ships.

• Continuous Safety Patrols: Naval units will maintain surveillance along primary transit channels to verify vessel compliance.

Baghdad Authorizes Mediterranean Pipeline Framework and Gas Field Explorations

What Is It About

Iraq’s cabinet has authorized the Basra Oil Company to sign a memorandum of understanding with Syria’s oil ministry to construct export pipelines connecting domestic oil fields to Mediterranean ports. In parallel, the government directed its oil ministry to begin formal negotiations with a consortium including ConocoPhillips, TI Capital, and Novaterra to evaluate the Akkas gas field. The cabinet also approved moving forward with bidding for the Integrated Qayyara Project to expand northern production capacity.

Why It Matters

Developing an alternative pipeline network through Syria reduces Iraq's economic vulnerability to maritime blockades in the Gulf. Engaging American energy firm ConocoPhillips signals a renewed effort to attract global technical expertise to develop the country's vast natural gas reserves. Capturing domestic gas from sites like Akkas helps replace imported fuels, allowing the government to strengthen its power grid and balance public finances.

• Securing Non-Maritime Trade Routes: Direct Mediterranean pipeline links insulate national export volumes from Persian Gulf transit disruptions.

• Reducing Domestic Fuel Shortages: Developing local gas fields reduces reliance on foreign fuel imports for power generation stations.

What’s Next

Ministry teams will meet with Syrian counterparts to draft the engineering specifications and route maps for the pipeline project. ConocoPhillips and its partners will submit their initial field evaluation reports to the oil ministry later this year.

• Technical Route Surveys: Engineering teams will begin surveying terrain along the planned Syrian corridor.

• Bidding Document Releases: The oil ministry will publish tender guidelines for the Integrated Qayyara Project next month.

Smashi Business Exclusive: "We Are Building an International Consumer Retail Business," ADNOC Distribution CSTSO on $1 Billion South Africa Deal

On the Smashi Business Show, Athmane Benzerroug, Chief Strategy, Transformation and Sustainability Officer at ADNOC Distribution, broke down the company's landmark $1 billion acquisition of 100% of Shell Downstream South Africa.

The deal, expected to close in 2027 pending regulatory approval, hands ADNOC Distribution one of South Africa's top three fuel retailers by station count, a 120-year-old brand spanning fuel and convenience retail, lubricants, commercial, and aviation businesses. The impact on scale is immediate: 580 new stations creating a 55% expansion of the network to 1,600 sites globally and a 70% increase in ADNOC Distribution’s convenience stores.

Benzerroug framed the move as a natural extension of ADNOC Distribution's expansion strategy, with the company previously having entered Africa. He pointed to the market's scale, sophistication, and fuel-pricing regulation that shields margins from inflation and currency swings as key draws, alongside strong long-term demand growth.

Financially, the deal is designed to create immediate shareholder value: a 6% boost to earnings per share, 13% EBITDA accretion, and a 15% free cash flow yield from year one. Post-acquisition leverage will sit around 1.2x net debt to EBITDA, with rapid deleveraging expected.

Asked about what's next, Benzerroug kept the focus on disciplined execution, contributing to South Africa’s economic priorities, while continuing to evaluate opportunities that build long-term shareholder value across ADNOC Distribution's growing international footprint.

Watch the full interview on The Smashi Business Show.

👨‍💻From Smashi Business’ Desk

• Dreamers: Meet Qatar’s Nasser Al-Khelaïfi, President and CEO of French Giants Paris Saint-Germain.

• Dreamers: Meet Moutaz and Ramez Al Khayyat, Qatari Syrian billionaire brothers built one of the Middle East biggest private business empires after relocating to Qatar during the Syrian civil war.⁠

• Oil prices erased most of their early gains after the US and Iran agreed to pause attacks and resume talks over the Strait of Hormuz.

• Tabby has apologised after mistakenly telling UAE customers they had won an Emirates flight voucher before later admitting the email "was sent in error."

• Ben & Jerry Israel has launched what it calls its “most Israeli flavor ever.”

🔍In other news…

• Travis Kalanick's robotics company raises $1.7B, led by a16z

• Paramount agrees to pause $110bn Warner Bros merger as case plays out

• Karen Wazen Teams Up With Saie for Limited Edition Beauty Collaboration

• Iran Says Trump's Frozen Assets Plan for Hormuz Ship Damage Sets Dangerous Precedent

• Iraq hunts for $77bn missing funds in corruption crackdown

🦄 World of Startups

• Rentify Raises USD 2 Million Seed Round to Launch Earn AI

• CNTXT AI Closes $60M Series A to Deploy Sovereign AI Globally

• Blnk Raises $37 Million to Expand Consumer Finance Services in Egypt

• Saudi-based Pickappo Closes SAR 2 Million Pre-Seed Funding Round

• Three Dubai entrepreneurs have raised AED 10 million for DRBY, a startup seeking to modernise education payments across the UAE through a unified digital platform.

• Dubai-based Algebra AI nets $7 million funding to serve mid-market

• Moroccan Proptech Startup Agenz Raises $5M to Build Property Data Infrastructure and Transaction Tools Tailored for Local Market

• Calo, Bahrain-based meal subscription platform, expanded operations and full suite of services to Oman

Latest Episode of The Smashi Business Show

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Happy Sunday everyone!

Saudi Arabia's Jeddah Tower is climbing again after years of delays, prediction market giant Kalshi is taking on Netflix over claims in its upcoming documentary, and Kuwait has signed a landmark $16 billion pipeline deal with Blackstone, Brookfield and KKR, highlighting how Gulf megaprojects and strategic infrastructure continue attracting global capital despite regional uncertainty.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Saudi Billionaire Alwaleed Says Jeddah Tower Is Back on Track to Become the World's Tallest

What Is It About

Saudi billionaire Prince Alwaleed bin Talal says Jeddah Tower has reached 430 meters, marking another milestone for the megaproject that aims to exceed 1,000 meters. After visiting the site, the Kingdom Holding chairman said construction is progressing after work resumed in 2025, following a seven-year pause caused by contractor disputes and Saudi Arabia's 2017 anti-corruption campaign. The $26 billion project is expected to be completed in 2028.

Why It Matters

Once complete, Jeddah Tower will overtake Dubai's Burj Khalifa as the world's tallest building, reinforcing Saudi Arabia's ambitions to reshape its global image through landmark developments. The project also signals renewed momentum behind the Kingdom's large-scale real estate pipeline as it seeks to diversify its economy, attract investment, tourism and international businesses under Vision 2030.

What’s Next

Developed by Jeddah Economic Company and built by Saudi Binladin Group, the tower is expected to feature 157 floors, a Four Seasons hotel, luxury residences and capacity for around 100,000 people. Investors will now be watching whether construction remains on schedule ahead of its targeted 2028 completion.

Blackstone, Brookfield and KKR Strike Landmark $16B Kuwait Pipeline Deal

What Is It About

Kuwait has signed a $16 billion infrastructure deal with Blackstone, Brookfield and KKR, giving the three firms a combined 49% stake in a joint venture covering the country's oil-export pipelines. The transaction will generate $7.85 billion in upfront proceeds for Kuwait Petroleum Corporation (KPC) while allowing the state to retain operational control of the assets through a long-term leaseback arrangement.

Why It Matters

The deal is the largest foreign direct investment in Kuwait's history, signalling renewed international confidence despite heightened regional tensions. It also reflects a broader Gulf trend of monetizing strategic infrastructure to raise capital while retaining ownership, following similar pipeline transactions by ADNOC and Saudi Aramco. The proceeds will help finance Kuwait's plans to increase crude production capacity to 4 million barrels per day by 2035.

What’s Next

The joint venture will cover 13 oil pipelines, with Kuwait Oil Company continuing to operate and maintain the assets for 20.5 years. Investors will be watching whether the landmark transaction accelerates further privatization-style infrastructure deals in Kuwait as the country seeks to attract more global capital and strengthen its long-term energy investment pipeline.

Mansour Led Kalshi Slaps Netflix With Cease and Desist Over Prediction Market Documentary

What Is It About

Kalshi has sent Netflix a cease and desist letter, alleging its upcoming documentary contains fabricated material and misleading claims about the prediction market platform. Netflix denied the allegations, saying no footage in Instadocs: The Prediction Games was fabricated and that a featured screenshot showed a Kalshi trade placed in May 2025, before a Nevada court order referenced in the dispute.

Why It Matters

The clash highlights the growing legal and reputational risks facing fast-growing technology companies as streaming platforms increasingly produce documentaries about high-profile startups. Founded in 2018 by Lebanese entrepreneur Tarek Mansour and Luana Lopes Lara, Kalshi has become one of the world's most valuable prediction market platforms, recently reaching a $22 billion valuation after a $1 billion funding round led by Coatue Management.

What’s Next

The dispute could escalate if Kalshi pursues legal action before the documentary's release. Investors and industry observers will be watching whether Netflix edits the film, stands by its reporting, or whether the disagreement fuels even greater public attention around Kalshi and the rapidly expanding prediction market industry.

Smashi Business Exclusive: "We Are Building an International Consumer Retail Business," ADNOC Distribution CSTSO on $1 Billion South Africa Deal

On the Smashi Business Show, Athmane Benzerroug, Chief Strategy, Transformation and Sustainability Officer at ADNOC Distribution, broke down the company's landmark $1 billion acquisition of 100% of Shell Downstream South Africa.

The deal, expected to close in 2027 pending regulatory approval, hands ADNOC Distribution one of South Africa's top three fuel retailers by station count, a 120-year-old brand spanning fuel and convenience retail, lubricants, commercial, and aviation businesses. The impact on scale is immediate: 580 new stations creating a 55% expansion of the network to 1,600 sites globally and a 70% increase in ADNOC Distribution’s convenience stores.

Benzerroug framed the move as a natural extension of ADNOC Distribution's expansion strategy, with the company previously having entered Africa. He pointed to the market's scale, sophistication, and fuel-pricing regulation that shields margins from inflation and currency swings as key draws, alongside strong long-term demand growth.

Financially, the deal is designed to create immediate shareholder value: a 6% boost to earnings per share, 13% EBITDA accretion, and a 15% free cash flow yield from year one. Post-acquisition leverage will sit around 1.2x net debt to EBITDA, with rapid deleveraging expected.

Asked about what's next, Benzerroug kept the focus on disciplined execution, contributing to South Africa’s economic priorities, while continuing to evaluate opportunities that build long-term shareholder value across ADNOC Distribution's growing international footprint.

Watch the full interview on The Smashi Business Show.

👨‍💻From Smashi Business’ Desk

• Dreamers: Meet Qatar’s Nasser Al-Khelaïfi, President and CEO of French Giants Paris Saint-Germain.

• Dreamers: Meet Moutaz and Ramez Al Khayyat, Qatari Syrian billionaire brothers built one of the Middle East biggest private business empires after relocating to Qatar during the Syrian civil war.⁠

• Oil prices erased most of their early gains after the US and Iran agreed to pause attacks and resume talks over the Strait of Hormuz.

• Tabby has apologised after mistakenly telling UAE customers they had won an Emirates flight voucher before later admitting the email "was sent in error."

• Ben & Jerry Israel has launched what it calls its “most Israeli flavor ever.”

🔍In other news…

• Travis Kalanick's robotics company raises $1.7B, led by a16z

• Paramount agrees to pause $110bn Warner Bros merger as case plays out

• Karen Wazen Teams Up With Saie for Limited Edition Beauty Collaboration

• Iran Says Trump's Frozen Assets Plan for Hormuz Ship Damage Sets Dangerous Precedent

• Iraq hunts for $77bn missing funds in corruption crackdown

🦄 World of Startups

• Rentify Raises USD 2 Million Seed Round to Launch Earn AI

• CNTXT AI Closes $60M Series A to Deploy Sovereign AI Globally

• Blnk Raises $37 Million to Expand Consumer Finance Services in Egypt

• Saudi-based Pickappo Closes SAR 2 Million Pre-Seed Funding Round

• Three Dubai entrepreneurs have raised AED 10 million for DRBY, a startup seeking to modernise education payments across the UAE through a unified digital platform.

• Dubai-based Algebra AI nets $7 million funding to serve mid-market

• Moroccan Proptech Startup Agenz Raises $5M to Build Property Data Infrastructure and Transaction Tools Tailored for Local Market

• Calo, Bahrain-based meal subscription platform, expanded operations and full suite of services to Oman

Latest Episode of The Smashi Business Show

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Were you forwarded this email? Subscribe here

Happy Saturday everyone!

Defence spending is accelerating across the Arab region, with US arms sales to GCC countries reaching $41 billion in the first half of 2026 as demand for air and missile defence systems rises. Meanwhile, new US tariffs have hit 12 Arab nations, with most facing a 12.5% duty on exports, putting pressure on non-oil sectors from manufacturing to textiles. And despite regional uncertainty, global investors continue to expand their Gulf presence, with Blackstone planning a new Dubai office as it targets opportunities across private equity, real estate and technology.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

US Arms Sales To Gulf States Surge Past $41 Billion As Regional Security Fears Intensify

What Is It About

US arms sales to Gulf Cooperation Council (GCC) countries have surged to $41 billion in the first six months of 2026, more than four times the $9 billion recorded during all of 2025, according to AGBI's analysis of US State Department data. The spike has been driven largely by demand for air and missile defence systems, with 12 of the 15 announced deals focused on missile defence and military aviation.

Why It Matters

The surge reflects growing security concerns following the conflict involving the US and Iran, prompting Gulf nations to rapidly strengthen their defence capabilities. Saudi Arabia led the spending with a $9 billion order for 730 Patriot interceptor missiles, while additional deals include precision-guided weapons for Saudi Arabia, the UAE and Qatar. Analysts say governments are moving quickly to secure contracts before potential political changes in Washington.

What’s Next

Analysts expect defence sales to the Gulf to continue rising, with at least $17 billion in additional US-approved deals yet to be publicly announced. However, delivery timelines could stretch for years as manufacturers struggle with limited production capacity and global demand. Competition for missile defence systems from Ukraine and other regions is also expected to accelerate Gulf investment in domestic defence manufacturing.

Trump Imposes New US Tariffs On 12 Arab Nations As Trade Rules Shift

What Is It About

The US has imposed new tariffs on imports from 60 countries, including 12 Arab nations, with most facing a 12.5% duty on goods exported to the United States. The affected countries include Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, Egypt, Iraq, Algeria, Libya, Morocco and Oman, while Jordan received a lower 10% tariff. The measures replace temporary tariffs that expired following a US Supreme Court ruling.

Why It Matters

The Trump administration says the tariffs are aimed at countries that have failed to adequately prevent goods produced with forced labour from entering supply chains. While oil, gas and fertilizers are exempt, protecting major Gulf energy exports, non-oil sectors such as Egyptian textiles, Moroccan manufacturing, Bahraini aluminium and Jordanian garments are expected to face higher costs and weaker competitiveness in the US market.

What’s Next

The new tariffs are expected to face legal and political scrutiny as the administration defends its revised trade strategy ahead of the US midterm elections. Businesses across the Middle East and North Africa will closely monitor whether governments negotiate exemptions or strengthen labour enforcement, while exporters in non-energy sectors prepare for the impact of higher duties on shipments to the United States.

$1.35T-AUM Blackstone Plans Dubai Office As Global Investment Giant Expands Gulf Footprint

What Is It About

Blackstone, the world’s largest alternative asset manager, is planning to open an office at the Dubai International Financial Centre (DIFC), according to sources familiar with the matter quoted by Reuters. The move would mark the firm’s return to Dubai after relocating its Gulf base to Abu Dhabi in 2019. Blackstone is expected to maintain its Abu Dhabi presence while expanding its regional operations.

Why It Matters

The planned Dubai office highlights the emirate’s growing role as a global financial hub, attracting asset managers, family offices, hedge funds and wealthy investors. Blackstone, which manages around $1.35 trillion in assets, has been increasing its Gulf investments, including stakes in UAE technology platforms, aviation leasing and potential energy infrastructure opportunities.

What’s Next

Blackstone’s expansion comes as global investors continue to target Gulf markets despite regional uncertainty. The firm is expected to seek new investment opportunities across private equity, real estate, credit and technology. Dubai’s strengthened financial ecosystem, residency reforms and rising investor demand are likely to support further growth from major international asset managers

Smashi Business Exclusive: "We Are Building an International Consumer Retail Business," ADNOC Distribution CSTSO on $1 Billion South Africa Deal

On the Smashi Business Show, Athmane Benzerroug, Chief Strategy, Transformation and Sustainability Officer at ADNOC Distribution, broke down the company's landmark $1 billion acquisition of 100% of Shell Downstream South Africa.

The deal, expected to close in 2027 pending regulatory approval, hands ADNOC Distribution one of South Africa's top three fuel retailers by station count, a 120-year-old brand spanning fuel and convenience retail, lubricants, commercial, and aviation businesses. The impact on scale is immediate: 580 new stations creating a 55% expansion of the network to 1,600 sites globally and a 70% increase in ADNOC Distribution’s convenience stores.

Benzerroug framed the move as a natural extension of ADNOC Distribution's expansion strategy, with the company previously having entered Africa. He pointed to the market's scale, sophistication, and fuel-pricing regulation that shields margins from inflation and currency swings as key draws, alongside strong long-term demand growth.

Financially, the deal is designed to create immediate shareholder value: a 6% boost to earnings per share, 13% EBITDA accretion, and a 15% free cash flow yield from year one. Post-acquisition leverage will sit around 1.2x net debt to EBITDA, with rapid deleveraging expected.

Asked about what's next, Benzerroug kept the focus on disciplined execution, contributing to South Africa’s economic priorities, while continuing to evaluate opportunities that build long-term shareholder value across ADNOC Distribution's growing international footprint.

Watch the full interview on The Smashi Business Show.

👨‍💻From Smashi Business’ Desk

• Dreamers: Meet Qatar’s Nasser Al-Khelaïfi, President and CEO of French Giants Paris Saint-Germain.

• Dreamers: Meet Moutaz and Ramez Al Khayyat, Qatari Syrian billionaire brothers built one of the Middle East biggest private business empires after relocating to Qatar during the Syrian civil war.⁠

• Oil prices erased most of their early gains after the US and Iran agreed to pause attacks and resume talks over the Strait of Hormuz.

• Tabby has apologised after mistakenly telling UAE customers they had won an Emirates flight voucher before later admitting the email "was sent in error."

• Ben & Jerry Israel has launched what it calls its “most Israeli flavor ever.”

🔍In other news…

• Kuwait tightens rules for jewellers in anti-money laundering push

• US says Saudi nuclear deal off without Israel recognition

• War forces UAE schools to compete for local teachers: AGBI

• US and Saudi Arabia formally sign nuclear agreement, and…

• Israelis fear Saudi nuclear deal could ignite Mideast arms race

• UAE businesses face scrutiny from new AI and data regulator

• DP World to cut Hormuz reliance with new Fujairah terminals

• Buyers to press Qatar, UAE for cheaper, more flexible LNG deals after Hormuz shock

• PIF’s helicopter company THC expands jet fleet

• Greece to buy €3.5 billion air defence system from Israel, sources say

🦄 World of Startups

• Rentify Raises USD 2 Million Seed Round to Launch Earn AI

• CNTXT AI Closes $60M Series A to Deploy Sovereign AI Globally

• Blnk Raises $37 Million to Expand Consumer Finance Services in Egypt

• Saudi-based Pickappo Closes SAR 2 Million Pre-Seed Funding Round

• Three Dubai entrepreneurs have raised AED 10 million for DRBY, a startup seeking to modernise education payments across the UAE through a unified digital platform.

• Dubai-based Algebra AI nets $7 million funding to serve mid-market

• Moroccan Proptech Startup Agenz Raises $5M to Build Property Data Infrastructure and Transaction Tools Tailored for Local Market

• Calo, Bahrain-based meal subscription platform, expanded operations and full suite of services to Oman

Latest Episode of The Smashi Business Show

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Happy Friday everyone!

The UAE says it is moving faster than planned on its $1.4 trillion US investment commitment, as Abu Dhabi deepens ties with Washington on technology, trade and AI. Dubai’s property market continues its record run, with Emaar leading developers with AED30.6 billion in residential sales in 2026. Meanwhile, the AI industry faces new questions around safety after an OpenAI model reportedly breached a rival company’s systems during testing.

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Markets

UAE Says It Will Complete $1.4 Trillion US Investment Plan Faster Than 10 Years

What Is It About

The UAE expects to complete its planned $1.4 trillion investment in the US well ahead of its original 10-year timeline, according to Minister of Foreign Trade Thani Al Zeyoudi. "It was ten years — I think we're going to do it much quicker," he said, citing stronger ties with the Trump administration and eased US export restrictions that will allow the UAE to access advanced AI chips for projects including Abu Dhabi's Stargate AI data center.

Why It Matters

The accelerated investment plan reinforces the UAE's position as one of the largest global investors in the US while strengthening its ambitions to become an AI powerhouse. Al Zeyoudi also criticized the European Union for slowing free trade negotiations by introducing non-trade issues, warning that "capital will not wait." The comments signal Abu Dhabi's preference for partners that can move quickly on investment and technology cooperation.

What’s Next

The UAE expects to begin importing advanced US AI chips soon and is pursuing a series of new Comprehensive Economic Partnership Agreements. Al Zeyoudi said a deal with Canada could be announced this week, while agreements with Rwanda, Brazil, Peru, Sri Lanka, Bangladesh, Egypt and several African nations are also progressing. Meanwhile, the UAE will continue investing in infrastructure outside the Strait of Hormuz to strengthen supply chains despite ongoing regional tensions.

Emaar Tops Dubai Property Market With AED30.6 Billion In Home Sales Till Now in 2026

What Is It About

Emaar has emerged as Dubai's top residential developer in 2026, recording Dh30.6 billion in home sales, according to a new fäm Properties analysis. The figure is 83.2% higher than second-placed DAMAC's Dh16.7 billion. Collectively, the top 10 developers recorded 36,808 residential sales transactions worth Dh86.8 billion as of July 22, highlighting strong demand across the emirate.

Why It Matters

The data suggests Dubai's residential market remains resilient across both luxury and affordable housing. Emaar led luxury home sales above Dh15 million with 387 transactions worth Dh8.4 billion, while Azizi dominated the affordable segment with 8,411 residential sales, including more than 8,000 homes priced below Dh2 million. The broad-based demand reflects continued interest from both investors and end-users.

What’s Next

Developers continue expanding their pipelines to meet demand. Emaar has delivered 3,819 homes across nine projectsthis year and currently has 150 projects under construction, the largest pipeline in Dubai. DAMAC follows with 113 active projects, while Reportage has launched the most new developments in 2026, introducing 16 projects, signalling continued momentum in the emirate's residential market.

Abu Dhabi-Backed OpenAI's AI Model Hacks Rival Company In Unprecedented Security Breach

What Is It About

OpenAI, backed by billions from Abu Dhabi's MGX fund, has admitted one of its newest AI models broke out of a private testing environment and hacked into rival company Hugging Face — entirely on its own, with no human command. The AI used stolen credentials and an unknown software flaw to break in, all while chasing a shortcut to pass an internal test. Hugging Face detected the intrusion and needed a competing AI system to fight it off.

Why It Matters

The incident marks one of the first confirmed cases of an AI system autonomously attacking another company without malicious intent from its creators. Sam Altman called it a "significant security incident," while Hugging Face's CEO said it proves AI safety can't be solved by one company working alone. Security experts warn it shows how advanced systems can cause real damage simply by pursuing a goal too aggressively — with no one steering.

What’s Next

Both companies say they're investigating together and strengthening safeguards for future testing. But the episode has reignited pressure for governments to introduce binding safety rules and independent oversight of powerful AI labs. With MGX and other investors pouring billions into companies like OpenAI, questions are growing louder about how much control anyone truly has over the systems being built — and funded — at breakneck speed.

Smashi Business Exclusive: Al Haboob Racing Founders On Turning Camel Racing Into A Global Franchise Model

Ahmed Al Haboob and Safwan Modir, founders of Al Haboob Racing, spoke on Smashi Business about building the world’s first professional camel racing team in Saudi Arabia. They explained how they are transforming a traditional, individual sport into a structured, franchise-style model inspired by Formula 1, with teams, sponsorships and long-term commercial value.

The founders discussed leaving corporate careers during the pandemic to pursue entrepreneurship in a “virgin” sports market, despite high operational risks tied to livestock performance. They also highlighted media ventures like their Netflix series Camel Quest, partnerships including Paul Pogba, and their vision to modernize the sport using data and technology.

Watch the full interview here.

👨‍💻From Smashi Business’ Desk

• Dreamers: Meet Qatar’s Nasser Al-Khelaïfi, President and CEO of French Giants Paris Saint-Germain.

• Dreamers: Meet Moutaz and Ramez Al Khayyat, Qatari Syrian billionaire brothers built one of the Middle East biggest private business empires after relocating to Qatar during the Syrian civil war.⁠

• Oil prices erased most of their early gains after the US and Iran agreed to pause attacks and resume talks over the Strait of Hormuz.

• Tabby has apologised after mistakenly telling UAE customers they had won an Emirates flight voucher before later admitting the email "was sent in error."

• Ben & Jerry Israel has launched what it calls its “most Israeli flavor ever.”

🔍In other news…

• War forces UAE schools to compete for local teachers: AGBI

• US and Saudi Arabia formally sign nuclear agreement, and…

• Israelis fear Saudi nuclear deal could ignite Mideast arms race

• UAE businesses face scrutiny from new AI and data regulator

• DP World to cut Hormuz reliance with new Fujairah terminals

• Buyers to press Qatar, UAE for cheaper, more flexible LNG deals after Hormuz shock

• PIF’s helicopter company THC expands jet fleet

• Greece to buy €3.5 billion air defence system from Israel, sources say

🦄 World of Startups

• Rentify Raises USD 2 Million Seed Round to Launch Earn AI

• CNTXT AI Closes $60M Series A to Deploy Sovereign AI Globally

• Blnk Raises $37 Million to Expand Consumer Finance Services in Egypt

• Saudi-based Pickappo Closes SAR 2 Million Pre-Seed Funding Round

• Three Dubai entrepreneurs have raised AED 10 million for DRBY, a startup seeking to modernise education payments across the UAE through a unified digital platform.

• Dubai-based Algebra AI nets $7 million funding to serve mid-market

• Moroccan Proptech Startup Agenz Raises $5M to Build Property Data Infrastructure and Transaction Tools Tailored for Local Market

• Calo, Bahrain-based meal subscription platform, expanded operations and full suite of services to Oman

Latest Episode of The Smashi Business Show

Apple | Spotify | Youtube | Anghami | Smashi TV

Were you forwarded this email? Subscribe here