Happy Wednesday everyone!

Strategic mineral exploration, sports franchise acquisitions, and fintech capital raises mark major business updates across the Middle East. Saudi Arabia identified an estimated 110 million tonnes of ore containing rare earth elements and uranium at its Jabal Sayid project. In sports finance, private equity firm RedBird Capital is scheduled to meet with Saudi Arabia's Public Investment Fund (PIF) to evaluate a potential takeover bid for Al-Nassr FC. Meanwhile, Abu Dhabi-headquartered AI company Synapse Analytics closed a $13 million Series A funding round led by Partech to expand its risk automation platform.

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Markets

Saudi Arabia Discovers 110M Tonnes of Rare Earth and Uranium Ore at Jabal Sayid

🔹 What Is It About

Saudi Energy Minister Prince Abdulaziz bin Salman announced the discovery of 110 million tonnes of mineral ore at the Jabal Sayid site in the Madinah region. Geological surveys indicate the deposit contains roughly 552,000 tonnes of heavy rare earths, including dysprosium and terbium, alongside 355,000 tonnes of light rare earths. The site also holds an estimated 31,000 tonnes of uranium resources.

• Identifying Large Deposits: Surveys confirmed 110 million tonnes of ore containing heavy rare earths, light rare earths, and uranium.

• Measuring Rare Earths: The site holds 552,000 tonnes of heavy elements and 355,000 tonnes of light elements.

• Locating Nuclear Material: Exploration mapped 31,000 tonnes of uranium within the same geological formation.

🔹 Why It Matters

Locating domestic heavy rare earths and uranium resources supports Saudi Arabia's goals to develop local mining and nuclear energy industries. Having an internal supply of critical minerals reduces dependence on foreign supply chains for industrial manufacturing. Co-located uranium deposits provide potential fuel sources for domestic civil nuclear power projects.

🔹 What’s Next

State mining teams will complete feasibility studies to determine commercial extraction costs for the Jabal Sayid site. Energy officials will evaluate processing frameworks to refine raw uranium for power generation.

• Evaluating Extraction Costs: Mining engineers will assess technical requirements to extract heavy rare earths economically.

• Developing Refining Plans: Regulatory agencies will review processing options for domestic uranium reserves.

Money20/20 Middle East: Fintech’s Biggest Names Head to Riyadh

For three days, Riyadh will become a meeting point for some of the biggest names in finance and fintech. Money20/20 Middle East returns from September 14 to 16, with more than 38,000 attendees, 600 investors, 350 speakers and 150 startups expected in Malham.

The line-up includes Tabby CEO Hosam Arab, Revolut GCC CEO Ambareen Musa, NALA founder Benjamin Fernandes and Lean Technologies CEO Hisham Al-Falih. Beyond the stages, much of the action will be around founders meeting investors, financial institutions and potential partners as Saudi Arabia builds its position as a regional fintech hub. Smashi Business is an official media partner and will be covering the event from Riyadh.

Register now!

RedBird Meets PIF to Evaluate Takeover Bid for Al-Nassr FC

🔹 What Is It About

Private equity firm RedBird Capital, led by Chief Executive Officer Gerry Cardinale, is holding talks with Saudi Arabia's Public Investment Fund (PIF) regarding a takeover bid for Al-Nassr FC. Reporting points to a 5-member consortium discussing a joint bid, including team captain Cristiano Ronaldo (holding a reported 15% equity stake), former club president Ibrahim Al-Muhaidib, Almería owner Mohammed Al-Khuraiji, and businessman Sharaf Al-Hariri. Each partner's minimum buy-in is reportedly set at $100 million.

• Targeting Majority Stake: The consortium aims to acquire 70% of Al-Nassr, with PIF retaining a 30% holding.

• Structuring Private Buy-In: The proposed partner buy-in requires a minimum commitment of $100 million per participant.

• Expanding Multi-Club Networks: RedBird considers integrating Al-Nassr into its network alongside AC Milan and Toulouse.

🔹 Why It Matters

Releasing 70% of Al-Nassr to private investors aligns with PIF's strategy to reduce direct ownership across top Saudi Pro League clubs, following the sale of Al-Hilal. Acquiring a majority stake in Al-Nassr brings private capital into a club carrying over $213 million in debt. Involving active players like Cristiano Ronaldo as equity partners sets a new precedent for commercial participation in regional sports franchises.

• Privatizing League Clubs: Selling state-owned stakes advances government plans to transition sports assets to private investors.

• Restructuring Club Debt: Bringing in private capital helps manage operational liabilities and player contracts.

🔹 What’s Next

RedBird and PIF representatives will complete preliminary discussions to decide whether to advance to formal contract negotiations. Legal teams will review the consortium's corporate structure if PIF approves the terms.

Synapse Analytics Secures $13M to Expand AI Credit Decisioning Platform

🔹 What Is It About

Abu Dhabi-headquartered AI firm Synapse Analytics raised $13 million in a Series A funding round led by global venture firm Partech, alongside Algebra Ventures and Silicon Badia. Co-founded by CEO Ahmed Abaza and COO Galal Elbeshbishy, the firm builds software that automates risk and underwriting decisions inside a bank's own secure cloud environment. Total capital raised by the startup reached $17 million following the investment.

• Closing Series A Funding: Partech led the $13 million investment round alongside Algebra Ventures and Silicon Badia.

• Deploying On-Premise Software: The platform runs within an institution's private perimeter to meet data privacy rules.

• Reaching $17M Total: Total funding reached $17 million since the company's launch.

🔹 Why It Matters

Allowing banks to run AI credit scoring models within their private servers solves data privacy hurdles for regulated financial institutions. Risk management teams can test policy updates against historical transaction data before deploying automated loan approvals. Expanding software deployment across the Middle East, Africa, and Latin America helps regional lenders process loan applications faster while maintaining strict compliance controls.

🔹 What’s Next

Synapse Analytics will hire additional software engineers and data scientists to expand its technical teams in Abu Dhabi. Sales leads will launch market expansion campaigns across target banking sectors in Latin America and the GCC.

• Hiring Technical Teams: Management will recruit software engineers to build specialized AI agent features.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Houthis used Anthropic AI to try to build ballistic missiles

• Iran and Gulf states to meet in push for Hormuz deal: FT

• OpenAI Is Open to Slowing Cutting-Edge AI, CEO Sam Altman Tells Staff

• Hormuz shipping traffic falls to single digits, data shows

🦄 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!

Persian Gulf energy disruptions, state asset divestments, and sovereign technology bets lead business developments across regional markets. Crude prices jumped past $107 a barrel after Saudi Arabia shut its East-West pipeline following attacks in the Riyadh and Madinah regions. National oil giant Saudi Aramco hired financial advisers to explore selling synthetic rubber maker Arlanxeo as part of a $35 billion asset sale program. Meanwhile, Gulf fintech platform Tabby, co-founded by CEO Hosam Arab, secured $230 million in new funding led by Blue Pool Capital, valuing the shopping and financial services company at $6.5 billion.

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

Markets

Saudi East-West Pipeline Shutdown Pushes Crude Prices Toward $108

🔹 What Is It About

Oil prices climbed toward $108 a barrel after Saudi Arabia suspended operations along its East-West oil pipeline following attacks in the Riyadh and Madinah regions. Brent crude surged as much as 3.7% to trade at $107.95 a barrel, while West Texas Intermediate gained 3.14% to reach $103.19. Saudi energy officials confirmed the shutdown was taken as a precautionary safety measure to inspect pipeline infrastructure after strikes caused several injuries.

• Shutting Red Sea Bypass: Saudi authorities halted crude transport along the East-West pipeline to inspect damage.

• Spiking Benchmark Prices: Brent crude rose 3.7% toward $108 a barrel, while WTI climbed over 3%.

• Causing Personnel Injuries: Regional strikes in the Riyadh and Madinah areas injured several site workers.

🔹 Why It Matters

Suspending operations on the East-West pipeline removes Saudi Arabia's primary alternative route for exporting crude without shipping through the Strait of Hormuz. Shifting crude movements away from Persian Gulf chokepoints becomes impossible when bypass pipelines suffer physical damage. Prolonged operational outages risk tightening global oil supplies, increasing fuel costs for international refineries and energy buyers.

• Constraining Export Bypass: Damage to the East-West line limits Saudi Arabia's ability to bypass the Strait of Hormuz.

• Raising Energy Costs: Reduced crude availability pushes global fuel benchmarks higher across international markets.

🔹 What’s Next

Saudi Aramco engineering teams will finish structural repairs and safety checks before reopening pipeline valves. Energy traders will monitor daily shipping logs at Yanbu port to see when Red Sea crude loadings resume.

Money20/20 Middle East: Fintech’s Biggest Names Head to Riyadh

For three days, Riyadh will become a meeting point for some of the biggest names in finance and fintech. Money20/20 Middle East returns from September 14 to 16, with more than 38,000 attendees, 600 investors, 350 speakers and 150 startups expected in Malham.

The line-up includes Tabby CEO Hosam Arab, Revolut GCC CEO Ambareen Musa, NALA founder Benjamin Fernandes and Lean Technologies CEO Hisham Al-Falih. Beyond the stages, much of the action will be around founders meeting investors, financial institutions and potential partners as Saudi Arabia builds its position as a regional fintech hub. Smashi Business is an official media partner and will be covering the event from Riyadh.

Register now!

Saudi Aramco Explores Arlanxeo Sale Under $35Bn Dollar Asset Program

🔹 What Is It About

Saudi Aramco hired advisers to explore selling its Netherlands-based specialty chemicals business Arlanxeo as part of a multibillion-dollar asset disposal strategy. The energy firm took full ownership of Arlanxeo in 2018 by purchasing the remaining 50% stake from Germany's Lanxess for €1.5 billion ($1.75 billion). Arlanxeo manufactures synthetic rubber and specialty elastomers used in tires, golf balls, and shoe soles, with production sites across Europe, Asia, and the Americas.

• Retaining Financial Advisers: Aramco appointed advisers to approach chemical producers and private equity buyers.

• Revisiting Past Buyouts: The potential sale follows Aramco's 2018 buyout of Lanxess's 50% holding for €1.5 billion.

• Selling Non-Core Assets: Shedding Arlanxeo forms part of a broader plan to raise up to $35 billion from asset sales.

🔹 Why It Matters

Exploring an exit from Arlanxeo highlights Aramco's focus on raising cash to support state project funding and maintain annual dividend payouts. Selling non-core manufacturing assets allows the state energy producer to recycle capital into higher-margin domestic oil, gas, and chemical projects. Shedding fully owned international subsidiaries signals a shift toward divesting non-essential assets rather than relying only on infrastructure leasebacks.

🔹 What’s Next

Advisers will compile formal bidding materials and approach international chemical manufacturers and private equity groups. Aramco executives will review preliminary takeover offers before deciding whether to proceed with a formal sale.

• Soliciting Buyer Bids: Financial leads will distribute confidential information memorandums to prospective suitors.

Tabby Secures $230Mn at $6.5Bn Valuation

🔹 What Is It About

Gulf fintech platform Tabby raised $230 million in a funding round led by Blue Pool Capital alongside existing institutional investors, reaching a valuation of $6.5 billion. Co-Founder and Chief Executive Officer Hosam Arab confirmed the capital injection will support product expansion across Saudi Arabia and the UAE. The company secured consumer and SME finance licenses in Saudi Arabia, as well as a Stored Value Facilities license in the UAE, while facilitating over $100 million in cumulative employee share tender sales since 2023.

🔹 Why It Matters

Securing consumer, business finance, and stored value licenses allows Tabby to broaden its product lineup past its initial buy-now-pay-later model into digital wallets and SME lending. Expanding regulatory approvals in Saudi Arabia and the UAE provides the legal framework needed to capture growing market share across regional consumer credit and merchant payments. Delivering over $100 million in staff equity liquidity builds employee trust and sets a precedent for liquidity management in regional tech firms.

🔹 What’s Next

Tabby's product teams will deploy new lending tools for small and medium enterprises across Saudi Arabia. Technical leads will roll out updated digital wallet features in the UAE under its Stored Value Facilities license.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Houthis used Anthropic AI to try to build ballistic missiles

• Iran and Gulf states to meet in push for Hormuz deal: FT

• OpenAI Is Open to Slowing Cutting-Edge AI, CEO Sam Altman Tells Staff

• Hormuz shipping traffic falls to single digits, data shows

🦄 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 Monday everyone!

AI governance shifts, geopolitical diplomacy, and cross-border consumer capital allocations lead business headlines today. OpenAI CEO Sam Altman confirmed the firm will not go public in 2026, prioritizing risk reduction over listing timelines as rival Anthropic prepares for an IPO. Meanwhile, BRICS nations issued a joint declaration calling for "maximum restraint" to protect energy corridors amid escalating regional conflict. Concurrently, Abu Dhabi's Mubadala Investment Company joined a $1 billion transaction to acquire a minority stake in Luckin Coffee alongside controlling shareholder Centurium Capital.

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

Markets

OpenAI Postpones Initial Public Offering to Prioritize AI Safety Controls

🔹 What Is It About

OpenAI Chief Executive Officer Sam Altman confirmed the company will not pursue an initial public offering in 2026, describing the current moment as an "ill-advised time" to list on public markets. Altman aligned with Anthropic CEO Dario Amodei and xAI founder Elon Musk on the need to moderate development speeds to address potential existential threats. Despite OpenAI pausing its public debut, competitor Anthropic continues preparing for an IPO that could surpass SpaceX's record-setting $86.2 billion listing.

• Delaying Public Debut: OpenAI ruled out listing in 2026 to focus internal resources on technology safety alignment.

• Pacing Model Development: Key industry leaders agreed to consider joint frameworks for slowing capability advances.

• Persisting Industry Listings: Competitor Anthropic moves forward with listing preparations targeting a multibillion-dollar valuation.

🔹 Why It Matters

Postponing an IPO allows OpenAI to resolve safety and governance challenges without public market pressure for immediate quarterly revenue expansion. Aligning top AI executives around safety risks reflects growing caution over unmonitored deployments across the technology sector. Pausing near-term public listings helps maintain focus on building institutional safeguards alongside government regulators.

🔹 What’s Next

OpenAI leadership will work alongside industry peers to formulate joint evaluative standards and safety guidelines. Financial analysts will track Anthropic’s upcoming IPO filings to gauge public market appetite for AI infrastructure companies.

Money20/20 Middle East: Fintech’s Biggest Names Head to Riyadh

For three days, Riyadh will become a meeting point for some of the biggest names in finance and fintech. Money20/20 Middle East returns from September 14 to 16, with more than 38,000 attendees, 600 investors, 350 speakers and 150 startups expected in Malham.

The line-up includes Tabby CEO Hosam Arab, Revolut GCC CEO Ambareen Musa, NALA founder Benjamin Fernandes and Lean Technologies CEO Hisham Al-Falih. Beyond the stages, much of the action will be around founders meeting investors, financial institutions and potential partners as Saudi Arabia builds its position as a regional fintech hub. Smashi Business is an official media partner and will be covering the event from Riyadh.

Register now!

BRICS Declaration Calls for Restraint to Protect Energy Transit and Regional Trade

🔹 What Is It About

Nations across the BRICS group, including Iran and the United Arab Emirates, released a 45-page communique urging "maximum restraint" amid escalating regional tensions. The statement followed military strikes on key oil pipelines and crude tankers that disrupted shipping flows through the Strait of Hormuz. Energy importers like China and India supported calls for diplomatic talks to secure maritime trade routes and protect civilian energy infrastructure.

🔹 Why It Matters

Disruptions along primary Gulf maritime routes create financial pressures for major Asian economies dependent on imported oil and gas. Joint consensus among BRICS members demonstrates a shared objective to prevent prolonged trade bottlenecks and manage global fuel prices. Reaching diplomatic agreements around transit corridors remains critical for reducing war-risk insurance surcharges for international shipping operators.

🔹 What’s Next

Regional diplomats will hold bilateral meetings in Oman to negotiate temporary passage protocols for commercial cargo ships. Energy market analysts will monitor daily vessel counts through regional chokepoints to evaluate export recovery rates.

• Convening Maritime Meetings: Government representatives will assemble to review proposed shipping safety corridors.

• Monitoring Transit Volumes: Commodity tracking services will log daily tanker movements across Persian Gulf shipping lanes.

Mubadala Enters $1Bn Transaction for Minority Stake in Luckin Coffee

🔹 What Is It About

Abu Dhabi sovereign wealth fund Mubadala Investment Company agreed to join a $1 billion transaction to acquire a minority stake in Luckin Coffee alongside controlling shareholder Centurium Capital. The investment backs China's largest coffee chain by store count, which operates over 36,000 locations worldwide and generated CNY 1.75 billion ($261.2 million) in Q2 adjusted net profit. As part of the transaction, Mubadala will secure a seat on Luckin's board of directors.

• Investing in Retail Expansion: Mubadala joined a $1 billion deal to support store buildouts across China and overseas markets.

• Securing Governance Representation: The fund will nominate a director to Luckin's board to oversee corporate strategy.

• Focusing on Consumer Sectors: Mubadala continues expanding Chinese consumer holdings, adding to past positions in Shein and Wanda.

🔹 Why It Matters

Directing sovereign capital toward Chinese retail assets allows Mubadala to tap into growing consumer spending while navigating international technology investment restrictions. Securing board representation reflects a strategic pivot by Gulf sovereign wealth funds toward active governance over large minority holdings. Backing Luckin's physical store expansion finances the brand's international competition against global coffee chains.

🔹 What’s Next

Legal teams will process customary closing conditions to finalize the equity transfer. Luckin management will deploy capital to open new retail locations across secondary Chinese cities and international expansion sites.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Houthis used Anthropic AI to try to build ballistic missiles

• Iran and Gulf states to meet in push for Hormuz deal: FT

• OpenAI Is Open to Slowing Cutting-Edge AI, CEO Sam Altman Tells Staff

• Hormuz shipping traffic falls to single digits, data shows

🦄 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 Sunday everyone!

Saudi Arabia has shut its critical East-West oil pipeline after a drone attack launched from Iraq, threatening a key route for global crude supplies. Meanwhile, an Israeli Air Force post using Apple’s new iPhone Duo with Gaza imagery has renewed scrutiny of the tech giant’s Israeli R&D ties, while Anthropic says actors in Houthi-controlled Yemen used Claude to help develop guided weapons, including a ballistic missile designed to travel more than 2,000km.

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

Markets

Saudi Pipeline Attack Threatens Key Oil Lifeline as Global Supply Tightens

🔹 What Is It About

Saudi Arabia has temporarily shut its 1,200km East-West oil pipeline after drones launched from Iraq struck sections of the route in Riyadh and Medina, causing injuries and damage. The Saudi Energy Ministry described the shutdown as a precaution while specialised teams assess the pipeline. Iraq has condemned the attack, launched an investigation and dismissed the military commander overseeing Maysan province, where Baghdad confirmed the drones originated. No group has claimed responsibility.

🔹 Why It Matters

The East-West pipeline has become one of the most important arteries in the global oil market, carrying around 4 million to 5 million barrels per day, equivalent to roughly 4% to 5% of global supply. It allows Saudi crude to reach the Red Sea without passing through the Strait of Hormuz, where exports have already been heavily disrupted by the Iran war. Brent crude is now above $104 a barrel, compared with around $72 before the conflict. Ben Cahill of the Atlantic Council called the shutdown “a real blow,” describing the route as Saudi Arabia’s “principal bypass option to avoid the Strait of Hormuz.”

🔹 What’s Next

Saudi Arabia has chosen not to retaliate at this stage following a request from the Iraqi Prime Minister, although Riyadh says it reserves the right to take necessary measures to protect its interests. How quickly the pipeline can reopen is now crucial. A previous strike in April was repaired within three days, but Saudi authorities have not disclosed the extent of the latest damage. With Hormuz constrained and security risks rising around the Red Sea, analysts warn prolonged disruption could leave the oil market with fewer buffers and push prices higher.

Money20/20 Middle East: Fintech’s Biggest Names Head to Riyadh

For three days, Riyadh will become a meeting point for some of the biggest names in finance and fintech. Money20/20 Middle East returns from September 14 to 16, with more than 38,000 attendees, 600 investors, 350 speakers and 150 startups expected in Malham.

The line-up includes Tabby CEO Hosam Arab, Revolut GCC CEO Ambareen Musa, NALA founder Benjamin Fernandes and Lean Technologies CEO Hisham Al-Falih. Beyond the stages, much of the action will be around founders meeting investors, financial institutions and potential partners as Saudi Arabia builds its position as a regional fintech hub. Smashi Business is an official media partner and will be covering the event from Riyadh.

Register now!

Israeli Air Force’s iPhone Duo Post Puts Apple’s Israel R&D Ties Back in Focus

🔹 What Is It About

The Israeli Air Force has used Apple’s newly unveiled iPhone Duo in an Instagram post featuring Israeli soldiers in Gaza. Carrying the line “This is Duo,” the post borrows Apple’s launch branding and displays military imagery across the foldable device. Apple introduced the Duo as its first foldable iPhone.

🔹 Why It Matters

The post has renewed attention on Apple’s longstanding R&D presence in Israel, including centres in Herzliya, Haifa and Jerusalem. Those operations have reportedly contributed to work spanning silicon, connectivity, cameras and sensing technology. Israeli Prime Minister Benjamin Netanyahu previously said anyone carrying a mobile phone was holding “a piece of Israel.”

🔹 What’s Next

There is no evidence Apple authorised the post or has a partnership with the Israeli Air Force. Attention will now be on whether Apple responds to the use of its product imagery, as scrutiny continues around the company’s Israeli technology ties amid the genocide in Gaza.

Anthropic Says Claude Was Used to Help Develop Weapons in Houthi-Controlled Yemen

🔹 What Is It About

Anthropic says actors operating in Houthi-controlled northern Yemen used Claude to help develop guided weapons, including a rocket, a ballistic missile designed to travel more than 2,000km, and a programme involving a proposed hypersonic glide vehicle. The company said the group used “Claude Code in place of human software engineers” for guidance and navigation work before Anthropic investigated and disrupted the activity.

🔹 Why It Matters

The case highlights the growing challenge AI companies face in preventing advanced models from being repurposed for military and geopolitical operations. Anthropic acknowledged that while its safeguards stopped many requests, “not all of them” were blocked, raising questions about how effectively frontier AI systems can control sophisticated misuse.

🔹 What’s Next

The disclosure comes as the Houthis expand their territorial control near the Bab Al Mandeb, a crucial global shipping route. Anthropic also alleges Iranian state-linked accounts used Claude for influence operations, adding another dimension to concerns over AI becoming embedded in modern conflict, from weapons engineering to information warfare.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Houthis used Anthropic AI to try to build ballistic missiles

• Iran and Gulf states to meet in push for Hormuz deal: FT

• OpenAI Is Open to Slowing Cutting-Edge AI, CEO Sam Altman Tells Staff

• Hormuz shipping traffic falls to single digits, data shows

🦄 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 Saturday everyone!

Saudi Arabia’s Public Investment Fund is weighing a combination of Electronic Arts and Savvy Games, potentially bringing a huge portfolio of gaming franchises under one roof. In the UAE, Elon Musk’s Boring Company has raised $3 billion at a $23 billion valuation, with plans for more than 150 kilometres of tunnels across the country. Meanwhile, the UAE is redesigning its planned 5GW AI data-centre megaproject into a distributed network, aiming to make critical infrastructure more resilient amid regional tensions.

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

Markets

PIF Weighs Combining Electronic Arts With Savvy Games: Bloomberg

What Happened

Saudi Arabia’s Public Investment Fund is considering combining Electronic Arts (EA) with Savvy Games Group, potentially creating one of the world’s biggest gaming companies, according to a Bloomberg exclusive. No final decision has been made, and any deal is unlikely to happen until Savvy completes its $6 billion acquisition of Chinese mobile gaming company Moonton.

Why It Matters

The combination could bring major franchises including Madden NFL, Battlefield, The Sims and Pokémon Go under one roof. Based on disclosed acquisition prices, the businesses involved represent roughly $69.4 billion, including EA at $55 billion, Scopely at $4.9 billion, Niantic’s games business at $3.5 billion and Moonton at $6 billion.

What's Next

Savvy is expected to focus first on completing its Moonton acquisition before any potential EA combination moves forward. Any merger would also face regulatory and antitrust scrutiny. If approved, the deal could give PIF a single gaming platform for acquisitions, game development and intellectual property across console, PC and mobile gaming.

Elon Musk’s Boring Company Raises $3 Billion For UAE Tunnel Expansion

What Happened

Elon Musk’s The Boring Company has raised $3 billion in a Series D funding round led by UAE-based investors, valuing the company at $23 billion. The funding will support the deployment of more than 150 kilometres of underground tunnels across the UAE, building on the Dubai Loop project already awarded to the company.

Why It Matters

The investment could accelerate the UAE’s plans for underground transport infrastructure and expand the Boring Company’s Loop system beyond its existing Las Vegas operations. The company says its Loop system has carried more than four million passengers in Las Vegas since 2021, moving the technology beyond the proof-of-concept stage.

What’s Next

The company plans to work with UAE partners to deploy underground infrastructure at scale. Dubai will be the second city to implement the Boring Company’s tunnel-based transport system, following Las Vegas. The new funding also gives the company additional capital to advance projects in other markets, including Nashville.

UAE is Reengineering Stargate UAE AI Megaproject Into Resilient, Distributed Network: Reuters

What Happened

The UAE is redesigning its planned 5-gigawatt AI data center project, originally a single 26-square-kilometer campus near Abu Dhabi, into a distributed network of facilities across the country, per a Reuters exclusive. The shift comes as regional tensions from the Iran war prompted planners to strengthen protections for critical infrastructure, including underground construction, mountain-based sites, and integrated air defense systems, according to sources familiar with the matter.

Why It Matters

The redesign brings the UAE's flagship AI initiative in line with global best practice, as major hyperscale operators have long favored distributed, redundancy-built architectures over single mega-campuses. For a multibillion-dollar national asset meant to anchor the UAE's AI ambitions and host sensitive government and military workloads, hardened, dispersed infrastructure offers stronger long-term resilience and reduces the risk of any single point of failure disrupting the entire system.

What's Next

Construction on the project's first phase, Stargate UAE, continues with modifications to protect the site, while remaining components will likely be spread across multiple locations, potentially including Ras Al Khaimah and Fujairah's mountain terrain. Analysts suggest other Gulf states may look to the UAE's approach as a model for hardening their own critical infrastructure amid ongoing regional instability.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Houthis used Anthropic AI to try to build ballistic missiles

• Iran and Gulf states to meet in push for Hormuz deal: FT

• OpenAI Is Open to Slowing Cutting-Edge AI, CEO Sam Altman Tells Staff

• Hormuz shipping traffic falls to single digits, data shows

🦄 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!

Trade policy shifts, software revenue acceleration, and fintech expansion are shaping corporate and geopolitical developments across the region. Saudi Arabia led 8 Arab and Muslim nations in backing Britain's decision to ban imports from illegal Israeli settlements in the West Bank. Software platform Replit, founded by Amjad Masad, reached $250 million in annual recurring revenue and approaches $1 billion after launching its AI product feature. Meanwhile, Cairo-based fintech startup Zeal, founded by Omar Ebeid and Belal Mohamed, secured $10 million in fresh capital to expand its point-of-sale customer analytics platform across 3 continents.

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

Markets

Arab and Muslim Nations Back UK Import Ban on Israeli Settlement Goods

🔹 What Is It About

Foreign ministers from Saudi Arabia, Jordan, the UAE, Indonesia, Pakistan, Turkiye, Qatar, and Egypt released a joint statement welcoming Britain's trade restrictions on illegal West Bank settlements. The UK ban stops imports from settlement businesses and imposes sanctions on entities supporting settlement expansion, including construction plans for over 1,200 housing units in the E1 area. Israel retaliated by closing the British Consulate in East Jerusalem and banning 12 British citizens from entry.

• Banning Settlement Trade: Britain joined France and Canada in prohibiting imports produced inside West Bank settlements.

• Imposing Travel Sanctions: Israel barred 12 UK citizens and closed the British diplomatic office in East Jerusalem.

• Reaffirming Land Borders: The 8 ministers reaffirmed that Gaza and the West Bank remain integral parts of Palestinian territory.

🔹 Why It Matters

Coordinated trade bans by European powers change commercial relationships with businesses operating across occupied territories. Banning settlement imports restricts market access for regional agricultural and manufacturing firms operating in these zones. Aligning trade restrictions with 11 European partners signals a unified legal approach to trade policy regarding the West Bank.

• Restricting Market Access: Banning settlement products limits retail distribution channels across European consumer markets.

🔹 What’s Next

European trade agencies will publish compliance guidelines to help importers verify product origin documentation. Diplomatic teams will monitor international responses as additional nations evaluate similar commercial restrictions.

• Issuing Origin Rules: Customs authorities will enforce strict verification procedures on shipments coming from the region.

Replit Approached $1 Billion in Annual Recurring Revenue After Internal Restructuring

🔹 What Is It About

Coding platform Replit, led by founder Amjad Masad, expanded its annual recurring revenue from $2.5 million to $250 million inside a single year, with current run rates approaching $1 billion. The growth followed an internal restructuring in 2024 where remaining engineering teams built new AI software features in secret. The software generated $1 million in revenue on its 1st day of demonstration, attracting immediate interest from global AI research teams.

• Accelerating Annual Revenues: Replit expanded its revenue base from $2.5 million to $250 million within a 12-month period.

• Generating Immediate Sales: The initial software demonstration generated $1 million in recurring revenue during its first 24 hours.

🔹 Why It Matters

Replit's rapid revenue trajectory highlights strong commercial demand for automated coding tools among software developers. Reaching scale after internal team changes demonstrates how focused product development can alter a company's financial path. Rapid customer adoption shows that developer platforms adding functional AI capabilities can build substantial recurring revenue streams.

🔹 What’s Next

Product managers will expand backend server infrastructure to maintain performance across growing user bases. Engineering teams will add specialized features to support enterprise software development teams.

Egyptian Fintech Zeal Raises $10 Million to Scale SmartPOS Technology Internationally

🔹 What Is It About

Cairo-based fintech startup Zeal closed a $10 million funding round to scale its point-of-sale software across Middle Eastern, European, and African retail markets. Founded in 2019 by Omar Ebeid and Belal Mohamed, the company develops the SmartPOS Plugin, which turns standard payment terminals into customer analytics tools. The software identifies shoppers during checkout, allowing physical retailers to track purchasing habits without replacing their existing terminal hardware.

🔹 Why It Matters

Giving physical retailers access to customer data bridges the operational gap between offline stores and e-commerce platforms. Integrating software directly into payment terminals allows merchants to collect customer insights without buying new hardware. Partnering with established payment processors helps young fintech firms scale across international markets efficiently.

🔹 What’s Next

Engineering teams will adapt the SmartPOS plugin to match payment regulations across targeted European and African countries. Commercial leads will expand distribution through existing relationships with terminal providers and merchant acquirers.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Abu Dhabi’s G42 Weighs US Ownership to Safeguard AI Chip Access

• China’s WeRide plans 10,000 robotaxis in Saudi Arabia by 2030

• As Wynn in RAK nears opening, a Bulgaria-based supplier of slot machines and electronic table games, has been granted a gaming-related vendor licence in the UAE, the firm said in a Wednesday press release.

• Middle East’s Data Center Push Endures Under the Cloud of War

• US-Israel-Iran War insurance adds $8 to a barrel of oil

• Saudi Grain Giant Shifts Away From Black Sea as War Roils Supply

🦄 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 Thursday everyone!

The Bahrain International Airshow has been cancelled this year, with the event pushed back to 2028 as the Iran war continues to disrupt the region. But while one major Gulf event is being delayed, Abu Dhabi is moving ahead with its AI ambitions. Ai Everything Abu Dhabi is set to take place at ADNEC on October 6–7, 2026.

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

Markets

Bahrain Airshow Postponed To 2028 As Iran War Disrupts Gulf Aviation

What Happened

The Bahrain International Airshow has been postponed from November 2026 to November 15–17, 2028. Organisers said the decision followed discussions with stakeholders and international companies amid continuing regional instability linked to the Iran war.

Why It Matters

The postponement highlights the conflict’s growing impact on Gulf aviation and international events.

What's Next

The eighth Bahrain International Airshow is now scheduled for November 2028.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Abu Dhabi’s G42 Weighs US Ownership to Safeguard AI Chip Access

• China’s WeRide plans 10,000 robotaxis in Saudi Arabia by 2030

• As Wynn in RAK nears opening, a Bulgaria-based supplier of slot machines and electronic table games, has been granted a gaming-related vendor licence in the UAE, the firm said in a Wednesday press release.

• Middle East’s Data Center Push Endures Under the Cloud of War

• US-Israel-Iran War insurance adds $8 to a barrel of oil

• Saudi Grain Giant Shifts Away From Black Sea as War Roils Supply

🦄 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 Wednesday everyone!

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

Markets

ADNOC Eyes Refinery Stakes In Thailand And Nigeria As UAE Oil Giant Expands Overseas

🔹 What Is It About

ADNOC is in talks to take stakes in refineries operated by units of Thailand’s PTT and Nigeria’s Dangote, Bloomberg reported, citing people familiar with the discussions. The Abu Dhabi oil giant is exploring deals that could combine refinery investments with crude-supply contracts, while giving ADNOC access to fuels it can trade globally. A deal involving Thailand could be announced later this year.

🔹 Why It Matters

The potential investments would mark a shift for ADNOC as it expands beyond its home refining base at Ruwais. Overseas refineries could provide reliable buyers for Abu Dhabi crude while strengthening ADNOC’s fuel-trading business. The strategy also mirrors Saudi Aramco’s international refining investments and could reduce exposure to disruptions around the Persian Gulf.

🔹 What’s Next

ADNOC is expected to continue pursuing downstream opportunities across Asia and Africa. The company is also interested in India’s refining sector and could potentially invest in an East African refinery and associated crude pipeline. Any agreements with PTT or Dangote would deepen ADNOC’s international energy footprint and strengthen its position across global oil and fuel markets.

South Korean Asset Manager Mirae Asset Expands Into Dubai With $400 Billion AUM

🔹 What Is It About

South Korean investment firm Mirae Asset Global Investments, which manages more than $400 billion in assets, has established a new office at the Dubai International Financial Centre (DIFC). Its DIFC entity has also secured a Category 3C regulatory licence from the DFSA, allowing it to manage and distribute collective investment funds to institutional and professional clients across the GCC.

🔹 Why It Matters

The move strengthens Mirae Asset’s foothold in the Middle East and gives it a base to target institutional investors, family offices and the Indian diaspora across the region. It also adds one of Asia’s largest independent asset managers to Dubai’s rapidly expanding wealth and asset-management ecosystem.

🔹 What’s Next

Mirae Asset plans to expand its regional distribution network and offer investors access to India-focused and global investment strategies, spanning equities, fixed income, ETFs, alternatives and private markets. The Dubai office is expected to support the firm’s broader growth across the GCC, Middle East and East Africa.

L’IMAD Clears Key Conditions For AD Ports Offer, Settlement Expected By October 9

🔹 What Is It About

L’IMAD, through its wholly owned subsidiary ADQ, has satisfied all conditions of its voluntary tender offer to acquire up to 100% of the remaining shares in AD Ports Group, except for certain routine notifications still to be submitted to the Capital Market Authority and Abu Dhabi Securities Exchange. Settlement, including payment and transfer of acquired shares to ADQ, is expected no later than October 9, 2026, as per a press release received by Smashi Business.

🔹 Why It Matters

ADQ already owns 75.42% of AD Ports Group, and the offer is aimed at acquiring the remaining shares. Shareholders accepting the offer will receive AED 6.25 in cash per share. The development moves the transaction closer to completion, while the offer remains open to eligible shareholders.

🔹 What’s Next

The offer remains open until 3pm on September 15, 2026, giving shareholders time to accept the AED 6.25-per-share offer. Following the close of the offer, settlement is expected to take place no later than October 9, including payment of the offer price and transfer of the acquired shares to ADQ.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Abu Dhabi’s G42 Weighs US Ownership to Safeguard AI Chip Access

• China’s WeRide plans 10,000 robotaxis in Saudi Arabia by 2030

• As Wynn in RAK nears opening, a Bulgaria-based supplier of slot machines and electronic table games, has been granted a gaming-related vendor licence in the UAE, the firm said in a Wednesday press release.

• Middle East’s Data Center Push Endures Under the Cloud of War

• US-Israel-Iran War insurance adds $8 to a barrel of oil

• Saudi Grain Giant Shifts Away From Black Sea as War Roils Supply

🦄 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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Were you forwarded this email? Subscribe here

Happy Tuesday everyone!

National economic stability, active football club management, and global artificial intelligence infrastructure funding are shaping regional business activities. Emirati businessman Khalaf Ahmad Al Habtoor publicly commended UAE President HH Sheikh Mohamed bin Zayed Al Nahyan, emphasizing that institutional trust and political security form the foundation for long-term economic growth. In Saudi Arabia, Al-Kholood owner Ben Harburg personally delivered official team jerseys to fans in Riyadh through courier service Jahez. Meanwhile, Abu Dhabi's Mubadala Capital participated in a $3 billion funding round for US data center operator Crusoe, which pushed the company's valuation to roughly $30 billion.

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

Markets

Khalaf Al Habtoor Highlights UAE Institutional Stability as Economic Foundation

🔹 What Is It About

Emirati businessman Khalaf Ahmad Al Habtoor commended UAE President HH Sheikh Mohamed bin Zayed Al Nahyan, stating that political security and strong national leadership remain central to the country's economic expansion. Responding to social media messages shared by Dubai Ruler HH Sheikh Mohammed bin Rashid Al Maktoum, Al Habtoor noted that sustained financial growth relies on public trust, institutional strength, and stable governance rather than capital assets alone.

• Emphasizing Governance: Al Habtoor highlighted institutional stability as the primary driver behind UAE commercial growth.

• Building Investor Confidence: Strong legal and regulatory frameworks provide predictable environments for private enterprise.

• Sustaining Prosperity: Trusted leadership structures protect long-term capital investments for future generations.

🔹 Why It Matters

Public endorsements from prominent industrial leaders reinforce confidence among local and foreign investors operating across the UAE. Prioritizing stable governance and institutional trust helps protect private enterprise from broader international economic fluctuations. Maintaining a secure environment encourages long-term capital retention across real estate, hospitality, and commercial trading sectors.

• Retaining Foreign Capital: Predictable regulatory systems encourage international firms to establish regional headquarters.

• Supporting Commercial Growth: Deep investor trust helps regional business groups plan long-term infrastructure projects.

🔹 What’s Next

Public institutions and private enterprises will continue aligning operations with national economic programs under the UAE's long-term development framework. Market analysts expect steady private capital commitments across manufacturing, technology, and real estate.

• Tracking Foreign Direct Investment: Economic agencies will monitor international capital inflows following ongoing business environment updates.

• Executing Long-Term Projects: Major commercial developers will proceed with multi-year construction and infrastructure schedules.

Al-Kholood Owner Ben Harburg Personally Delivers Club Shirts to Riyadh Fans

🔹 What Is It About

American investor Ben Harburg, the first foreign owner of a Saudi football club, personally hand-delivered Al-Kholood team shirts to supporters across Riyadh. Partnering with local delivery application Jahez, Harburg wore delivery gear to drop off orders for fans purchasing the club's "Sunday today or Monday tomorrow" promotional merchandise. The initiative follows Harburg's hands-on approach since acquiring the Qassim-based club in 2025.

🔹 Why It Matters

Direct fan interaction by foreign team owners illustrates changing commercial strategies inside the Saudi Pro League following club privatization programs. Building personal connections with local supporters helps smaller clubs expand their brand presence outside their home cities. Using creative promotional campaigns and local tech partnerships boosts merchandise sales and fan engagement without relying solely on high-profile player signings.

• Expanding Regional Fanbases: Hands-on promotions help smaller clubs attract supporters across major metropolitan markets like Riyadh.

• Testing Privatization Models: Active ownership approaches provide alternative commercial blueprints for newly privatized sports franchises.

🔹 What’s Next

Al-Kholood management will introduce further community engagement initiatives and brand partnerships throughout the current football season. Sports marketing analysts will track merchandise revenue growth and stadium attendance metrics across regional fixtures.

Mubadala Capital Joins 3 Billion Dollar Funding Round for AI Infrastructure Firm Crusoe

🔹 What Is It About

Abu Dhabi's Mubadala Capital participated in a $3 billion equity funding round for artificial intelligence infrastructure firm Crusoe, raising the company's valuation to $30 billion. Co-led by Atreides Management and Valor Equity Partners, the investment follows Crusoe securing a 5-year, $13 billion cloud computing contract with quantitative trading firm Jane Street. Founded in 2018 to power crypto mining with flared natural gas, Crusoe transitioned into building large-scale data center campuses for technology firms including Meta, Microsoft, and OpenAI.

• Raising Capital at $30 Billion Valuation: Crusoe secured over $3 billion in new equity funding from global institutional investors.

• Securing Multi-Billion Enterprise Deals: The company finalized a $13 billion, 5-year AI cloud capacity agreement with Jane Street.

• Participating Sovereign Wealth: Mubadala Capital joined international funds to back expanding computing infrastructure.

🔹 Why It Matters

Investing in Crusoe allows Mubadala Capital to back high-growth data center infrastructure supporting global artificial intelligence workloads. Demand for specialized high-performance computing campuses has accelerated as technology companies expand large-scale language models. Connecting Gulf sovereign capital with leading hyperscale data center operators strengthens regional access to global computing supply chains.

🔹 What’s Next

Crusoe will deploy the $3 billion capital injection to build additional hyperscale data centers, including flagship sites for OpenAI and Oracle. Company executives are also holding preliminary discussions with investment banks regarding a potential initial public offering.

• Expanding Texas Data Campuses: Construction teams will advance major computing facilities for hyperscale enterprise clients.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Abu Dhabi’s G42 Weighs US Ownership to Safeguard AI Chip Access

• China’s WeRide plans 10,000 robotaxis in Saudi Arabia by 2030

• As Wynn in RAK nears opening, a Bulgaria-based supplier of slot machines and electronic table games, has been granted a gaming-related vendor licence in the UAE, the firm said in a Wednesday press release.

• Middle East’s Data Center Push Endures Under the Cloud of War

• US-Israel-Iran War insurance adds $8 to a barrel of oil

• Saudi Grain Giant Shifts Away From Black Sea as War Roils Supply

🦄 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 Monday everyone!

Geopolitical maritime conflicts, state energy processing investments, and public equity preparations are driving key strategic developments across Middle Eastern markets. Iran's Revolutionary Guard Corps (IRGC) claimed strikes on 3 oil tankers and 3 US-linked ships in the Strait of Hormuz following American strikes on Iranian crude vessels. In North Africa, the Egyptian General Petroleum Corporation plans a $2.1 billion joint venture to build 2 coking complexes to process mazut into diesel. Meanwhile, Chief Executive Officer Tareq Amin began recruiting a specialized strategy team to prepare Saudi Arabia's Public Investment Fund-backed AI platform HUMAIN for an initial public offering.

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

Markets

IRGC Claims Strikes on Hormuz Tankers Following American Attacks on Iranian Fleet

🔹 What Is It About

Iran's Islamic Revolutionary Guard Corps Navy reported targeting 3 oil tankers and 3 US-affiliated vessels passing through unauthorized transit channels in the Strait of Hormuz. The announcement followed US military strikes that disabled 3 Iranian crude carriers off Kharg Island and Jask after ballistic missiles were fired at American naval ships. Maritime tracking data from Kpler showed transit volumes through the waterway remained near historic lows.

• Asserting Maritime Control: The IRGC warned commercial vessels against using non-approved maritime corridors through the strait.

• Disabling Shadow Vessels: US forces targeted Iranian tankers identified as part of illicit crude export networks.

• Depressing Transit Volumes: Independent shipping logs confirm only 1 commodity vessel crossed the waterway on Saturday.

🔹 Why It Matters

Escalating military exchanges inside the Strait of Hormuz continue to jeopardize commercial transit through a choke point that handles 20% of global oil shipments. Direct targeting of energy carriers increases insurance surcharges for shipping lines operating across Persian Gulf terminals. Protracted disruptions to crude exports maintain upward pressure on international fuel benchmark prices.

🔹 What’s Next

Naval forces will increase escort operations for commercial vessels passing through international waters near the Gulf of Oman. Energy market analysts will monitor regional crude export volumes to gauge long-term supply impacts.

Egypt Plans $2.1 bn Investment in Suez and Nasr Refining Facilities

🔹 What Is It About

The Egyptian General Petroleum Corporation plans to establish an independent joint venture to construct 2 coking and diesel production complexes worth $2.1 billion. Located at the state-owned Suez Petroleum Processing Company ($1.1 billion) and El Nasr Petroleum Company ($1 billion), the facilities will process 3.5 million tons of low-value mazut fuel oil annually into Euro 5 diesel, gasoline, and jet fuel.

• Funding Processing Plants: Capital outlays include $1.1 billion for Suez and $1 billion for El Nasr facilities.

• Processing Heavy Fuel: Each plant will process 1.75 million tons of mazut annually into high-value transport fuels.

• Forming Private Partnerships: The state petroleum corporation will establish an independent company alongside private investors.

🔹 Why It Matters

Converting domestic mazut into refined transport fuels helps Egypt reduce its reliance on foreign energy imports. Egypt consumes 12 million tons of diesel annually, making domestic processing capacity critical for easing state foreign currency demands. Upgrading aging public refineries aligns with government plans to deploy $4.5 billion into downstream petroleum processing facilities.

🔹 What’s Next

The Egyptian General Petroleum Corporation will evaluate preliminary offers received from international and regional investment groups. Engineering teams will finalize technical specifications for the delayed coking units before finalizing partnership contracts.

• Reviewing Investor Bids: Government committees will assess financial proposals from private sector partners.

• Completing Engineering Plans: Technical directors will approve licensing frameworks for the new processing units.

Saudi AI Firm HUMAIN Assembles Strategy Team to Prepare Initial Public Offering

🔹 What Is It About

Saudi artificial intelligence company HUMAIN initiated recruitment for a dedicated corporate team to lead its initial public offering preparations. Chief Executive Officer Tareq Amin is recruiting specialists with management consulting and financial strategy experience to prepare investor presentations and financial disclosures. Founded under Saudi Arabia's Public Investment Fund (PIF), the company builds AI infrastructure, data centers, and specialized Arabic language models.

🔹 Why It Matters

Preparing HUMAIN for a public listing reflects Saudi Arabia's push to build and monetize state-backed technology assets. Listing the company on public stock exchanges creates a path to attract foreign institutional capital directly into the Kingdom's artificial intelligence ecosystem. Assembling an internal IPO preparation team shows the firm is moving from early infrastructure setup toward corporate capital market readiness.

🔹 What’s Next

Tareq Amin will finalize hiring for the internal strategy team to oversee financial audits and corporate governance reviews. Executive leads will select investment bank advisors to manage formal listing timelines on the Tadawul exchange.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Abu Dhabi’s G42 Weighs US Ownership to Safeguard AI Chip Access

• China’s WeRide plans 10,000 robotaxis in Saudi Arabia by 2030

• As Wynn in RAK nears opening, a Bulgaria-based supplier of slot machines and electronic table games, has been granted a gaming-related vendor licence in the UAE, the firm said in a Wednesday press release.

• Middle East’s Data Center Push Endures Under the Cloud of War

• US-Israel-Iran War insurance adds $8 to a barrel of oil

• Saudi Grain Giant Shifts Away From Black Sea as War Roils Supply

🦄 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 Sunday everyone!

The US has approved a proposed $5 billion arms sale to Saudi Arabia as regional tensions intensify, Washington has sanctioned Turkey’s Golden Global Bank over alleged financial links to Iran, and Lebanon has launched a new forensic audit of Banque du Liban, examining crisis-era transactions linked to its foreign assets.

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

Markets

US Approves $5 Billion Bomb Sale to Saudi Arabia

🔹 What Is It About

The US has approved a proposed $5 billion sale of bombs, guidance kits and other military equipment to Saudi Arabia, as the Kingdom faces heightened regional security threats. The State Department has notified Congress of the package, which still requires review by US lawmakers before it can move forward.

🔹 Why It Matters

Saudi Arabia has faced Iranian and Houthi missile and drone attacks since the US-Israeli war against Iran began earlier this year. Washington said the package would “improve Saudi Arabia’s airborne defense capability” against current and future threats, strengthen homeland defense and improve interoperability with US forces and other Gulf partners.

🔹 What’s Next

The proposed sale is not yet final, with Congress now set to review the package. Washington says strengthening Saudi security supports its foreign policy and national security objectives, describing the Kingdom as a Major Non-NATO Ally. The direction of the Iran conflict and any further attacks on Saudi territory will remain key factors to watch.

US Sanctions Turkish Bank Over Alleged Iran Transactions as Pressure Campaign Widens

🔹 What Is It About

The US has sanctioned Golden Global Bank and two subsidiaries, accusing the Turkish lender of facilitating tens of millions of dollars in transactions for Iran’s IRGC-Quds Force. Washington alleges the bank helped move Iranian oil revenues from China to Turkey through gold and cash. Golden Global denies the allegations and says it will pursue legal action.

🔹 Why It Matters

The sanctions place the lender on the OFAC Specially Designated Nationals list, effectively cutting it off from the US financial system. Treasury Secretary Scott Bessent said institutions are learning “the hard way” that Washington is serious about its Operation Economic Outcast campaign targeting Iran’s financial networks.

🔹 What’s Next

Golden Global says it will challenge the decision, maintaining that the entities cited by Washington were never its customers. The move follows US action against Banque Misr’s UAE branches, while Bessent has indicated another bank sanction could follow next week, signalling further pressure on institutions Washington believes facilitate Iranian transactions.

Lebanon selects Alvarez & Marsal for new audit of central bank

🔹 What Is It About

Lebanon’s central bank has formally launched a new forensic audit by Alvarez & Marsal, examining selected foreign-asset operations between October 2019 and December 2023. The review will trace fund flows linked to subsidies, transfers to banks and the public sector, and letters of credit used for fuel imports.

🔹 Why It Matters

The period covers the first four years of Lebanon’s financial crisis, when Banque du Liban drew billions of dollars from foreign-currency reserves. The audit will examine whether transfers had legal authorization, followed required procedures and ultimately reached their intended beneficiaries.

🔹 What’s Next

Alvarez & Marsal began work on August 17 and could address gaps left by its first BDL audit. Published in 2023, that review estimated financial-engineering operations under former governor Riad Salameh cost nearly $76 billion, but auditors said banking secrecy prevented access to some requested information.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Abu Dhabi’s G42 Weighs US Ownership to Safeguard AI Chip Access

• China’s WeRide plans 10,000 robotaxis in Saudi Arabia by 2030

• As Wynn in RAK nears opening, a Bulgaria-based supplier of slot machines and electronic table games, has been granted a gaming-related vendor licence in the UAE, the firm said in a Wednesday press release.

• Middle East’s Data Center Push Endures Under the Cloud of War

• US-Israel-Iran War insurance adds $8 to a barrel of oil

• Saudi Grain Giant Shifts Away From Black Sea as War Roils Supply

🦄 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!

Saudi Arabia’s PIF-backed HUMAIN has made an undisclosed strategic investment in Arabic.AI and Tarjama, bringing Nour Al Hassan’s Arabic-language technology business into its growing enterprise AI ecosystem. In Dubai, Keeta Drone has resumed operations, telling Smashi Business exclusively that it is working in line with the latest government regulations and requirements, with deliveries now available in Dubai Silicon Oasis. And in Gaza, farmers are rebuilding a destroyed seed bank, recovering dozens of local crop varieties as they work to preserve agricultural heritage and maintain food production despite devastating conditions.

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

Markets

EXCLUSIVE: Keeta Drone Says Innovation Must “Move Hand In Hand” With Regulation

🔹 What Is It About

Keeta Drone has resumed its drone delivery operations in Dubai, with General Manager Junwei Yang telling Smashi Business exclusively that the company is operating in line with the latest government regulations and requirements. The service is now available through the Keeta app in Dubai Silicon Oasis, offering drone delivery from more than 20 food and beverage brands.

🔹 Why It Matters

The restart brings autonomous drone delivery back into a live consumer environment in Dubai. Yang said, “innovation must move hand in hand with the regulatory framework,” highlighting Keeta’s collaboration with authorities and its focus on safe operations. The company sees the service as a step toward making drone delivery a practical part of everyday life, rather than simply a technology demonstration.

🔹 What’s Next

Keeta Drone says it plans to expand its network to more communities across Dubai. The company will continue working with regulators, government entities, technology operators and local partners as it develops its autonomous delivery network.

HUMAIN Invests In Arabic.AI And Tarjama To Expand Saudi Enterprise AI

🔹 What Is It About

Saudi Arabia’s PIF-backed AI group HUMAIN has made an undisclosed strategic investment in Arabic.AI and Tarjama, founded by Nour Al Hassan. The partnership will combine HUMAIN’s infrastructure, computing and AI models with Tarjama’s Arabic-language expertise and software. The companies will initially target Saudi enterprises with AI-powered translation, document digitisation and tools capable of reading, reviewing and drafting contracts, tenders and regulatory filings.

🔹 Why It Matters

The investment gives HUMAIN an established Arabic-language AI business at the application layer, while giving Arabic.AI and Tarjama access to HUMAIN’s infrastructure and reach across major Saudi organisations. The partnership also reflects Saudi Arabia’s push to build locally relevant AI capabilities. For Al Hassan, it marks another step in Tarjama’s evolution from a translation company into an enterprise-focused Arabic AI business.

🔹 What’s Next

The companies will initially focus on three areas: an Arabic-first translation management system, digitising archives and legacy documents including handwritten material, and AI agents for enterprise paperwork. HUMAIN and Arabic.AI aim to deploy these tools across Saudi organisations, with the broader goal of moving Arabic AI from pilots into production. Financial terms of the investment were not disclosed.

Gaza Farmers Rebuild Seed Bank To Preserve Crops Amid Devastation

🔹 What Is It About

Farmers in Gaza are rebuilding a local seed bank destroyed during the war, seeking to preserve Palestinian agricultural heritage and support cultivation on the limited farmland still accessible, a Reuters feature revealed. The seed bank once held about 70 tonnes of seeds covering 42 crops. Farmers have now recovered around 32 local varieties, including watermelon, black-eyed peas and sage, storing them in a makeshift facility in Deir Al-Balah.

🔹 Why It Matters

The effort offers Gaza farmers a way to grow crops without relying entirely on imported seeds and disrupted supply chains. Local heirloom varieties can be saved and replanted, making them particularly valuable amid restrictions and shortages. But farmers and agricultural experts say the initiative remains tiny compared with the destruction of Gaza’s agricultural sector and the loss of viable farmland.

🔹 What’s Next

Farmers plan to expand the seed collection and continue cultivating seedlings despite the risks of working near restricted areas. The future of Gaza’s agricultural sector will depend heavily on access to farmland, seeds, water, supplies and security. Farmers say preserving local seeds is not only about food production, but also about protecting agricultural traditions and maintaining a connection to their land.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Abu Dhabi’s G42 Weighs US Ownership to Safeguard AI Chip Access

• China’s WeRide plans 10,000 robotaxis in Saudi Arabia by 2030

• As Wynn in RAK nears opening, a Bulgaria-based supplier of slot machines and electronic table games, has been granted a gaming-related vendor licence in the UAE, the firm said in a Wednesday press release.

• Middle East’s Data Center Push Endures Under the Cloud of War

• US-Israel-Iran War insurance adds $8 to a barrel of oil

• Saudi Grain Giant Shifts Away From Black Sea as War Roils Supply

🦄 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 Friday everyone!

International tech expansion, sovereign capital restructuring, and regional MICE industry conventions lead business developments across global markets. AI software platform Replit announced its first international office opening in London following its $9 billion valuation. In public finance, Kuwait issued a legal decree allowing its government to borrow from the $1 trillion-plus Future Generations Fund to support state finances during ongoing geopolitical headwinds. Meanwhile, organizers in Doha are completing preparations for the Qatar Event Show 2026, scheduled to take place at the Doha Exhibition & Convention Center (DECC) from 1 to 3 September 2026.

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

Markets

Replit Opens First Overseas Office in London After Reaching $9 Billion Valuation

🔹 What Is It About

Palestinian-Jordanian-American founder Amjad Masad announced that AI coding platform Replit is establishing its first international office in London. The company will celebrate the launch alongside OpenAI, hosting an inaugural event featuring a fireside chat with Y Combinator co-founder Paul Graham. The UK expansion follows a $400 million funding round in March 2026 that tripled the firm's valuation to $9 billion, alongside major Middle East software partnerships with HUMAIN in Saudi Arabia and the national Siraj AI learning initiative in Jordan.

🔹 Why It Matters

Establishing a physical presence in London allows Replit to recruit software engineering talent across European and Middle Eastern time zones. Rapid valuation growth to $9 billion demonstrates high demand for AI-assisted software development tools among enterprise clients. Securing exclusive public sector contracts across Saudi Arabia and Jordan positions the platform as a key technology partner for government-led digital transformation initiatives.

• Accessing European Tech Talent: A physical London base helps recruit regional AI engineers and software sales teams.

• Securing Public Sector Contracts: Exclusive government partnerships across the Middle East provide steady enterprise subscription revenues.

🔹 What’s Next

Replit management will hire local engineering and enterprise sales teams in London to support European clients. Regional directors will roll out localized software updates for public sector partners across the Middle East.

• Recruiting Regional Staff: HR teams will hire local engineering leads to expand corporate sales across Europe.

• Deploying Localized AI Tools: Technical teams will deliver localized coding interfaces for government agencies in Jordan and Saudi Arabia.

Kuwait Allows State Borrowing From $1 Trillion Future Generations Fun

🔹 What Is It About

Kuwait issued a legal decree amending a 1976 statute to permit the government to borrow directly from its Future Generations Fund. Managed by the Kuwait Investment Authority (KIA), the sovereign wealth fund holds over $1 trillion in long-term assets intended for post-oil economic stability. Under the new decree, any borrowed sums must be repaid as a top priority whenever Kuwait records a budget surplus, with a strict legal ban on writing off outstanding loans without new legislation.

• Amending Historical Restrictions: The decree updates 50-year-old legislation to establish a legal framework for state borrowing.

• Prioritizing Surplus Repayment: Borrowed funds must be repaid to the sovereign fund ahead of other budget allocations when surpluses occur.

• Protecting Capital Assets: The law prohibits writing off or reducing loan obligations without explicit legislative approval.

🔹 Why It Matters

Unlocking internal borrowing mechanisms gives the Kuwaiti government immediate fiscal liquidity to navigate economic pressures and budget deficits. Utilizing internal fund liquidity provides an alternative to issuing high-yield international bonds or liquidating core equity assets during volatile market conditions. Enforcing strict legal repayment terms preserves the long-term capital base of the country's primary sovereign savings pot.

🔹 What’s Next

Ministry of Finance officials will submit formal borrowing requests to the Kuwait Investment Authority board to cover current fiscal shortfall requirements. Financial analysts will track quarterly public accounts to monitor debt balances owed to the Future Generations Fund.

• Submitting Loan Requests: The Cabinet will approve specific borrowing amounts based on recommendations from the KIA board.

• Publishing Debt Balances: Treasury departments will issue regular disclosures tracking state loan balances owed back to the reserve fund.

Qatar Event Show 2026 Convenes MICE Industry Leaders in Doha

🔹 What Is It About

In Doha, Mangusteen is making final preparations for the Qatar Event Show 2026, which runs from 1 to 3 September at the Doha Exhibition & Convention Center (DECC). The 3-day exhibition gathers more than 5,000 professional delegates and 50 exhibiting brands to showcase digital event management tools, staging technologies, and venue logistics.

Designed to strengthen Qatar’s position as a regional hub for business tourism and international conventions, the event brings together industry professionals, buyers, and government stakeholders. Registration remains open, and attendees can claim a complimentary visitor pass through the Qatar Event Show Registration Portal.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Iran, Oman hammer out Hormuz revenue-sharing deal

• War cuts Dubai airport passenger traffic by nearly a third

• Kuwait and Qatar Add to Growing Oil Flows Getting Through Hormuz

• Trump sends Saudi nuclear deal to Congress but says again that Riyadh must recognize Israel

• Famous London bakery fires warning shot at Saudi copycat

• Bahrain’s economy contracts after Iran war hits oil output

• Builder.ai Founder Sachin Dev Duggal Starts Dubai-Based SeKondBrain After Unicorn’s Collapse

• UAE grants Elon Musk's Starlink licence to provide satellite internet services

• Saudi Arabia Replaces CEO of Riyadh’s Flagship New Murabba Megaproject: FT

🦄 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 Thursday everyone!

Satellite connectivity capacity limits, sovereign sports equity acquisitions, and regional MICE industry conventions lead business developments across the Middle East. Satellite provider Starlink temporarily stopped taking new orders in the UAE after hitting subscriber capacity limits following its launch under a 10-year operating license. In sports finance, Prince Alwaleed bin Talal’s Kingdom Holding acquired a 70% controlling stake in Al Hilal Football Club from Saudi Arabia's Public Investment Fund (PIF) for SAR 840 million ($224 million). Meanwhile, Qatar is hosting the Qatar Event Show 2026 at the Doha Exhibition & Convention Center (DECC), gathering over 5,000 professional delegates and 50 exhibiting brands.

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

Markets

Starlink Reaches Network Capacity Limits in the UAE Following Market Entry

🔹 What Is It About

Elon Musk’s Starlink paused new subscriber registrations in the UAE, placing new customer orders on hold after reaching network capacity limits. The satellite internet service entered the market under a 10-year operating license, offering subscription packages starting at AED 300 per month alongside local telecommunications providers e& and du. Early subscribers who registered during initial launch phases continue to receive hardware deliveries, while global Starlink subscriber numbers reached 12 million during the second quarter of 2026.

🔹 Why It Matters

Reaching subscriber limits shortly after entering the market highlights high demand for alternative satellite internet connectivity across the UAE. Industry analysts at Arthur D. Little project satellite internet could eventually capture 10% to 15% of the total internet market. Strong consumer adoption supports growth in the global satellite communications sector, which is projected to expand from $13.3 billion to $35.7 billion by 2033.

🔹 What’s Next

Starlink engineers will optimize local ground stations and launch additional low-Earth orbit satellites to increase network bandwidth across regional orbital slots. Telecommunications regulators will monitor service quality metrics before approving expanded subscriber quotas.

Kingdom Holding Acquires Controlling Stake in Al Hilal Club for SAR840 Million

🔹 What Is It About

Prince Alwaleed bin Talal’s Kingdom Holding completed the acquisition of a 70% majority stake in Al Hilal Football Club from Saudi Arabia’s Public Investment Fund (PIF) for SAR 840 million ($224 million). The transaction values the Riyadh-based sports franchise at SAR 1.2 billion ($320 million), with PIF retaining the remaining 30% equity share. Prince Alwaleed publicly expressed full support for the club following the transaction.

🔹 Why It Matters

Transferring majority ownership of Al Hilal to Kingdom Holding marks a key step in privatizing Saudi professional sports clubs under Vision 2030 targets. Moving major football clubs into private corporate balance sheets encourages private sector management and commercial sponsorship growth. The transaction structure allows sovereign wealth funds to recycle capital into other strategic domestic projects while retaining minority stakes in prime sports assets.

🔹 What’s Next

Kingdom Holding executive boards will appoint commercial management teams to run Al Hilal’s corporate sponsorship, merchandising, and facility operations. Financial analysts will track subsequent club privatization tenders across the Saudi Pro League.

Qatar Event Show 2026 Convenes MICE Industry Leaders in Doha

🔹 What Is It About

In Doha, Mangusteen is making final preparations for the Qatar Event Show 2026, which runs from 1 to 3 September at the Doha Exhibition & Convention Center (DECC). The 3-day exhibition gathers more than 5,000 professional delegates and 50 exhibiting brands to showcase digital event management tools, staging technologies, and venue logistics.

Designed to strengthen Qatar’s position as a regional hub for business tourism and international conventions, the event brings together industry professionals, buyers, and government stakeholders. Registration remains open, and attendees can claim a complimentary visitor pass through the Qatar Event Show Registration Portal.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Iran, Oman hammer out Hormuz revenue-sharing deal

• War cuts Dubai airport passenger traffic by nearly a third

• Kuwait and Qatar Add to Growing Oil Flows Getting Through Hormuz

• Trump sends Saudi nuclear deal to Congress but says again that Riyadh must recognize Israel

• Famous London bakery fires warning shot at Saudi copycat

• Bahrain’s economy contracts after Iran war hits oil output

• Builder.ai Founder Sachin Dev Duggal Starts Dubai-Based SeKondBrain After Unicorn’s Collapse

• UAE grants Elon Musk's Starlink licence to provide satellite internet services

• Saudi Arabia Replaces CEO of Riyadh’s Flagship New Murabba Megaproject: FT

🦄 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 Wednesday everyone!

Professional sports restructuring, autonomous vehicle logistics, and trade exhibition launches are shaping regional business headlines. Saudi-backed LIV Golf may file for Chapter 11 bankruptcy protection as soon as next week as the Public Investment Fund (PIF) scales back direct funding after investing over $5 billion. In technology markets, Saudi AI firm HUMAIN partnered with $15 billion US autonomous software developer Applied Intuition to deploy driverless trucks across Saudi logistics corridors by 2030. Meanwhile, event management leaders officially kicked off yesterday in Doha for the Qatar Event Show 2026, held from 1 to 3 September 2026 at the Doha Exhibition & Convention Center (DECC).

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

Markets

LIV Golf Weighs Chapter 11 Bankruptcy Restructuring as PIF Ends Direct Capital Funding

🔹 What Is It About

Professional golf league LIV Golf is preparing for a potential Chapter 11 bankruptcy filing as soon as next week as part of an operational restructuring. Saudi Arabia’s Public Investment Fund (PIF), which invested more than $5 billion to launch the circuit, plans to conclude direct funding after the current season. To support the transition, PIF is expected to provide under $100 million in debtor-in-possession financing while private equity firm BC Partners considers investing up to $300 million to acquire assets and back a restructured 10-tournament schedule.

• Providing Transition Capital: PIF is expected to extend under $100 million in debtor-in-possession financing during court proceedings.

• Attracting Private Equity: BC Partners is evaluating a $300 million investment to acquire league assets and finance future operations.

• Trimming Tournament Schedules: Proposed restructuring plans would transition the circuit into a 10-event global series with player equity participation.

🔹 Why It Matters

Reorganizing under bankruptcy protection allows LIV Golf to restructure high-cost player contracts and transition into an independent commercial entity. Moving away from total reliance on sovereign wealth capital tests whether alternative professional sports leagues can build self-sustaining revenue models through private equity and corporate sponsorships. Restructuring tournament schedules helps reduce operational expenses while preserving core broadcasting rights across international markets.

🔹 What’s Next

LIV Golf legal representatives will submit court filings if debt-restructuring negotiations with current creditors reach final agreements. BC Partners managers will complete due diligence reviews before committing primary capital to the new circuit structure.

• Filing Restructuring Petitions: Corporate attorneys will submit Chapter 11 documentation to formalize debt-repayment schedules.

• Finalizing Asset Acquisitions: Investment managers will complete contract terms to acquire tour intellectual property and media rights.

HUMAIN and Applied Intuition Partner to Deploy Driverless Trucking Fleets Across Saudi Arabia

🔹 What Is It About

Saudi AI firm HUMAIN announced a strategic partnership with US-based physical AI developer Applied Intuition during LEAP 2026 in Riyadh. Led by Chief Executive Officer Tareq Amin, HUMAIN aims to deploy autonomous trucks across Saudi commercial freight corridors by 2030 before expanding into robotaxis and port operations. Valued at $15 billion, Applied Intuition opened a regional office in Riyadh to build local engineering teams and support software integration.

🔹 Why It Matters

Deploying autonomous freight fleets across key transport corridors lowers logistics costs and increases cargo capacity for industrial supply chains. Partnering with international technology providers accelerates Saudi Arabia's transition toward automated infrastructure under Vision 2030 targets. Establishing local engineering offices in Riyadh transfers technical expertise to domestic software developers, supporting the growth of the regional technology ecosystem.

🔹 What’s Next

Engineering teams from HUMAIN and Applied Intuition will initiate road testing on designated freight highways to calibrate autonomous navigation software. Regulatory authorities will establish safety guidelines and operational frameworks for commercial driverless vehicles.

• Mapping Highway Corridors: Software engineers will gather spatial data along major commercial routes connecting industrial cities.

Qatar Event Show 2026 Convenes MICE Industry Leaders in Doha

🔹 What Is It About

In Doha, Mangusteen is making final preparations for the Qatar Event Show 2026, which runs from 1 to 3 September at the Doha Exhibition & Convention Center (DECC). The 3-day exhibition gathers more than 5,000 professional delegates and 50 exhibiting brands to showcase digital event management tools, staging technologies, and venue logistics.

Designed to strengthen Qatar’s position as a regional hub for business tourism and international conventions, the event brings together industry professionals, buyers, and government stakeholders. Registration remains open, and attendees can claim a complimentary visitor pass through the Qatar Event Show Registration Portal.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Iran, Oman hammer out Hormuz revenue-sharing deal

• War cuts Dubai airport passenger traffic by nearly a third

• Kuwait and Qatar Add to Growing Oil Flows Getting Through Hormuz

• Trump sends Saudi nuclear deal to Congress but says again that Riyadh must recognize Israel

• Famous London bakery fires warning shot at Saudi copycat

• Bahrain’s economy contracts after Iran war hits oil output

• Builder.ai Founder Sachin Dev Duggal Starts Dubai-Based SeKondBrain After Unicorn’s Collapse

• UAE grants Elon Musk's Starlink licence to provide satellite internet services

• Saudi Arabia Replaces CEO of Riyadh’s Flagship New Murabba Megaproject: FT

🦄 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 Tuesday everyone!

Central banking probes, bilateral trade agreements, and MICE industry gatherings are driving corporate updates across Middle Eastern markets. Banque Misr’s 5 UAE branches are maintaining normal operations as Egyptian and Emirati regulators conduct an urgent forensic lookback following a US Treasury proposal to restrict the bank’s US correspondent access over money laundering concerns. In Beirut, the UAE and Lebanon signed a memorandum of understanding to form a joint business council aimed at accelerating private sector investments across key commercial sectors. Meanwhile, Doha is preparing to host over 5,000 delegates at the Qatar Event Show 2026 from 1–3 September at the Doha Exhibition & Convention Center.

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

Markets

Banque Misr UAE Branches Operating as Normal Amid Regulatory Forensic Probe

🔹 What Is It About

Banque Misr’s 5 UAE branches continue normal business operations as central banks in the UAE and Egypt coordinate on a specialized regulatory examination. The probe follows a proposal by the US Treasury’s Financial Crimes Enforcement Network (FinCEN) to restrict the lender's access to US correspondent banking accounts due to money-laundering concerns. UAE regulators initiated an urgent forensic lookback focusing on corporate transactions flagged by US authorities while both central banks manage ongoing compliance measures.

• Maintaining Daily Operations: All 5 Banque Misr branches in the UAE remain operational for retail and corporate banking clients.

• Conducting Forensic Examination: UAE regulators are auditing past transaction records involving companies cited by US authorities.

• Coordinating Regulatory Oversight: Central banks in Cairo and Abu Dhabi are sharing data to evaluate the lender's status.

🔹 Why It Matters

Maintaining active daily operations prevents liquidity disruptions for corporate and retail customers while regulators address compliance concerns. Resolving correspondent banking issues is essential for preserving the lender's ability to clear US dollar transactions for international trade. Joint oversight between Egyptian and Emirati central banks highlights the emphasis placed on protecting financial stability and adhering to international anti-money laundering standards.

🔹 What’s Next

Audit teams from the Central Bank of the UAE will complete their forensic review of the flagged corporate accounts. Regulators will evaluate the findings before deciding on formal administrative or corrective steps.

• Finalizing Audit Reports: Inspectors will complete transaction lookbacks to verify compliance with anti-money laundering rules.

UAE and Lebanon Establish Joint Business Council to Accelerate Private Investments

🔹 What Is It About

The UAE and Lebanon established a joint business council to strengthen commercial ties and support private-sector investments between both countries. Signed during the UAE-Lebanon Business Forum in Beirut, the agreement was executed by Abdallah Sultan Al Owais of the Federation of UAE Chambers and Mohamed Choucair of the Lebanese Federation of Chambers. The council creates an institutional platform for sharing market data, facilitating trade operations, and coordinating joint ventures across priority economic sectors.

🔹 Why It Matters

Creating a structured business council gives private companies a direct channel to explore investment projects in growth sectors. Strong participation by investors shows renewed interest in expanding commercial operations between UAE and Lebanese markets. Expanding two-way trade flows helps companies utilize local market advantages to build resilient supply networks.

• Unlocking Capital Flows: Institutional support helps investors identify commercial projects with sustainable returns.

• Strengthening Trade Pipelines: Dedicated business channels assist small and medium enterprises in entering foreign regional markets.

🔹 What’s Next

Council representatives will establish sector-specific committees to review initial investment proposals and commercial joint ventures. Trade delegations will schedule follow-up bilateral meetings to monitor the execution of the signed agreements.

Qatar Event Show 2026 Convenes MICE Industry Leaders in Doha

🔹 What Is It About

In Doha, Mangusteen is making final preparations for the Qatar Event Show 2026, which runs from 1 to 3 September at the Doha Exhibition & Convention Center (DECC). The 3-day exhibition gathers more than 5,000 professional delegates and 50 exhibiting brands to showcase digital event management tools, staging technologies, and venue logistics.

Designed to strengthen Qatar’s position as a regional hub for business tourism and international conventions, the event brings together industry professionals, buyers, and government stakeholders. Registration remains open, and attendees can claim a complimentary visitor pass through the Qatar Event Show Registration Portal.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Iran, Oman hammer out Hormuz revenue-sharing deal

• War cuts Dubai airport passenger traffic by nearly a third

• Kuwait and Qatar Add to Growing Oil Flows Getting Through Hormuz

• Trump sends Saudi nuclear deal to Congress but says again that Riyadh must recognize Israel

• Famous London bakery fires warning shot at Saudi copycat

• Bahrain’s economy contracts after Iran war hits oil output

• Builder.ai Founder Sachin Dev Duggal Starts Dubai-Based SeKondBrain After Unicorn’s Collapse

• UAE grants Elon Musk's Starlink licence to provide satellite internet services

• Saudi Arabia Replaces CEO of Riyadh’s Flagship New Murabba Megaproject: FT

🦄 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 Monday everyone!

Regulatory scrutiny, controversy over regional reconstruction funds, and trade exhibition launches are shaping regional headlines. The Central Bank of the UAE opened an urgent investigation into Banque Misr’s local branches following US FinCEN actions restricting the bank's access over money-laundering allegations. In Gaza, the Board of Peace denied reports alleging that reconstruction funds were allocated to transport rubble containing human remains out of the enclave. Meanwhile, preparations are underway in Doha for the Qatar Event Show 2026, bringing together global MICE and event management leaders.

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

Markets

UAE Central Bank Investigates Banque Misr Branches Following US FinCEN Action

🔹 What Is It About

The Central Bank of the United Arab Emirates ordered a special forensic audit into the local operations of Cairo-based Banque Misr. The move follows a proposal by the US Treasury’s Financial Crimes Enforcement Network (FinCEN) under Section 311 of the USA PATRIOT Act to sever Banque Misr UAE from correspondent banking access to US financial institutions. Regulators will audit past financial transactions involving specific corporate accounts flagged by US authorities.

• Targeting Local Operations: The forensic lookback applies exclusively to Banque Misr's 5 operating branches within the UAE.

• Enforcing System Compliance: UAE regulators emphasized that foreign bank branches must abide by local anti-money laundering and sanctions frameworks.

• Precedent of Strict Penalties: The audit follows a 20 million dirham ($5.44 million) fine levied against a foreign bank branch in June for repeated compliance failures.

🔹 Why It Matters

Subjecting third-country bank branches to forensic audits highlights how Gulf financial regulators are enforcing international anti-money laundering standards to protect the integrity of their banking systems. Restricting correspondent banking access limits a financial institution's ability to process US dollar transfers, creating operational challenges for cross-border commercial transactions. The Central Bank's swift intervention aims to mitigate systemic risks while ensuring that commercial obligations to depositors remain protected.

🔹 What’s Next

Central Bank auditors will complete their forensic review to evaluate whether regulatory violations occurred within the lender's UAE accounts. Regulators will determine administrative steps based on final audit findings and the outcome of formal US rulemaking procedures.

Board of Peace Denies Claims Concerning Gaza Reconstruction Fund Allocations

🔹 What Is It About

The Board of Peace issued a statement rejecting allegations that Gaza reconstruction funds were used to finance the removal of rubble containing unrecovered bodies from the enclave. The statement responded to social media comments by political analyst Muhammad Shehada, who claimed that military units were quietly transferring debris out of Gaza using reconstruction capital. Board representatives characterized the claims as unfounded and unverified rumor.

🔹 Why It Matters

Controversies surrounding the allocation of reconstruction budgets highlight the operational challenges of managing large-scale humanitarian programs during active regional stabilization efforts. Unverified reports regarding the management of human remains and civil debris risk creating public friction and complicating relief coordination among international agencies. Ensuring transparency in fund distribution remains essential for maintaining donor confidence and sustaining reconstruction initiatives across the enclave.

🔹 What’s Next

International aid coordinators will maintain oversight over civil reconstruction disbursements across designated projects. Media monitoring teams will continue tracking public communications to clarify operational guidelines for civil restoration projects.

Qatar Event Show 2026 Convenes MICE Industry Leaders in Doha

🔹 What Is It About

In Doha, Mangusteen is making final preparations for the Qatar Event Show 2026, which runs from 1 to 3 September at the Doha Exhibition & Convention Center (DECC). The 3-day exhibition gathers more than 5,000 professional delegates and 50 exhibiting brands to showcase digital event management tools, staging technologies, and venue logistics.

Designed to strengthen Qatar’s position as a regional hub for business tourism and international conventions, the event brings together industry professionals, buyers, and government stakeholders. Registration remains open, and attendees can claim a complimentary visitor pass through the Qatar Event Show Registration Portal.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Iran, Oman hammer out Hormuz revenue-sharing deal

• War cuts Dubai airport passenger traffic by nearly a third

• Kuwait and Qatar Add to Growing Oil Flows Getting Through Hormuz

• Trump sends Saudi nuclear deal to Congress but says again that Riyadh must recognize Israel

• Famous London bakery fires warning shot at Saudi copycat

• Bahrain’s economy contracts after Iran war hits oil output

• Builder.ai Founder Sachin Dev Duggal Starts Dubai-Based SeKondBrain After Unicorn’s Collapse

• UAE grants Elon Musk's Starlink licence to provide satellite internet services

• Saudi Arabia Replaces CEO of Riyadh’s Flagship New Murabba Megaproject: FT

🦄 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!

Saudi Arabia is reshuffling leadership at the $50 billion New Murabba megaproject amid a broader push to elevate Saudi executives, while the US is targeting Banque Misr’s UAE branches in its first move since declaring an “economic D-Day” against Iran. Meanwhile, Mohamed Alabbar-led Americana Restaurants has signed an exclusive deal to bring Taco Bell back to the UAE after 14 years, with the first restaurants set to open in Dubai before a wider GCC rollout.

Meanwhile, in events, LEAP kicks off tomorrow in Riyadh after delays, having attracted 200,000+ visitors last year and driving $42 billion in announced investments across its last four editions. Smashi Business and sister brand Lovin Riyadh (under Augustus Media) are media partners this year.

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

Markets

Saudi Arabia Replaces CEO of Riyadh’s Flagship New Murabba Megaproject: FT

🔹 What Is It About

Saudi Arabia has replaced New Murabba CEO Michael Dyke with PIF veteran Sabah Barakat as acting CEO of the Riyadh megaproject, according to the Financial Times. The change follows a review of more than 100 PIF portfolio companies and projects. Barakat is also acting CEO of Roshn, where British-born CEO David Grover was fired in 2024.

🔹 Why It Matters

The reshuffle comes amid a broader push to elevate Saudi executives across major institutions as the nearly $1 trillion PIF refines its priorities. The shift extends beyond real estate: Alat replaced former Dell executive Amit Midha, while FII Institute appointed HRH Princess Dr Maha bint Mishari CEO, succeeding Richard Attias, now Executive Committee Chairman.

🔹 What’s Next

Attention now turns to New Murabba, launched by Crown Prince Mohammed bin Salman in 2023 to create what was billed as the “world’s largest modern downtown.” Knight Frank estimated the development at $50 billion, with plans to accommodate more than 280,000 people by 2040. Its board-approved master plan is expected to proceed on a “staged basis,” making Barakat’s execution of the next phase one to watch.

US Imposes Sanctions on Egyptian Bank in Effort to Pressure Iran: Official

🔹 What Is It About

The US Treasury plans to cut Banque Misr’s UAE branches off from the US financial system, targeting operations of Egypt’s second-largest bank as Washington intensifies economic pressure on Iran. The measure would block the UAE branches from accessing US financial institutions and is expected to take effect following a 30-day public comment period. Egypt’s central bank has said the action is limited to Banque Misr’s UAE branches.

🔹 Why It Matters

It is the first measure taken by the Trump administration since Treasury Secretary Scott Bessent announced an “economic D-Day” against Iran and its economic and financial partners. Bessent said Iran’s enablers “cannot continue to enjoy access to the US dollar and the global financial system.” Washington also sanctioned the manager of the Dubai branch of Iran’s Bank Melli and a Hong Kong-based company accused of laundering funds for a sanctioned Iranian exchange house.

🔹 What’s Next

Bessent is expected to press G20 finance ministers directly during bilateral meetings next week as Washington seeks broader participation in its campaign. But targeting larger economic partners could prove more complicated, particularly China, a major buyer of Iranian oil. Any action against Chinese institutions risks wider economic consequences and fresh tensions ahead of Chinese President Xi Jinping’s expected September visit to Washington.

Mohamed Alabbar-Led Americana Brings Taco Bell Back to UAE After 14 Years

🔹 What Is It About

Americana Restaurants, chaired by Mohamed Ali Rashed Alabbar, has signed an exclusive development agreement with Taco Bell UK and Europe, a Yum! Brands subsidiary, to relaunch Taco Bell in the UAE. The first restaurants will open in Dubai, before expanding across the UAE and wider GCC.

🔹 Why It Matters

The deal deepens Americana’s longstanding relationship with Yum! Brands, whose KFC and Pizza Hut restaurants it already operates regionally. Alabbar led the Gulf investor consortium through Adeptio that acquired control of Americana beginning in 2016. Announcing the deal, he called Taco Bell “the coolest brand in its category,” built around flavour, value and attitude.

🔹 What’s Next

This will be Taco Bell’s second attempt at the UAE market. The chain first opened at The Dubai Mall in 2008 before exiting in 2012 amid weak sales, strong competition and a mismatch with local preferences. No opening dates, locations or restaurant numbers have been disclosed, making Dubai’s reception a key test before the planned GCC rollout.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Iran, Oman hammer out Hormuz revenue-sharing deal

• War cuts Dubai airport passenger traffic by nearly a third

• Kuwait and Qatar Add to Growing Oil Flows Getting Through Hormuz

• Trump sends Saudi nuclear deal to Congress but says again that Riyadh must recognize Israel

• Famous London bakery fires warning shot at Saudi copycat

• Bahrain’s economy contracts after Iran war hits oil output

• Builder.ai Founder Sachin Dev Duggal Starts Dubai-Based SeKondBrain After Unicorn’s Collapse

• UAE grants Elon Musk's Starlink licence to provide satellite internet services

• Saudi Arabia Replaces CEO of Riyadh’s Flagship New Murabba Megaproject: FT

🦄 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 Saturday everyone!

A UAE-backed entity has emerged as the 49% owner behind the holding company for the Trump family’s planned crypto bank, while Dubai Airports revealed it made no layoffs despite passenger traffic falling 31.3% during the regional conflict. And as the UAE marked Emirati Women’s Day, we look at Rihab Al Gurg’s journey from dorm-room ice cream experiments to building Mina Creamery in Abu Dhabi.

Meanwhile, in events, LEAP kicks off from August 31 till September 3 in Riyadh after delays, having attracted 200,000+ visitors last year and driving $42 billion in announced investments across its last four editions. Smashi Business and sister brand Lovin Riyadh (under Augustus Media) are media partners this year.

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

Markets

Trump Family’s New Crypto Bank Is Backed by UAE’s HH Sheikh Tahnoon: WSJ

🔹 What Is It About

UAE National Security Adviser HH Sheikh Tahnoon bin Zayed Al Nahyan and co-investors are behind an entity owning 49% of the holding company for World Liberty Financial’s planned bank, The Wall Street Journal reported. The Trump family-backed crypto venture recently received preliminary conditional approval to establish a federally chartered national trust bank focused on issuing, redeeming and safeguarding its USD1 stablecoin.

🔹 Why It Matters

HH Sheikh Tahnoon and other investors previously invested $500 million in World Liberty Financial in 2025, receiving a 49% stake in a deal that reportedly directed $263 million to Trump family entities. The latest development comes as Washington makes decisions affecting UAE access to advanced American AI chips, including sales to G42, chaired by HH Sheikh Tahnoon.

🔹 What’s Next

World Liberty must meet additional regulatory conditions before its bank can open. The development also follows HH Sheikh Tahnoon’s White House meeting with President Donald Trump last year, before the UAE announced a 10-year, $1.4 trillion US investment framework spanning AI, semiconductors, energy and manufacturing.

This Emirati Woman Is Building the UAE’s Answer to ‘Ben & Jerry’s’

🔹 What Is It About

What started as a dorm-room experiment, with a date ice cream recipe that failed more times than it worked, has grown into Mina Creamery. Emirati entrepreneur Rihab Al Gurg, who documented her experiments through The Ice Cream Diaries, co-founded the homegrown brand in 2023 alongside NYU Abu Dhabi alumnus Anant Singh.

🔹 Why It Matters

As the UAE marked Emirati Women’s Day yesterday, Al Gurg represents a generation of Emirati women turning creativity and cultural heritage into businesses. Mina Creamery uses ice cream as a storytelling vessel, with flavours including Orange Blossom Baklava, Aseeda w Gers, Rutab and Cardamom, and Halwa Salted Saffron, bringing familiar tastes into a modern UAE consumer brand.

🔹 What’s Next

After beginning with online orders and pop-ups, Mina Creamery established a physical home at MiZa in Mina Zayed. Its arrival comes as Abu Dhabi’s historic port district undergoes regeneration, placing the homegrown concept within one of the capital’s evolving creative and commercial neighbourhoods.

Dubai Airports CEO Says No Staff Were Laid Off Despite Conflict Disrupting Aviation

🔹 What Is It About

Dubai Airports made no layoffs despite months of regional conflict hammering passenger traffic, CEO Paul Griffiths told Khaleej Times. “We didn't make anyone redundant. The resilience the Dubai airport's employees showed is amazing during the conflict. I was humbled by the absolute dedication and commitment of the staff,” he said. DXB handled 31.5 million passengers in H1 2026, down 31.3% year-on-year, including 13 million during Q2.

🔹 Why It Matters

The disruption was severe enough for Dubai Airports to slash its 2026 passenger forecast from 100 million to around 70 million, after airspace closures and foreign airlines suspending Gulf operations. Griffiths nevertheless said staff morale remained “unbelievable,” while DXB has rebuilt its network to 56 airlines, 236 cities and 100 countries as monthly passenger volumes recover.

🔹 What’s Next

Griffiths hopes DXB will return to a full schedule by the end of Q3, with European and US airlines returning capacity from late October. “We will get back to that magic number we have been chasing for 100 million in early 2027,” he said. Griffiths also expects DXB to retain its title as the world’s busiest international airport, saying the first-half decline does not reflect its long-term strength.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Iran, Oman hammer out Hormuz revenue-sharing deal

• War cuts Dubai airport passenger traffic by nearly a third

• Kuwait and Qatar Add to Growing Oil Flows Getting Through Hormuz

• Trump sends Saudi nuclear deal to Congress but says again that Riyadh must recognize Israel

• Famous London bakery fires warning shot at Saudi copycat

• Bahrain’s economy contracts after Iran war hits oil output

• Builder.ai Founder Sachin Dev Duggal Starts Dubai-Based SeKondBrain After Unicorn’s Collapse

• UAE grants Elon Musk's Starlink licence to provide satellite internet services

• Saudi Arabia Replaces CEO of Riyadh’s Flagship New Murabba Megaproject: FT

🦄 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!

Vinod Khosla’s record $9.6 billion acquisition of the NFL’s Seattle Seahawks comes with a surprisingly deep network across Saudi Arabia, Qatar and the UAE. In Abu Dhabi, Axel Springer is planting its first regional flag as international media competition heats up. And after decades of limited activity, Mohamed Alabbar’s Eagle Hills is now overseeing the transformation of Lulu Island in Abu Dhabi.

Meanwhile, in events, LEAP kicks off from August 31 till September 3 in Riyadh after delays, having attracted 200,000+ visitors last year and driving $42 billion in announced investments in the last four editions. Smashi Business and sister brand Lovin Riyadh (under Augustus Media) are media partners this year.

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

Markets

$9.6BN Seahawks Buyer Has A Surprisingly Deep Gulf Investment Network

What Is It About

Seattle Seahawks have been sold to a group led by Indian-American billionaire and venture capitalist Vinod Khosla for a record $9.6 billion, the most expensive NFL franchise sale in history. Khosla, founder of Khosla Ventures, also has an extensive history of connections with the Gulf’s investment and technology ecosystem, including Saudi Arabia, Qatar and the UAE.

Khosla and the Gulf

Saudi Arabia's Public Investment Fund entered the picture in July 2021, when its subsidiary Elm joined Khosla Ventures in a $75 million Series C round for HealthifyMe, the India-based AI health and fitness app. Aramco Ventures followed suit in March 2025, leading a $30 million Series A round for climate-tech startup Spiritus alongside Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures. Aramco's venture arm, Wa'ed Ventures, co-led a $52 million Series B round for 3D-printing construction firm Mighty Buildings in September 2023, with Khosla Ventures participating as an existing backer.

Qatar's sovereign fund has its own history with the firm. The Qatar Investment Authority joined Khosla Ventures in Mesosphere's $125 million Series D round back in 2018 — the cloud infrastructure company later rebranded as D2iQ. More recently, Vinod Khosla has appeared as a listed investor speaker at Web Summit Qatar, further cementing his presence in the region's tech and investment circuit.

The UAE has forged connections through partnership and portfolio overlap rather than direct co-investment. The Abu Dhabi Investment Office signed a strategic partnership with Glydways in November 2025 to explore deploying the company's autonomous transit systems across the emirate — Glydways being a company Khosla Ventures has backed across multiple funding rounds. Separately, DisruptAD, the venture arm of Abu Dhabi's ADQ, invested in real estate platform Cadre in 2021 through its Ghadan Ventures fund; announcements of that deal noted Cadre's investor roster already included Khosla Ventures, which had in fact been the company's first institutional backer back in 2015.

The relationship between Khosla and the Kingdom also has a personal dimension. During his high-profile April 2018 tour of Silicon Valley, Crown Prince Mohammed bin Salman met with a group of senior tech investors that included Khosla, Peter Thiel, Marc Andreessen, and Sam Altman, according to Saudi Press Agency reporting at the time.

Abu Dhabi’s Lulu Island Set For Major Transformation As Eagle Hills Takes Over Development

What Is It About

Abu Dhabi’s largely undeveloped Lulu Island is set for a major transformation, with Eagle Hills Properties confirmed as the developer overseeing a new project. The 400-hectare man-made island, located about 500 metres from the Corniche, has remained mostly untouched after earlier development plans stalled. Construction activity is now visible, with cranes, excavators and show homes appearing on the island.

Why It Matters

Lulu Island’s prime waterfront location gives it significant potential as Abu Dhabi expands its luxury residential offering. Earlier plans were halted by the 2008 financial crisis, but renewed development comes as demand for high-end property in the capital accelerates. The island could eventually accommodate about 20,000 residents, while adding beaches, green spaces and new connections to key parts of Abu Dhabi.

What’s Next

Eagle Hills has not yet disclosed detailed plans, but property experts expect a low-rise development featuring apartments, villas and luxury mansions. Bridges could connect Lulu Island with Abu Dhabi Island, Marina Mall and Mina Zayed. Recent aerial images show a canal being formed through the island, signalling that major infrastructure and construction work is already under way.

Axel Springer Plants Flag In Abu Dhabi As Gulf Media Scene Gets More Crowded

What Is It About

Axel Springer is establishing a presence in the UAE for the first time, creating a new Middle East entity headquartered in Abu Dhabi. Effective October 1, 2026, Frank Mahlberg, currently Chief Operating Officer of the BILD Group, will become Managing Director Axel Springer Middle East. The publisher, whose brands include BILD, BUSINESS INSIDER, MORNING BREW, POLITICO, THE TELEGRAPH (recently acquired from Abu Dhabi-backed Redbird-IMI) and WELT, will use the base to pursue partnerships and growth opportunities across the region.

Why It Matters

The move comes shortly after Axel Springer completed its acquisition of The Telegraph from Abu Dhabi-backed RedBird IMI and invested in The Circuit, a regional business and technology newsletter. It also adds another major international media player to an increasingly crowded Gulf market, alongside Fortune’s Gulf-focused newsletter and Reuters’ Middle East Currents. Axel Springer says the UAE base will bring it closer to companies, investors and founders, particularly around AI and digital business models.

What’s Next

From Abu Dhabi, Mahlberg will coordinate Axel Springer’s UAE activities and represent the company across the region, while building partnerships and identifying new opportunities. The expansion could give Axel Springer earlier access to emerging Gulf businesses and technologies, while adding competition to a regional media market attracting growing international attention. For the Gulf, the influx could mean more scrutiny, competition and coverage of one of the world’s most consequential emerging geoeconomic regions.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Iran, Oman hammer out Hormuz revenue-sharing deal

• War cuts Dubai airport passenger traffic by nearly a third

• Kuwait and Qatar Add to Growing Oil Flows Getting Through Hormuz

• Trump sends Saudi nuclear deal to Congress but says again that Riyadh must recognize Israel

• Famous London bakery fires warning shot at Saudi copycat

• Bahrain’s economy contracts after Iran war hits oil output

🦄 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