Happy Saturday everyone!

From entertainment to entrepreneurship to heavy industry, the Middle East is seeing transformative moves. Abu Dhabi has secured exclusive rights to build cutting-edge Sphere venues across MENA, bringing Las Vegas–style immersive experiences to the region. Careem’s unique culture continues to ripple through the startup ecosystem, producing over 100 alumni-founded ventures that have raised more than $600 million. Meanwhile, Emirates Global Aluminium is exploring a potential multi-billion-dollar IPO, in what could be one of the largest share sales in the region’s history, according to Bloomberg, signaling continued momentum in UAE’s capital market ambitions.

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Abu Dhabi Secures Exclusive Deal To Build Sphere Venues Across Middle East And North Africa

🔹 What Is It About

Abu Dhabi’s Department of Culture and Tourism (DCT) has signed a 10-year exclusive agreement with US-based Sphere Entertainment to build and operate Sphere venues across the Middle East and North Africa. The first Sphere, a massive 20,000-capacity entertainment venue in Las Vegas known for its cutting-edge 16K wraparound screens, opened in 2023 and is the world’s largest spherical structure.

🔹 Why It Matters

This deal marks a major step in expanding immersive entertainment in the region, showcasing Abu Dhabi’s commitment to integrating advanced technology with cultural storytelling. The Sphere’s global reputation for revolutionary live experiences positions Abu Dhabi to become a leading destination for innovative entertainment and cultural offerings.

🔹 What’s Next

While the exact location and opening date for Sphere Abu Dhabi remain undisclosed, the project is set to redefine the region’s entertainment landscape. Sphere Entertainment CEO James L Dolan called the partnership a milestone in the company’s global expansion, signaling more Sphere venues could follow across the Middle East and North Africa.

Invest in Sharjah Launches Region’s First Government-led Digital Platform to Streamline M&A in the Emirate

The Sharjah FDI Office has unveiled Sharjah AcquireHub, the region’s first government-backed digital platform dedicated to streamlining mergers and acquisitions. Launched in partnership with Transworld Business Advisors, the platform is designed to attract global investors and support small and medium enterprises (SMEs) in scaling, exiting, or restructuring.

With the global M&A market reaching $3.5 trillion in 2024 and regional activity totalling $92.3 billion across 701 deals, AcquireHub connects investors to Sharjah’s growing mid-market opportunities through a secure, transparent system. It offers end-to-end services, including advisory support and due diligence, aimed at enhancing trust and ease in deal-making.

The initiative reinforces Sharjah’s vision of becoming a regional hub for investment and smart economic growth. As over 94% of UAE businesses are SMEs, AcquireHub provides a vital tool for unlocking value, driving expansion, and fueling long-term economic diversification in the emirate.

Markets

Careem’s Culture Fuels Middle East’s Startup Ecosystem With 100+ Founders and $600M Raised

🔹 What Is It About

Careem, founded in 2012 by Mudassir Sheikha, Karl Magnus Olsson, and Abdulla N. Elyas, was one of the Middle East’s earliest tech startups and a pioneer in ride-hailing. Saudi entrepreneur and former Careem employee Wajd Badawi recently highlighted Careem’s unique culture of ownership, fast decision-making, and P&L thinking as a key factor shaping a generation of entrepreneurs in the region.

🔹 Why It Matters

This culture, described by Badawi in a LinkedIn post, has created the so-called “Careem Mafia” — over 100 startups founded by Careem alumni that have collectively raised more than $600 million. These principles of talent density and accountability are seen as a powerful operating system for building successful startups and strong leadership teams across the Middle East.

🔹 What’s Next

As Careem alumni continue to launch new ventures, the impact of this cultural legacy is expected to grow, fueling innovation and entrepreneurship across the region. Industry watchers anticipate more startups emerging from this ecosystem, reinforcing Careem’s role as a foundational pillar of the Middle East’s tech scene.

Emirates Global Aluminium Explores IPO Plans, Potential Multi-Billion Dollar Listing in UAE

🔹 What Is It About

Emirates Global Aluminium (EGA), the Middle East’s largest aluminum producer, is assessing the feasibility of an initial public offering, Bloomberg reports exclusively. The UAE-based firm, jointly owned by Mubadala Investment Co. and the Investment Corporation of Dubai, has sent requests for proposals to banks and is working with advisor Rothschild & Co. The IPO could raise several billion dollars, potentially ranking among the region’s biggest share sales.

🔹 Why It Matters

An EGA IPO would mark a significant milestone in the UAE’s push to deepen local capital markets and monetize strategic state-backed assets. The listing could come amid challenges such as increased US aluminum tariffs and recent setbacks in Guinea, but also follows growth initiatives like a planned $4 billion plant in Oklahoma, highlighting EGA’s strategic global expansion.

🔹 What’s Next

Discussions remain ongoing with no certainty shareholders will proceed. The choice between Abu Dhabi and Dubai for the listing venue will be key. EGA is reportedly preparing to ensure readiness for an IPO if approved. Bloomberg sources emphasize that no final decision has yet been made, underscoring the tentative nature of the process.

👨‍💻From Smashi Business’ Desk

• Dreamers: Hussain Sajwani, founder of DAMAC, went from selling pens in his father’s shop to delivering 48,000+ units across 15 countries.

• Why did Careem mint so many founders? Saudi entrepreneur Wajd Badawi has an answer

• A 7-year-old just built an AI app on Replit — and his dad, a Saudi tech CEO, had never built one himself.

• A robot greeted Dubai ruler HH Sheikh Mohammed — and it wasn’t science fiction.

• Dubai-based CEO Alex Bendiouis has reimagined one of the city’s most iconic archival images into an AI video.

🔍In other news…

• Emirates sets new rules for power banks onboard flights from October 1

• Construction gains pace in Dubai as building permits spike

• Germany stops military exports that could be used in Gaza.

🏦 Crypto Corner

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub.

• Abu Dhabi Judicial Department now accept AE Coin.

We are launching a Smashi Crypto newsletter in September 2025! Subscribe to it here to get the weekly updates from the world of digital assets.

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