Happy Friday everyone!

Arab streaming pioneer Anghami takes drastic action to stay listed on Nasdaq, announcing a 1-for-10 reverse stock split amid ongoing financial recovery. In Washington, US Senate resolutions to block arms sales to Israel over Gaza civilian deaths fail again — but gain more Democratic support, reflecting growing political tensions. Meanwhile, DAMAC Group has dismissed rumours about selling Italian fashion house Roberto Cavalli, reaffirming its long-term commitment to the brand. From tech survival to geopolitical signals and luxury strategy, here’s your roundup of the region’s top business, policy and cultural headlines.

But before that: For quick daily updates, follow us on Instagram, and you can watch our Smashi Business Show live every weekday from 10AM onwards (UAE time). Also, you can join our Whatsapp channel to receive updates from the business world.

DAMAC Dismisses Roberto Cavalli Sale Rumours, Reaffirms Long-Term Commitment

🔹 What Is It About

DAMAC Group has denied speculation surrounding the sale of Roberto Cavalli, reaffirming its commitment to the Italian luxury brand. A company spokesperson stated that since acquiring the fashion house in 2019, significant investments have been made to support its growth. While not for sale, the group remains open to strategic partnerships that enhance the business.

🔹 Why It Matters

The statement reinforces DAMAC’s ongoing ambition to diversify its global portfolio and strengthen its footprint in high-end fashion. The acquisition in 2019, led by founder Hussain Sajwani through Vision Investments, marked a key milestone in expanding the Group’s luxury brand portfolio. It also aligns with DAMAC’s track record of integrating fashion into real estate and lifestyle offerings.

🔹 What’s Next

DAMAC aims to further scale Roberto Cavalli’s global presence and brand equity through strategic collaborations and lifestyle integration. With projects in luxury hospitality and fashion-driven real estate underway, including resorts in the Maldives and branded residences, the Group is positioning the brand as a cornerstone of its international expansion strategy.

📣 ODEUM Rebrands as Augustus Media’s Modern Content Studio

Big news from within our own network — Augustus Media, the company behind Smashi, Lovin', and now a fully reimagined ODEUM, is setting a new benchmark for creative production in the region.

Introducing ODEUM – The Modern Content Studio — where bold storytelling meets how people consume content today. From short-form vertical videos to high-impact campaigns and immersive podcasts, ODEUM is built for brands that want to break through the noise.

With eight production studios across Dubai, Riyadh, and Cairo, ODEUM offers end-to-end services: cinematic video, dynamic animation, CGI, live events, branded podcasts, and more — all backed by Augustus Media’s digital-first DNA and 3.3 billion+ annual impressions across MENA.

👉 Whether you're building a brand or launching a campaign, ODEUM is where your story becomes content people actually want to watch.

Explore more: https://odeumstudio.com

Markets

Anghami Plans Reverse Stock Split To Stay On Nasdaq

🔹 What Is It About

Anghami, the Abu Dhabi-based music and entertainment app often called the “Spotify of the Middle East,” will carry out a 1-for-10 reverse stock split on August 4, according to an SEC filing. This means every 10 shares will become one, helping the company meet Nasdaq’s $1 minimum share price requirement and avoid being removed from the stock exchange. The move was approved by shareholders last week and won’t affect how much of the company each investor owns.

🔹 Why It Matters

Even though Anghami made its first-ever profit in the second half of 2024 and cut its yearly losses, its share price has remained extremely low — around one cent. The company is still recovering from earlier losses, and investors remain cautious. Anghami is also heavily dependent on licenses from global music giants and OSN+ for content. If those partnerships change, it could hurt the business.

🔹 What’s Next

Anghami is hoping its financial recovery continues, especially with stronger subscriptions, which made up over 90% of its revenue in the second half of 2024. But the company hasn’t released any 2025 results yet, so it’s unclear how it’s doing this year. It also faces challenges from falling ad revenue, increasing royalty costs, and the rise of AI-generated music, which could impact how much users value licensed content.

🔹The Anghami Story

Founded in 2012 by Eddy Maroun and Elias Habib, Anghami was the first music-streaming platform launched in the Middle East and North Africa. The company made history in 2022 when it became the first Arab tech startup to list on Nasdaq, through a merger with Vistas Media Acquisition Company, a U.S.-based SPAC. Headquartered in Abu Dhabi, Anghami operates across 16 MENA countries with offices in Dubai, Beirut, Cairo, and Riyadh. Its platform features over 100 million Arabic and international songs, podcasts, and 18,000 hours of premium video content, including exclusives from HBO. As of December 31, 2024, Anghami had around 120 million registered users and 3.5 million paying subscribers.

US Senate Blocks Bid to Halt Israel Arms Sales Amid Rising Civilian Toll in Gaza

🔹 What Is It About

Two Senate resolutions to block US arms sales to Israel — introduced by Senator Bernie Sanders in response to mounting civilian deaths in Gaza — were rejected late Wednesday. While the motions failed by votes of 73–24 and 70–27, they received more support than similar efforts in April, signaling a shift within the Democratic Party. The proposals aimed to halt $675 million in bomb sales and 20,000 assault rifles.

🔹 Why It Matters

The vote highlights growing unease in Washington over Israel’s genocide in Gaza, which has claimed over 60,000 lives. Although strong bipartisan backing for Israel remains, the increasing number of Democrats supporting the resolutions signals rising pressure to reassess US military aid. The shift coincides with international momentum — including from France and Canada — toward recognizing a Palestinian state.

🔹 What’s Next

While the resolutions failed, Sanders called the growing Democratic support a sign that “the tide is turning.” Some lawmakers, like Senator Jeanne Shaheen, reversed previous opposition, citing violations of humanitarian law. As the crisis deepens, and with the UN General Assembly in September, international and domestic calls to restrict arms sales and recognize Palestinian statehood are expected to intensify.

👨‍💻From Smashi Business’ Desk

• Dreamers: From selling his car to pay salaries to leading a $10.9B real estate empire—Muhammad BinGhatti’s journey is one of bold vision and resilience.

• ‘Somewhere’ expands to Bahrain, marking the fourth location for the contemporary fusion restaurant founded by Amal Al Marri and Deem Al Bassam.

• Tabby founder, Palestinian entrepreneur Hosam Arab, speaks out on LinkedIn, condemning the starvation crisis in Gaza and calling for an end to the siege.

• Smashi Business Exclusive: House of Pops Eyes European Expansion

• From inventing Dubai Chocolate to sharing his journey from Burj Al Arab to TEDx, Chef Noel Catiz joined the Lovin Dubai Show to talk desserts, ideas, and his deep love for Kanafa Nabulsi

🔍In other news…

• MGM pushes back opening of Dubai resort to 2028

• Saudi economy thrives with robust non-oil expansion

• Revolut, Europe’s largest digital bank, may buy local bank for Middle East expansion

• Oman joins World Free Zones Organization to shore more foreign investment

🏦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

Follow Smashi Crypto to find out what’s news in the world of digital assets.

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