Happy Monday everyone and welcome back from Eid al Adha holidays!

In the US, the Air Force says it will cost hundreds of millions to retrofit a luxury Boeing 747 jet donated by Qatar for Donald Trump’s future travel — sparking legal and ethical debates in Washington. Meanwhile, Dubai’s property market continues its record-breaking run, hitting $18.2 billion in sales last month as the emirate welcomes nearly 1,000 new residents each day. Over in Egypt, a $30 million transformation of the Giza Plateau aims to overhaul the pyramid tourism experience, replacing chaos with curated calm — just in time for the long-awaited opening of the Grand Egyptian Museum.

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Retrofitting Qatari Jet For Trump As Air Force One To Cost Hundreds Of Millions, Says US Air Force

What Is It About:

• The U.S. Air Force has confirmed that converting a luxury Boeing 747 jet gifted by Qatar into a new Air Force One for Donald Trump will cost hundreds of millions of dollars.

• Air Force Secretary Troy Meink estimated the retrofit cost at under $400 million, while some Democratic lawmakers suggest it could exceed $1 billion.

• The 13-year-old aircraft, known for its luxurious interior, will undergo security enhancements, anti-missile defenses, and secure communications upgrades.

Why It Matters:

• The deal has triggered legal and ethical concerns, with experts questioning its compliance with U.S. laws on foreign gifts aimed at preventing corruption and undue influence.

• Democrats in Congress have opposed the handover, citing transparency and national security implications.

• Trump defended the acceptance, calling it "stupid" not to accept the state-of-the-art 747-8 jet from Qatar.

• The Air Force One program has already suffered years of delays, with the next official fleet not expected until 2027.

What’s Next:

• Retrofitting is expected to begin soon, but funding debates and legal scrutiny may slow down progress.

• The Air Force insists much of the cost overlaps with pre-planned expenditures like training platforms and spare parts.

• Congressional hearings and potential legal challenges could shape the final outcome of the deal.

Markets

Dubai Home Sales Hit Record $18.2 Billion Amid Population Boom

🏙️ What Is It About

• Dubai’s real estate market saw record-breaking sales of AED 66.8 billion ($18.2 billion) in May 2025, up 44% year-over-year, according to Property Finder.

• The primary ready segment saw the most dramatic rise, with sales quadrupling to AED 17.9 billion.

• Secondary ready sales also climbed to AED 24 billion, a 21% increase from May 2024.

• Combined, primary ready and off-plan sales surged 65% to AED 37 billion, while total secondary sales rose 23% to AED 29 billion.

📈 Why It Matters

• The sales boom reflects strong market sentiment and continued confidence in Dubai’s real estate sector.

• The surge is closely tied to population growth, with Dubai now welcoming nearly 1,000 new residents daily—double last year’s daily arrivals.

• Experts point to factors like international investor interest, digital transformation, and a rising demand for premium properties as key drivers.

🔮 What’s Next

• The market is expected to maintain its momentum as demand for housing peaks with the population boom.

• Continued growth in digital platforms and foreign investment flows will likely shape the next wave of real estate development.

• Policymakers and developers may need to address infrastructure and affordability as Dubai evolves into a denser, more competitive global city.

A New Dawn at the Pyramids: Egypt’s $30 Million Makeover Aims to Transform Tourism at Giza

For decades, a visit to Egypt’s Pyramids of Giza — one of the Seven Wonders of the Ancient World — was more hassle than awe. Tourists faced crowds, aggressive hawkers, and limited amenities, leaving many with memories that didn’t quite live up to the grandeur of the 4,600-year-old monuments. But that is finally changing.

After seven years of planning and development, a $30 million overhaul is reimagining the Giza experience — and not a moment too soon. The new system includes hop-on, hop-off buses, modern facilities, a car-free plateau, and even fine dining with pyramid views. It’s all part of a public-private partnership between Egypt’s government and Orascom Pyramids Entertainment (OPE), a company led by billionaire Naguib Sawiris. The initiative officially launches on July 3, coinciding with the long-awaited opening of the nearby Grand Egyptian Museum.

“This is about returning the experience of visiting the pyramids to something worthy of their history,” says Amr Gazarin, Executive Chairman of OPE. The company will operate the site for the next 11 years, profiting from VIP experiences, sponsorships, and commercial leases — not ticket sales, which remain under state control.

The revamp begins the moment visitors enter via the new Great Gate, 1.5 miles from the historic plateau. Instead of winding roads clogged with private cars, guests pass through a sleek welcome hall before boarding electric shuttles. New restrooms, curated souvenir shops, and structured cafe spaces await at each stop. And at the top of the experience: Khufu’s, a restaurant ranked among MENA’s finest, offers Egyptian cuisine with an unparalleled view of the Great Pyramid.

The project is already driving change. In April 2025, visitor numbers jumped 24% from the previous year, though Egypt’s broader tourism boom has also played a role. The country hopes to double annual arrivals to 30 million within a decade, bringing it on par with major global destinations like Greece.

Still, some challenges remain. Egypt’s notorious horse and camel touts—accused for years of scamming and harassing tourists—are now restricted to a separate area. But enforcement is ongoing. “It’s a work in progress,” says Gazarin, adding that people once avoided the pyramids altogether because of such issues.

That might finally be changing. Egyptian-Canadian Mariam Al-Gohary, who hadn’t visited since 2010, returned in May and was stunned by the transformation: “It’s like going to a museum now. It looks like what you’d expect from a major tourist site.”

Despite being one of the world’s most iconic landmarks, the pyramids draw just 2.5 million visitors a year, only half of whom are foreigners. That’s a far cry from Rome’s Colosseum, which welcomed over 12 million in 2023.

Gazarin wants that to change: “It’s unacceptable the world’s most important monument attracts just above one million foreigners.”

With cleaner infrastructure, tighter regulation, and a vision fit for a new era of travel, Giza may finally start to claim the global spotlight it has long deserved.

Originally reported by Bloomberg.

🔍From Smashi Business’ Desk

• To celebrate both Eid Al Adha and a major milestone — becoming 100% independent — Huda Beauty is donating AED 1,000,000 (approx. $272K) to a cause chosen by their community.

🔍In other news…

• Stablecoin issuer Circle Internet Group says the UAE has played a vital role in helping US regulators frame digital asset policies, reflecting the growing influence of the Emirates in the global technology stage.

• Nearly half of UAE entrepreneurs lack succession plans to secure family businesses, HSBC says.

• Saudi Arabia announces successful first trial of drone-based medicine delivery in holy sites.

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