Happy Thursday everyone!

Egypt’s richest man, Nassef Sawiris, has relocated to Italy, joining a growing list of wealthy individuals moving out of the UK. Meanwhile, Dubai’s real estate boom has propelled Damac Chairman Hussain Sajwani’s fortune past $10 billion, doubling in value. In tech, Uber and WeRide have teamed up with Dubai’s RTA to introduce self-driving taxis, marking a major step in the emirate’s autonomous transport ambitions.

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Egypt’s Richest Man Nassef Sawiris Moves to Italy Amid UK Wealth Exodus

📰 What is it about?

• Nassef Sawiris, Egypt’s richest man and co-owner of Aston Villa, has officially relocated to Italy, according to registry filings.

• The billionaire, who previously cited the UK as his residence, is among several high-net-worth individuals exiting Britain.

• Sawiris holds Belgian, Egyptian, and UAE citizenship and had been weighing a move to other European countries.

• His family office, NNS Group, had already registered in Abu Dhabi months before his departure.

💡 Why it matters?

• The move highlights the growing trend of wealthy individuals leaving the UK due to tax increases and policy changes.

• The UK government has introduced new financial pressures, including higher taxes on offshore wealth, inherited assets, and private school fees.

• Britain’s economic and political stability has weakened post-Brexit, prompting investors to seek alternative destinations.

• Countries like Italy, the Middle East, and Singapore are attracting wealthy residents with tax incentives. Italy, for instance, offers a €200,000 annual flat tax on foreign earnings.

🔜 What’s next?

• Sawiris’ relocation raises questions about the future of his investments in the UK, including Aston Villa and his charitable foundation.

• Other wealthy individuals, including biotech investor Christian Angermayer and entrepreneur Bassim Haidar, have also left the UK for more tax-friendly jurisdictions.

• With Britain tightening its tax policies, more business leaders and investors may follow suit, potentially impacting the UK’s economic landscape.

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📰 What is it about?

• Odeum, the content studio built for modern media consumption, partnering with brands to deliver tailored content services while also creating original productions under the Augustus Media network.

💡 Why Choose ODEUM?

At ODEUM, we provide end-to-end media solutions to elevate your brand across multiple platforms.

• Video Production: From AI-powered videos to immersive live streaming and CGI storytelling.

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• Original Content Development: Conceptualizing and producing shows, short films, and series that engage and inspire.

• Studio Rental: Fully equipped production spaces designed for seamless content creation, offering state-of-the-art filming, podcasting, and photography setups to bring creative visions to life.

🔜 What’s next?

• Have a project in mind? Let's make it happen!

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Markets

Damac Chairman Hussain Sajwani’s Wealth Doubles, Surges Past $10 Billion

📰 What is it about?

• Hussain Sajwani, chairman of Dubai-based Damac Properties, has seen his net worth double to $10.2 billion, making him the richest businessman in the Middle East.

• His fortune skyrocketed from $5.1 billion in 2024 and has grown nearly tenfold over the past five years.

• Sajwani has made significant investments in data centers, pledging $3 billion in Southeast Asia and committing $20 billion in the U.S. to fund data centers in partnership with former President Donald Trump.

• Damac’s data center subsidiary, Edgnex, recently acquired Finland-based Hyperco to expand its global footprint.

💡 Why it matters?

• Sajwani’s rapid wealth growth reflects the booming real estate and tech sectors in Dubai and beyond.

• The UAE remains a major hub for billionaires, with six UAE-based individuals making Forbes’ annual rich list.

• Dubai’s property market continues to thrive, attracting ultra-high-net-worth individuals and global investors.

• Data centers are becoming a strategic focus for Gulf investors, signaling a shift towards tech infrastructure alongside traditional real estate.

🔜 What’s next?

• Sajwani’s aggressive expansion into the data center industry suggests continued investment in digital infrastructure worldwide.

• The Middle East’s billionaire landscape is evolving, with a growing number of regional tycoons diversifying their portfolios.

• As the global billionaire count surpasses 3,000 with a combined wealth of $16.1 trillion, Middle Eastern business leaders may further increase their presence on the world stage.

Uber and WeRide Partner with RTA to Bring Self-Driving Taxis to Dubai

What is happening?

• Uber and WeRide have partnered with Dubai’s Roads and Transport Authority (RTA) to introduce self-driving taxis in the emirate.

• The partnership will focus on pilot programs, safety protocols, regulatory frameworks, and data insights.

• WeRide, a Chinese autonomous vehicle (AV) provider, secured the UAE’s first national AV license in July 2023.

• Dubai will be the second Middle Eastern city to deploy WeRide’s robotaxis after Abu Dhabi launched its service in December 2023.

Why it matters:

• The initiative aligns with Dubai’s Self-Driving Transport Strategy, aiming for 25% of all city trips to be autonomous by 2030.

• The UAE is positioning itself as a global leader in smart mobility and sustainability.

• The market for self-driving vehicles is projected to grow exponentially, reaching $2.2 trillion by 2030.

• Dubai Taxi Company and Bolt plan to launch their own autonomous taxi service by early 2026, intensifying competition.

What’s next?

• Further details on Dubai’s AV rollout, including launch timelines, will be announced later.

• The expansion of self-driving taxis could accelerate the adoption of electric and autonomous transport in the region.

• The UAE ride-hailing market is expected to grow significantly, with revenues approaching $204 million in 2025.

• Dubai is also preparing to launch electric air taxis in early 2026, further transforming urban mobility.

🔍In other news…

1. Dubai's most expensive branded residences reach record prices.

2. Sam Altman's World Network in talks with Visa for stablecoin wallet, CoinDesk reports.

3. Trump’s daughter’s father-in-law, Lebanese businessman Massad Boulos, named Africa envoy.

4. UAE ranks 1st globally in Global Entrepreneurship Monitor report for 4th year.

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