Happy Thursday everyone!

Etihad Airways has declared itself IPO-ready after posting its most profitable first half on record, with net profit soaring 32% to AED 1.12 billion ($305 million). In the UK, cosmetics giant Lush shut all stores, factories, and its website for a day in protest over the Gaza crisis, calling for stronger government action. Meanwhile, Saudi Arabia’s Qiddiya Gaming, backed by the Public Investment Fund, acquired RTS, becoming a key stakeholder in EVO, the world’s premier fighting game tournament, underscoring Riyadh’s growing esports ambitions.

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Markets

Etihad Airways Says IPO Readiness As Profits Hit Record High

🔹 What Is It About

Etihad Airways is signaling readiness for an initial public offering, though it has no immediate plans to go public. The Abu Dhabi carrier posted its most profitable first half on record, with net profit rising 32% year-on-year to AED 1.12 billion ($305 million). Passenger numbers reached 10.2 million in the six months to June 30, up 17% despite regional tensions, including June’s 12-day air war between Israel and Iran.

🔹 Why It Matters

The results underscore Etihad’s turnaround and aggressive global push, adding 27 new destinations since January and 20 aircraft over the last 18 months. Chairman Mohamed Ali Al Shorafa credited international expansion as the main driver of growth. The strong showing reflects both strategic fleet investment and resilience against geopolitical headwinds that disrupted wider Middle East aviation.

🔹 What’s Next

Chief Executive Antonoaldo Neves told Reuters the airline has enough resources to fund its $20 billion expansion over the next decade without external capital. Still, IPO readiness places Etihad in line with regional peers like Emirates and Saudia that are exploring listings, positioning the carrier for future capital market opportunities should investor appetite and market conditions align.

Lush Shuts UK Stores In Protest Over Gaza, Calls For UK Government Action

🔹 What Is It About

British cosmetics retailer Lush has closed all its UK shops, factories, and website for a day in protest over the humanitarian crisis in Gaza. Instead of its online store, customers were met with a Palestinian flag-themed message reading: “Stop starving Gaza. We are closed in solidarity.” The company, which runs more than 100 outlets nationwide, said the move aims to pressure the UK Government by depriving it of a day’s worth of tax revenue.

🔹 Why It Matters

Lush accused Israel of blocking humanitarian aid and condemned the use of starvation as a weapon of war, echoing allegations raised by international experts and bodies including the International Criminal Court. The company said the closure reflects both customer sentiment and its own corporate responsibility stance, pointing to the success of its fundraising soap “Watermelon Slice,” which has raised record amounts for Palestinian child mental health support.

🔹 What’s Next

Lush will relaunch the soap, with proceeds redirected toward medical relief, including prosthetic limb services for those injured in Gaza. While only UK stores are affected for now, the firm suggested similar actions may spread across its global network of 50 countries. The UK Government declined to comment on the protest, but Lush said it hoped the move would help force greater political action, including halting UK arms sales to Israel.

Saudi Arabia’s Qiddiya Gaming Acquires RTS To Become Key Stakeholder In EVO

🔹 What Is It About

Saudi Arabia’s Qiddiya Gaming, backed by the Public Investment Fund (PIF), has fully acquired RTS, making it the second-largest stakeholder in the Evolution Championship Series (EVO) — the world’s most prestigious fighting game tournament. Established in 1996, EVO has become the leading global stage for franchises like Street Fighter and Tekken, attracting elite competitors and millions of fans worldwide.

🔹 Why It Matters

Qiddiya Gaming’s Chief Strategy Officer Muhannad Aldawood called the deal a “strategic step” to expand the company’s esports footprint and unlock broader gaming ecosystem opportunities. The acquisition strengthens Saudi Arabia’s growing influence in global gaming, adding to previous investments in Nintendo, Capcom, EA, and SNK, as well as the creation of the Esports World Cup.

🔹 What’s Next

With Qiddiya’s backing, EVO is expected to enter a new era of growth, innovation, and global reach. The move aligns with Saudi Arabia’s wider ambition to position itself as a hub for esports and gaming innovation, with a focus on empowering both players and gaming communities worldwide.

👨‍💻From Smashi Business’ Desk

• Celebrity chef Burak Özdemir (CZN Burak) confirmed the cancellation of all his business activities in Dubai as of September 2025, saying he no longer holds any legal or business ties in the emirate.

• In the presence of HH Sheikh Khaled bin Mohamed bin Zayed, HH Sheikh Tahnoon Bin Zayed met Larry Fink, BlackRock CEO, congratulating him on his new role as Interim Co-Chair of the WEF Board of Trustees.

• Sheikha Al-Mayassa Champions Mira Nair’s Work, Backing Women-Led Creativity in Qatar for Over a Decade.

• Huda Kattan Gets Candid: "Money Won’t Fill the Void" — Lessons From Building Huda Beauty.

• Turki Al-Sheikh Backs Shawarmer: “Don’t Surrender to a Trend” as Chain Fights Boycott with Jobs and Big Discounts

🔍In other news…

• Bahrain and Abu Dhabi funds take full ownership of McLaren

• Dubai’s $1,300 a Night Hotel Operator Expands to Fiji After US

• How freelancing is giving Gazans hope during war

• Mubadala-backed Corient is to acquire Stonehage Fleming and Stanhope Capital Group, bringing $214 billion in client assets under its umbrella and expanding its presence into Europe, the Middle East and Africa.

• Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, was named the Independent Commodity Intelligence Services (ICIS) 2025 CEO of the Year on Tuesday for outstanding achievement.

• Rothschild in deal to take over LLB's operations in UAE

• Saudi Arabia to host over 150 business events at Osaka Expo

🏦 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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