Happy Friday everyone!

It was a busy Thursday for news in the Middle East so we have four great main stories for you.

FIX founder Sarah Hamouda reveals how her team crafted a bespoke “Halwa” chocolate for Dubai Crown Prince Sheikh Hamdan, blending tradition with innovation. Binghatti makes headlines with a massive AED25 billion development on legacy land in Nad Al Sheba. Dubai Investments’ Globalpharma sets its sights on Ozempic-style generics, aiming to lead in the booming GLP-1 market. And wellness drink brand Humantra secures a key investment from JamJar, just ahead of a major UK retail launch.

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.

FIX Founder Tells Entrepreneur the Story Behind Exclusive ‘Halwa’ Flavour Created for Dubai Crown Prince

🍬 What Happened

• FIX Dessert Chocolatier, the Dubai-based cult chocolate brand, was commissioned to create a bespoke bar inspired by HH Sheikh Hamdan bin Mohammed Al Maktoum's favorite dessert — Emirati Halwa.

• The custom creation blended traditional Gulf flavors with FIX's signature style, crafted with precision, innovation, and deep cultural respect, co-founder Sarah Hamouda told Entrepreneur Middle East.

• “We knew we had to get it right,” Hamouda said. “It took time, precision, and a lot of passion. Honestly, it still feels like a dream we’re proud to be living.”

✨ Why It Matters

• The project marked a milestone in FIX’s rapid rise—from a pregnancy craving in 2022 to becoming Dubai’s most sought-after chocolate.

• FIX’s viral hit, Can’t Get Knafeh Of It, fused Middle Eastern nostalgia with playful branding, capturing hearts (and cravings) globally.

• It became so popular, people lined up for it at Davos and 500 bars sell out in minutes on Deliveroo Dubai—twice daily.

• The brand’s entire marketing success has been organic, boosted by a viral TikTok video by influencer Maria Vehera, which racked up 7 million likes and led to the bar being nicknamed “Dubai chocolate.”

🚀 What’s Next

• FIX has become a trendsetter, influencing global giants like Lindt and Ülker to explore Middle Eastern dessert flavors.

• Its popularity has even contributed to a global pistachio shortage, highlighting the ripple effect of authentic, niche creations.

• Hamouda and co-founder Yezen Alani are now focused on protecting their IP, fending off copycats, and continuing to build the brand intentionally.

• “Build slow, build true, and never give up,” says Hamouda. With future growth on the horizon, FIX is proving that flavor, emotion, and creativity can rewrite the rules of dessert—and entrepreneurship.

Binghatti Buys Legacy Dubai Land For AED25 Billion Mega Development

🏗️ What Is It About

• Binghatti has acquired a major land plot in Nad Al Sheba 1, within Dubai’s Meydan district, the site of the former Nad Al Sheba Racecourse.

• The plot will support a gross floor area of 8 million square feet and a development value of AED25 billion.

• This will be Binghatti’s first large-scale master-planned residential community in Dubai.

• The acquisition was entirely self-financed, underscoring the developer’s strong balance sheet.

💡 Why It Matters

• This is a pivotal moment for Binghatti, known for its aggressive expansion and branded luxury towers.

• The developer aims to set a new benchmark for integrated living in Dubai, leveraging its vertically integrated model.

• Nad Al Sheba’s legacy status and central location add weight to the development’s future prestige.

• With nearly 20,000 units already under development, this move reflects Binghatti’s ambition to lead the market in scale and innovation.

🔮 What’s Next

• The project is expected to become a flagship community development with thousands of residential units.

• No official launch timeline has been shared, but the company has hinted at a transformative urban concept.

• It will likely expand Binghatti’s branded residence portfolio, adding to collaborations with names like Bugatti, Mercedes-Benz, and Jacob & Co.

• The move may signal further land acquisitions as Binghatti shifts from vertical towers to large-scale horizontal communities.

Markets

Dubai Investments’ Globalpharma Eyes Early Lead In Ozempic Generics Race As Demand Soars

💊 What Is It About

• Dubai Investments’ pharmaceutical arm Globalpharma is preparing to produce generic versions of GLP-1 drugs, including Ozempic, Wegovy, and Mounjaro, ahead of expected patent expirations.

• The company is partnering with international firms to access off-patent precursors of semaglutide and tirzepatide, the core ingredients in these blockbuster treatments.

• The move aligns with the UAE’s strategy to localise advanced drug production and reduce reliance on imports.

🔍 Why It Matters

• GLP-1 therapies are among the fastest-growing drug categories globally, revolutionising diabetes and obesity treatment.

• Demand for drugs like Ozempic is surging, especially in the UAE, where two-thirds of the population is either overweight or obese.

• Globalpharma’s early positioning could make it one of the first regional players to capture market share in generics once patents lapse or regulatory frameworks shift.

• The effort underscores Dubai Investments’ push for pharma sector growth—with Globalpharma having more than doubled its sales since 2019 and targeting $150 million in revenues this year.

🔮 What’s Next

• Globalpharma says it will be ready to manufacture as soon as patent and regulatory barriers are lifted, possibly echoing Covid-era flexibilities in generic licensing.

• A potential IPO looms, with Dubai Investments exploring the listing of four subsidiaries—Globalpharma could be one of them.

• The company is expanding its R&D pipeline, with new licensing and development agreements signed in Canada, Jordan, Egypt, and Spain.

• Al-Barahmeh is urging long-term government contracts to help local players compete with cheap imports and build sustainable advanced manufacturing capacity.

Humantra Secures Investment From JamJar Ahead Of Major UK Retail Launch

💧 What Is It About

• Dubai-founded wellness brand Humantra has secured investment from JamJar Investments, the VC firm launched by the founders of Innocent Drinks.

• The funding will power Humantra’s UK retail expansion and international growth, ahead of its nationwide launch in over 1,200 Boots UK stores this June.

• Humantra was founded in 2022 by British entrepreneur Charlie Wright, and incubated with support from HB Investments, the family office of the Huda Beauty founders.

🌍 Why It Matters

• Humantra is emerging as a category-defining brand in hydration, blending science, lifestyle, and wellness in its sugar-free, plant-based electrolyte drink mixes.

• The brand’s early success in both the UAE and UK shows growing global demand for daily-use wellness products, beyond athletes and fitness circles.

• JamJar’s backing signals strong belief in Humantra’s potential to scale globally, joining a portfolio that includes Deliveroo, Tony’s Chocolonely, and Wild.

• The Boots launch marks a key retail milestone—Humantra's biggest distribution rollout to date, pushing it into the mainstream UK wellness market.

🚀 What’s Next

• Humantra plans to expand into retail, gyms, hotels, and lifestyle-driven spaces globally, with the UK as its core focus for 2025.

• With Mona Kattan and the Huda Beauty board backing the brand, Humantra is poised to merge beauty, wellness, and performance culture into one platform.

• The brand is betting big on a future where hydration becomes a daily ritual for all humans, not just high-performers—a vision it aims to lead.

🔍From Smashi Business’ Desk

• SALT, the independent homegrown concept co-founded by Emirati Amal Al Marri and Saudi entrepreneur Deem Al Bassam, wants to go global.

🔍In other news…

• Chinese robotaxi makers head to a welcoming Gulf as overseas ambitions grow.

• EU launches UAE trade talks despite watchlist status.

• Deposits from Gulf states 'critical' for Syria's financial reform amid low foreign exchange reserves.

• UAE Central Bank fines two foreign bank branches AED18.1m for breaching anti-money laundering rules.

• Dubai property prices could drop up to 15% as they hit peak, global ratings agency Fitch says.

• Over 6,000 join waitlist for Dubai's new tokenised real estate ownership platform.

Latest from the Smashi Business Studio

Were you forwarded this email? Subscribe here