Happy Monday everyone!

Beauty mogul Huda Kattan is pushing back against calls from US group Stop Antisemitism for Sephora to drop Huda Beauty, defending a deleted video criticising Israel’s actions and denying antisemitism. Meanwhile, Dubai has entered the world’s top 10 cities where the ultra-wealthy own second homes, with 1,288 multimillionaires holding properties in the emirate, according to Altrata’s 2025 rankings. In energy retail, ADNOC Distribution plans to open 160 new service stations in Saudi Arabia by 2026, aiming for 300 locations as part of a wider regional push.

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Dubai Breaks Into World’s Top 10 Second-Home Destinations For The Ultra-Wealthy

🔹 What Is It About

Dubai now ranks 10th globally among cities where individuals worth at least $30 million own second homes, with 1,288 ultra-high-net-worth residents holding such properties. According to Altrata’s 2025 wealth analysis, the city’s appeal is driven by tax advantages, a “golden visa” programme, and a blend of lifestyle, investment, and geopolitical security — placing it alongside traditional hubs like London, New York, and Hong Kong.

🔹 Why It Matters

The ranking underscores Dubai’s growing status as a luxury real estate magnet, attracting global capital from investors seeking both personal enjoyment and wealth preservation. In a volatile world, second homes have become safe stores of value, offering lifestyle benefits, tax diversification, and flexible residency options. Dubai’s mix of stability, world-class infrastructure, and global connectivity positions it as a preferred base for the world’s richest.

🔹 What’s Next

Industry experts expect Dubai’s share of ultra-wealthy second-home owners to rise as more global buyers diversify holdings across strategic cities. Continued visa reforms, infrastructure expansion, and high-end project launches are likely to cement its place in the elite property circuit, competing more directly with long-established luxury enclaves.

Invest in Sharjah Launches Region’s First Government-led Digital Platform to Streamline M&A in the Emirate

The Sharjah FDI Office has unveiled Sharjah AcquireHub, the region’s first government-backed digital platform dedicated to streamlining mergers and acquisitions. Launched in partnership with Transworld Business Advisors, the platform is designed to attract global investors and support small and medium enterprises (SMEs) in scaling, exiting, or restructuring.

With the global M&A market reaching $3.5 trillion in 2024 and regional activity totalling $92.3 billion across 701 deals, AcquireHub connects investors to Sharjah’s growing mid-market opportunities through a secure, transparent system. It offers end-to-end services, including advisory support and due diligence, aimed at enhancing trust and ease in deal-making.

The initiative reinforces Sharjah’s vision of becoming a regional hub for investment and smart economic growth. As over 94% of UAE businesses are SMEs, AcquireHub provides a vital tool for unlocking value, driving expansion, and fueling long-term economic diversification in the emirate.

Markets

ADNOC Distribution To Open 160 More Saudi Fuel Stations By 2026

🔹 What Is It About

ADNOC Distribution, the UAE’s largest fuel and convenience retailer, plans to add 160 new service stations in Saudi Arabia by next year, taking its network in the kingdom to 300 by 2026. CEO Badr Saeed Al Lamki said the expansion uses a “dealer-owned” model that has already doubled its Saudi footprint in just over a year, from 70 to 140 stations.

🔹 Why It Matters

The Saudi push is central to ADNOC’s regional growth strategy, which also spans Egypt and the UAE. Beyond fuel, ADNOC is boosting revenue through convenience retail, car care, and rentals, while using AI and data analytics to optimise supply chains. The approach supports higher returns on investment and diversifies income sources.

🔹 What’s Next

ADNOC plans to explore its dealer-owned model in other international markets while expanding its lubricant exports from Egypt to 47 countries. With record H1 fuel sales of over 7 billion liters and a $350 million dividend due in October, the company aims to strengthen its non-fuel services and cement its position as a regional retail leader.

Huda Kattan Defends Controversial Video Criticising Israel Amid Calls For Sephora To Drop Huda Beauty

🔹 What Is It About

Huda Beauty founder Huda Kattan is defending her decision to post — and later remove — a video alleging Israel’s involvement in major global conflicts, after US group Stop Antisemitism urged Sephora to cut ties with her brand. “I feel like I have to speak out on behalf of anything I think is wrong,” she said, adding that her remarks were “criticizing some of the actions of the state of Israel” and “never about Jews or even Israeli people.”

🔹 Why It Matters

Kattan says she is facing a “smear campaign” designed to “twist your words, label you an anti-Semite” in order to silence her. She insists she “would never condone any hate of any kind” and removed the video herself because it was “being taken out of context.” Rejecting claims she denied the Holocaust, Kattan said: “I never mentioned the word Holocaust… When I learned that millions of Jews were killed, it hurt me so much that I promised myself I would stand up if this ever happened again.”

🔹 What’s Next

While Sephora reviews the matter internally, Kattan vows to “stand always on the side of humanity,” warning that critics are “harassing our retailers” and “paying people to speak badly” of her. She remains committed to activism, saying, “You are allowed to speak out on atrocities… and that in no way makes you an anti-Semite… Whether some people want to recognize that or not, we have to be there for each other.”

👨‍💻From Smashi Business’ Desk

• Dreamers: SALT founders’ story is more than that of opening a restaurant —it’s a masterclass in building a brand, community, and culture.

• Why did Careem mint so many founders? Saudi entrepreneur Wajd Badawi has an answer

• A 7-year-old just built an AI app on Replit — and his dad, a Saudi tech CEO, had never built one himself.

• A robot greeted Dubai ruler HH Sheikh Mohammed — and it wasn’t science fiction.

• Dubai-based CEO Alex Bendiouis has reimagined one of the city’s most iconic archival images into an AI video.

🔍In other news…

• Over 60 jobs open as Wynn Al Marjan finalises food and beverage partners

• Metro Blue Line gives added thrust to Dubai realty boom

• Dubai sees 4,049 new property activities in H1 as e-licensing system pays off

• Saudi firm plans low-orbit satellite network

• The data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) indicate that the proportion of the population living in households with access to safe drinking water and electricity services reached 100%, which is higher than the global rate of 91%.

🏦 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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