Happy Wednesday everyone!

Just one day to go before the Eid-ul-Adha holidays kick in. We will be live and sending you business, tech and startup updates through our newsletter and socials even then. Exactly like money, we too never take a day off!

Top stories for today are: Huda Kattan is once again the solo owner of Huda Beauty, Qatar’s 2.5 Billion Euro investment in PSG finally paid off, and a new Bloomberg analysis suggests Saudi should look outwards to build inwards.

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.

Huda Kattan Reclaims Full Ownership Of Huda Beauty

📰 What Is It About

• Huda Kattan has regained 100% ownership of Huda Beauty, ending her eight-year partnership with private equity firm TSG Consumer Partners.

• TSG acquired a minority stake in 2017, helping fuel the brand's rapid global growth.

• In 2025, Kattan bought back TSG’s stake, making Huda Beauty fully founder-owned once again.

🔥 Why It Matters

• Huda Beauty becomes one of the few major global beauty brands that is completely founder-owned.

• Kattan’s move is a rare reversal in an industry dominated by conglomerates and private equity ownership.

• The brand continues to thrive, recently topping the Cosmetify Q1 2025 Beauty Index ahead of Dior, Fenty Beauty, and Rare Beauty.

• Kattan is a leading figure in beauty and entrepreneurship, recognized by TIME, Forbes, and Fortune for her influence.

🚀 What’s Next

• Kattan plans to push the brand further with a renewed focus on innovation, independence, and community.

• She continues to lead the company as co-CEO, alongside her husband Christopher Goncalo and sister Alya Kattan.

• With cult-favorite products and a strong digital presence, Huda Beauty is positioned for new growth as an independent powerhouse.

Discover the Arab World’s Cinematic Rise with The Reel Deal Podcast - Episode 1 is Out!

Introducing The Reel Deal Podcast — a new collaboration between Katara Studios and Media City Qatar that puts the spotlight on the fast-growing Arab film industry. This podcast dives deep into the stories, trends, and talents shaping the region’s cinematic future. From exclusive interviews with key players to industry insights you won’t hear anywhere else, The Reel Deal is your gateway to understanding the opportunities and creative energy emerging from the Arab world. Whether you're a producer, investor, or film enthusiast, this podcast offers a front-row seat to a cultural and commercial movement redefining global cinema.

The first episode is out! Watch it here…

Markets

Qatar’s €2.5B PSG Investment Finally Pays Off With Historic Champions League Win

🔹 What It’s About

• Paris Saint-Germain (PSG), owned by Qatar Sports Investments (QSI), won the UEFA Champions League 2024–25 — the club’s first-ever title in Europe’s top tournament.

• QSI, a subsidiary of Qatar’s sovereign wealth fund, acquired PSG in 2011, aiming to build a global football brand.

• Over 13 years, Qatar has spent an estimated €2.5–3 billion on transfers, wages, branding, and infrastructure.

• PSG was ranked 7th most valuable football club in 2024 by Forbes, with a valuation of €3.2 billion.

🔹 Why It Matters

• The Champions League victory is seen as Qatar’s biggest football payoff since acquiring PSG — both in reputation and return on investment.

• Experts estimate PSG’s value could rise to €4.2 billion or more in 2025, thanks to global exposure, merchandise sales, and sponsorship boosts post-victory.

• The win enhances Qatar’s soft power strategy, positioning it alongside Abu Dhabi and Saudi Arabia as key players in global sports ownership.

• Middle East investment in football is reshaping the sport:

  • Manchester City (owned by Abu Dhabi’s City Football Group) has become a global multi-club brand.

  • Newcastle United (owned by Saudi PIF) is fast climbing into elite Premier League ranks.

🔹 What’s Next

• PSG’s valuation is expected to jump in Deloitte’s 2025 Football Money League and Forbes’ next rankings.

• Qatar may now leverage the win to attract more global commercial partnerships and regional fanbase expansion.

• The success will encourage continued Middle Eastern investment in elite clubs, sports tech, and multi-club ownership models.

• Eyes are now on Saudi Arabia’s potential World Cup 2034 hosting, further intensifying Gulf competition for sporting influence.

Saudi Arabia Needs Foreign Capital — UAE And Qatar Are Looking For Places To Park Their Surpluses: Bloomberg

📰 What Is It About

• Saudi Arabia is under pressure to bring in foreign capital to fund its $2 trillion economic transformation amid a growing budget deficit and rising domestic needs.

• In contrast, Qatar and the UAE are flush with excess cash — generating surpluses from gas and oil exports that far exceed what they can spend locally.

• The result is a shift in regional financial influence: while Riyadh ramps up local bond issuance and domestic investment, Abu Dhabi and Doha are on global spending sprees, pledging $1.4T and $1.2T to the U.S. economy respectively.

💡 Why It Matters

• Saudi Arabia’s Public Investment Fund (PIF), once seen as a major global investment force, is increasingly focused on spending at home to meet Vision 2030 goals.

• Bankers and asset managers are adjusting, with many now prioritizing opportunities in the UAE and Qatar due to their deeper fiscal capacity and lighter domestic spending burdens.

• Global investor sentiment is shifting — what was once a Saudi-first approach is becoming more diversified as Abu Dhabi and Doha offer larger, more dependable capital flows.

• Even as Saudi Arabia pledged $1 trillion in deals during Trump’s visit, insiders say many see it as aspirational — aimed at maintaining international visibility despite tighter financial constraints.

🔮 What’s Next

• Expect Saudi Arabia to double down on domestic investments, infrastructure, and capital market development, using foreign partnerships strategically rather than liberally.

• Qatar and the UAE will continue expanding abroad, focusing on U.S. tech, infrastructure, and AI, seeking influence and long-term financial returns.

• The Middle East’s financial center of gravity is tilting away from Riyadh — not because of reduced ambition, but because its neighbors have the means and motives to outspend globally.

🔍From Smashi Business’ Desk

• Fitch says Dubai property prices could drop 15% by 2026 due to oversupply. But Firas Al Msaddi, CEO of fäm Properties, says that’s misleading.

• “This isn’t just about breaking glass ceilings — it’s about building a better, more connected, and sustainable future for global tourism,” new UNWTO chief Shaikha Al Nowais.

🔍In other news…

• The Kuwait Investment Authority will become the first non-founder financial anchor in the AI Infrastructure Partnership, which already has Microsoft, Abu Dhabi’s MGX, BlackRock Inc, Elon Musk’s xAI and Nvidia as partner.

• Joby, Saudi Group Eye Air Taxi Deal Worth Up to $1 Billion.

• Ex-Lebanese PM Sets Up Abu Dhabi Investment Firm Targeting AI.

• Oversubscribed Flynas IPO offers hope for other Saudi listings.

• Middle East tourism spending to hit $350 billion by 2030, says Arabian Travel Market report.

• UAE is rapidly becoming the go-to destination for the world’s wealthiest families.

Latest from the Smashi Business Studio

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