Happy Monday everyone!

The region’s business landscape is buzzing with major developments, Egypt has sealed $340 million in natural gas exploration deals to boost its energy sector, Microsoft and Uber alum–founded startup Munify secured $3 million in funding through Y Combinator, and TECOM Group greenlit a Dhs 1.6 billion land acquisition to supercharge the expansion of Dubai Industrial City. These moves underscore a wave of strategic investments reshaping energy, tech, and industry across MENA.

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Markets

Egypt Signs $340M Natural Gas Exploration Deals

🔹 What Is It About

State-owned Egyptian Natural Gas Holding Co. (EGAS) secured $340 million through four new agreements with global energy companies, including Shell, Eni, BP, QatarEnergy, Zarubezhneft, and Arkus Energy. These deals cover exploration in the Mediterranean and Nile Delta regions, with plans to drill 13 new wells.

🔹 Why It Matters

The investments aim to boost Egypt’s natural gas production, which has seen recent declines, and strengthen its position as a key gas supplier in the East Mediterranean. With over 26,000 sq. km under new concessions, Egypt is attracting major international players at a time of rising global energy demand.

🔹 What’s Next

EGAS expects these projects to accelerate exploration and production while opening additional concessions to foreign firms. Successful drilling could lead to higher exports and revenue, supporting Egypt’s broader energy strategy.

Microsoft and Uber Alum Raises $3M for YC-Backed Munify

🔹 What Is It About

Egyptian founder Khalid Ashmawy raised $3 million for Munify, a cross-border neobank designed to serve the Egyptian diaspora with faster, cheaper remittance services and access to U.S. banking. The startup joined Y Combinator’s Summer 2025 batch and is already seeing rapid sign-ups.

🔹 Why It Matters

With Egypt receiving nearly $30 billion in annual remittances, Munify is tackling a major financial pain point: high fees and slow money transfers. By building its own payment rails, the platform bypasses traditional intermediaries, offering competitive rates to both consumers and businesses.

🔹 What’s Next

Munify plans to expand its services beyond Egypt to other Middle Eastern markets while signing larger enterprise deals, projecting over $50 million in monthly cross-border payment volumes. Early adoption suggests strong growth potential in underserved financial corridors.

TECOM Group Approves Dhs1.6B Land Acquisition to Expand Dubai Industrial City

🔹 What Is It About

TECOM Group will acquire 138 land plots worth Dhs1.6 billion, adding 33 million sq. ft. to Dubai Industrial City. The hub currently operates at 99% occupancy, driven by strong demand from manufacturing and logistics companies.

🔹 Why It Matters

This move strengthens Dubai’s position as an industrial and logistics hub aligned with national strategies such as Operation 300bn and D33. It reflects continued investor confidence, with TECOM reporting 22% net profit growth in H1 2025.

🔹 What’s Next

Revenue from the new land plots is expected to start within 12–24 months as TECOM continues expanding its portfolio to meet demand across six key sectors. The acquisition positions Dubai Industrial City to attract more global manufacturers and supply chain players.

👨‍💻From Smashi Business’ Desk

• Ex-OSN CEO Joe Kawkabani: MENA’s 50+ Streamers Face Shakeout, Many Won’t Survive .

• Ex-Astra Tech CEO Questions Dubai’s Booming Life Coaching Trend Amid $461M Industry Surge

• Brands Strike Gold as Taylor Swift & Travis Kelce’s Engagement Sparks Pop-Culture Marketing Frenzy!

🔍In other news…

• Valu launches Shop’it marketplace within app to unify shopping experience.

• Saudi mortgages rising despite market slowdown.

• FAB issues region’s first water-focused ‘blue bond’.

• UAE’s GSU part of consortium to create renewable energy hub in Egypt

• Saudi non-listed corporate debt jumps over 500% as investors diversify.

• Turkiye to hold 5G tender on Oct. 16, service to be available in April 2026, minister says.

🏦 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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