Happy Thursday everyone!

MGM Resorts CEO Bill Hornbuckle says he’s “surprised” by delays in securing a Dubai casino licence but remains confident in the group’s $2.5B resort set to open in 2028. Meanwhile, Moody’s forecasts UAE property prices could soften from 2026 as 150,000 new homes hit the market, easing rent pressures and boosting buyer choice. And David Amaryan’s Balchug Capital is ramping up Gulf expansion, targeting $500M in real estate and infrastructure deals across the UAE and Saudi Arabia.

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.

Markets

MGM CEO Surprised By Delay In Dubai Casino Licence, Confident In $2.5B Resort

🔹 What Is It About

MGM Resorts International CEO Bill Hornbuckle expressed surprise at the UAE’s delay in approving a casino licence for its $2.5 billion Dubai beachfront resort. The project, under construction on a 25-acre manmade island near Jumeirah Beach and the Burj Al Arab, is slated to open in 2028. The development features a 250,000-sq-ft podium that could house a casino, alongside MGM Grand, Bellagio, and Aria hotels.

🔹 Why It Matters

The delay highlights the UAE’s complex regulatory framework: while a federal authority exists, individual emirates retain final say on gaming operations. Wynn’s Al Marjan Island resort in Ras Al Khaimah is expected to launch the country’s first casino in 2027, potentially capturing a multi-billion-dollar market. Analysts see strong revenue potential, and MGM aims to secure a foothold alongside government partner Wasl to tap Dubai’s luxury tourism and entertainment market.

🔹 What’s Next

MGM and Wasl are awaiting formal approval from Dubai’s ruler, Sheikh Mohammed, to proceed with the casino. Hornbuckle remains optimistic about eventual permission, calling it a “massive opportunity” for the resort. Meanwhile, industry sources suggest MGM may not be the only operator entering the UAE, signaling broader growth potential in the country’s nascent commercial gaming sector.

UAE Property Prices To Ease From 2026 As Supply Surges, Says Moody’s

🔹 What Is It About

Moody’s Ratings forecasts a “modest price correction” in the UAE housing market starting 2026, as more than 150,000 new homes are set for delivery between 2025 and 2027. The influx — representing a 20% rise in Dubai’s housing stock — is expected to give buyers more bargaining power and ease rental pressures after years of sharp increases, particularly in the apartment segment.

🔹 Why It Matters

Demand for homes remains strong, driven by Dubai’s fast-growing population, shrinking household sizes, and a surge of wealthy expatriates. Villas have led price gains since the pandemic, but Moody’s warns growth will slow as new communities are built. Apartments, especially mid-market, could see sharper declines. Despite expected corrections, developers are financially stronger, better regulated, and able to sustain projects — mitigating risks of past boom-and-bust cycles.

🔹 What’s Next

From 2026, residents can expect more housing choice, slower price growth, and steadier rents, especially in the apartment sector. Villas and luxury homes should remain in demand, albeit at a calmer pace. New escrow rules and stronger developer balance sheets will continue to protect buyers while supporting long-term growth. Overall, Moody’s sees the UAE property market as “stable” despite the coming wave of supply.

David Amaryan’s Balchug Capital Expands Into Gulf With $500 Million Real Estate And Infrastructure Push

🔹 What Is It About

Former hedge fund manager David Amaryan, who acquired Goldman Sachs’ business in Russia, is expanding his Armenia-based Balchug Capital into the Middle East. Since opening a Dubai office last year, the firm has targeted up to $500 million in real estate and infrastructure investments, including warehouses at Abu Dhabi airport and projects in Saudi Arabia’s logistics, commercial real estate, and data center sectors.

🔹 Why It Matters

The move highlights growing Gulf opportunities for foreign investors seeking capital-rich markets with transparent frameworks. The UAE offers an international gateway for trade and finance, while Saudi Arabia’s scale and diversification drive create strong demand for logistics and digital infrastructure. Amaryan, despite a controversial past involving an SEC insider trading settlement, has positioned Balchug as a key player bridging global capital with regional growth.

🔹 What’s Next

Balchug is working with undisclosed Gulf partners to advance projects, while financing through private placements in Hong Kong and potential IPO exits. In parallel, Amaryan remains active in Armenia, buoyed by optimism following a peace deal with Azerbaijan and strong bond market returns. He signaled readiness to expand further in line with Balchug’s expertise and long-term investment outlook.

👨‍💻From Smashi Business’ Desk

• Dreamers: From tragedy to triumph — Khaldoon Al Mubarak turned Mubadala into a $330B global giant and Manchester City into a football powerhouse.

• Arada & Tashas Group Launch AED100M Venture to Bring Chic Cafés and Dining Concepts to the GCC, Starting in Sharjah 2025.

• Dubai businessman Khalaf Al Habtoor has slammed Israel’s airstrike on Doha, calling it a “blatant and outrageous transgression” against Qatar, the Gulf, and the entire Arab world.

• A Qatar-backed consortium led by Amanda Staveley is in discussions to acquire Spurs following Daniel Levy’s shock exit after 24 years.

🔍In other news…

• Bahrain’s Arcapita buys stake in US parking services company 

• Food group Bateel ‘hires Morgan Stanley to advise on Saudi IPO’

• Sobha Realty’s green sukuk oversubscribed to tune of $2B

• iPhone 17 launch: When will UAE residents get the latest Apple devices? Dates revealed

🏦 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.

Latest from the Smashi Business Studio

Were you forwarded this email? Subscribe here