Happy Tuesday everyone!

Abu Dhabi’s Mubadala is set to raise up to $920 million through a stake sale in telecom operator Du, as the region sees a surge in secondary offerings. In Ras Al Khaimah, Wynn Resorts has secured land for a potential second integrated casino resort, underscoring the UAE’s growing role in global gaming and hospitality. Meanwhile, Dubai has been ranked among the world’s top 10 cities for business travel, celebrated for its connectivity, premium hotels, and strategic location as a global hub.

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Markets

Mubadala Seeks Up To $920 Million In Du Stake Sale Amid Rising Secondary Offerings

🔹 What Is It About

Abu Dhabi’s Mubadala Investment Co. is selling a 7.55% stake, or 342 million shares, in Emirates Integrated Telecommunications Co. (Du), aiming to raise as much as $920 million. Shares are being offered between AED 9 and AED 9.90, matching Du’s recent market price. Demand has already covered the full offering, with Goldman Sachs, ADCB, Emirates NBD, and FAB managing the sale.

🔹 Why It Matters

The transaction will boost Du’s free float, broaden its investor base, and improve liquidity. Secondary sales are gaining traction across the Middle East, reflecting strong investor appetite following years of IPO activity. In 2024 alone, UAE follow-on deals have raised $3.8 billion, while Saudi Arabia has seen $13 billion in such offerings, underscoring the region’s maturing capital markets.

🔹 What’s Next

Institutional and retail book building for the stake sale closes on September 12, with final pricing set for September 15. If successful, this deal will mark Mubadala’s second reduction of its Du holding after a $630 million sale in 2019. Du, which first listed in 2006, remains majority-owned by the Emirates Investment Authority with a stake above 50%.

Wynn Eyes Second UAE Casino Resort With Land Secured In Ras Al Khaimah

🔹 What Is It About

Wynn Resorts and its partners RAK Hospitality Holding and Al Marjan Island LLC have earmarked plots on Al Marjan Island for future development, including a “Second Integrated Resort Plot” covering nearly 1.5 million sq ft. This comes as Wynn’s first UAE resort, featuring the Gulf’s first legal casino, advances toward its 2027 opening. The agreement also outlines plots for a possible Janu-branded property, luxury residences, and a wider land bank.

🔹 Why It Matters

The move highlights Wynn’s long-term ambitions in Ras Al Khaimah, where it sees significant growth potential in the UAE’s emerging gaming and hospitality market. Industry estimates suggest the UAE casino market could generate between $3 billion and $8.5 billion annually, making it one of the world’s most lucrative new gaming frontiers. The agreement also includes a 10-year non-compete across the GCC, underscoring the exclusivity of the venture.

🔹 What’s Next

Wynn has not yet committed to building a second casino resort, saying decisions will come after the first property launches in 2027. The contract also leaves room for a potential public listing of the joint venture. With trademarks like “Encore Marjan Island” and “Marjan Strip” registered, Wynn is signaling ambitions to replicate the scale of the Las Vegas and Macau strips in the UAE.

Dubai Ranks Best Among World’s Top 10 Cities For Business Travel

🔹 What Is It About

Dubai has been named one of the world’s top 10 cities for business travel, according to a study by Capital on Tap, which assessed 77 global destinations. The ranking weighed factors such as Wi-Fi speed, hotel availability, dining costs, cultural attractions, and flight connectivity. Dubai stood out for its fast internet, abundant accommodation, and strategic location as a hub linking Europe, Asia, and Africa.

🔹 Why It Matters

With 23,607 free Wi-Fi spots, 583 hotels, and a seven-hour flight time from London, Dubai offers the mix of productivity, convenience, and lifestyle that business travellers seek. While meals and wine cost more than in cities like Prague, Dubai’s world-class dining, leisure, and cultural offerings strengthen its appeal. For UAE firms expanding abroad, the city’s ranking reinforces its role as a premier global meeting point.

🔹 What’s Next

Global business travel spending is expected to hit £1.56 trillion by 2028, as international networking rebounds. Luxembourg City, Amsterdam, and Prague also scored highly in the study, showing varied strengths from affordability to cultural richness. For executives flying in and out of Dubai, the city’s connectivity and premium infrastructure will remain a key driver of its business travel dominance.

👨‍💻From Smashi Business’ Desk

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

• Red Sea Cable Cuts Disrupt Internet Across UAE and Region, Repairs May Take Weeks.

• Saudi Arabia Unveils $1.8B Qiddiya Olympic Stadium to Anchor 2030 Sports Vision.

• Copycat Shut Down: “Salt London” Locked Out After Lease Forfeiture in Leicester Square.

• Qatar’s $524B Wealth Fund Supercharges AI Push with Anthropic and 25 More Tech Bets.

🔍In other news…

• General Catalyst leads PRYPCO’s Pre-Series A round, marking first MENA PropTech commitment

• Investors go all-in as Saudi card game Baloot moves online

• UAE GDP hits AED455B in first quarter as non-oil economy breaks another record

• AI is coming to shake up online shopping in Mena

• Pets on jets: How the UAE is cashing in on furry travel

• Japanese firms invest $6.3bn in Saudi Arabia, 18 set up regional HQs

• Adnoc plans $10bn loan for Santos acquisition

🏦 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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