Happy Friday everyone!

First, Dubai Airports has firmly denied reports of a planned IPO, telling us directly that the AGBI story is "inaccurate" and requesting its removal. Meanwhile, Dubai’s top real estate developers are expanding overseas — from Dallas to Sydney — as they diversify beyond a maturing home market. And over at X, CEO Linda Yaccarino has stepped down after two turbulent years, just as Elon Musk ramps up integration with his AI venture, xAI.

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.

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Smashi Business Exclusive: Dubai Airports Shuts Down IPO Rumors, Calls AGBI Report Inaccurate

🔹 What Is It About

Dubai Airports has officially denied claims that it is preparing for an initial public offering, calling a recent AGBI report “inaccurate and not based on verified information.” In a statement shared with Smashi Business, the company confirmed it had requested the report’s removal and warned against further circulation of the story, which alleged that financial advisory firm Moelis & Co. was engaged to explore IPO options.

🔹 Why It Matters

The denial comes as IPO speculation grows around major government-backed entities in Dubai, following a wave of listings on the Dubai Financial Market. The AGBI article had sparked fresh interest in Dubai Airports’ role within the emirate’s broader privatisation strategy, but the firm’s response underscores that no such plan is currently in motion.

🔹 What’s Next

While Dubai Airports declined to confirm or deny if other strategic reviews or fundraising efforts are underway, the strong wording of its statement indicates a firm rejection of IPO discussions — at least for now. Observers will continue watching Dubai’s privatization pipeline, but Dubai Airports appears to be staying off that runway.

Markets

Dubai Developers Expand Abroad Amid Market Maturity and Geopolitical Uncertainty

🔹 What Is It About

Dubai-based property developers like Sobha Realty, Damac, Arada, and Samana are pushing into global markets including the US, UK, Australia, Canada, and the Maldives, a Bloomberg analysis has shown. Sobha is leading with projects in Dallas and land deals in Austin and Houston, while Arada has secured land in Sydney and the Gold Coast. These moves mark a broader shift, with even smaller firms now venturing beyond the region.

🔹 Why It Matters

After a 70% surge in Dubai property prices over four years, developers are looking to hedge against potential local slowdowns. Ongoing construction booms, geopolitical tensions (e.g., Israel-Iran conflict), and maturing market dynamics are pushing firms to diversify risk. Western housing shortages and rising demand offer compelling opportunities, though the challenges—strict regulations, public hearings, and local bureaucracies—are steep.

🔹 What’s Next

While expansion is driven by booming revenues—Sobha forecasts AED 30B in 2025 and Arada AED 15B—developers must now navigate complex approval systems and build trusted local partnerships. Despite past setbacks like Emaar’s failed 2006 U.S. entry, the current wave appears more strategic. With global housing needs growing, Dubai’s developers are positioning themselves as serious international players—but their success will hinge on staying adaptive in unfamiliar terrain.

Linda Yaccarino Steps Down as X CEO after Two Years in the Role

🔹 What Is It About

Linda Yaccarino has announced her resignation as CEO of X after two years in the role. In a statement posted on the platform, she reflected on her time leading X through a sweeping transformation—from restoring advertiser trust to pushing innovations like Community Notes and the upcoming X Money. She praised the team’s efforts and said she would continue to support the company from the sidelines.

🔹 Why It Matters

Yaccarino’s exit comes at a pivotal moment as Elon Musk shifts focus toward integrating xAI, his artificial intelligence venture, more deeply into X’s operations. Her tenure saw a sharp cultural and commercial pivot for the platform amid global scrutiny. Crucially, X and xAI have attracted significant investment interest from the Middle East, particularly from Saudi Arabia and the UAE—key backers of Musk’s vision to create an “everything app” that fuses finance, media, and AI.

🔹 What’s Next

As leadership transitions, X appears poised to lean further into AI and fintech via its partnership with xAI. With continued strategic interest and funding from Gulf investors, the company may increasingly position itself as a global AI-powered communications and commerce platform. Yaccarino, meanwhile, signals she’ll remain an engaged supporter of X’s evolving journey.

👨‍💻From Smashi Business’ Desk

• Dreamers: Saudi billionaire Prince Alwaleed bin Talal—one of the Middle East’s most influential investors — is back in the spotlight.

• Sequoia Capital partner Shaun Maguire is once again under fire—this time for targeting Zohran Mamdani’s former intern, Hadeeqa Malik, a City College student.

• The ICP has debunked viral rumours claiming Indians and Bangladeshis can buy a lifetime Golden Visa for AED 100,000.

🔍In other news…

• The European Union has removed the UAE from its money laundering watchlist just months after free trade talks between the two sides resumed.

• The United Arab Emirates could further boost its oil production capacity after 2027 if that is what markets require, its energy minister said on Thursday, signalling a move that could propel the country to the elite club of top five global oil producers.

• The Dubai property tokenization platform - Prypco Blocks - has closed its first 'exit window' after generating significant investor interest.

• The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh3 million on a UAE-based bank for violating anti-money laundering (AML) regulations.

• US President Donald Trump has included four Arab countries on a list of new tariff rates, which are due to take effect from August 1.

• The Turkish Competition Authority said on Thursday it had decided to impose an administrative fine of around 355 million lira ($8.87 million) on Google for failing to comply with regulatory obligations.

🏦Crypto Corner

• You can soon use crypto when paying at Dubai Duty Free and when flying Emirates in new landmark deal

• UAE authority clarifies no Golden Visa issuance for crypto investors

• Dubai Land Department teams up with Crypto.com on digital real estate investment plan

• Bitcoin Miner Tied to Trump Sons Plans Dubai Crypto Trading Team

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