Happy Monday everyone!

Mubadala and ICD-owned Emirates Global Aluminium will fully exit Guinea after its bauxite mine was seized by the government, ending the UAE giant’s presence in the world’s top producer of the ore. In Dubai, land reclamation has begun for Naïa Island, a new luxury coastal project led by Shamal Holding that will feature branded residences and the city’s first Cheval Blanc resort. Meanwhile, Oman is set to launch its Golden Residency program on Aug. 31, part of wider reforms to attract investors and diversify its economy under Vision 2040.

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Mubadala, ICD-Owned EGA To Exit Guinea After Mine Seizure

🔹 What Is It About

Emirates Global Aluminium (EGA), jointly owned by Abu Dhabi’s Mubadala Investment Company and the Investment Corporation of Dubai (ICD), will end its operations in Guinea after its Guinea Alumina Corp. unit was expropriated by the government. EGA said it is terminating staff and contracts with service providers, leaving the Republic of Guinea with full responsibility for the facilities, infrastructure, and assets as of Friday.

🔹 Why It Matters

The decision follows a protracted dispute with Guinea’s military-led government over EGA’s failure to build a promised alumina refinery. Earlier this month, authorities transferred GAC’s bauxite mining lease to a newly created state-owned entity, stripping the UAE-backed firm of one of its most strategic overseas ventures in the world’s largest bauxite-producing nation.

🔹 What’s Next

With exports suspended since October, EGA’s exit confirms Guinea’s state takeover of the mine. The UAE company loses a key source of raw material supply, while Guinea faces the challenge of sustaining production, which fell to 10.8 million tons last year from 14 million in 2022.

Markets

Dubai Begins Land Reclamation For New Luxury Island Project

🔹 What Is It About

Land reclamation has begun off the coast of Jumeirah for Naïa Island, a new luxury development backed by Shamal Holding, the investment vehicle of Dubai Crown Prince Sheikh Hamdan bin Mohammed. Dutch marine engineering firm Van Oord will handle dredging and marine works, moving 28 million cubic metres of sand and 4.3 million tonnes of rock. The island will span 13 hectares, featuring six kilometres of beach and the region’s first Cheval Blanc resort.

🔹 Why It Matters

Naïa Island launches at a time of soaring demand and shrinking supply in Dubai’s ultra-prime property market. Knight Frank data shows listings of $10 million-plus homes fell 40% last year, while supply of $25 million-plus homes plunged 85%. By adding branded residences and beachfront estates with private access, the project aims to capture the surge in demand for rare coastal luxury.

🔹 What’s Next

Van Oord, which previously built Palm Jumeirah and Dubai Harbour, will complete Naïa Island’s marine infrastructure, including quay walls and culverts, by the first half of 2027. With reclamation seen as an increasingly attractive option for developers amid rising land costs, Dubai’s latest man-made island is set to extend the city’s reputation for iconic coastal projects.

Oman To Launch Golden Residency Program For Investors On Aug. 31

🔹 What Is It About

Oman will roll out its “Golden Residency” program for investors on Aug. 31, as part of efforts to attract foreign capital and stimulate economic growth. Announced by the Ministry of Commerce, Industry and Investment Promotion, the program will debut at the “Sustainable Business Environment” forum in Salalah, alongside the “Mujeedah Companies” initiative and a new digital service to transfer commercial registration ownership through the Invest Oman platform.

🔹 Why It Matters

The move mirrors investor residency schemes in the UAE and Saudi Arabia, aligning with Oman’s Vision 2040 strategy to diversify beyond oil. It builds on reforms such as 100% foreign ownership in over 1,700 sectors, long-term tax exemptions, reduced fees, and streamlined government services. By creating a stable and competitive business climate, Oman aims to enhance its position as a regional and global investment hub.

🔹 What’s Next

The Salalah event will also see cooperation agreements with Sultan Qaboos University, GUtech, Oman Energy Association, and Binaa Professional Services to strengthen the construction sector and talent development. Authorities say the Golden Residency and digital reforms will cut costs, boost efficiency, and support Omani firms in expanding globally, while advancing the country’s drive toward innovation and sustainable economic growth.

👨‍💻From Smashi Business’ Desk

• Dreamers: From handling deliveries himself to shaping the MENA startup ecosystem: Meet Fadi Ghandour, founder of Aramex and Wamda Capital.

• Calo’s Moayed Almoayed backs Saudi vacation rental giant Gathern!

• Y Combinator founder Paul Graham: “A Palestinian Child’s Life Is Worth as Much as an Israeli Child’s Life”.

• Hamad Mubarak Al-Hajri, founder and CEO of Snoonu, condemned attempts to silence the truth—highlighting both the killing of journalists and AI platforms being muted for reporting facts.

• DAMAC Chairman Hussain Sajwani met steel titan Lakshmi Mittal in London! Sajwani praised Mittal’s “remarkable vision and pioneering contributions” and thanked him for his warm hospitality.

🔍In other news…

• Saudi fashion brand Jamjoom is next to launch IPO

• Dubai's Lamcy mall auction fails again - can this mall still find a buyer?

• Saudi ‘white land’ law to see wave of new development

• Saudi Arabia issues 34 licenses for regional HQs in Q2: Investment Ministry

• UAE: Warning issued as over 12,000 WiFi breaches recorded in 2025

• Dubai reaps relocation rewards as wealthy Brits pick emirate

• Abu Dhabi’s Taqa to Buy GS Inima for About $1.2 Billion

🏦 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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