Happy Saturday everyone!

In today’s top stories: Revolut may acquire a local bank to fast-track its Middle East expansion, as it eyes a $65B valuation. PepsiCo has expanded its Dammam plant and pledged more leadership roles for Saudis. And we revisit Aramex founder Fadi Ghandour’s incredible story of turning a failed deal into a global logistics empire — just as Aramex begins a new chapter under ADQ’s majority ownership.

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.

Revolut Eyes Middle East Bank Acquisition to Accelerate Regional Expansion

🔹 What Is It About

Revolut, Europe’s largest digital bank, is reportedly considering acquiring a local bank in the Middle East to fast-track its regional growth, as per AGBI. Currently operating in the UAE and Saudi Arabia without a banking licence, the fintech aims to bypass lengthy licensing procedures by purchasing an existing institution. The move comes as Revolut raises funds at a $65 billion valuation to support its overseas expansion.

🔹 Why It Matters

Acquiring a local bank would give Revolut a significant advantage in the competitive Middle Eastern financial market, enabling it to offer a wider range of services seamlessly. This strategy reflects the growing importance of digital banking in the region, where demand for fintech solutions like remittances is surging. It also signals Revolut’s aggressive push to deepen its footprint in key markets such as the UAE, Saudi Arabia, and Morocco.

🔹 What’s Next

Revolut is expanding beyond the Middle East, targeting markets like Morocco—with a former Uber executive recently hired to lead operations—and potentially the US, where it may acquire a local bank similar to its approach in Argentina. Meanwhile, the UK-based company continues to operate without a full UK banking licence, underscoring the complexity of global fintech licensing challenges.

📣 ODEUM Rebrands as Augustus Media’s Modern Content Studio

Big news from within our own network — Augustus Media, the company behind Smashi, Lovin', and now a fully reimagined ODEUM, is setting a new benchmark for creative production in the region.

Introducing ODEUM – The Modern Content Studio — where bold storytelling meets how people consume content today. From short-form vertical videos to high-impact campaigns and immersive podcasts, ODEUM is built for brands that want to break through the noise.

With eight production studios across Dubai, Riyadh, and Cairo, ODEUM offers end-to-end services: cinematic video, dynamic animation, CGI, live events, branded podcasts, and more — all backed by Augustus Media’s digital-first DNA and 3.3 billion+ annual impressions across MENA.

👉 Whether you're building a brand or launching a campaign, ODEUM is where your story becomes content people actually want to watch.

Explore more: https://odeumstudio.com

Markets

"We’re Opening Up More Leadership Roles for Saudis,” PepsiCo MENAP CEO

🔹 What Is It About

PepsiCo has inaugurated a SAR 300 million ($80 million) expansion of its Dammam facility, with a strong focus on Saudization, local sourcing, and exports. “We’re opening up more opportunities for Saudis to step into technical and leadership roles,” said Ahmed El-Sheikh, PepsiCo MENAP CEO, during the visit attended by Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef.

🔹 Why It Matters

The expanded plant is a regional export hub, now sourcing 100% of its potatoes locally and employing 85% Saudi nationals. “It’s one of the highest Saudization rates in our network,” El-Sheikh noted. Regulatory changes also now allow PepsiCo to use Saudi-grown potatoes for export, a “significant milestone” for local farming and supply chain development, according to Minister Alkhorayef.

🔹 What’s Next

PepsiCo plans to open a SAR 30 million R&D center in Riyadh within two months. The company also aims to fully localize packaging materials and further digitize operations. “This is just the beginning,” said El-Sheikh. “We’re growing further, and we’re proud to contribute to the Kingdom’s Vision 2030.”

How Fadi Ghandour and Aramex Turned a Failed Sale into a Global Logistics Success

Smashi Business revisits a timeless lesson in grit and growth — plus where the company stands today

A $100,000 Deal That Never Happened

In a 2011 Harvard Business Review article, Aramex founder Fadi Ghandour recounted how a failed pitch in 1984 to sell 50% of the company to Airborne Express for $100,000 turned out to be a blessing in disguise. Though Airborne rejected the equity offer, it agreed to give Aramex courier business in the Middle East. That “consolation prize” became the startup’s lifeline — and a masterclass in global logistics.

Operating out of a modest office in Amman, Aramex used this partnership to access Airborne’s tracking technology and build credibility across the region. The company positioned itself as a neutral partner for global courier giants like FedEx and Emery, offering reliable local delivery without competing head-on.

Grassroots Growth and a Game-Changing Alliance

By the mid-1990s, Aramex had leveraged its Airborne relationship to join the Overseas Express Carriers (OEC) alliance and expand into freight forwarding and full-service logistics. Despite financial pressures, it grew its regional footprint one small client at a time. Airborne eventually took a 9% stake in the company in 1996 — valued at $2 million, a far cry from the original $100,000 proposal.

In 1997, Aramex made history as the first Arab company to list on NASDAQ. The IPO raised $7 million, giving Aramex the capital — and credibility — to expand further into Asia and beyond. By 2004, Aramex had built its own tracking system, just in time for Airborne’s acquisition by DHL and the loss of that original support network. When Airborne switched off its systems, Aramex switched on its own—and emerged as a fully independent global logistics brand.

The Present Day: A New Chapter Under ADQ

Now, more than two decades after that landmark IPO, Aramex has entered a powerful new phase. In July 2025, ADQ, Abu Dhabi’s sovereign investment vehicle, completed the acquisition of a majority stake in Aramex through its subsidiary Q Logistics Holding LLC. ADQ and AD Ports Group together now control 63.16% of the company.

The integration of Aramex into ADQ’s Transport & Logistics cluster is part of a broader strategy to build a UAE-anchored global logistics platform. With operations in 65+ countries, a robust GCC trucking network, and 800,000 sqm of warehousing, Aramex adds significant scale and service depth to ADQ’s infrastructure ambitions.

From Startup to Strategic National Asset

From a scrappy courier service dodging civil wars and licensing hurdles to a NASDAQ-listed disruptor —and now a core piece of Abu Dhabi’s logistics strategy — Aramex’s journey is a masterclass in startup resilience and long-term vision. What began as a failed $100,000 deal is now a $600 million+ revenue operation, fully embedded in one of the region’s most ambitious infrastructure portfolios.

👨‍💻From Smashi Business’ Desk

• Dreamers: From selling his car to pay salaries to leading a $10.9B real estate empire—Muhammad BinGhatti’s journey is one of bold vision and resilience.

• ‘Somewhere’ expands to Bahrain, marking the fourth location for the contemporary fusion restaurant founded by Amal Al Marri and Deem Al Bassam.

• Tabby founder, Palestinian entrepreneur Hosam Arab, speaks out on LinkedIn, condemning the starvation crisis in Gaza and calling for an end to the siege.

• Smashi Business Exclusive: House of Pops Eyes European Expansion

• From inventing Dubai Chocolate to sharing his journey from Burj Al Arab to TEDx, Chef Noel Catiz joined the Lovin Dubai Show to talk desserts, ideas, and his deep love for Kanafa Nabulsi

🔍In other news…

• UAE Central Bank fines exchange house Dh10.7 million

• “Cash allocations in UAE portfolios have plummeted to just 13% - the lowest globally and well below the 20% global average,” says a new report from HSBC’s 2025 Affluent Investor Report.

• ARTBIO, USA-Norway-based clinical-stage radiopharmaceutical company, raised $132M is a Series B funding round from global investors including Qatar Investment Authority (QIA).

🏦Crypto Corner

• Digital Dirham: 10 ways it will change how you use money in the UAE

• 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

Follow Smashi Crypto to find out what’s news in the world of digital assets.

Latest from the Smashi Business Studio

Apple Podcasts: http://aug.us/40B9h6I

Spotify: http://aug.us/4exbk1m

Youtube: http://aug.us/3TYduO5

Were you forwarded this email? Subscribe here