Happy Saturday everyone!

Boston Consulting Group faces growing criticism after refusing to publish its internal probe into controversial Gaza relocation cost modelling, raising questions about transparency and ethics. Meanwhile, the UAE has established its first dedicated bankruptcy court, offering businesses a specialized legal framework to resolve financial disputes and promote economic stability. In Saudi Arabia, the Harburg Group’s acquisition of Al-Kholood Club marks the first foreign ownership of a Saudi football club, signaling a major milestone in the kingdom’s ambitious sports privatization drive under Vision 2030.

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BCG Refuses to Publish Gaza Modelling Probe Amid Growing Backlash

🔹 What Is It About

Boston Consulting Group (BCG) has confirmed it will not release findings from an internal investigation into its work for the Gaza Humanitarian Foundation (GHF), despite mounting pressure from UK lawmakers and NGOs. The firm, which had modelled costs for relocating up to a quarter of Gaza’s population, claims the inquiry—led by law firm WilmerHale—will remain private. Two senior partners involved were fired in June.

🔹 Why It Matters

The controversy has sparked reputational fallout for BCG, with major charities like Save the Children and Plan International suspending partnerships. MPs say the lack of transparency raises serious ethical questions, especially after it emerged that a lead consultant had defied internal instructions and used encrypted messaging to obscure sensitive work.

🔹 What’s Next

BCG says it will use the findings to strengthen internal controls, but critics—including UK parliamentarians—are calling for full disclosure. As scrutiny deepens, the case may set a precedent for how global consultancies handle accountability in high-stakes humanitarian projects.

Markets

UAE Launches First-Ever Bankruptcy Court to Settle Financial Disputes

🔹 What Is It About

The UAE has just launched a federal bankruptcy court—the first of its kind—to manage disputes and requests related to insolvency cases nationwide. Announced by Minister of Justice Abdullah Sultan bin Awad Al Nuaimi, the new court will be headquartered at the Abu Dhabi Federal Court of First Instance, with branches to be established in other emirates as needed.

🔹 Why It Matters

The creation of the court is a major step toward strengthening the UAE’s legal infrastructure for businesses. It’s designed to ensure faster, more transparent handling of bankruptcy cases. The court will include specialist judges and bankruptcy consultants who will manage the debtor’s assets, facilitate negotiations with creditors, and oversee any restructuring efforts.

A dedicated bankruptcy department has also been formed to handle applications, objections, grievances, and notifications—ensuring that all data publishing and settlement requirements are met properly.

🔹 What’s Next

With the court now operational, businesses in distress will be able to access a streamlined legal framework under the UAE’s updated Financial and Bankruptcy Law. Officials say the move will reinforce economic continuity and investor confidence.

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First Foreign Firm Acquires Saudi Football Club in Major Privatization Step

🔹 What Is It About

In a historic move for Saudi sports, the Harburg Group, led by US investor Ben Harburg, has become the first foreign firm to acquire a Saudi football club—Al-Kholood Club. This marks a key milestone as Saudi Arabia fast-tracks the privatization of its sports sector under Vision 2030. The acquisition highlights growing international interest in the Saudi Pro League, which aims to transform into a multi-billion dollar entity by the end of the decade. Supported by the Public Investment Fund, Harburg also holds a stake in Spanish club Cádiz CF, signaling a broader strategy of cross-border sports investments.

🔹 Why It Matters

This acquisition signals the opening of Saudi sports to global capital, which experts believe could lead to further foreign investment. Analysts highlight that with European football markets saturated, Saudi Arabia’s privatization drive presents a fresh and attractive opportunity for international investors. The Public Investment Fund is simultaneously consolidating control over several top Saudi clubs, including Al-Nassr, home to Cristiano Ronaldo, underlining the kingdom’s commitment to elevating its football infrastructure. The move aims to diversify the economy away from oil dependence, creating a professional, financially stable sports ecosystem that appeals to fans and investors alike.

🔹 What’s Next

Following this groundbreaking deal, Saudi authorities are actively seeking additional investors for other football clubs as part of a wider privatization effort. Some club proposals are still under review, while others have failed to meet requirements. The Public Investment Fund will also take charge of four major clubs, including Al-Ittihad and Al-Nassr. Meanwhile, other Saudi entities like Aramco and local development authorities are acquiring stakes in clubs, reflecting broad institutional support. The ongoing privatization promises to reshape Saudi football, making it a global sporting destination and opening doors for further foreign partnerships in the years ahead.

👨‍💻From Smashi Business’ Desk

• Dreamers: From arriving in Dubai with just a suitcase to leading the Gulf’s first female-founded private equity firm, Huda Al-Lawati is a true trailblazer

• 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…

• Morocco allocates nearly $4bn to upgrade airports

• China’s ‘used’ cars find a back door through Dubai

• UAE could see up to five IPOs before year-end, says Citi

• Space42 secures $695.5mln facility to fund UAE satellites

• Hard Rock International to open new hotel, residences in Ras Al Khaimah

• America’s Newest Arab-American Billionaire: Meet Ramp’s Karim Atiyeh

• UAE gold shoppers get 3-day 'flash sales' and up to 50% discounts

• UAE: Companies in select free zones can now buy and own property in Dubai under new deal.

• Iraq starts work on $4bn seawater desalination plant

• Abu Dhabi’s AD Ports Group establishes its first international office in China

🏦Crypto Corner

• 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

• Crypto Market Value Tops $4 Trillion as Stablecoin Bill Passes

• Ripple Partners Ctrl Alt to Tokenize Dubai Real Estate on XRP Ledger

• 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

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

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