Happy Thursday everyone!

In today’s top news, the UAE cements its position as a magnet for global wealth and business strategy. A Financial Times exclusive reveals a surge in UK company directors relocating to the Emirates amid Labour’s tax crackdown. Meanwhile, India’s Titan is eyeing the Gulf as a manufacturing hub to sidestep rising US tariffs, leveraging its $283M Damas acquisition. And in the Nordics, Norway has launched a formal review of its $2T oil fund’s Israeli holdings following public outcry over Gaza-linked investments.

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.

UAE Emerges as Top Destination as Wealthy UK Directors Flee Labour’s Tax Reforms: FT Exclusive

🔹 What Is It About

Thousands of wealthy UK company directors have relocated abroad following Labour’s tax overhaul, with the UAE topping the list of preferred destinations. An FT analysis of Companies House filings found 3,790 directors left Britain since last October — up sharply from the year before — amid the end of non-dom tax benefits and higher levies on capital gains and inheritance.

🔹 Why It Matters

The surge in departures—peaking at 691 in April—signals growing unease among high-net-worth individuals about the UK’s fiscal direction. Dubai’s zero-income and capital gains tax regime has attracted a wave of small and mid-sized business leaders seeking stability and financial efficiency, reinforcing the UAE’s position as a global wealth magnet.

🔹 What’s Next

While Chancellor Rachel Reeves considers adjustments to the non-dom policy, a full reversal is unlikely. As concerns mount over capital flight, experts are proposing new tools like an exit tax. The UK government maintains it remains competitive, but the trend suggests the UAE’s appeal will only strengthen amid global tax shifts.

Invest in Sharjah Launches Region’s First Government-led Digital Platform to Streamline M&A in the Emirate

The Sharjah FDI Office has unveiled Sharjah AcquireHub, the region’s first government-backed digital platform dedicated to streamlining mergers and acquisitions. Launched in partnership with Transworld Business Advisors, the platform is designed to attract global investors and support small and medium enterprises (SMEs) in scaling, exiting, or restructuring.

With the global M&A market reaching $3.5 trillion in 2024 and regional activity totalling $92.3 billion across 701 deals, AcquireHub connects investors to Sharjah’s growing mid-market opportunities through a secure, transparent system. It offers end-to-end services, including advisory support and due diligence, aimed at enhancing trust and ease in deal-making.

The initiative reinforces Sharjah’s vision of becoming a regional hub for investment and smart economic growth. As over 94% of UAE businesses are SMEs, AcquireHub provides a vital tool for unlocking value, driving expansion, and fueling long-term economic diversification in the emirate.

Markets

India’s Titan Eyes Gulf Manufacturing to Bypass US Tariffs, Leverages Damas Deal

🔹 What Is It About

India’s Titan Company, part of the Tata Group, is weighing the Gulf Cooperation Council (GCC) region as a new manufacturing base to counter rising US tariffs on Indian goods. The move follows Titan’s $283 million acquisition of Dubai-based Damas, giving the jeweller a strategic foothold in the region with 146 retail outlets.

🔹 Why It Matters

Amid escalating US-India trade tensions—including a recent 25% tariff on Indian imports—Titan is looking to leverage the UAE’s lower 10% tariff rate as a workaround. The company’s key brands, Tanishq and CaratLane, are expanding in the US, making tariff efficiency critical to competitiveness.

🔹 What’s Next

Titan may begin shifting artisanal jewellery production to the Gulf, capitalizing on both tariff arbitrage and Damas’ infrastructure. The company’s next moves will depend on how US trade policy evolves, particularly under a second Trump presidency, which threatens further duties on Indian exports.

Norway Orders Review of $2T Oil Fund’s Israeli Holdings Amid Gaza Backlash

🔹 What Is It About

Norway’s finance minister Jens Stoltenberg has ordered a review of the country’s $2tn sovereign wealth fund’s investments in Israeli companies, following mounting pressure over claims it has funded firms involved in Israel’s military actions in Gaza. The fund holds $2.1bn across 65 Israeli firms, including Bet Shemesh Engines, which reportedly services aircraft used in the offensive.

🔹 Why It Matters

The review comes amid intense domestic political pressure and growing international scrutiny. With elections looming, Norway’s centre-left government is under fire for not acting sooner. Activists, unions, and political groups accuse the fund of undermining its ethical investment mandate by profiting from companies linked to alleged breaches of international law in Gaza.

🔹 What’s Next

The ethics council, which advises the fund, will assess whether further exclusions are warranted. As global calls for divestment grow louder, the fund must navigate a tightrope—balancing ethical responsibilities with geopolitical sensitivities in Israel and its allies, particularly the US. Any major divestment decision could reshape norms around sovereign investing in conflict zones.

👨‍💻From Smashi Business’ Desk

• Dreamers: Hussain Sajwani, founder of DAMAC, went from selling pens in his father’s shop to delivering 48,000+ units across 15 countries.

• Wizz Air is leaving the Gulf — but the bigger story is why. Saudi founder Fahd Bin Naif says it’s not just about costs, but a mismatch with how GCC consumers think.

• A Sharjah car wash owner was laughed at at a Dubai networking event — for saying she runs a car wash.

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

🔍In other news…

• Chinese tourists flock to Gulf again – and not only to Dubai

• Saudi housing supply struggles to keep up with demand

• PIF-owned Lucid’s Q2 deliveries jump 38% as EV maker narrows operational loss

• Alpha Dhabi 'exploring' building UAE data centres amid AI boom

• Dubai's Emaar Properties gains 30% as Q2-2025 net profit crosses AED10 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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