Happy Tuesday everyone!

Last night was scary for people in Qatar, Iraq, Kuwait and reportedly Bahrain also, as Iran launched missile attacks on US airbases in the at least three confirmed countries - Qatar, Iraq and Kuwait. However, thankfully, things de-escalated within hours without any casualties. Surprisingly, oil prices dipped nearly 7% at some point, signalling towards investor confidence that this was the last escalation in the fiasco which was initiated illegally by Israel against Iran and then later the US jumped in it too. We at Smashi Business send out our prayers to the people in Qatar, Iraq, Kuwait and Bahrain who had to go through the ordeal. Stay safe everyone!

For our main stories: Careem’s earlier-announced exit from Pakistan, scheduled for July 18, continues to stir debate — but one senior leader is urging a more nuanced view. Moez Malik Khattak, Senior Growth Manager at Careem Pay, took to LinkedIn to reflect on the company’s legacy rather than its departure.

Meanwhile in the UAE, Dubai Mall’s metro station is set for a 70% capacity expansion, and Oman is making regional history by becoming the first Gulf country to introduce personal income tax by 2028.

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.

Careem’s Pakistan Exit: Senior Growth Manager Reflects on the Legacy, Not the Loss

📌 What Is It About

• UAE-born Careem has officially set a date for the exit from the Pakistani market, July 18, 2025, marking the end of its ride-hailing operations in the country after more than a decade.

• Moez Malik Khattak, Senior Growth Manager at Careem Pay at Careem in a post on LinkedIn, added emotional and strategic context to the decision.

• In his post, Khattak pushed back against simplistic narratives, writing: “From autopsies of strategic missteps to the inevitable ‘competition crushed you’ narratives... Sure. But let’s pause.”

💡 Why It Matters

• Khattak emphasized that running a tech business in Pakistan is not for the faint-hearted, citing economic volatility, political instability, and regulatory unpredictability: “Name it, we’ve dealt with it.”

• He urged observers to acknowledge Careem’s broader impact beyond market share, including:

  • Introducing ride-hailing when most still flagged taxis from the sidewalk.

  • Creating hundreds of thousands of earning opportunities for drivers (“Captains”).

  • Navigating currency crashes, tax hurdles, and fuel price swings.

  • Inspiring a generation of startup operators, product managers, and growth leaders.

  • Building a robust alumni network now shaping the tech ecosystem across MENA and Pakistan.

• “Careem didn’t just survive, it helped build the tech ecosystem,” Khattak said, calling for recognition of the company’s contribution to digitization and operational excellence.

🔭 What’s Next

• While no detailed roadmap has been shared post-exit, Khattak suggested that the loss is not Careem’s alone, but Pakistan’s:
  “Pakistan lost a bold, risk-taking, home-grown success story that dared to try.”

• He concluded with a tribute to Careem’s teams: “You made history. And that ride was worth it.”

• The exit raises broader questions about the viability of scaling tech platforms in Pakistan under persistent economic and policy challenges.

Markets

Dubai Mall Metro Station To Undergo Major Expansion To Boost Passenger Capacity By 70%

🚇 What Is It About

• The Dubai Mall / Burj Khalifa Metro Station on the Red Line will be expanded by 70% to handle growing passenger demand.

• The station's area will increase from 6,700 sq m to 8,500 sq m, boosting hourly capacity from 7,250 to 12,320 passengers.

• The expansion is a joint effort by the Roads and Transport Authority (RTA) and Emaar Properties.

📈 Why It Matters

• Once completed, the station is expected to serve up to 220,000 passengers daily.

• The upgrade addresses rising ridership, with annual growth of 8% and New Year’s Eve numbers topping 110,000.

• It’s part of Dubai’s broader efforts to future-proof its public transport infrastructure ahead of 2040 demand projections.

🏗️ What’s Next

• Construction will include wider concourses, platform expansions, more escalators/elevators, and better pedestrian access.

• The timeline and budget remain undisclosed, but the project aligns with Dubai’s ambitious transit upgrades — including the 30km Blue Line, now under construction and expected to open in 2029.

Oman To Become First Gulf State To Impose Personal Income Tax From 2028

📰 What Is It About

• Oman will introduce a 5% personal income tax starting in 2028, becoming the first GCC country to do so.

• The tax will apply only to individuals earning more than 42,000 Omani rials ($109,000) annually, targeting roughly the top 1% of earners.

• The announcement was made by Oman’s Ministry of Economy via the state-run Omani News Agency and reported by Bloomberg.

💡 Why It Matters

• This is a historic shift in the Gulf, where none of the six GCC nations currently impose personal income tax, long considered a key draw for foreign professionals.

• The move is part of Oman’s wider effort to reduce reliance on oil revenues and diversify its fiscal base.

• It signals a new direction in regional tax policy, especially amid concerns over long-term fossil fuel demand.

• Economist Monica Malik of Abu Dhabi Commercial Bank said the tax is a “significant fiscal development” and could influence other Gulf nations.

• Despite the limited scope, it highlights a broader regional trend of economic reform and future planning.

🔭 What’s Next

• Oman will continue pursuing fiscal reforms, including privatization of state assets — it raised $2B last year via an IPO of its energy company’s E&P unit.

• The International Monetary Fund has encouraged GCC states to explore income taxes in anticipation of lower oil demand.

• Analysts believe Oman’s step could act as a catalyst for other GCC members to follow suit in the coming years.

🔍From Smashi Business’ Desk

• Emirati entrepreneur Hind Al Mulla expands Home Bakery into Riyadh.

• Emirati entrepreneur Mohamed Alabbar Expanded Beyond Real Estate with Launch of Regional Media Channel “Lana”.

• Dreamers: From selling lashes with her sisters to building a million-dollar fragrance empire — Mona Kattan is reshaping what modern luxury smells like.

🔍In other news…

• Oil at five-month high amid potential supply disruption

• Saudi Arabia’s non-oil industrial production up 5.3% in 2024: GASTAT

• Saudi culture sector to triple GDP share to $48bn by 2030, says minister

• Saudi Arabia, Kuwait sign MoU to boost anti-money laundering efforts

• “African HNWIs are no longer looking at Dubai purely for returns; they’re viewing it through the lens of security, continuity, and future-readiness.”

• UAE oil pipeline offers safe alternative in case of Hormuz closure

• Ras Al Khaimah’s hotel inventory expected to increase from 8,321 to 15,798 keys by 2030

• UAE employees outperform European peers in cyber readiness: Cohesity study

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