Happy Wednesday everyone!

Stock markets showed record gains across the Gulf after the dodgy, on and off, US President Donald Trump-led ceasefire announced between Israel and Iran. In short, stock are going up, while oil prices are going down.

For our main stories: The UAE is cementing its status as the world’s top wealth haven, set to welcome a record 9,800 millionaires in 2025, according to the latest Henley & Partners report. Meanwhile, in a major corporate shakeup, Fadel Al Ali has been appointed chairman of Majid Al Futtaim as the family-run conglomerate restructures its board following succession tensions. And in global logistics, shipping giant Maersk has cut ties with companies linked to illegal Israeli settlements, following mounting pressure from activist groups. Here’s what these shifts mean for the region’s economic future — from investor flows to corporate governance and reputational risk.

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 Set To Welcome 9,800 Millionaires In 2025, Ranked World’s Top Wealth Haven

📌 What Is It About

• The UAE is projected to attract a record 9,800 relocating millionaires in 2025, making it the world’s most popular destination for high-net-worth individuals (HNWIs), according to the Wealth Migration Report 2025by Henley & Partners and New World Wealth.

• Dubai and Abu Dhabi lead the global rankings for millionaire relocations, driven by tax-free policies, regulatory reforms, and high quality of life.

• The UAE outpaced the United States (7,500 incoming millionaires) and saw particularly strong inflows from the UK, India, Russia, Southeast Asia, and Africa.

💡 Why It Matters

• The UK is expected to lose 16,500 millionaires in 2025, the largest net outflow in the past decade, as new tax reforms and political uncertainty drive wealthy residents abroad.

• The trend marks a reversal in Europe’s historic role as a wealth magnet, with more HNWIs now moving to tax-friendly and lifestyle-focused hubs like the UAE, Monaco, and Malta.

• In Dubai alone, the number of millionaires jumped from 72,500 in 2023 to 81,200 in 2024, making it one of the world’s fastest-growing wealth hubs.

🔭 What’s Next

• Saudi Arabia is emerging as a rising wealth destination, expecting 2,400 new millionaires this year, driven by returning nationals and foreign investors.

• The report warns of long-term impacts on the UK and Europe’s investment climate, as top earners and business leaders relocate capital and companies abroad.

• With global millionaire migration set to hit a record 142,000 in 2025, jurisdictions offering tax advantages, lifestyle perks, and political stability will continue to dominate future relocation trends.

Markets

“Honoured”: Fadel Al Ali Appointed Chairman Of Majid Al Futtaim Amid Governance Shakeup

🟡 What It’s About

• “It’s a privilege and responsibility to guide one of the UAE’s most beloved institutions as it embarks on its fourth decade of growth and prosperity,” said Fadel Abdulbaqi Al Ali after being named chairman of the newly restructured board at Majid Al Futtaim (MAF), the $19B Gulf retail and real estate giant.

• Al Ali, who also chairs the Dubai Financial Services Authority (DFSA), replaces longtime chairman Sir Michael Rake as part of a governance overhaul driven by a judicial committee formed at the request of the 10 heirs of the late founder Majid Al Futtaim.

• The group owns key regional assets including Mall of the Emirates, Carrefour, Lego, and Hollister, and operates in 16 countries with more than 45,000 employees.

🔴 Why It Matters

• MAF’s board restructuring comes amid a long-running succession dispute following the founder’s death in 2021, highlighting internal divisions over control and future direction of one of the Gulf’s largest family-owned conglomerates.

• Al Ali brings deep institutional experience from senior roles at First Abu Dhabi Bank and Dubai Holding, and his appointment signals a shift towards more regulated, transparent governance structures.

• The company generated $9.2B in revenue last year, underlining the scale of responsibility and the importance of stability in its leadership.

🔵 What’s Next

• The governance revamp may pave the way for a potential IPO, a move seen as a solution to succession-related tensions and a step toward professionalising the business.

• Al Ali is expected to strengthen oversight and long-term strategic planning, with his regulatory background likely to influence corporate governance frameworks.

• With Dubai authorities closely involved, MAF’s transformation may serve as a model for other regional family firms navigating intergenerational transitions and external market pressures.

Maersk Cuts Ties With Firms Linked To Israeli Settlements Amid Mounting Pressure

📰 What Is It About

• Danish shipping giant Maersk has announced it will no longer do business with companies linked to illegal Israeli settlements in the occupied West Bank.

• The move comes after sustained pressure from activists, especially the Palestinian Youth Movement (PYM), which highlighted Maersk’s role in transporting military goods and settlement-linked cargo.

• In a June 2025 statement, Maersk said it had aligned its screening procedures with the UN Human Rights Office (OHCHR) database, which lists firms involved in settlement activities.

• The database identifies companies offering services, equipment, or financial aid that sustain settlements, considered illegal under international law.

• Maersk declined to specify how many or which companies were affected, referring only to its updated policy statement.

💡 Why It Matters

• Over 500,000 Israeli settlers live in more than 100 West Bank settlements, which are a focal point of international legal and human rights concerns.

• Activists say this decision marks a precedent-setting moment for the global logistics and shipping industry, where legal compliance and human rights scrutiny are gaining traction.

• PYM welcomed the move but said it doesn't go far enough, citing Maersk’s continued transportation of parts used in F-35 fighter jets, which Israel has used in military operations in Gaza.

• “Maersk continues to profit from the genocide of our people,” said Aisha Nizar from PYM, vowing to escalate pressure until all weapons-related shipments to Israel cease.

🔭 What’s Next

• Calls for broader accountability in the global supply chain are growing, especially around the transport of military components and dual-use goods.

• Pressure is likely to mount on other shipping giants and logistics firms to adopt similar screening aligned with international law.

• Activist groups say they will continue targeting Maersk's military-related contracts, especially those involving its US subsidiary, Maersk Line Limited, which is tied to the F-35 global supply chain.

• The move may encourage more governments, like Spain, which banned military shipments to Israel via Maersk in 2024, to impose tighter port and trade restrictions.

• Rotterdam’s role in transporting F-35 parts remains under scrutiny despite a Dutch court ruling halting such exports, pointing to ongoing enforcement gaps.

🔍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…

• Saudi PE Firm Jadwa, with $30 Billion in AUM, Plans $104 Million Raise For Mideast Deals

• Philippe Lazzarini said the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) faced a $200 million deficit

• Airspace closure during war has cost Iraq $250,000 a day

• Lucid to mass produce mid-size SUV in Saudi facility

• Under the a decree issued by interim President Ahmad Al-Sharaa, the minimum wage for government employees in Syria was raised to 750,000 Syrian pounds per month, or $75, from $25

• Saudi Arabia privatises eight cargo terminals

• Jordan to drill more wells to increase natural gas output

• Azizi Group, a leading Dubai-based conglomerate, on Tuesday announced the launch of Azizi Energy, a new venture focused on the development and delivery of power generation and energy infrastructure projects across emerging markets

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