Happy Thursday everyone!

Starting with an accolade, Abu Dhabi and Dubai are now the most tax-friendly cities in the world at numbers 1 and 2, respectively.

For our top stories: The UK has officially approved Abu Dhabi’s 15% stake in The Telegraph, allowing RedBird Capital’s acquisition to proceed after a two-year regulatory standoff. In the UAE, RAK Tourism Development Authority CEO Raki Phillips will step down in October to become Accor’s regional president for the Middle East, Africa, and Turkey. Meanwhile, billionaire shipping tycoon John Fredriksen has listed The Old Rectory, his Chelsea mansion, following his previously announced move to the UAE — part of a broader trend of high-net-worth individuals leaving the UK amid recent tax reforms.

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.

UK Clears Abu Dhabi’s 15% Stake In Telegraph, Ending Two-Year Ownership Dispute

🔹 What Is It About

The UK House of Lords has approved legislation allowing Abu Dhabi to retain a 15% minority stake in The Telegraph, as part of RedBird Capital Partners’ majority acquisition of the newspaper. This clears the way for the long-delayed deal, after a previous joint bid with Abu Dhabi’s IMI was blocked due to foreign ownership rules.

🔹 Why It Matters

The decision marks the end of a two-year standoff over foreign influence in UK media. A rare “fatal motion” by Liberal Democrat peers to block the bill failed, signaling growing political acceptance of strategic minority foreign stakes—particularly from Gulf partners—in legacy British assets.

🔹 What’s Next

With parliamentary hurdles now behind it, RedBird Capital plans to “move quickly” to finalize the deal. The acquisition still faces a public interest test, but the approval significantly boosts its momentum and sets a precedent for similar Gulf-backed investments in UK media.

Markets

RAK Tourism CEO Raki Phillips to Exit, Joins Accor as Regional President: Skift Report

🔹 What Is It About

Raki Phillips will step down as CEO of Ras Al Khaimah Tourism Development Authority (RAKTDA) in October and take on a new role as Accor’s regional president for premium, midscale, and economy brands across the Middle East, Africa, and Turkey, Skift reported exclusively. He starts in November, overseeing 250+ hotels in 27 countries from Accor’s Dubai HQ.

🔹 Why It Matters

Phillips helped transform Ras Al Khaimah into a rising tourism hub, licensing 60+ hotels, growing a pipeline of 15,000 keys, and securing the UAE’s largest-ever FDI: Wynn’s $5.4B gaming resort. His return to Accor positions the hotel giant to accelerate growth with a proven regional leader at the helm.

🔹 What’s Next

Phillips’ departure comes as RAK aims for 3.5 million annual visitors by 2030. His successor will inherit a booming pipeline, including major openings on Al Marjan Island. At Accor, Phillips will lead expansion in one of the world’s most competitive hospitality markets and report directly to group leadership in the region.

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John Fredriksen Lists Chelsea’s Old Rectory After Confirming UK Exit for UAE

🔹 What Is It About

Shipping billionaire John Fredriksen is preparing to sell The Old Rectory, his 30,000-square-foot estate in Chelsea, one of London’s most expensive private homes. Discreet viewings are underway, and domestic staff have reportedly been let go, signaling the final chapter of Fredriksen’s UK presence.

🔹 Why It Matters

The move follows Fredriksen’s recent confirmation that he’s relocating to the UAE, citing the UK’s scrapping of non-dom tax rules. The Old Rectory, with 10 bedrooms and the third-largest private garden in London, could fetch over $100 million in today’s market.

🔹 What’s Next

As the ultra-wealthy continue to flee Britain amid tightening tax rules, trophy assets like The Old Rectory may hit the market more frequently. Fredriksen’s exit adds to a growing list of billionaires—including Nassef Sawiris—quietly divesting from the UK’s high-end real estate.

👨‍💻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…

• Microsoft hack affected a smaller number of victims in several regions, including the Middle East

• Qatar spent around $300 billion on stadiums, hotels, roads and a new metro in Doha in the run up to the 2022 World Cup, and can use it to host 2036 Olympics

• Saudi delegation arrives in Syria ahead of expected $4bn trade deals signings

• 6 Out of 10 Buyers Expect UAE Property Prices to Rise or Stay the Same

• Travel bookings recovering after airspace closure during Israel-Iran conflict, says Gulf Air boss

• Smart glasses users in the UAE face legal blind spot: Experts tell AGBI

• Will UAE, Saudi professionals take salary cuts for AI upskilling? Most of them say yes!

• Wio Invest, the UAE-based digital investment platform backed by ADQ, has surpassed $1 billion in Assets Under Administration

🏦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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