Happy Sunday everyone!

For our main stories: UN Secretary-General António Guterres has condemned the US-backed Gaza aid operation as “inherently unsafe” and “killing people,” intensifying scrutiny on Western-led efforts in the region. Meanwhile, the UAE’s G42 and Saudi Arabia’s Diriyah have been named among Time magazine’s 100 Most Influential Companies for 2025 — a first for a UAE firm. And in a sign of the UK’s waning appeal to the ultra-wealthy, shipping tycoon John Fredriksen has relocated to Dubai, following the Labour government’s move to scrap the non-dom tax regime.

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.

UN Chief Blasts US-Backed Gaza Aid Operation: “It Is Killing People”

🔹 What Is It About

• United Nations Secretary-General António Guterres delivered a damning statement on Friday, calling the US-backed Gaza Humanitarian Foundation (GHF) aid effort “inherently unsafe” and accusing it of “killing people.”

• He said UN-led humanitarian work is being “strangled,” with aid workers themselves starving as Israeli restrictions persist.

• Médecins Sans Frontières (MSF) labeled the operation a “slaughter masquerading as humanitarian aid,” calling for an end to Israel’s siege on Gaza.

• The aid initiative, which began in late May, is jointly backed by the U.S. and Israel and executed by Safe Reach Solutions (SRS)—a firm run by ex-CIA officer Phil Reilly and tied to Chicago-based McNally Capital.

• According to Reuters, the U.S. has granted $30 million to GHF, bypassing standard USAID audit checkstypically required for first-time recipients.

• The Gaza Health Ministry reports over 56,000 Palestinians killed and 132,000 injured since October 7, with dozens dying daily—many while attempting to access food.

🔹 Why It Matters

• Guterres’ remarks mark one of the strongest condemnations yet of Western-backed aid efforts in Gaza, raising global concerns over militarized and privatized humanitarian delivery.

• The involvement of ex-intelligence and military contractors like Safe Reach Solutions has led humanitarian groups to accuse the operation of turning aid zones into death traps.

• GHF’s structure and funding have prompted transparency and accountability concerns, particularly given its links to private equity and lack of UN coordination.

• The Israeli military is now investigating allegations of troops firing on civilians gathering for food—one of the most severe war crimes accusations since the conflict began.

🔹 What’s Next

• Legal pressure is mounting: Authorities in Geneva have warned GHF’s Swiss affiliate to correct compliance issues or face possible legal action.

• The U.S. State Department may face further scrutiny over bypassing audit protocols for the $30M funding to GHF.

• UN officials and international NGOs are pushing for a return to neutral, UN-led humanitarian access to Gaza, demanding Israel lift its blockade.

• Ongoing investigations—both from the Israeli military and international watchdogs—could trigger political fallout in Washington, Tel Aviv, and Geneva.

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Markets

UAE’s G42 And Saudi’s Diriyah Named Among Time’s 100 Most Influential Companies Of 2025

🔹 What Is It About

• G42, the UAE-based AI powerhouse, and Diriyah Company, Saudi Arabia’s $63.2 billion cultural development project, have been named among Time magazine’s 100 Most Influential Companies of 2025.

• It marks the first time a UAE company has made it to the prestigious list.

• Time selected companies based on their impact, innovation, and success, sourcing insights from contributors, correspondents, and outside experts.

• Global names like Nintendo, BlackRock, ByteDance, BYD, SoftBank, LinkedIn, Hyundai, and Alibaba were also featured.

🔹 Why It Matters

• G42’s inclusion signals the UAE’s arrival on the global AI stage, following major partnerships with Microsoft, OpenAI, Oracle, and Nvidia, and plans to build the world’s largest AI infrastructure outside the US.

• The Microsoft-G42 deal involved a $1.5B investment and a $1B developer fund to scale regional tech talent.

• G42’s rapid global expansion includes new arms in Europe, UK, Kenya, and the US, as well as partnerships with France’s Mistral AI and Italy’s iGenius for supercomputing.

• Diriyah’s recognition underlines Saudi Arabia’s evolving global influence through Vision 2030. The project blends heritage preservation with smart, sustainable urban development to support 100,000 future residents.

• The list reflects the Middle East’s growing weight in global innovation, sustainability, and technology narratives.

🔹 What’s Next

• G42 is poised to operationalize “Stargate UAE,” a one-gigawatt AI cluster within the newly launched UAE–US AI Campus—projected to be the largest AI computing center outside the US.

• Diriyah Company will continue building its mixed-use cultural city, with global eyes watching as it shapes a new urban model in the Gulf.

• The recognition may pave the way for more MENA companies to gain global prominence in AI, urban development, and sustainability.

• As the region’s influence in tech and infrastructure grows, investors and governments worldwide may look to the UAE and Saudi Arabia as AI and development power centers.

UK Billionaire John Fredriksen Flees to Dubai as Labour Scraps Tax Breaks for the Wealthy

🔹 What Is It About

• John Fredriksen, the UK’s ninth-richest man, has shifted major parts of his $10B shipping empire from London to the UAE, citing the end of Britain’s non-dom tax regime as the main trigger.

• Fredriksen’s move follows the quiet closure of his Seatankers Management office in London and signals a broader wealth exodus from the UK.

• British media mogul Richard Desmond also obtained a Dubai golden visa in 2024, saying the move was for “lifestyle” and business environment reasons amid growing dissatisfaction with British politics.

🔹 Why It Matters

• The non-dom tax status, which allowed foreign nationals to shelter overseas income from UK taxation, ended in April 2025. Critics call the shift a “tax raid” on global elites.

• Experts warn that the Labour government’s policies could undermine London’s appeal as a global financial hub and deter foreign investment.

• The UAE is emerging as a top destination for global wealth, offering favourable tax laws, long-term visas, and a business-friendly environment.

• According to Henley & Partners, 16,500 millionaires are expected to leave the UK this year alone, the largest wealth outflow globally in 2025.

🔹 What’s Next

• The UAE’s appeal as a haven for HNWIs (high-net-worth individuals) is expected to grow, especially with wealthy individuals from the UK, Russia, India, and Southeast Asia.

• Fredriksen’s shift may inspire other ultra-wealthy individuals to relocate headquarters or citizenship to low-tax jurisdictions.

• The Labour government may face pressure from business leaders and investors over its wealth-targeting tax reforms.

• Dubai’s role as a wealth magnet and investment base is set to strengthen, potentially reshaping global financial power centers away from traditional Western capitals.

🔍From Smashi Business’ Desk

• American journalist-turned-social media personality Candace Owens Says She’s Being Targeted with Smear Campaign Over Her Criticism of Israel

• Dubai-based House of Pops responded after an e-commerce partner added sugary drinks to customer orders — without consent.

• Abeer Alessa, Saudi co-founder of The Bold Group, shared a defining early-career moment — pitching her very first major project to Saudi billionaire Prince Al Waleed bin Talal.

• 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…

• G42 concludes Supercharged 2025 in Abu Dhabi

• UAE-based fund invests $100m in Trump's crypto project

• 'We don't want another Hiroshima': Japanese shift to action after Israel's strikes on Iran and Gaza war

• “We had to choose — either pay the deposit on our home, or launch Fix. We chose Fix,” FIX Chocolate founder tells Gulf News.

• UAE Overtakes Saudi Arabia in Project Awards as Kingdom Eases Up

• Sheikh Mohammed: UAE among top 7 global destinations in international tourist spending

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