Happy Tuesday everyone!

Wizz Air is pulling out of Abu Dhabi after six years, citing geopolitical instability and limited market access, shifting focus back to its profitable European operations. Meanwhile, Hong Kong-based Crystal Martin is set to invest heavily in Egypt’s textile sector, aiming to build a large garment factory with 4,000 jobs under the country’s Free Zones framework. In Saudi Arabia, Chinese EV giant BYD plans to open ten showrooms by 2026, ramping up competition as Tesla enters the market, reflecting the kingdom’s push to become a regional electric vehicle hub.

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Wizz Air Exits Abu Dhabi After Six Years Amid Regional Headwinds

🔹 What Is It About

Wizz Air has announced it will shut down its Abu Dhabi operations by September 1, 2025, ending a six-year run in the Gulf. The London-listed budget airline said it will now refocus entirely on its core and more profitable European market. The decision comes as the carrier struggles with limited market access, regional geopolitical tensions, and operational challenges specific to the Middle East environment.

🔹 Why It Matters

The exit marks a setback for the UAE’s ambitions to become a hub for budget travel and aviation diversification. Repeated airspace closures, high heat affecting engine performance, and regulatory hurdles limited Wizz Air’s ability to expand in the region. Additionally, the company has been grappling with grounded aircraft due to Pratt & Whitney engine issues, with its share price dropping 62% over two years.

🔹 What’s Next

Wizz Air will begin contacting affected customers regarding refunds and flight cancellations. CEO Jozsef Varadi called the decision difficult but necessary given ongoing supply chain and geopolitical pressures. The airline now plans to consolidate operations across key European markets like Britain, Italy, and Austria, where demand and profitability remain strong.

Markets

Levi’s Adidas and Nike Manufacturer Crystal Martin Eyes Egypt for Major Garment Factory

🔹 What Is It About

Hong Kong-based Crystal Martin Group is exploring plans to build a large-scale textiles and ready-made garments factory in Egypt, aiming to localize production and tap into Egypt’s growing appeal as a manufacturing hub. The $2.5 billion-revenue group plans to establish the facility under Egypt’s Free Zones system, creating 4,000 jobs on a 1.5 million sqm site, with 60–70% local component integration and export-oriented production.

🔹 Why It Matters

Egypt is positioning itself as a leading Mediterranean hub for textile manufacturing and trade. Improved infrastructure, competitive production costs, skilled labor, and incentives like the Golden License are attracting global players. GAFI and TEC leaders highlighted the country’s readiness and efforts to localize global textile value chains, especially as major brands look to diversify away from Asia and closer to key export markets like the EU and U.S.

🔹 What’s Next

Crystal Martin aims to begin production within two years, with applications underway for the Golden License to fast-track setup. The factory will serve global brands including Levi’s, Adidas, and Nike, reinforcing Egypt’s growing status as a re-export center. Production zones in Minya, New Alamein, and SCZone are also seeing fresh investments, signaling broader momentum in the sector.

China’s BYD Aims for 10 Saudi Showrooms by 2026 in Race Against New Entrant Tesla

🔹 What Is It About

Chinese EV giant BYD is stepping up its Saudi Arabia strategy, planning to expand from three to ten showrooms by mid-2026. The company aims to sell over 5,000 vehicles this year, signaling a serious push in a market traditionally dominated by gasoline cars. “Saudi is a complex market. You need to go fast. You need to think big,” Jerome Saigot, BYD’s managing director for Saudi Arabia, was quoted as saying by Bloomberg.

🔹 Why It Matters

Saudi Arabia is positioning itself as a future EV hub through investments by the Public Investment Fund in Lucid Motors, local brand Ceer, and EV infrastructure. While EVs make up just 1% of total car sales in the kingdom, BYD sees Tesla’s entry as a net positive. “The more Tesla communicates on marketing, the better it is for us,” Saigot said. BYD also recently overtook Tesla in EV sales in Europe, intensifying global competition.

🔹 What’s Next

BYD is betting on Saudi Arabia’s transformation and wants a bigger slice of the early market. “We are not here to stay at five or ten thousand cars a year,” Saigot emphasized. With rising awareness, improving infrastructure, and government backing, BYD is laying the groundwork to become a dominant player in the region’s EV future.

👨‍💻From Smashi Business’ Desk

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🔍In other news…

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• Saudi PIF rises to 4th among sovereign wealth funds as assets surpass $1 trillion.

• UAE’s Presight helps Kazakhstan develop supercomputer

• Majid Al-Futtaim enters Kuwait following housing reforms

• Saudi PIF expected to invest in Musk’s xAI

🏦Crypto Corner

• Bitcoin just hit a new all-time high: $122,000

• 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

• Bitcoin Miner Tied to Trump Sons Plans Dubai Crypto Trading Team

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