Happy Wednesday everyone!

Saudi Arabia has launched a tender for a 130-metre sports tower in Riyadh, part of its $23 billion Sports Boulevard initiative to reshape urban life through culture, wellness, and green spaces. Meanwhile in Dubai, Sarwa co-founder Mark Chahwan responded to Robinhood’s market entry, stressing that focus and sustainability — not global competition — are the real battleground for fintechs. Across the Atlantic, Qatar Airways announced it will open its first exclusive US lounge at JFK’s new Terminal One, offering premium amenities as part of New York’s $19 billion airport redevelopment.

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Saudi Arabia Unveils Tender For World’s Tallest Sports Tower In Riyadh

🔹 What Is It About

Saudi Arabia has launched a tender to build a 130-metre “sports tower” in Riyadh, featuring 30 sports facilities, including a 98-metre indoor climbing wall—the tallest globally—and a 250-metre elevated running track. The 84,000-square-metre structure will be part of the Athletics District, designed with green pedestrian, cycling, and equestrian paths, forming a key hub for sport, art, and culture in the city.

🔹 Why It Matters

The project is a major component of the $23 billion Sports Boulevard initiative, aimed at enhancing Riyadh’s livability and wellness. Alongside King Salman Park, Green Riyadh, and Riyadh Art, the tower supports Vision 2030 goals by expanding green spaces, promoting active lifestyles, and boosting tourism. Its iconic design is expected to position Riyadh as a global hub for sports and recreation.

🔹 What’s Next

Tender submissions for the sports tower are open until September 30, 2025. Construction plans will follow the selection of developers, with the project contributing to the broader 135-kilometre Sports Boulevard corridor. With the first 83 kilometres of the district already complete, the tower marks the next milestone in Riyadh’s transformation into a city that blends sport, culture, and urban sustainability.

Markets

Sarwa Co-Founder Responds To Robinhood’s Dubai Push: “The Real Competition Is Staying Focused”

🔹 What Is It About

Robinhood has applied for a Category 4 license with Dubai’s financial regulator, marking its first step into the MENA region. The move has sparked reactions across the fintech scene. Sarwa’s co-founder and CEO, Mark Chahwan, weighed in, saying the real challenge isn’t global entrants but how companies manage time, risk, emotions, and costs. “Most companies don’t die from homicide, they die from suicide,” he noted.

🔹 Why It Matters

Chahwan argues Sarwa has an advantage because it was born in the region, not parachuted in. “Sarwa was never a side bet on MENA. This is home,” he said. With a focus on profitability, customer trust, and building real wealth for investors, he believes Sarwa can withstand global players arriving with splashy marketing but little local grounding. For him, the priority remains sustainable growth and long-term survival over quick wins.

🔹 What’s Next

Robinhood will be entering a market already crowded with regional players like Egypt’s Thndr, Saudi-based Wahed, and UAE’s Equiti, Baraka, and Wio. Each brings different strengths—from commission-free trading to global stock access. The question is whether Robinhood’s brand power will translate into regional loyalty, or if local focus and adaptability will give homegrown fintechs the edge.

Qatar Airways To Open First Exclusive US Lounge At JFK

🔹 What Is It About

Qatar Airways will debut its first exclusive U.S. lounge at JFK Airport’s new Terminal One, spanning 15,000 square feet. The lounge will offer business class passengers VIP check-in, direct gate access, prayer rooms, and duty-free shopping. The Doha-based airline plans to move its JFK operations from Terminal 8 to Terminal One in 2026, marking a major upgrade in its U.S. presence.

🔹 Why It Matters

The lounge is part of JFK’s $19 billion redevelopment under the Port Authority of New York and New Jersey. Terminal One’s overhaul aims to modernize international travel, adding 23 gates and becoming the airport’s largest terminal. Hosting carriers like Air France, Korean Air, and Royal Air Maroc, it will enhance passenger experience and strengthen New York’s position as a global aviation hub.

🔹 What’s Next

The new 2.6 million square-foot Terminal One will open its first phase in 2026, with full completion expected by 2030. The wider redevelopment includes two new terminals, expanded existing terminals, a new transportation center, and upgraded roadways, setting the stage for Qatar Airways’ lounge and operations to fully integrate into the revamped international hub.

👨‍💻From Smashi Business’ Desk

• Dreamers: From handling deliveries himself to shaping the MENA startup ecosystem: Meet Fadi Ghandour, founder of Aramex and Wamda Capital.

• Shark Tank is coming to Lebanon and LBCI has announced the investor panel for the show’s first season, featuring some of the country’s most influential business leaders.

• Emirati billionaire Khalaf Alhabtoor celebrated Lindt’s “Dubai Style Chocolate”

🔍In other news…

• Saudi Arabia’s Capital Market Authority (CMA), which regulates the country’s stock exchange, has tweaked foreign-ownership rules for listed companies although the changes seem largely cosmetic at a time when long-term interest among non-domestic investors remains muted.

• The Abu Dhabi Chamber of Commerce and Industry reported a 10 percent year-on-year increase in certificates of origin issued between June 2024 and June 2025, as exports by local companies increased.

• Egypt’s average hotel occupancy rates have reportedly surpassed 80 percent, supported by a 23 percent year-on-year rise in tourist arrivals since January 2025.

• Chinese technology firm Lenovo Group has announced plans to set up a regional headquarters in Saudi Arabia to strengthen its footprint across the Middle East. 

• Dubai travellers tell of days in limbo due to Air Canada strikes

• Dubai is now in the top 10 bucket list destinations for solo travellers

🏦 Crypto Corner

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• 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.

We are launching a Smashi Crypto newsletter in September 2025! Subscribe to it here to get the weekly updates from the world of digital assets.

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