Happy Thursday everyone!

Gold smashed $4,000 barrier for first time in history as investors piled into a historic rally in the safe haven to hedge against global economic and geopolitical uncertainties, while also betting on US interest rate cuts.

Meanwhile for our top stories: Cristiano Ronaldo has become the first footballer to join the billionaire club, driven by a record-breaking Saudi deal worth $200 million annually. In London, Revolut CEO Nik Storonsky is among a growing wave of wealthy founders relocating following the UK’s latest tax overhaul and has chosen UAE as his next home. Meanwhile, a new OECD report places UAE teachers at the forefront of global AI adoption in education, reflecting the country’s rapid integration of technology in classrooms.

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.

Markets

Cristiano Ronaldo Becomes First Football Billionaire, According to Bloomberg Billionaire Index

🔹 What Is It About

Cristiano Ronaldo has become the first footballer to reach billionaire status, according to the Bloomberg Billionaires Index. The 40-year-old star’s fortune surged to $1.4 billion after signing a contract extension with Saudi club Al-Nassr worth more than $400 million. This milestone caps a career spanning two decades across top European clubs, lucrative endorsements with brands like Nike and Armani, and major investments in real estate and businesses in Portugal.

🔹 Why It Matters

Ronaldo’s billionaire status underscores the shifting dynamics of global football economics, where Gulf states are offering unprecedented pay packages to attract top talent. His earnings far exceed those of long-time rival Lionel Messi and previous football legends. The deal also reflects Saudi Arabia’s strategy to use high-profile athletes to boost its global image, diversify its economy, and grow its domestic sports sector.

🔹 What’s Next

Ronaldo, the world’s most-followed person on Instagram, is expected to retire at Al-Nassr and expand his investments. His contract includes a 15% stake in the club, positioning him for a post-playing career as a team owner. With immense global influence and record-breaking earnings, he’s set to shape football’s commercial future long after his playing days end.

Revolut Billionaire CEO Nik Storonsky Joins Wave Of Wealthy Founders Leaving UK After Tax Overhaul

🔹 What Is It About

Revolut cofounder and CEO Nik Storonsky has officially shifted his residence from the U.K. to the UAE, according to recent corporate filings. The move comes months after Britain scrapped a 200-year-old tax break for non-domiciled residents. Storonsky, whose stake in Revolut is valued at $7.9 billion, is among the most high-profile entrepreneurs to relocate, joining other billionaires and investors leaving the country following the tax policy change.

🔹 Why It Matters

The end of the non-dom tax regime has triggered a notable outflow of ultra-wealthy individuals from the U.K., threatening London’s status as a financial hub. The policy shift was aimed at raising $3.6 billion in new tax revenue but has spurred moves abroad to low-tax jurisdictions like the UAE. Storonsky’s departure is particularly significant given Revolut’s standing as the U.K.’s most valuable startup, valued at around $65 billion.

🔹 What’s Next

Storonsky’s relocation aligns with Revolut’s growing UAE footprint, including a Dubai office and operating license. His ties to the Gulf are expected to deepen as the fintech explores a dual listing in London and New York. His move also underscores a broader trend of founders seeking favorable tax and business environments, potentially reshaping the global map of financial innovation and startup growth.

UAE Teachers Lead Global AI Adoption In Classrooms, OECD Report Finds

🔹 What Is It About

Teachers in the UAE are leading the world in adopting artificial intelligence in classrooms, according to the OECD’s annual Teaching and Learning International Survey. About 75% of UAE teachers use AI tools for their work—more than double the global average of one in three and on par only with Singapore. Educators most commonly use AI to summarise topics and create lesson plans, while the least common use is analyzing student performance data.

🔹 Why It Matters

The findings highlight how the UAE is outpacing many advanced economies—including France and Japan—in integrating AI into education. Around 90% of UAE teachers said AI helps improve lesson plans, compared to just 20% in some European countries. High adoption is also linked to strong professional training, aligning with the UAE’s national strategy to enhance education quality through advanced technology and teacher upskilling.

🔹 What’s Next

With the UAE rolling out a national AI curriculum and training 1,000 teachers, AI use in classrooms is expected to deepen further. The report also shows a growing global demand for professional development in AI use. As schools continue to embrace new technology, the UAE’s approach could serve as a model for other education systems seeking to modernize teaching and learning.

👨‍💻From Smashi Business’ Desk

• Uptown Dubai has officially sold out, DMCC Chairman announced.

• Saudi Arabia’s SSC Channels Go Off Air After Losing Football Rights to Thmanyah.

• Dubai-based Huda Beauty founder Huda Kattan condemned Israeli forces after reports of Greta Thunberg’s mistreatment in detention, calling them “sick people” in a strongly worded Instagram post.

• Vercel CEO Guillermo Rauch is facing backlash after posting a photo on X showing him meeting Israeli PM Benjamin Netanyahu, wanted for war crimes by the UN-backed ICC.

🔍In other news…

• Ford Motors gearing up to launch EV in the Saudi market

• Riyadh Season 2025 to open on October 10 with giant New York balloons, global parade

• Abu Dhabi's Multiply Group acquires majority stake in Gucci packaging provider ISEM

• Gold, diamonds tokens soon? DMCC, VARA look to tokenise commodities in Dubai

🏦 Crypto Corner

• Crypto data reveals UAE has mined bitcoins worth $700m

• 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. Subscribe to it here to get the weekly updates from the world of digital assets.

Latest from the Smashi Business Studio

Were you forwarded this email? Subscribe here