- Smashi Business
- Posts
- Al-Kholood Scraps Muzz Deal; Binance’s CZ Tops UAE Rich List; Aman CEO to Exit After Losses
Al-Kholood Scraps Muzz Deal; Binance’s CZ Tops UAE Rich List; Aman CEO to Exit After Losses
In partnership with
Sunday, December 28, 2025
Happy Sunday everyone!
Saudi Pro League club Al-Kholood cancelled a proposed sponsorship with Muslim dating app Muzz after Saudi social media backlash, triggered by a matchday graphic before the Al-Taawoun game; owner Ben Harburg apologised, saying it was misaligned with community values and that “we had not even signed a contract.” Changpeng Zhao (CZ) was named the UAE’s richest expatriate by Forbes with an estimated $78.8 billion net worth, crediting Dubai’s rapid evolution from “a handful” of crypto firms in 2021 to thousands today. Meanwhile, Dubai Islamic Insurance and Reinsurance Co (Aman) said CEO Rachad Diab will step down on March 31, 2026, as the insurer reported AED 195 million ($53 million) in accumulated losses, equal to 86% of paid-up capital, despite stronger conditions across the wider UAE insurance market.
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.
Clear communicators aren't lucky. They have a system.
Here's an uncomfortable truth: your readers give you about 26 seconds.
Smart Brevity is the methodology born in the Axios newsroom — rooted in deep respect for people's time and attention. It works just as well for internal comms, executive updates, and change management as it does for news.
We've bundled six free resources — checklists, workbooks, and more — so you can start applying it immediately.
The goal isn't shorter. It's clearer. And clearer gets results.
Markets
EGX 30 | 41,243.47 | Closed |
DFMGI | 6,134.23 | Closed |
ADX | 10,032.86 | Closed |
Tadawul | 10,519.26 | Closed |
Saudi Club Al-Kholood Scraps Muzz Sponsorship After Fan Backlash
What’s it About?
Saudi Pro League club Al-Kholood cancelled a proposed sponsorship with Muslim dating app Muzz after widespread backlash on Saudi social media. The controversy began when the club posted a matchday graphic ahead of its game against Al-Taawoun listing Muzz as a sponsor. Club owner Ben Harburg apologised publicly, saying the sponsorship “was not aligned in the desired manner with our community’s values and our audience’s aspirations.” He added: “We had not even signed a contract. The whole event ended before it started.”
Why it Matters?
The incident comes as Saudi Arabia accelerates sports privatization. Harburg became the first foreign owner of a Saudi Pro League club in mid-2025, part of a broader push led by the $1.15 trillion Public Investment Fund. Harburg is managing partner at MSA Capital (Novo Capital), a $2 billion Beijing-based investment firm backed by PIF, highlighting how sovereign capital and foreign ownership now intersect with local cultural expectations.
What’s Next?
As Saudi football attracts more international investors, commercial partnerships will face tighter scrutiny from fans with outsized influence online. Al-Kholood’s rapid reversal signals a clear lesson: success in Saudi sports is no longer just about capital or growth projections — cultural alignment is now a core operating requirement.
Crypto Billionaire CZ Named Richest Expat in the UAE by Forbes
What’s it About?
Changpeng Zhao, widely known as CZ, has been named the UAE’s richest expatriate by Forbes, with an estimated net worth of $78.8 billion. The Binance co-founder credited Dubai’s rapid transformation, saying that when he arrived in 2021, the city had “only a handful of crypto companies,” a figure that has since grown into thousands, cementing the UAE as a global digital-asset hub.
Why it Matters?
CZ’s rise underscores how the UAE has positioned itself as a magnet for crypto capital, pairing regulatory clarity with state-backed investment. That momentum was reinforced when Abu Dhabi-backed MGX invested $2 billion in Binance. MGX recently also made headlines for acquiring a 15% stake in TikTok’s US operations, signaling how sovereign capital is increasingly shaping global tech and finance flows.
What’s Next?
Forbes’ list shows the trend extending beyond crypto. Other billionaires now based in the UAE include Nik Storonsky of Revolut and Pavel Durov of Telegram. As more ultra-wealthy founders relocate, watch for deeper institutional investment, tighter regulation, and the UAE’s growing influence over the future architecture of global finance.
CEO Exit Exposes Fault Lines at Loss-Making Dubai Insurer Aman
What’s it About?
The chief executive of Dubai Islamic Insurance and Reinsurance Co, known as Aman, has resigned as the company continues to post heavy losses. Rachad Diab will step down on March 31, 2026, citing personal reasons, according to a filing on the Dubai Financial Market. He will remain during the notice period to ensure continuity, with no successor yet named. Aman reported accumulated losses exceeding AED 195 million ($53 million) in its Q3 2025 results, equivalent to 86 percent of paid-up capital, underscoring persistent financial strain despite a stronger market backdrop.
Why it Matters?
S&P Global Ratings expects listed UAE insurers’ revenues to grow 10 to 15 percent in 2026, following an estimated 15 to 20 percent rise this year. Aman’s struggles stand out against that momentum, raising questions about execution, capital adequacy, and turnaround strategy at weaker players.
What’s Next?
Investors will be watching for management succession, restructuring plans, and potential capital support. Despite the challenges, Aman’s shares rose 15 percent on Friday and are up 4.55 percent year-to-date, suggesting markets may be betting on change. The key test now is whether new leadership can stabilise losses as sector growth normalises but remains robust.
🦄 World of Startups
MoneyHash and WalaOne Partner to Streamline Loyalty Integration in Saudi Arabia
Abu Dhabi Partners with Primavera Capital to Boost Global Investment Hub Status
Abu Dhabi Partners with SIEF to Boost Cross-Regional Investment Opportunities
SPARK Expands Global Reach with Russia–UAE Innovation Pact
Fawry Launches Holding Company to Power Expansion in Egypt’s Fintech Sector
HSBC and Presight Forge AI Partnership to Revolutionise Banking in UAE
👨💻From Smashi Business’ Desk
Meet Fatma and Annei Ali, the British sisters behind Curls Fusion, a Dubai-based e-commerce platform.
The RTA just launched a pilot program using DRONES to clean traffic signals across the city.
Kalshi Founder Tarek Mansour Says Media Distrust Is Fueling the Rise of Prediction Markets
Supercar Blondie Sells Emirates Hills Villa for AED 88M, Setting New Price Record
🔍In other news…
Michael Chalhoub on Taking Over the Family Business: ‘My Grandparents Built This to Make a Small Living,’ He Tells The National
Jordan Unveils Plans for Second City Near Amra Green Town
Qatar Investment Authority Backs $7.4 Billion Janus Henderson Takeover
Lebanon Moves Forward on Law to Unlock Frozen Bank Deposits
