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Private banking expansions, executive changes in digital assets, and sovereign gaming acquisitions lead regional business developments. Arab Bank Switzerland secured regulatory approval to open an Abu Dhabi Global Market (ADGM) office advising wealthy clients and institutions on digital assets. Meanwhile, Abu Dhabi-based Binance Chief Financial Officer Kaiser Ng stepped down days after a $6.3 billion cyber theft, replaced by former Airwallex executive Justin Yek. In international gaming, Saudi Arabia’s Public Investment Fund (PIF) and private equity firm Silver Lake held talks regarding a potential $25 billion acquisition of gaming software maker Unity.

Markets

Arab Bank Switzerland Opens ADGM Office to Advise Wealthy Clients on Digital Assets

🔹 What Is It About 

Swiss private lender Arab Bank Switzerland secured final regulatory approval to launch its regional subsidiary, Arab Bank Switzerland ME Ltd, inside the Abu Dhabi Global Market. Led by newly appointed Chief Executive Officer Valérie Noël, who brings three decades of market experience, the entity will advise regional institutions, fintech platforms, and family offices on holding, trading, and managing digital assets. The Geneva-based institution was the first FINMA-regulated private bank to offer cryptocurrency custody and trading in 2019, later expanding into digital lending and staking services.

• Securing ADGM Approval: Arab Bank Switzerland ME received operating clearance to provide digital asset advisory services in Abu Dhabi.

• Appointing Seasoned Leadership: Valérie Noël took the helm as CEO following thirty years across wealth management and trading.

🔹 Why It Matters 

Setting up regulated digital wealth advisory desks connects traditional European private banking with the Gulf’s expanding digital asset capital pools. Bringing Swiss compliance standards into the ADGM framework reassures institutional clients seeking regulated custody and transaction channels. Expanding licensed foreign banking operations reinforces Abu Dhabi’s standing as an international destination for wealth management and digital financial services.

• Attracting Institutional Wealth: Providing regulated crypto custody draws conservative family offices into digital investments.

• Strengthening Capital Frameworks: Deploying Swiss compliance models reinforces ADGM's standing as an international financial center.

🔹 What’s Next 

Wealth managers at the ADGM office will onboard regional corporate treasuries and high-net-worth investors looking to allocate capital into digital tokens. Compliance teams will monitor regulatory updates from UAE financial watchdogs to introduce structured digital yield products.

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Binance CFO Kaiser Ng Resigns Following $6.3 Billion Security Breach

🔹 What Is It About 

Abu Dhabi-based Binance Chief Financial Officer Kaiser Ng resigned after more than five years with the company, stepping aside shortly after attackers took $6.3 billion in digital currencies from the platform. While Binance stated Ng’s departure had been in preparation for six months, the transition arrives as the exchange handles the aftermath of an attack the FBI attributed to North Korean state-backed hackers. Former Airwallex vice president of finance Justin Yek will take over as CFO, overseeing financial management as the exchange prepares full customer reimbursements.

• Stepping Down as CFO: Kaiser Ng resigned from his leadership post after heading Binance's financial division since 2022.

• Appointing Financial Successor: Longtime finance leader Justin Yek took charge of corporate finances following executive roles at Airwallex.

🔹 Why It Matters 

Leadership transitions following multi-billion-dollar security incidents test corporate stability and communication during crisis recovery. Sponsoring a full customer reimbursement protects Binance’s market standing as the world's primary crypto exchange, supported by its $2 billion backing from Abu Dhabi investment firm MGX. Demonstrating financial stability through executive handovers reassures international regulators who licensed the exchange’s global headquarters in ADGM.

• Maintaining Market Solvency: Covering $6.3 billion in customer losses highlights the scale of Binance's balance sheet reserves.

🔹 What’s Next 

Justin Yek will direct corporate treasury allocations to complete customer balance restorations and clear outstanding withdrawal backlogs. Security teams and federal authorities will continue tracing stolen cryptocurrency movements through decentralized exchange protocols.

• Managing Fund Restitution: Finance teams will disburse reserve funds to replenish affected customer accounts.

Saudi Arabia PIF and Silver Lake Consider $25 Billion Takeover of Gaming Software Maker Unity

🔹 What Is It About 

Saudi Arabia’s Public Investment Fund (PIF) and technology investment manager Silver Lake held discussions to explore a potential acquisition of US video game software firm Unity. Preliminary talks evaluated buying the company around a $25 billion valuation before recent quarterly earnings boosted Unity’s public market capitalization to roughly $21.5 billion. Unity produces the core graphics engine and development software behind popular mobile games like Pokémon Go and Monopoly Go!, alongside 3D design tools used in industrial design and film production.

• Evaluating $25B Valuation: The investor consortium weighed take-private offers valuing the game engine developer near $25 billion.

• Reviewing Strategic Options: Unity hired an investment bank to review acquisition proposals following solid financial results.

🔹 Why It Matters 

Acquiring the development tools behind thousands of mobile and PC games shifts Saudi sovereign gaming strategy from owning video game titles to controlling foundational software infrastructure. Unity’s 3D real-time rendering tools support commercial applications well beyond video games, including virtual architecture, automotive engineering, and animation. Expanding ownership of entertainment software advances the Kingdom’s Vision 2030 objective to build an international digital media and gaming hub in Riyadh.

• Owning Core Software: Acquiring Unity gives investors control over foundational software that runs thousands of global games.

• Expanding Enterprise Applications: Unity's 3D engines support commercial modeling across automotive, engineering, and architecture sectors.

🔹 What’s Next 

Unity’s corporate board and financial advisers will evaluate the proposal against standalone growth forecasts following its recent earnings beat. PIF and Silver Lake will determine whether to submit a formal takeover offer or revise acquisition terms.

• Evaluating Formal Bids: Unity's board will weigh private equity offers against its ongoing public trading valuation.

👨‍💻From Smashi Business’ Desk

• Qatar Investment Authority (QIA) CEO Mohammed Saif Al-Sowaidi has publicly addressed the sovereign wealth fund’s participation in the $110 billion Skydance-Paramount-Warner Bros. Discovery deal for the first time.⁠

• Egyptian-American creator Kareem, the man behind viral interview series @subwaytakes, has been named one of just 25 winners of the 2026 Instagram Rings Awards.

• A $12 chicken sandwich has sparked a debate over wealth and inequality in Lebanon.

• An Islamic brokerage founder says Anthropic wouldn’t make the cut on his app.

• An Emirati AI company has outperformed Microsoft, ElevenLabs, Google and OpenAI in Arabic speech recognition accuracy.

🔍In other news…

• Karen Wazen Collection Just Expanded to Egypt With Two New Stores

• Saudi's PIF, Silver Lake have held recent talks to buy gaming software provider Unity, sources say

• U.S. Offers $20 Million Reward for Iran Nuclear Secrets

• GCC rejects US claim Hormuz could become ‘worthless’

• Aramco's Q3 profit rises by a third despite attacks

• Saudi Arabia Pushes Ahead With IPO Rule Changes Despite Banker Warnings

• Dubai's Emaar plans offer to buy out construction arm in $3.4 billion deal

• US President Donald Trump says Washington will stop giving Israel $4 billion annually after this year

• UN shipping chief criticises huge payouts for crews risking Hormuz

🦄 World of Startups

• NoorNation: Egypt-based cleantech startup NoorNation raised $1.05 million in seed funding from Linah Farms, Catalyst Fund and KBW Ventures to expand its solar-powered irrigation and desalination solutions.

• Silkhaus: UAE-based short-term rental startup Silkhaus is winding down its holiday-home business in the country, with owner agreements set to end on November 11, 2026.

• MNT-Halan: Egyptian fintech MNT-Halan received a $71.2 million capital injection from its parent company, MNT Investments BV, increasing the parent’s stake to 80.47% shortly after the fintech’s $139.5 million IPO.

• Alpha Dhabi: UAE-based Alpha Dhabi Holding committed $1 billion to Alpha Wave III, a global investment fund managed by Alpha Wave Global that focuses on high-growth companies, with AI at its core.

• Mubadala Capital: UAE-based Mubadala Capital secured a minority equity investment from US asset manager Apollo Global Management, which manages $1.05 trillion in assets, with the investment value undisclosed.

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