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- Dubai Tops New York; Dubai's AIR Hookah Eyes SPAC Listing; UK, EU to Lift Sharaa Sanctions
Dubai Tops New York; Dubai's AIR Hookah Eyes SPAC Listing; UK, EU to Lift Sharaa Sanctions
Friday, November 7, 2025
Happy Friday everyone!
Dubai has overtaken New York as the world’s top destination for high-net-worth individuals, thanks to its tax advantages, security, and family-friendly infrastructure. Meanwhile, Dubai-based AIR, the maker of Al Fakher hookahs, is set to go public in the U.S. through a $1.75 billion SPAC merger with Cantor Fitzgerald, aiming to expand its footprint in the American market. On the geopolitical front, the U.K. has lifted sanctions on Syrian President Ahmad al-Sharaa, with the EU expected to follow, ahead of his upcoming meeting with U.S. President Donald Trump.
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Dubai Tops New York As The World’s Leading Destination For The Global Elite
What It’s About?
Dubai has surpassed New York to become the top city for high-net-worth individuals, according to a new ranking by Savills Plc. The emirate’s appeal lies in its tax-free advantages, safety, family infrastructure, and world-class amenities. The report highlights that Dubai now hosts the highest number of international schools globally — a reflection of the growing influx of wealthy families relocating to the city.
Why It Matters?
The findings underscore Dubai’s transformation into a global magnet for the rich, fueled by its zero inheritance, capital gains, and wealth taxes. The UAE’s golden visa program, offering 10-year residency for investors, has further boosted its allure. As wealth rebounds globally, cities with pro-business environments and geopolitical stability — such as Dubai and New York — are winning over the world’s elite.
What’s Next?
Savills notes a shift away from traditional financial hubs like London toward tech-enabled, low-tax cities. With Asia-Pacific’s millionaire population expanding rapidly, destinations like Shenzhen, Bengaluru, and Tokyo are rising. However, for older ultra-wealthy buyers seeking tax efficiency and security, Dubai’s dominance looks set to continue — reinforcing its position as the ultimate haven for global wealth.
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Dubai Hookah Maker AIR to Go Public in SPAC Deal With Cantor Fitzgerald
What It’s About?
Dubai-based AIR Ltd., the owner of popular hookah brand Al Fakher, plans to list on Nasdaq in the first half of 2026 via a merger with Cantor Equity Partners III, a SPAC backed by Cantor Fitzgerald, according to documents seen by Bloomberg. The deal values the combined entity at $1.75 billion, including $293 million in net debt. AIR, profitable and operating in over 100 countries, aims to expand its US presence and elevate hookah smoking as a lifestyle trend.
Why It Matters?
Unlike many SPAC targets, AIR is profitable, generating $150 million in adjusted EBITDA on $375 million revenue in 2024. Listing in the US gives AIR capital flexibility, increased visibility, and an easier path for its private equity owner, Kingsway Capital, to exit. The merger reflects the continued growth of SPACs, which have nearly doubled in number this year, as an alternative route to public markets.
What’s Next?
Following approvals and a shareholder vote, AIR shares will trade under the ticker AIIR. The company plans to leverage its Nasdaq listing to accelerate growth in the US market, including new product launches like a pod-based hookah device and premium flavors developed with Snoop Dogg. Cantor and Barclays are advising on the transaction, positioning AIR for a high-profile US market debut.
Britain Lifts Financial Sanctions on Syria’s President, EU Set to Follow
What It’s About?
Britain has removed financial sanctions on Syrian President Ahmad al-Sharaa, a day after the U.N. Security Council did the same ahead of his scheduled meeting with U.S. President Donald Trump. Sanctions on Syria’s interior minister, Anas Khattab, were also lifted. The European Union confirmed it would align its measures with the U.N. decision, though restrictions on arms and security remain in place.
Why It Matters?
Sharaa, formerly a senior figure in HTS and previously linked to al Qaeda, was under U.N. and British sanctions since 2014, including travel bans and asset freezes. Lifting the sanctions signals a shift in international engagement, reflecting his diminished ties to extremist groups, and paves the way for dialogue with global powers like the U.S.
What’s Next?
The sanctions removal allows Sharaa to meet Trump at the White House and potentially strengthens his legitimacy on the international stage. The EU will update its measures accordingly, while the Syrian government has not yet responded. Observers are watching closely to see how these diplomatic moves influence Syria’s ongoing political transition and regional stability.
🦄 World of Startups
Zid, Saudi e-commerce enablement platform, expands into Egypt through a partnership with digital store provider Zammit.
Bahrain launches $185mln fund to support SMEs
Deplike, Turkey-based AI music learning platform, raised undisclosed seed funding from 216 Capital to grow its Chordie AI app with 250K active users.
Chari, Morocco-based fintech and e-commerce platform, raised undisclosed Series A extension funding from Egypt’s DisrupTech Ventures to expand its embedded financial services for retailers.
Arab Therapy, Jordan-based online mental health platform, secured a strategic investment from Value Makers Studio (VMS) to grow its licensed telemedicine and corporate wellness services.
First Circle Capital, a female-led VC in Uganda and Morocco, raised $6M from IFC for its $25M pan-African fintech fund targeting pre-seed and seed-stage startups in fintech, insurtech, and climate tech.
👨💻From Smashi Business’ Desk
Replit founder Amjad Masad congratulates Zohran Mamdani after historic win.
All aboard Saudi Arabia’s “Dream of the Desert” — the Kingdom’s first ultra-luxury train unveiled at the Future Investment Initiative in Riyadh.
Saudi delivery app Shgardi has shut down after five years in operation — a sign of how fierce the Kingdom’s delivery wars have become.
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