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- E& Exits Vodafone; Saudi-UAE Trade on Track; Dubai Chocolate's Global Appeal
E& Exits Vodafone; Saudi-UAE Trade on Track; Dubai Chocolate's Global Appeal
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Saturday, July 11, 2026
Happy Saturday everyone!
Today's top stories span telecom, trade and consumer brands. UAE telecom giant e& is cashing out of Vodafone in a $5.95 billion stake sale as it sharpens its focus on core growth and strategic investments. Meanwhile, Saudi Arabia has rejected reports of disruptions at its border with the UAE, even as businesses report growing delays affecting cross-border trade. And finally, the founders of Dubai's viral Fix Dessert Chocolatier reveal they never expected their pistachio-filled chocolate bar to create the global phenomenon now known as "Dubai chocolate", a homegrown success story that has become an international food category.
Markets
EGX30 | 52,335.18 | Closed |
DFMGI | 6,042.55 | 0.862% |
ADX | 9,936.08 | 0.549% |
Tadawul | 10,801.85 | Closed |
UAE’s e& To Exit Vodafone With $5.95 Billion Stake Sale As It Refocuses On Core Growth
What Is It About
UAE telecom giant e& will sell its entire 16.21% stake in Vodafone for $5.95 billion, ending a four-year investment in the British telecom company. The shares will be acquired by Vega, an investment vehicle owned by France’s Niel family group, subject to regulatory approvals. e& said the transaction is part of a review of its international investment portfolio and will generate a net cash return of about AED 4.7 billion ($1.3 billion).
Why It Matters
The sale marks a strategic shift for e&, which began investing in Vodafone in 2022 and eventually became its largest shareholder. Alongside the divestment, e& has ended its relationship agreement with Vodafone and withdrawn its board representation, signalling it no longer intends to influence the company's strategy. The move underscores e&’s focus on allocating capital toward businesses where it has greater operational control and long-term growth opportunities.
What’s Next
The transaction still requires regulatory approval before it can be completed. Once finalized, e& plans to redeploy the proceeds into its core telecom, technology and digital businesses as it continues expanding across international markets. Investors will be watching where the company directs its capital next, following recent acquisitions and its push to strengthen its position as a global technology and digital infrastructure player.
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Saudi Arabia Denies UAE Border Disruptions As Reports Point To Growing Trade Delays
What Is It About
Saudi Arabia has denied reports of disruptions to cross-border trade with the UAE, saying customs operations are running normally and no complaints have been received. The statement follows reports by Semafor that trucks carrying goods into the kingdom are facing delays ranging from several days to more than a week at the Al Batha border crossing, affecting shipments including construction materials, furniture, spare parts and fresh flowers.
Why It Matters
The UAE and Saudi Arabia trade more than $20 billion worth of goods annually, making any disruption significant for regional supply chains. The reported delays come after increased cargo shifted to land routes following shipping disruptions during the Iran conflict. They also follow earlier Bloomberg reports of payment delays between the two countries, raising concerns among businesses operating across the Gulf.
What’s Next
Saudi authorities say they are continuing to introduce measures to ensure the smooth movement of goods through customs ports. Meanwhile, businesses are reportedly exploring alternative transport routes into Saudi Arabia as the kingdom expands Red Sea logistics links. The reports also come as Saudi Arabia and the UAE continue competing to strengthen their positions as the region's leading business and trade hub.
Dubai Chocolate Creators Say They Never Expected To Build A Global Food Category
What Is It About
The founders of Dubai-based Fix Dessert Chocolatier say they never imagined their pistachio and knafeh-filled chocolate bar would become a global sensation. Sarah Hamouda and Yezen Alani launched the brand in 2021, but after going viral in 2024, consumers around the world coined the term "Dubai chocolate," creating a new confectionery category the founders say they never intended to name.
Why It Matters
What began in a home kitchen has grown into an international brand with outlets at Dubai International Airport, Singapore's Changi Airport and London's Harrods. The product has inspired countless copycats worldwide, reinforcing Dubai's growing influence as a global food and lifestyle brand while showcasing how a local startup can create an entirely new product category.
What’s Next
Fix Dessert Chocolatier says it will continue expanding its range with new flavours and limited-edition releases while maintaining product quality through a diversified supply chain. The founders say they remain focused on steady growth rather than chasing social media trends, as demand for "Dubai chocolate" continues to spread across international markets.
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Smashi Business Exclusive: Al Haboob Racing Founders On Turning Camel Racing Into A Global Franchise Model
Ahmed Al Haboob and Safwan Modir, founders of Al Haboob Racing, spoke on Smashi Business about building the world’s first professional camel racing team in Saudi Arabia. They explained how they are transforming a traditional, individual sport into a structured, franchise-style model inspired by Formula 1, with teams, sponsorships and long-term commercial value.
The founders discussed leaving corporate careers during the pandemic to pursue entrepreneurship in a “virgin” sports market, despite high operational risks tied to livestock performance. They also highlighted media ventures like their Netflix series Camel Quest, partnerships including Paul Pogba, and their vision to modernize the sport using data and technology.
👨💻From Smashi Business’ Desk
Dreamers: Meet Qatar’s Nasser Al-Khelaïfi, President and CEO of French Giants Paris Saint-Germain.
Dreamers: Meet Moutaz and Ramez Al Khayyat, Qatari Syrian billionaire brothers built one of the Middle East biggest private business empires after relocating to Qatar during the Syrian civil war.
Oil prices erased most of their early gains after the US and Iran agreed to pause attacks and resume talks over the Strait of Hormuz.
Tabby has apologised after mistakenly telling UAE customers they had won an Emirates flight voucher before later admitting the email "was sent in error."
Ben & Jerry Israel has launched what it calls its “most Israeli flavor ever.”
🔍In other news…
Oman and Jordan in joint $100m drive to grow priority sectors
Carney pitches tighter Canada-Saudi mining and energy ties
Global capital race never more intense, says UAE minister
Oil tanker traffic through Hormuz at near standstill as attacks strain Iran truce
Trump Wanted 20,000 Peacekeeping Troops in Gaza. He Is Starting With 10 to 20
EGA restarts production at Al Taweelah alumina refinery
Stablecoins could be paying UAE rents within nine months, crypto executive says
🦄 World of Startups
Rentify Raises USD 2 Million Seed Round to Launch Earn AI
CNTXT AI Closes $60M Series A to Deploy Sovereign AI Globally
Blnk Raises $37 Million to Expand Consumer Finance Services in Egypt
Saudi-based Pickappo Closes SAR 2 Million Pre-Seed Funding Round
Three Dubai entrepreneurs have raised AED 10 million for DRBY, a startup seeking to modernise education payments across the UAE through a unified digital platform.
Dubai-based Algebra AI nets $7 million funding to serve mid-market
Moroccan Proptech Startup Agenz Raises $5M to Build Property Data Infrastructure and Transaction Tools Tailored for Local Market
Calo, Bahrain-based meal subscription platform, expanded operations and full suite of services to Oman
