Happy Tuesday everyone!

Dubai’s real estate market continues to show strength as Emaar Development reported a 22% rise in quarterly sales to AED 20.1 billion, supported by a AED 134.6 billion revenue backlog. In a significant shift for regional finance, Syria has begun its first trial of Visa and Mastercard payments in Damascus via the new Paymera network after a 15-year hiatus. Meanwhile, UAE-backed chipmaker Cerebras Systems is preparing for a $34 billion IPO this week, with investors oversubscribing by 20x to the California-based firm that draws 86% of its revenue from the Emirates.

In the wake of developments in the region, we hope everyone stays safe. At this critical moment, it is essential to remain united and follow guidance issued by official authorities from your country.

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Markets

Emaar Development Hits AED 20.1 Billion in Quarterly Sales

What Is It About?

Emaar Development recorded AED 20.1 billion in property sales during the first three months of 2026. Profits rose 49% to AED 3.5 billion, supported by ten new project launches. Founder Mohamed Alabbar noted that the results show the UAE’s economic stability even during regional tension. The company now has a revenue backlog of AED 134.6 billion, ensuring a steady stream of income for years to come.

Why It Matters?

These figures prove that the appetite for Dubai real estate is not slowing down. A 51% profit margin shows that the company is managing costs well while prices stay high. For the broader economy, Emaar’s success suggests that international investors still see the city as a safe place for their capital.

What’s Next?

With construction moving on schedule, the focus shifts to the newly launched The Heights Country Club & Wellness. This project will test if buyers are ready to move toward nature-focused, wellness-themed communities outside the traditional city center.

Syria Returns to Global Payment Networks After 15 Years

What Is It About?

On May 9, Syria held its first trial for Visa and Mastercard payments at the Four Seasons in Damascus. The government also launched Paymera, a local network designed to link Syrian merchants with international card systems. This marks the first time since the mid-2000s that these global financial tools have been functional in the country.

Why It Matters?

Connecting to global networks is a huge step for Syria’s isolated economy. It makes life easier for businesses and could eventually help revive the tourism sector. By creating a local bridge like Paymera, the country is trying to modernize its banking system while preparing for more international trade.

What’s Next?

The government will likely monitor the trial closely to see if the infrastructure can handle larger volumes. If the rollout succeeds, expect to see more hotels and retail outlets in major cities adopting point-of-sale devices and QR payments by the end of the year.

Cerebras IPO Valued at $34 Billion Following UAE Demand

What Is It About?

Cerebras Systems is preparing to price its IPO at $150 to $160 per share this week. The offering is 20x oversubscribed, pushing the company's valuation to roughly $34 billion. The UAE is the firm's biggest customer, with G42 and the Mohamed bin Zayed University of Artificial Intelligence making up 86% of its recent revenue.

Why It Matters?

This is the largest tech IPO of 2026, and its ties to Abu Dhabi are deep. The company is a central part of the Stargate AI project alongside OpenAI and Nvidia. For Abu Dhabi, a successful listing validates its heavy bets on semiconductor technology and its role as a global player in the AI race.

What’s Next?

After the pricing this week, investors will watch the first day of trading to see if the high valuation holds. The main question for analysts is whether Cerebras can successfully find new customers outside the UAE to balance its revenue as it grows.

👨‍💻From Smashi Business’ Desk

• Exclusive: Bezos’ $38 Billion “Project Prometheus” AI Play, Which Has a Quiet Gulf Angle

• The Gulf box office is telling a bigger story than just the strong debut of Michael.

• Saudi Arabia’s first Hollywood-scale blockbuster Desert Warrior has opened modestly at the US box office.

• Despite a market cap of just $15.7 million — well below Nasdaq’s $35 million threshold — Swvl Holdings Corp is not on the brink of delisting.

• UK universities under fire after reports of £440k spent spying on pro-Palestine student activity⁠

🔍In other news…

• Saudi Wealth Fund to Sell First Dollar Bonds Since Iran War

• Profit at Abu Dhabi’s IHC nearly doubles to cross $2bn

• French Container Ship Makes Rare Crossing of Strait of Hormuz

• Parkin, the Dubai government’s parking management company, reported high-double-digit growth in net profit and revenue for the first quarter of 2026

• PIF consolidates China presence with second office

• Saudi Airline Faces Difficult Launch as Iran War Upends Travel

• Conflict pushes Omani-Saudi border trade to record levels

• QatarEnergy extends force majeure on Italy’s Edison

• Reuters Exclusive: UAE slips hidden oil tankers through Strait of Hormuz

🦄 World of Startups

• Dubai gifting marketplace Udora secures $10M

• Saudi fashion platform Aya secures $7m to scale real time production

• Jordan-based Tamatem has acquired Istanbul-founded Playable Factory, strengthening its push into performance marketing and user acquisition.

• Egypt’s Lucky Raises USD 23M Series B. Its Consumer Credit Model is Expanding Into North Africa

• “We Got Funded!” Maison Safqa Raises US$620,000 in Pre-Seed Funding to Expand Luxury Flash-Sale Platform Across GCC

• Via Separations, US-based deeptech startup, raised $36M in funding from Aramco Ventures (Saudi), and other global investors.

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