Happy Friday everyone!

If you want to see what the future holds in terms of technology, AI and digital innovation, then today is your last chance to go to GITEX Global 2025. Details of penultimate day 4 in our first story.

In other news, the original Dubai chocolate FIX has found a new virtual home in Careem, while JP Morgan is the latest bank to set up an HQ in Saudi Arabia.

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.

Markets

Cyber Resilience And AI Trust Take Center Stage At GITEX GLOBAL 2025 Day 4

Day 4 of GITEX GLOBAL 2025 was defined by a powerful call to build cyber resilience and trust in an AI-driven world. Policymakers, tech leaders, and global security experts convened to address escalating cyber threats and the critical role of security in economic transformation. UAE Minister of State for AI H.E. Omar Sultan Al Olama and UAE Head of Cybersecurity H.E. Dr. Mohamed Al Kuwaiti led discussions on agile regulation, capacity-building, and the newly unveiled UAE Cybersecurity Vision 2025.

INTERPOL’s Dr. Neal Jetton highlighted coordinated global efforts against AI-enabled cybercrime, while leaders from Estonia and industry pioneers stressed international cooperation and lowering AI costs to unlock new innovation. Exhibitors like Huawei, OPSWAT, Fortinet, and Crowdstrike showcased cutting-edge solutions for secure digital infrastructure, from quantum-resilient systems to intelligent data centers.

Dubai Municipality and Fortinet signed a strategic MoU to bolster the emirate’s AI-enabled cybersecurity framework. As GITEX enters its final day, the 45th edition cements its position as a global stage for shaping the future of AI, security, and digital economies — setting the tone for its next chapter at Expo City Dubai in 2026.

JPMorgan Secures Saudi HQ License to Operate in Riyadh

🔹 What Is It About

JPMorgan Chase & Co. has obtained a regional headquarters license in Saudi Arabia, joining other major Wall Street banks as Riyadh steps up efforts to attract global financial institutions. While its MENA operations will continue reporting to London, the license strengthens JPMorgan’s local presence and aligns with the kingdom’s push to anchor multinational firms in the capital.

🔹 Why It Matters

The move supports Crown Prince Mohammed bin Salman’s Vision 2030 strategy to diversify the economy beyond oil and position Riyadh as a premier financial hub. The kingdom has linked government contracts to firms having a local HQ and offered incentives to shift senior staff from other Gulf cities, notably Dubai.

🔹 What’s Next

With JPMorgan already expanding its Middle East footprint and backing major deals, including a $20 billion debt facility linked to the PIF’s Electronic Arts buyout, the new HQ license is expected to deepen its role in Saudi investment flows and future financing deals across the region.

FIX Dessert Chocolatier Goes Exclusive With Careem After Deliveroo Era

🔹 What Is It About

Careem has just announced that Sarah Hamouda, founder of FIX Dessert Chocolatier, is joining as its first-ever “Chief Chocolate Officer,” and that FIX—the Original Dubai Chocolate—will now be available exclusively on Careem starting 20 October. The post positions this as the chocolate brand’s new digital home, promising super-fast delivery to customers’ doors.

🔹 Why It Matters

Until now, FIX was only available via Deliveroo in the UAE, making the brand tightly tied to that platform. But Deliveroo was recently acquired by DoorDash in a major deal valued at about £2.9 billion ($3.9 billion), a transaction expected to finalize by Q4 2025. This shift suggests significant changes in delivery partnerships and strategic alignments.

🔹 What’s Next

This move raises questions: Will FIX’s fans be comfortable switching to Careem? Will Deliveroo (now under DoorDash) pull support or try to renegotiate? And might this signal more exclusivity deals between brands and platforms in the region? We’ll watch closely how customer behavior, order volumes, and platform negotiations evolve.

👨‍💻From Smashi Business’ Desk

• HH Sheikh Tahnoon bin Zayed Al Nahyan met with Shawn “Jay-Z” Carter, Jay Brown, and Elbert O’Neal Robinson Jr. to discuss the future of the entertainment industry.

• UAE billionaire Khalaf Ahmad Al Habtoor has unveiled a bold reconstruction plan for Gaza

• A UAE consortium has reportedly met with Manchester United officials in London.

• The viral Dubai-born brand behind Can’t Get Knafeh of It is landing at Harrods London for its first-ever international pop-up — running October 27 to November 23.

🔍In other news…

• Erik Feig Launches New Production Banner With Major Saudi Backing including MBC Group and MiSK Group owned SNK

• Talabat names new CEO as shares slide

• Russia urges Saudi Arabia to work together on oil output

• Saudi crown prince launches project to add 900,000 praying spaces in Mecca

• DIFC court orders NMC Healthcare founder BR Shetty to pay $46m to State Bank of India

• Talabat names Gyssels as new CEO as Rodriguez steps down after six years

• First 200 MW from UAE's Stargate AI campus to come online next year

🏦 Crypto Corner

• Crypto data reveals UAE has mined bitcoins worth $700m

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub.

• Abu Dhabi Judicial Department now accept AE Coin.

We are launching a Smashi Crypto newsletter. Subscribe to it here to get the weekly updates from the world of digital assets.

Latest from the Smashi Business Studio

Were you forwarded this email? Subscribe here