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- Huda Drops Huda; $1B Egyptian Museum Opens Today; Another UK-to-UAE Move
Huda Drops Huda; $1B Egyptian Museum Opens Today; Another UK-to-UAE Move
Saturday, November 1, 2025
Happy Saturday everyone!
Beauty giant Huda Beauty has cut ties with influencer Huda Mustafa following backlash over a racial slur incident, underscoring the growing demand for brand accountability. In Egypt, the long-awaited $1 billion Grand Egyptian Museum finally opens near the Giza pyramids, marking a milestone in the country’s tourism and cultural revival. Meanwhile, Informa CEO Stephen Carter joins a string of UK executives relocating to the UAE, as shifts in British tax policy drive high-profile talent toward Dubai’s business-friendly climate.
We suggest a nice weekend read for you: AGBI Editor-at-Large Frank Kane’s opinion on recently concluded FII9.
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
EGX 30 | 38,229.53 | Closed |
DFMGI | 6,105.02 | 0.259% |
ADX | 10,211.50 | 0.485% |
Tadawul | 11,752.08 | Closed |
Huda Beauty Cuts Ties with Influencer Huda Mustafa Amid Racial Slur Controversy
What It’s About?
Huda Beauty announced it has ended its partnership with influencer Huda Mustafa following her controversial reaction to a racial slur during a livestream. “At Huda Beauty, kindness and humanity are at the heart of everything we do,” the company said, adding that Mustafa’s actions “do not align with our values.” The brand stated it would remove all related content from its social platforms and in-store displays, calling the situation “deeply upsetting.”
Why It Matters?
The company’s decisive action reflects the growing pressure on global beauty brands to uphold inclusivity and ethical standards across all collaborations. While Huda Beauty acknowledged that Mustafa’s actions may not define her character, it emphasized that accountability is non-negotiable when community trust is at stake. The move underscores how brands are expected to respond swiftly and transparently to incidents involving racism or discrimination.
What’s Next?
Mustafa has apologized publicly, describing her reaction as “nervous and uncomfortable,” and pledged to donate to the NAACP. Olandria Carthen, the Love Island USA contestant targeted by the slur, has called for continued awareness and meaningful action. Huda Beauty expressed hope that “meaningful change can come from this moment,” signaling a continued commitment to promoting respect and inclusion within its community.
Binance Blockchain Week 2025 to Return to Dubai with Star-Studded Web3 Lineup
Binance, is set to host its flagship event, Binance Blockchain Week, at the Coca-Cola Arena in Dubai on December 3rd and 4th.
The 2025 edition will unite leading voices from the global Web3 and blockchain ecosystem, celebrating milestones and exploring the next phase of the industry’s evolution. The conference promises an impressive lineup of keynote speakers, covering exchanges, smart contracts, education, investment, and regulation, reflecting Binance’s growing global influence.
Confirmed speakers include Michael Saylor, Executive Chairman of Strategy, making his first UAE crypto appearance; Brad Garlinghouse, CEO of Ripple; Lily Liu, President of the Solana Foundation; Raoul Pal, Co-Founder and CEO of Real Vision; and CZ, Founder of Giggle Academy, BNB Chain, and Co-Founder of Binance and many more. In addition to the esteemed lineup, Binance Blockchain Week will also feature key leaders from Binance, including Yi He, Co-Founder; Richard Teng, Chief Executive Officer; Rachel Conlan, Chief Marketing Officer; and Catherine Chen, Head of Binance VIP & Institutional.”
Binance Blockchain Week represents the pinnacle of the brand’s 1,500 global events, bringing together opinion leaders, builders, regulators, and community members to shape the future of Web3. Returning to Dubai for a second year, the city continues to establish itself as a global hub for blockchain innovation, supported by a progressive regulatory landscape and thriving tech ecosystem.
$1 Billion Grand Egyptian Museum Opens Today After Two Decades of Construction
What It’s About?
After more than 20 years in development, Egypt is set to open the Grand Egyptian Museum — a $1 billion complex near the Giza pyramids — today. Billed as the world’s largest archaeological museum dedicated to a single civilization, the 470,000-square-meter site will house over 50,000 artefacts, including the 83-ton colossus of Ramesses II and the 4,500-year-old Khufu ship. The museum also features modern exhibition spaces, educational facilities, and immersive multimedia experiences.
Why It Matters?
The Grand Egyptian Museum is more than a cultural milestone; it is a cornerstone of Egypt’s economic revival strategy. Following years of political unrest and pandemic disruptions, tourism is rebounding, with a record 15.7 million visitors in 2024. The museum is expected to attract up to 20,000 visitors daily, reinforcing Egypt’s plan to double tourism numbers by 2032 and generate vital foreign currency inflows.
What’s Next?
World leaders, including President Abdel Fattah al-Sisi, are expected at the museum’s grand opening, which will feature a fireworks display connecting the site to the Giza pyramids. Amid global anticipation, officials hope the museum will serve as both a symbol of Egypt’s ancient grandeur and a bridge to its modern cultural future — “a gift from Egypt to the world,” as the tourism minister put it.
Informa CEO Stephen Carter Joins Wave Of UK Executives Moving To UAE Amid Tax Policy Shifts
What It’s About?
Stephen Carter, CEO of FTSE 100 events group Informa PLC, has reportedly moved his residency from the UK to the United Arab Emirates, according to The Financial Times. His relocation follows that of Revolut co-founder Nik Storonsky, who also moved to the UAE earlier this year. They join a growing list of high-profile business figures, including hedge-fund billionaire Michael Platt, shipping magnate John Fredriksen, and entrepreneur Bassim Haidar, all of whom have recently left the UK for tax-friendly jurisdictions such as Dubai.
Why It Matters?
The recent wave of departures highlights growing concern among Britain’s wealthy and corporate leaders about proposed changes to the UK’s tax framework—particularly the planned overhaul of the “non-dom” status and increases to top-rate taxation. For many, the UAE offers zero income tax, a modern regulatory environment, and a globally connected business hub. The movement also reflects London’s fading dominance as a magnet for international capital, as Gulf economies become more appealing for high-net-worth individuals and executives seeking stability and growth opportunities.
What’s Next?
As more UK-based entrepreneurs and executives weigh relocation, analysts expect the UAE and other low-tax Middle Eastern jurisdictions to see an influx of financial and tech talent. The British government may face mounting pressure to reassess its tax competitiveness to stem an outflow of wealth and corporate leadership. For now, Dubai stands out as the clear winner—transforming from a luxury lifestyle destination into a serious base for global business decision-makers.
🦄 World of Startups
Egyptian-Saudi AI solutions startup Velents closed a $1.5M funding round and launched the first fully integrated Arabic-speaking AI employee, Agent.sa.
Pakistani co-working startup COLABS to expand into Kingdom with flagship site in Riyadh.
UnifyApps Raises $50 million to scale enterprise AI Platform and expand Gulf presence.
1001 AI, a deep-tech startup dual-headquartered in London and Dubai and founded by Bilal Abu-Ghazaleh, has raised $9 million in a seed funding round with participation from Amjad Masad (Replit), Amira Sajwani (DAMAC), Khalid Bin Bader Al Saud (Saudi RA’ED Ventures), and Hisham Al-Falih (Lean Technologies).
The Canadian regulatory authorities granted Whish Money, Lebanon-based remittances and mobile wallet platform, financial services licenses to operate in Canada.
👨💻From Smashi Business’ Desk
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.
UAE Tycoon Al Habtoor Slams Israeli Minister Over Remark That Saudis Should ‘Keep Riding Camels in the Desert’
Pavel Durov’s tweet on the Louvre heist takes an unexpected turn, blending humor with sharp criticism of French security.
UAE’s Hadban Twins Among First 25 Creators Honoured With Instagram Rings in New York.
