Happy Sunday everyone!

Abu Dhabi’s International Holding Company (IHC) plans to invest $36 billion every 18 months to double its $119 billion asset base within five years, CEO Syed Basar Shueb told the Financial Times, vowing he would “go to the grave increasing the size of this company.” The move follows IHC’s planned AED 120 billion merger of 2PointZero, Multiply Group, and Ghitha Holding. In the US, a New York jury found BNP Paribas, France’s largest bank, liable for enabling atrocities in Sudan, ordering $20.75 million in damages. The bank plans to appeal. Meanwhile, Saudi coffee chain Half Million — founded by Abdullah Alrajhi and Meshal Khalid H. Alshehri — is preparing an IPO, Semafor reports, after expanding to 45 stores across 10 cities and London’s Mayfair.

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Markets

IHC to Spend $36 Billion Every 18 Months as CEO Vows to ‘Go to the Grave’ Growing Company

🔹 What Is It About

Abu Dhabi-based International Holding Company (IHC) plans to invest $36 billion every 18 months to double its $119 billion asset base within five years, CEO Syed Basar Shueb told the Financial Times. Shueb declared he would “go to the grave increasing the size of this company.” The move follows IHC’s announcement of a merger between its major subsidiaries — 2PointZero, Multiply Group, and Ghitha Holding — into a new AED 120 billion entity listed on the Abu Dhabi Securities Exchange.

🔹 Why It Matters

Chaired by His Highness Sheikh Tahnoon bin Zayed Al-Nahyan, Abu Dhabi’s deputy ruler, IHC has rapidly grown from $1 billion in assets six years ago to $119 billion today. The plan underscores Abu Dhabi’s ambition to build globally competitive investment powerhouses, though analysts have raised questions about IHC’s valuation transparency and aggressive acquisition pace.

🔹 What’s Next

IHC’s funding strategy includes selling 6–7% of assets every 18 months to free up $10 billion, combining it with cash flow and debt for new acquisitions. Investors will watch whether this bold expansion sustains growth or invites greater regulatory scrutiny.

France’s Largest Bank, BNP Paribas, Found Complicit in Sudan Atrocities by US Jury

🔹 What Is It About

A US jury in New York has found BNP Paribas, France’s largest bank, liable for enabling atrocities under Sudan’s former ruler Omar al-Bashir, awarding $20.75 million in damages to three Sudanese refugees. The plaintiffs testified that Bashir’s regime used funds facilitated by the bank to finance military operations that led to torture, assault, and ethnic cleansing. BNP Paribas denied wrongdoing, calling the verdict “clearly wrong” and confirming plans to appeal.

🔹 Why It Matters

This marks a rare case of a major global bank held accountable for its role in human rights abuses. The verdict follows BNP Paribas’s 2014 guilty plea and $8.97 billion fine for processing funds for sanctioned Sudanese, Iranian, and Cuban entities. Legal experts say the ruling could set a precedent for future corporate liability in conflict financing cases.

🔹 What’s Next

The plaintiffs’ victory could open the door for thousands more Sudanese victims to pursue justice. As BNP Paribas prepares its appeal, the case underscores intensifying scrutiny on global banks to ensure their networks are not used to finance regimes accused of war crimes. Despite ongoing conflict and instability, the IMF forecasts Sudan’s economy will grow 9.5% in 2026, outpacing Qatar, the UAE, and Egypt — a paradoxical rise that contrasts sharply with the nation’s deep humanitarian and political crises.

Saudi Coffee Chain Half Million Plans IPO Amid Café Boom: Semafor

🔹 What Is It About

Saudi Arabia’s Half Million, a fast-growing specialty coffee chain founded in 2018 by Abdullah Alrajhi, heir to the billionaire Al Rajhi banking family, and Meshal Khalid H. Alshehri, is preparing for an IPO, according to Semafor.
Launched in Riyadh with 500,000 Saudi Riyals ($130,000), the brand has grown to more than 45 stores across 10 Saudi cities and a flagship in London’s Mayfair, driven by its modern Saudi identity and premium coffee culture.

🔹 Why It Matters

The listing would mark a milestone for Saudi Arabia’s booming F&B sector, reflecting surging consumer spending and the growing appeal of homegrown lifestyle brands. Spending on restaurants and cafés hit $2 billion in August 2025, accounting for 12% of total card transactions, per Saudi Central Bank data. Other local brands — Barns, The Coffee Address, and Bateel — are also weighing share sales as investor appetite rises.

🔹 What’s Next

As the Kingdom’s Capital Market Authority pushes for more listings, analysts expect a wave of consumer-driven IPOs in 2026. Half Million’s debut could test investor sentiment amid a softer market outlook and expanding competition in Saudi Arabia’s café sector.

👨‍💻From Smashi Business’ Desk

• Turki Al-Sheikh Teases ‘Big Surprises’ With Shah Rukh Khan, IShowSpeed, and Global Stars Following $1.07B Entertainment Deals.

• Uptown Dubai has officially sold out, DMCC Chairman announced.

• Saudi Arabia’s SSC Channels Go Off Air After Losing Football Rights to Thmanyah.

• Dubai-based Huda Beauty founder Huda Kattan condemned Israeli forces after reports of Greta Thunberg’s mistreatment in detention, calling them “sick people” in a strongly worded Instagram post.

• Vercel CEO Guillermo Rauch is facing backlash after posting a photo on X showing him meeting Israeli PM Benjamin Netanyahu, wanted for war crimes by the UN-backed ICC.

🔍In other news…

• UAE’s Hadban Twins Among First Instagram Rings Award Winners in New York

• Sovereign Wealth Funds Back $11 Billion Aramco Gas Expansion Deal

• Syria Courts Investors as Ministers Launch Global Business Push

• Egypt Hikes Fuel Prices for Second Time in 2025 Amid Fiscal Strain

• National Bank of Egypt opens first Saudi branch

🏦 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.

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