Happy Easter Monday everyone!

Sheikh Tahnoon bin Zayed al-Nahyan’s IHC has secured a majority stake in Richard Caring’s UK hospitality empire for over £1 billion, bringing brands like The Ivy and Annabel’s under Abu Dhabi control. This expansion coincides with heightened regional tension as U.S.-Iran negotiations in Islamabad ended without a deal after 21 hours, with Vice President JD Vance noting a lack of commitment on nuclear and maritime issues. In response to the ongoing friction, major entities including ADNOC, Microsoft, and Cisco have raised the national flag across their offices, signaling solidarity after 40 days of aerial attacks.

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

UAE’s IHC Acquires Control of The Ivy Hospitality Empire

What Is It About?

Diafa, an affiliate of IHC, has purchased a majority stake in the hospitality portfolio of Richard Caring, known as the “King of Mayfair.” The investment, valued at more than £1 billion, hands control of iconic brands like The Ivy Collection, Sexy Fish, and Annabel’s to the Abu Dhabi firm. Caring will stay on as executive chair to lead an international expansion alongside Ravi Thakran, the former chair of LVMH’s Asia business.

Why It Matters?

This move solidifies the UAE’s strategy of buying into premium global lifestyle brands during market volatility. While IHC’s stock remains a powerhouse on the Abu Dhabi exchange, this acquisition broadens its footprint far beyond property and energy. It places Sheikh Tahnoon’s sprawling group at the center of the world’s high-end dining scene, providing a hedge against regional industrial disruptions.

What’s Next?

Expect a rapid rollout of The Ivy and Sexy Fish across Middle Eastern and Asian capitals as Diafa pushes its new assets into emerging markets. Analysts are watching how IHC integrates these offshore holdings, which were previously managed through complex investment vehicles in Jersey and the BVI.

Islamabad Negotiations End Without U.S.-Iran Agreement

What Is It About?

Marathon talks between the U.S. and Iran in Islamabad have concluded without a breakthrough after 21 hours of face-to-face discussion. Vice President JD Vance stated that Tehran refused to commit to abandoning its nuclear program, while Qatari officials noted that Iran is "not budging" on the Strait of Hormuz or financial reparations.

Why It Matters?

The deadlock is a blow to hopes for a quick resolution to the current shipping crisis. Because the Strait of Hormuz remains a primary point of friction, energy-reliant manufacturing hubs in South Korea and Japan are facing prolonged uncertainty. The failure to reach terms has kept "war-risk" premiums high, causing Gulf markets to tank as investors prepare for continued maritime disruption.

What’s Next?

With diplomacy stalled, U.S. and Iranian officials suggest the situation may now move forward "by other means." Markets will stay hyper-sensitive to any new naval movements in the Gulf, as the lack of a deal keeps the possibility of a permanent "Hormuz tax" on oil shipments very much on the table.

UAE Businesses Raise National Flag in Solidarity Movement

What Is It About?

Major corporations including ADNOC, Microsoft, and Cisco have joined a national movement to fly the UAE flag above their headquarters and centers. The initiative follows a call from H.H. Sheikh Mohammed bin Rashid Al Maktoum to show pride and strength. The public display arrives after the country has weathered more than 40 days of aerial threats, with communities responding to the call for unity across all seven emirates.

Why It Matters?

This visible show of support is designed to maintain confidence and social cohesion during the longest period of regional military tension in recent history. For the business community, it serves as a signal of resilience to international investors, suggesting that even during active conflict, the UAE's corporate and civic foundations remain unshaken.

What’s Next?

The "Flag Day" spirit is expected to continue as a permanent fixture of the corporate landscape until the current security crisis subsides. Investors will be looking to see if this unified front translates into stable domestic spending and a faster recovery for the tourism and retail sectors once the borders fully reopen.

👨‍💻From Smashi Business’ Desk

• Dubai-based Independent Food Company is hiring across roles including marketing, content and hospitality.

• In a striking move that defies industry trends, Alsayegh Worldwide has made a bold commitment to its workforce. Leadership vows there will be no salary reductions and no job losses through 2026.⁠

• Saudi Research & Media Group (SRMG) is rewriting the rules of media in MENA.

• Semafor is doubling down on the Gulf. The Semafor is expanding to a five-day publishing schedule, scaling hiring, and growing its events business as global attention on the region surges.

• Telegram founder and UAE citizen Pavel Durov said Iran’s ban on the platform has led to widespread VPN usage rather than adoption of state-backed messaging apps.

🔍In other news…

• Saudi oil exports take 700,000-bpd hit from Iranian attacks

• UAE’s Al Habtoor plans $1.4bn commercial tower in Dubai

• DIFC and DFSA unveil relief measures to help Dubai financial firms navigate Iran war fallout

• IMF chief warns Iran war could lead to higher interest rates

• UAE to participate in World Bank, IMF Spring Meetings in Washington mid-April

• Sharjah’s resilient economy drives growth in key sectors

🦄 World of Startups

• 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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