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Iran War Rattles Markets, Lush Celebrates Eid in UAE, and Saudi’s Savvy Games Buys Moonton for $6B+
Sunday, March 22, 2026
Eid Mubarak everyone!
From the shockwaves of the Iran conflict roiling UK government bonds, to festive celebrations in the UAE with Lush’s Eid collaboration, and a blockbuster $6 billion-plus gaming acquisition by Saudi’s Savvy Games — this week’s business headlines span finance, retail, and tech. Markets are reacting to geopolitical tensions, brands are making their mark with cultural collaborations, and the gaming world is seeing major consolidation as regional players expand their global footprint. In this edition, we break down what’s happening, why it matters, and what to watch next across these key stories.
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.
Markets
EGX30 | 47,611.96 | Closed |
DFMGI | 5,550.24 | Closed |
ADX | 9,982.04 | Closed |
Tadawul | 10,946.26 | Closed |
Iran War Fuels Bond Market Volatility, UK Short-Term Yields Jump
What Is It About?
The war in Iran is sending shocks across global financial markets, affecting assets from Korean stocks to Romanian debt. UK government bonds have been particularly hit, with two-year gilt yields jumping to 4.6% after the Bank of England held interest rates steady and removed guidance suggesting future rate cuts, triggering a sharp market sell-off.
Why it Matters?
Rising energy prices and geopolitical tensions are straining government finances and increasing borrowing costs. Analysts warn that reliance on Middle Eastern energy exposes economies to volatility, highlighting the need for diversification and investment in renewables to reduce fiscal and credit risks.
What’s Next?
Investors will monitor short-term yields and energy markets closely. Policymakers may need to adjust fiscal strategies, while markets brace for continued volatility in debt markets amid geopolitical uncertainty.
Binance Scores Second U.S. Legal Victory in Anti-Terrorism Act Case
Binance, the world’s largest cryptocurrency exchange, has secured a second major U.S. legal win in just two weeks, after a federal court in Alabama dismissed all claims against the company under the Anti-Terrorism Act. The court criticized the plaintiffs’ complaint as a “shotgun pleading,” citing its failure to clearly outline allegations or distinguish individual liability, and granted the plaintiffs until April 10, 2026, to amend the filing or risk dismissal.
This follows a similar victory in New York, reinforcing Binance’s defense against allegations of supporting terrorism. General Counsel Eleanor Hughes emphasized that the rulings reflect the need for legal rigour and evidence, and reiterated Binance’s commitment to compliance, transparency, and lawful operations. With these back-to-back wins, Binance strengthens its position in the U.S. legal landscape and signals its readiness to vigorously defend the platform and its community against unfounded claims.
Lush Partners with Hind Al Mulla’s Emirati Brand Home Bakery for Eid Al-Fitr
What Is It About?
British cosmetics retailer Lush has collaborated with Emirati brand Home Bakery, owned by Hind Al Mulla, to celebrate Eid Al-Fitr. The partnership includes festive drinks such as Sticky Sugar Matcha, Cup O’ Matcha, and Sticky Dates Latte, alongside live mask workshops, free gifts, and exclusive offerings at Galleria Mall, Al Wasl.
Why It Matters?
This collaboration reinforces Lush’s presence in the Middle East while demonstrating its commitment to social causes. In 2025, Lush temporarily closed UK stores and its website in solidarity with Palestine, signaling a balance between commercial expansion and global humanitarian engagement.
What’s Next?
The partnership may pave the way for further Middle East expansions and localized collaborations. Lush’s blend of cultural celebration and social awareness could inspire similar initiatives in the region.
Saudi’s Savvy Games Acquires Mobile Legends Studio Moonton from ByteDance for $6B+
What Is It About?
Riyadh-based Savvy Games Group, owned by Saudi Arabia’s Public Investment Fund, has acquired Shanghai Moonton Technology, developer of Mobile Legends: Bang Bang, from ByteDance. While official terms were undisclosed, sources value the deal at over $6 billion. Moonton CEO Zhang Yunfan remains in charge.
Why It Matters?
The acquisition highlights consolidation in the global mobile gaming and esports industry. Savvy aims to expand intellectual property, global reach, and talent resources, while ByteDance focuses on AI and large language models.
What’s Next?
Savvy plans to strengthen leadership in mobile games and esports, while analysts expect further acquisitions in the industry as major players compete for market share and international expansion.
👨💻From Smashi Business’ Desk
UAE is spending nearly $1 million to intercept one Iranian missile or drone
Abu dhabi’s MGX-backed OpenAI sees ChatGPT app uninstalls jump 295% in the US
UAE Successfully Intercepts Iranian Missiles, Naguib Sawiris Voices Support
CEO Mudassir Sheikha says the company’s top priority is the “safety of our captains”
Khalaf Al Habtoor: “Dubai Remains One of the Safest Destinations on Earth”
'Cancel ChatGPT': Sam Altman Under Fire for Pentagon Deal as US Attacks Iran
🔍In other news…
Gulf SWFs weigh private credit reward at a time of risk
Naguib Sawiris Rejects Funding Role in Conflict He “Did Not Agree To”
Iran attacks wipe out 17% of Qatar’s LNG capacity for up to five years, QatarEnergy CEO says
France Pledges to Double Humanitarian Aid to Lebanon
US approves $7 billion more in weapons for UAE, WSJ reports
FIFA Clears Israeli Settlement Clubs, Fines Israel FA Over Discrimination Breaches
🦄 World of Startups
Stake Raises $31M Series B Led by Emirates NBD, Total Funding Hits $58M
US-based Luma AI is planting its flag in Riyadh — opening a regional headquater
Singapore's Ascentium continues its aggressive expansion, acquiring UAE legaltech pioneer Clara in a strategic Middle East play
Abu Dhabi is quietly becoming one of the most influential financiers of the global AI race, with its latest participation in Anthropic’s massive $30B funding round
Safqah Capital has just closed one of Saudi Arabia’s largest-ever seed rounds, raising $15.2 million in a deal that was four times oversubscribed
🗓️ Plan Your Events (March-April 2026)
UAE
31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.
7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.
13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.
14-16 April: (Tuesday-Thursday): the International Property Show, Dubai World Trade Center.
Saudi Arabia
13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.
20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh
Egypt
30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).
