Happy Thursday everyone!

Ben & Jerry’s co-founder Jerry Greenfield has resigned after nearly 50 years, criticizing Unilever for “silencing” the brand’s social mission amid disputes over political stances and sales in contested regions. The Qatar Investment Authority is acquiring a $500 million, 4% stake in Canadian copper producer Ivanhoe Mines Ltd., one of its largest mining bets since Glencore, securing shares at a 9% discount. Meanwhile, Saudi AI startup Humain, backed by the $1 trillion PIF, is in early talks with BlackRock and Blackstone on multibillion-dollar investments for data centers and infrastructure, aiming for 1.9 gigawatts of capacity by 2030 while partnering with global tech leaders.

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Markets

Ben & Jerry’s Co-Founder Quits, Accuses Unilever of Silencing Brand’s Social Mission

🔹 What Is It About

Ben & Jerry’s co-founder Jerry Greenfield has resigned from the ice-cream brand after nearly 50 years, saying Unilever has “silenced” its social mission. In a letter shared by co-founder Ben Cohen, Greenfield said he could no longer remain “in good conscience” at a company he believes has lost its independence. His exit follows years of disputes with Unilever, including a legal battle over sales in occupied Palestinian territories and tensions around the brand’s outspoken political stances.

🔹 Why It Matters

The move underscores the friction between purpose-driven brands and corporate parents focused on profit and control. Ben & Jerry’s was sold to Unilever in 2000 under a deal meant to protect its social mission, but Greenfield’s departure highlights the difficulty of maintaining independence inside a multinational structure. The timing is sensitive, as Unilever prepares to spin off its ice-cream division—Magnum Ice Cream Company (TMICC)—in Amsterdam, raising questions about investor appetite for activist-led brands.

🔹 What’s Next

Cohen and Greenfield have sought investors to buy back Ben & Jerry’s, valuing it at up to $2.5 billion, but Unilever has rejected overtures. With the spin-off looming, pressure may mount on TMICC’s board to clarify the balance between brand activism and shareholder returns. Analysts say investor scrutiny of the new entity’s handling of social missions versus profitability will be key to its market debut.

Qatar’s QIA Buys Into Copper Giant Ivanhoe in $500 Million Deal

🔹 What Is It About

The Qatar Investment Authority (QIA) is acquiring a $500 million stake in Canadian copper producer Ivanhoe Mines Ltd. through a private placement, securing a 4% holding. The deal, priced at C$12 per share—a 9% discount to market—marks one of QIA’s largest mining investments since its earlier stake in Glencore. Ivanhoe, run by billionaire Robert Friedland, operates the Kamoa-Kakula mine in the Democratic Republic of Congo, one of the world’s richest copper sources.

🔹 Why It Matters

The move reflects QIA’s strategic push into critical minerals that underpin the global energy transition and advanced technologies. It comes as copper prices rise more than 13% this year, despite Ivanhoe’s shares dropping over 20% following production setbacks caused by seismic flooding in Congo. Under new CEO Mohammed Al Sowaidi, QIA is expected to deploy fresh capital inflows from Qatar’s expanding gas projects more aggressively—mirroring Gulf peers like Saudi Arabia’s PIF and Abu Dhabi’s MGX.

🔹 What’s Next

If QIA’s stake rises above 10%, it could secure a seat on Ivanhoe’s board. The deal also sets the stage for broader strategic partnerships between the two. With Chinese backers CITIC Metal and Zijin Mining holding rights to match the purchase, investor alignment and governance dynamics will be closely watched as global competition for copper intensifies.

Wall Street Giants Eye Saudi AI Boom Through Humain Partnership

🔹 What Is It About

Saudi Arabia’s $1 trillion Public Investment Fund-backed AI firm, Humain, is in early talks with private equity giants Blackstone Inc. and BlackRock Inc. about a multibillion-dollar partnership, according to Bloomberg. Discussions have centered on committing significant capital to data centers and related infrastructure, though no final decisions have been made. Launched in May, Humain is building its first data centers, targeting 1.9 gigawatts of capacity by 2030, while partnering with global players like Qualcomm and Cisco and exploring deals with Elon Musk’s xAI.

🔹 Why It Matters

The talks highlight the Gulf’s growing influence in the capital-intensive AI sector, where sovereign wealth funds are emerging as pivotal financiers. While lower energy prices and weaker foreign direct investment have constrained some parts of Vision 2030, Riyadh is doubling down on AI as a strategic growth driver. The move mirrors regional peers—Qatar’s QIA recently invested in Anthropic’s $13 billion round, while Abu Dhabi’s MGX is teaming up with Silver Lake and Microsoft on large-scale chip and data infrastructure projects.

🔹 What’s Next

If finalized, the deal would deepen ties between Wall Street’s biggest alternative asset managers and Saudi Arabia’s flagship AI push. Analysts will watch whether the partnership accelerates Humain’s ability to compete globally in semiconductors, data capacity, and AI model training—areas where Gulf capital is fast becoming indispensable.

👨‍💻From Smashi Business’ Desk

• Dreamers: Shakour Abu Ghazalah, once left with nothing after a bank collapse, turned resilience into Albaik—the Middle East’s fast-food giant.

• Saudi Arabia Unveils $1.8B Qiddiya Olympic Stadium to Anchor 2030 Sports Vision.

• Copycat Shut Down: “Salt London” Locked Out After Lease Forfeiture in Leicester Square.

🔍In other news…

• HSBC Launches UAE Wealth Centre as Millionaire Influx Grows.

• Syria Aims to Build Its Own Silicon Valley.

• UAE’s Amaani Raises $3M to Expand AÏZA Brand.

• Al-Futtaim Joins Cenomi Retail as Strategic Investor.

• Emaar Eyes US, India, China for Global M&A Deals.

🏦 Crypto Corner

• 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 in September 2025! Subscribe to it here to get the weekly updates from the world of digital assets.

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