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- JPMorgan Chase & Co. drops UAE from EM indexes; UpScrolled hits 5M users; e& CEO to step down after AED 14.4B profit
JPMorgan Chase & Co. drops UAE from EM indexes; UpScrolled hits 5M users; e& CEO to step down after AED 14.4B profit
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Thursday, February 26, 2026
Happy Thursday everyone!
JPMorgan Chase & Co. will remove the United Arab Emirates — which accounts for 4.1% of its flagship emerging-market bond index — from March 31 after exceeding wealth thresholds, accelerating Gulf markets’ transition toward developed-market status.
Meanwhile, Issam Hijazi’s UpScrolled grew from 150,000 to 5 million users since January, driven by migration linked to TikTok’s ownership restructuring, though it was briefly unavailable on the Google Play Store.
Separately, Hatem Dowidar will step down as CEO of e& by March 31 after reporting AED 72.9 billion in revenue and AED 14.4 billion profit for 2025, with Masood M. Sharif Mahmood set to succeed him.
Markets
EGX30 | 49,014.32 | 2.73% |
DFMGI | 6,699.66 | Closed |
ADX | 10,637.59 | 0.0035% |
Tadawul | 10,817.18 | 0.82% |
UpScrolled Rockets to 5 Million Users as Algorithm Backlash Fuels New Social Contender
What Is It About?
Palestinian-Jordanian-Australian founder Issam Hijazi’s UpScrolled has reached 5 million users. Built by Issam Hijazi, a former IBM and Oracle engineer, UpScrolled targets concerns over shadowbanning and data monetisation. UpScrolled has hit 5 million users, surging from 150,000 in January amid migration tied to TikTok ownership turmoil.
Why It Matters?
Backed by Tech for Palestine, the platform’s breakout signals rising demand for alternatives prioritising transparency over ad-driven algorithms. It reflects growing distrust in traditional social media business models and shifting user loyalties.
What’s Next?
Momentum faces friction. Recently, UpScrolled was temporarily removed from the Google Play store, according to the company, highlighting distribution risks. Its trajectory now depends on restoring availability via Google Play Store and sustaining post-viral growth.
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JPMorgan Drops UAE from Emerging Market Indexes as Gulf Wealth Redraws Investment Map
What Is It About?
JPMorgan removes UAE from emerging market bond indexes by June after the United Arab Emirates exceeded income and wealth thresholds for three consecutive years. JPMorgan Chase & Co. said the UAE, which accounts for 4.1% of its flagship benchmark, will be phased out in four equal steps starting March 31.
Why It Matters?
The decision reflects how Gulf economies are rapidly outgrowing emerging-market classifications. Similar moves affecting Kuwait and Qatar signal a broader regional shift. While exclusion could reduce passive inflows tied to emerging-market trackers, it reinforces the UAE’s positioning as a mature, high-income financial hub attracting more sophisticated global capital.
What’s Next?
Portfolio managers tracking JPMorgan benchmarks will gradually rebalance, potentially creating short-term outflows. Longer term, analysts expect the UAE to gain credibility among developed-market investors, reshaping its sovereign debt investor base and lowering risk perception.
e& CEO Hatem Dowidar To Step Down by March After Record 2025 Results, Masood Mahmood to take over
What Is It About?
Outgoing Group CEO Hatem Dowidar announced he will step down by March 31, ending a six-year tenure at e& and more than a decade with the company. His departure follows a record 2025 performance, with consolidated revenue of AED 72.9 billion and net profit of AED 14.4 billion. Dowidar said the timing reflects a natural transition after leading the company through a transformative growth phase.
Why It Matters?
The leadership change comes as e& positions itself beyond traditional telecom into digital and financial ecosystems serving 244 million subscribers. The company’s strong results underscore its expanding footprint in high-growth markets and its evolution into a technology conglomerate. Dowidar emphasized that the real milestone is not the financial performance but the scale of impact through integrated services that support economic participation and digital inclusion across multiple regions.
What’s Next?
Dowidar will remain in charge during a five-week transition period to ensure continuity. Masood M. Sharif Mahmood will take over as the new Group CEO, with the handover scheduled for the end of March. Dowidar said he will stay fully engaged until his final day, prioritizing a smooth leadership transfer while preparing the organization for its next phase of growth under new management.
🦄 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
👨💻From Smashi Business’ Desk
HH Sheikh Khaled bin Mohamed bin Zayed met Indian Prime Minister Narendra Modi on the sidelines of the AI Impact Summit in New Delhi.
Humain, the artificial intelligence arm of the Public Investment Fund, invested $3 billion in xAI during its Series E round
Saudi Prince Alwaleed bin Talal’s combined stake across Elon Musk’s companies has reached an estimated $9.2 billion.
🔍In other news…
Shares of India’s IDFC First Bank, backed by the Abu Dhabi Investment Authority (Adia), slumped as much as 20 percent on Monday after the private lender disclosed suspected fraud amounting to 5.9 billion rupees ($65 million) over the weekend.
Etihad Airways profits soars nearly 50% as fleet, network expansion support strong demand
Saudi Arabia records largest budget deficit since Covid
World Bank allocates $50m for transportation projects in Syria
Neom uncertainty leaves $10bn joint venture in limbo
Mexico is preparing to expand its trade ties with Saudi Arabia by exporting high-quality rice to the Kingdom, sources told Asharq Al-Awsat.
Adia backs India’s Clean Max IPO as anchor investor
🗓️ 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).
