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The struggle to switch 2025 to 2026 in writing and speech has started. Since the world of business, tech, AI and startups never sleeps, we are here to welcome you to the new year also. The Arab world is rising in ranks and so are we at Smashi Business. We sent out 365 newsletters in 2025, and thanks to that we grew from nearly 20k subscribers now almost 50k. A big thanks to all the readers for your support!

From media shake-ups to franchise power plays and sovereign wealth milestones, the Middle East’s business landscape is moving fast, and the numbers tell the story. This week’s highlights capture a region in transformation: Anghami’s sharp revenue rebound following an OSN-led reset, Alamar Foods’ strategic acquisition of the Five Guys Saudi franchise, and the UAE’s rise as the world’s fourth-richest country by state-owned assets. Together, these developments show how capital, content, and consolidation are actively reshaping growth strategies across tech, consumer markets, and sovereign investment.

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Markets

Anghami’s OSN Reset Fuels Revenue Surge and Market Comeback

What’s it About?

Anghami posted a record $48.4 million in H1 2025 revenue, nearly doubling year-on-year after integrating OSN+. Subscription revenue climbed to $43 million, boosted by premium TV and global content now embedded in the platform. The turnaround followed OSN Streaming’s $55 million convertible loan, later converted into equity, making OSN the dominant shareholder.

Why it Matters?

The deal rewired Anghami’s business model, shifting it from a cash-burning music streamer to a broader entertainment ecosystem. Investor sentiment followed, with Anghami shares jumping 45% in a week, signaling renewed confidence after months of balance-sheet stress.

What’s Next?

Anghami is expanding distribution through bundles with Shahid, Disney+, and Talabat. The key question is whether subscriber momentum can sustain growth without further balance-sheet support.

Alamar Foods Secures Five Guys Saudi Franchise in SAR 85m Deal

What’s it About?

Alamar Foods has acquired 100% of the Five Guys Saudi franchise from Cravia for SAR 85 million, gaining control of 13 restaurants across the Kingdom. The deal ends takeover speculation and brings a premium casual-dining brand into Alamar’s portfolio.

Why it Matters?

Cravia Arabia operates debt-free and is expected to generate SAR 17 million EBITDA in 2025, strengthening Alamar’s earnings base. Strategically, the acquisition diversifies Alamar beyond traditional QSR brands like Domino’s and Dunkin’.

What’s Next?

With Saudi Arabia’s dining market expanding, investors will watch how aggressively Alamar scales Five Guys and whether margins hold amid rising operating costs.

UAE Ranks Fourth Globally in State-Owned Assets as Sovereign Wealth Hits New Highs

What’s it About?

The UAE now ranks as the world’s fourth-richest country in state-owned assets, managing $2.93 trillion, according to Global SWF. Abu Dhabi Investment Authority leads with $1.18 trillion, while Abu Dhabi itself was named the world’s richest city.

Why it Matters?

The figures underline the UAE’s growing influence in global capital flows. In 2025, it became the fifth-largest recipient of sovereign fund investments, attracting $9.9 billion, reflecting rising confidence in its economy.

What’s Next?

With global sovereign wealth expected to reach $80 trillion by 2030, the UAE is positioned to play a bigger role in cross-border investment, infrastructure, and strategic global deals.

🦄 World of Startups

• Drive Finance Secures 2.4B in Ambitious Securitisation Drive

• Falak Angel Network Invests in UNITS to Revolutionise Saudi Logistics Scene

• UAE Advances Drone Delivery with Successful Pilot in Remote Liwa

• Fawry Launches Holding Company to Power Expansion in Egypt’s Fintech Sector

• HSBC and Presight Forge AI Partnership to Revolutionise Banking in UAE

👨‍💻From Smashi Business’ Desk

• PIF’s $45B SoftBank Bet Aimed at AI Exposure Despite Underwhelming Returns.

• Warner Bros Set to Reject $108.4B Gulf-Backed Paramount Bid Amid Netflix Deal Talks

• Saudi Arabia Secures 86% Stake in Binladin Group to Stabilize Debt and Jobs

• Israel’s Tech Ambitions Shaken as Musk Talks with Netanyahu Amid Talent Exodus

🔍In other news…

• Saudi PIF-backed HUMAIN receives first shipment of latest NVIDIA AI chips

• Abbas Sajwani’s $120m ‘Big Ben’ tower bet pays off with $600m in sales – report

• Oman lines up projects worth almost $1bn to boost growth

• Taqa and Ewec complete $980 million Al Dhafra power plant deal

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