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Pakistan has rejected a Financial Times report claiming its army chief’s advisers proposed a US-built port in Pasni, Balochistan, saying discussions were “purely exploratory” and not official policy. UAE-based IFFCO Group, owner of London Dairy and Tiffany biscuits, has hired Rothschild & Co. to advise on a $2 billion debt restructuring, replacing Alvarez & Marsal. HSBC and other lenders are working with PwC, in what could be one of the region’s largest corporate restructurings. Meanwhile, Wynn Al Marjan Island in Ras Al Khaimah has launched a hiring drive for over 100 roles, including casino and pit managers, ahead of its $5.1 billion resort’s 2027 opening—the UAE’s first regulated gaming destination.

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Markets

Pakistan Denies Reports of US Proposal for Arabian Sea Port at Pasni

🔹 What Is It About

Pakistan’s government has dismissed reports that it offered the United States access to a proposed port in Pasni, Balochistan, on the Arabian Sea. A senior security official told state-run media there had been no official communication with Washington and that discussions reported by the Financial Times were “purely exploratory.” The FT had claimed advisers to Army Chief Field Marshal Asim Munir floated a proposal for US investors to build and operate a port at Pasni to support access to Pakistan’s critical minerals. Officials denied any such initiative, calling links to Munir “misleading and inaccurate.”

🔹 Why It Matters

Pasni lies directly across from Gulf shipping routes, making any US-backed port a strategic counterweight to China’s presence in Gwadar and a new player in Arabian Sea logistics. For Gulf economies like the UAE and Saudi Arabia, it could shift regional trade and investment dynamics — especially as both seek to expand port and maritime infrastructure.

🔹 What’s Next

Analysts say the controversy underscores Pakistan’s challenge in balancing relations with Washington and Beijing while courting foreign investment. For now, both the US and Pakistan’s military have declined to comment, leaving the future of the Pasni port idea uncertain.

London Dairy Owner IFFCO Hires Rothschild for $2 Billion Debt Restructuring

🔹 What Is It About

UAE-based IFFCO Group, the parent company of London Dairy, Tiffany biscuits, and LDC Kitchen & Coffee, has hired Rothschild & Co. to advise on a $2 billion debt restructuring, according to Bloomberg. The move replaces Alvarez & Marsal, which previously advised the company. Creditors—including major lenders like HSBC—are working with PwC on the process, which could become one of the largest corporate restructurings in the Middle East in recent years.

🔹 Why It Matters

The restructuring underscores rising financial pressures on Gulf conglomerates amid higher interest rates and tighter liquidity. For IFFCO—one of the region’s largest privately held food companies—the decision signals a strategic effort to streamline its balance sheet and sustain growth across 50 countries. The move also follows major overhauls by Saudi Binladin Group, NMC Health, and KBBO Group, reflecting a broader wave of corporate debt resets across the region.

🔹 What’s Next

Talks remain ongoing, with no guarantee of a finalized deal. Analysts say the outcome could determine how UAE family-owned firms approach debt restructuring and transparency amid a shifting regional credit landscape.

Over 100 Jobs Announced With ‘Attractive Salaries’ at Gulf’s First Casino in Ras Al Khaimah

🔹 What Is It About

Wynn Al Marjan Island in Ras Al Khaimah has opened applications for over 100 new positions across departments, including roles such as casino manager and pit manager. The $5.1 billion resort, set to open in 2027, marks the UAE’s first foray into regulated gaming. According to Wynn’s careers portal, the company offers “an attractive salary, an excellent leave policy, a healthcare package, as well as life insurance, incentive programmes, and other employee benefits.”

🔹 Why It Matters

The recruitment drive signals momentum in Ras Al Khaimah’s push to diversify tourism and entertainment, positioning the emirate as a luxury leisure hub to rival Dubai. Wynn’s integrated resort will feature a 225,000-square-foot gaming area, 24 restaurants, and ultra-luxury suites—potentially creating thousands of direct and indirect jobs. The project also highlights shifting regional dynamics as the UAE cautiously opens to new entertainment sectors under strict regulation.

🔹 What’s Next

Former Wynn Las Vegas CEO Max Topainer has been appointed president of Wynn Al Marjan and will relocate to Ras Al Khaimah to oversee development. Construction is already underway, with analysts expecting the resort to redefine tourism and investment flows into the northern emirate.

👨‍💻From Smashi Business’ Desk

• Dubai-based Huda Beauty founder Huda Kattan condemned Israeli forces after reports of Greta Thunberg’s mistreatment in detention, calling them “sick people” in a strongly worded Instagram post.

• Vercel CEO Guillermo Rauch is facing backlash after posting a photo on X showing him meeting Israeli PM Benjamin Netanyahu, wanted for war crimes by the UN-backed ICC.

• Replit founder Amjad Masad says he faced “sabotage” from VCs for speaking out on Gaza — but urges the tech community to break its silence now that “the truth is undeniable.”

• UAE Minister Showcases DIFC’s 20-Year Rise from Sand to Global Financial Hub.

🔍In other news…

• Larry Ellison Vetted Marco Rubio for Fealty to Israel, Hacked Emails Reveal: Drop Site 

• QatarEnergy Acquires 27% Stake in Egypt’s Offshore Block from Shell.

• DP World–Djibouti Legal Dispute Takes New Turn

• Oman Mandates All Foreign Firms to Employ at Least One Omani

• DIEZ and German–Emirati Council Partner to Attract German Investment to Dubai

• Mubadala and ADIA Drive Dh206 Billion Spending by MENA Sovereign Funds

• Gulf startup turns Rolls-Royces, superyachts into rentals.

• Sheikh Tahnoon’s firms are pushing a massive stablecoin project: Semafor

🏦 Crypto Corner

• Crypto data reveals UAE has mined bitcoins worth $700m

• 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.

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