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Central bank digital currency shifts, airline quality milestones, and major urban development joint ventures mark key business updates across the region. Saudi Arabia completed its participation in the mBridge digital currency platform, concluding its proof of concept and stepping away from the China-led initiative. In civil aviation, EgyptAir was crowned the World's Most Improved Airline at the 2026 Skytrax World Airline Awards, climbing to 46th globally. Meanwhile, TMG Saudi partnered with Saudi Arabia's Roshn Group to build a mixed-use community featuring over 55,000 residential units in Riyadh.

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Saudi Arabia Concludes Proof of Concept and Ends Formal Role in mBridge Platform

🔹 What Is It About 

The Saudi Central Bank (SAMA) concluded its active participation in mBridge, the multi-central bank digital currency platform led by China and participating central banks. SAMA confirmed that after completing its planned proof-of-concept testing in May 2025, it is no longer a formal member of the initiative. The network uses distributed ledger technology to enable direct cross-border payments between central banks, bypassing traditional intermediary systems like SWIFT.

• Ending Active Membership: SAMA completed its planned proof-of-concept testing and concluded its formal role in the project.

• Bypassing Intermediary Systems: The mBridge platform allows direct central bank digital currency transactions without relying on SWIFT.

• Following BIS Transition: The decision follows the Bank for International Settlements handing over platform management to participating central banks.

🔹 Why It Matters 

SAMA concluding its formal involvement reflects the careful balance Gulf financial institutions maintain between adopting digital payment tech and managing relationships with Western trading partners. While multi-currency platforms offer faster cross-border settlement, US officials have raised concerns about alternative payment systems that operate outside dollar-denominated networks. Moving away from public membership helps Saudi Arabia maintain its long-standing monetary alignment with international financial standards.

• Balancing Global Alliances: Managing international payment ties protects access to dollar-based financial systems.

• Evaluating Digital Assets: Completing the proof of concept gives SAMA technical data to evaluate future sovereign digital currency options.

🔹 What’s Next 

SAMA will analyze technical results from its mBridge trials to guide internal digital currency testing. Remaining central bank partners in China, the UAE, Hong Kong, Thailand, and Macau will continue scaling commercial operations on the platform.

• Reviewing Technical Data: SAMA research teams will use trial results to develop domestic wholesale digital currency frameworks.

• Expanding Platform Access: Continuing members will onboard commercial banks to process real-time cross-border settlements.

EgyptAir Named World's Most Improved Airline at 2026 Skytrax Awards

🔹 What Is It About 

EgyptAir earned the title of World's Most Improved Airline at the 2026 Skytrax World Airline Awards in London. The national carrier jumped 22 spots in the global rankings to secure 46th place, marking its first appearance inside the world's top 50 airlines. The airline also earned top African regional honors for Best Cabin Crew and Best Economy Class, while its cabin crew ranked 20th globally.

• Entering Global Top 50: EgyptAir climbed 22 places to rank 46th worldwide in Skytrax's overall standings.

• Winning Regional Honors: The carrier took first place in Africa for Best Cabin Crew and Best Economy Class.

• Modernizing Fleet Assets: Upgrades follow fleet expansions, including adding Airbus A350-900 jets and new Boeing 737-8 Max aircraft.

🔹 Why It Matters 

Climbing into Skytrax's top 50 validates EgyptAir's multi-year investment in fleet modernization and digital booking tools. Expanding direct long-haul routes to Chicago, Los Angeles, and Zanzibar strengthens Cairo's position as a transit hub connecting Africa, Europe, and the Americas. Improving service quality and international rankings boosts passenger confidence, supporting Egypt's national goal to expand tourism revenues.

🔹 What’s Next 

EgyptAir Holding Chairman Ahmed Adel will oversee the delivery of 12 new aircraft in 2026 to support route expansion. Flight operations teams will prepare for new long-haul destinations, including upcoming routes to Australia.

TMG Saudi and Roshn Partner to Build 55,000 Homes in Integrated Riyadh Community

🔹 What Is It About 

TMG Saudi, the Saudi development arm of Egypt's Talaat Moustafa Group Holding, signed a preliminary joint venture agreement with Roshn Group to build a mixed-use development in Riyadh. Under the agreement, TMG Saudi will hold a 51% controlling stake in the joint venture company, while Public Investment Fund-backed Roshn Group will hold the remaining 49%. Initial plans outline an integrated urban community featuring over 55,000 residential units alongside commercial, hotel, healthcare, and educational facilities.

• Structuring Joint Equity: TMG Saudi will own 51% of the new project company, with Roshn holding 49%.

• Building Integrated Neighborhoods: The master plan targets over 55,000 housing units supported by retail, school, and park spaces.

• Utilizing Strategic Land: The project builds on Roshn's real estate portfolio and TMG's large-scale community design model.

🔹 Why It Matters 

Partnering with Roshn allows TMG to expand its footprint in Saudi Arabia following the sales performance of its Banan project in Riyadh. Establishing joint ventures with state-backed developers gives private firms access to prime land banks across major growth corridors. Constructing 55,000 homes helps meet high demand for modern residential communities while generating recurring foreign currency revenues for the parent company.

• Generating Foreign Revenues: Regional expansion brings steady foreign currency earnings back to the parent company's balance sheet.

• Meeting Housing Demand: Adding 55,000 residential units supports national goals to raise homeownership rates across Saudi Arabia.

🔹 What’s Next 

Executive boards from both companies will complete final engineering studies and submit master plan designs for municipal approvals. Joint sales divisions will prepare off-plan unit launches once formal development permits are granted.

👨‍💻From Smashi Business’ Desk

• Dubai based The Giving Movement CEO Rania Masri El Khatib has spoken out after Macklemore was removed from Ed Sheeran’s US tour following his support for Palestine.

• The Glazer family, Manchester United's majority owners, are reportedly among the parties circling a potential takeover of Saudi giants Al-Ittihad.

• A reported five-man consortium lead by Cristiano Ronaldo is pushing a joint bid to buy Al-Nassr from PIF, with a $100M minimum buy-in per partner.

• The Israeli Air Force has used Apple’s newly unveiled iPhone Duo in an Instagram post featuring Israeli soldiers in Gaza, with the images displayed across the foldable phone under the headline “This is Duo”

🔍In other news…

• Serbia opens Israeli drone assembly plant

• PwC announces fall in revenue for first time in two decades due to Middle East business loss

• Abu Dhabi Wealth Fund L’imad Eyes Stake in Apollo’s Atlas Air Cargo Unit

• Abu Dhabi Pins Hopes on F1 and Events Calendar to Reverse a 14.2% Drop in Hotel Guests

• Mubadala Capital leads as AI infrastructure provider Crusoe raises $3.9 billion.

• Etihad named official airline of UAE Wrestling Federation

🦄 World of Startups

• Tabby, Saudi-based BNPL, raised $233M in a Series F equity round at a $6.5B valuation.

• OCTA, USA-based accounting platform, raised $3.5M in a seed funding round led by Middle East Venture Partners (MEVP) and joined by Wa'ed Ventures, Plug and Play, and A-typical Ventures, Sukna Ventures and Sadu Capital.

• Rize, Saudi-based residential rental platform, secured a $50M (SAR 187.5M) asset-backed Murabaha facility from Jadwa Investment.

• Bekia, Egypt-based recycling technology startup, raised $765K in a seed funding round led by Madica, joined by Catalyst Fund and Jambaar Capital.

• Lendo, Saudi-based Shariah-compliant debt crowdfunding marketplace, secured a commitment of up to $200M (SAR 750M) from Quantic Financial Solutions GmbH, Austria-based asset management fund.

• Saudi Arabian building materials platform BRKZ has secured $31 million in new funding.

• Saudi digital payments company Barq has raised $329.5 million in a Series A round, valuing the fintech at $1.85 billion.

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