Happy Sunday everyone!

The Gulf’s business landscape keeps shifting, with Saudi Arabia’s Juffali dynasty moving its investment firm from London to Dubai, Uber expanding into Kuwait, and Yara Alnamlah’s Moonglaze taking over Sephora billboards ahead of Saudi National Day. From private wealth to mobility and homegrown beauty, the region continues to attract capital while building brands of its own.

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Saudi Juffali Dynasty Shifts Investment Firm From London to Dubai

🔹 What Is It About

Hasma Capital Advisors, which manages a multibillion dollar portfolio for Saudi Arabia’s Juffali dynasty, is relocating most of its staff from London to Dubai, according to Bloomberg. The firm established a Dubai entity in 2025 and could close its longstanding UK branch by mid 2027. The dynasty controls E. A. Juffali & Brothers, the century old conglomerate chaired by Khaled Juffali, employing more than 10,000 people globally.

🔹 Why It Matters

The relocation highlights Dubai’s continued pull for global private wealth despite regional geopolitical tensions. Hasma joins a broader movement away from Britain as UK tax changes reshape its private wealth sector. Billionaires including Lakshmi Mittal, John Fredriksen and Nassef Sawiris have also shifted residency, operations or investment activity toward the UAE in recent years.

🔹 What’s Next

Hasma is now recruiting in Dubai and moving employees from London, with finance head Adrian Clear relocating in August, according to his LinkedIn profile. The firm’s potential UK closure by mid 2027 will be another marker to watch as Dubai and Abu Dhabi compete for family offices, investment firms and billionaire wealth leaving traditional financial centres.

Uber Expands Into Kuwait as Gulf Mobility Push Grows

🔹 What Is It About

Uber has officially launched its ride hailing service in Kuwait, offering Taxi, Comfort, Black and Lux from September 15. The app supports scheduled rides, multiple destinations and cashless payments. New users can also receive 50% off their next two trips until October 4, capped at KD1 per ride.

🔹 Why It Matters

Kuwait adds another Gulf market to Uber’s regional footprint as the company expands across both mobility and delivery. Uber acquired Careem’s ride hailing business for $3.1 billion in 2020 and this year bought back control of Careem’s wider technology business for $100 million, strengthening its position across the Middle East.

🔹 What’s Next

The Kuwait launch comes as Uber pursues its $14.8 billion acquisition of Delivery Hero, agreed in July. Delivery Hero owns major platforms including Talabat, foodpanda and HungerStation, meaning the deal could substantially expand Uber’s exposure to food and quick commerce alongside its growing regional ride hailing operations.

Yara Alnamlah Fronts Moonglaze Sephora Billboards Ahead of Saudi National Day

🔹 What Is It About

Saudi entrepreneur Yara Alnamlah is fronting Sephora billboards for Moonglaze across Saudi Arabia, putting her homegrown beauty brand prominently on display days before Saudi National Day. Alnamlah shared the campaign on Instagram, writing: “6 years later. From representing beauty with Sephora to building for the Saudi beauty Moonglaze.” Founded in 2024, Moonglaze became the first Saudi beauty brand to launch at Sephora Middle East earlier this year.

🔹 Why It Matters

The billboard placement gives Moonglaze significant visibility in its home market during one of the Kingdom’s biggest national moments. It also follows the brand’s international debut at Selfridges London, where it sold out within minutes, highlighting growing demand for Saudi founded consumer brands beyond the Kingdom.

🔹 What’s Next

Moonglaze sits under When Minds Meet, Alnamlah’s holding company founded in 2022. Its portfolio now spans six ventures founded by Alnamlah: Moonglaze, Treat Salon, Treat Products, Tinka, Somatcha and Yara Advertising and Publicity Establishment. With Sephora providing regional retail distribution and Selfridges establishing an international foothold, Moonglaze’s next phase will test how far a Saudi founded beauty label can scale beyond its domestic audience.

👨‍💻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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