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Saudi Leadership Shake-Up; US Targets Banque Misr UAE Branches; Taco Bell Returns to UAE
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Sunday, August 30, 2026
Happy Sunday everyone!
Saudi Arabia is reshuffling leadership at the $50 billion New Murabba megaproject amid a broader push to elevate Saudi executives, while the US is targeting Banque Misr’s UAE branches in its first move since declaring an “economic D-Day” against Iran. Meanwhile, Mohamed Alabbar-led Americana Restaurants has signed an exclusive deal to bring Taco Bell back to the UAE after 14 years, with the first restaurants set to open in Dubai before a wider GCC rollout.
Meanwhile, in events, LEAP kicks off tomorrow in Riyadh after delays, having attracted 200,000+ visitors last year and driving $42 billion in announced investments across its last four editions. Smashi Business and sister brand Lovin Riyadh (under Augustus Media) are media partners this year.
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Saudi Arabia Replaces CEO of Riyadh’s Flagship New Murabba Megaproject: FT
🔹 What Is It About
Saudi Arabia has replaced New Murabba CEO Michael Dyke with PIF veteran Sabah Barakat as acting CEO of the Riyadh megaproject, according to the Financial Times. The change follows a review of more than 100 PIF portfolio companies and projects. Barakat is also acting CEO of Roshn, where British-born CEO David Grover was fired in 2024.
🔹 Why It Matters
The reshuffle comes amid a broader push to elevate Saudi executives across major institutions as the nearly $1 trillion PIF refines its priorities. The shift extends beyond real estate: Alat replaced former Dell executive Amit Midha, while FII Institute appointed HRH Princess Dr Maha bint Mishari CEO, succeeding Richard Attias, now Executive Committee Chairman.
🔹 What’s Next
Attention now turns to New Murabba, launched by Crown Prince Mohammed bin Salman in 2023 to create what was billed as the “world’s largest modern downtown.” Knight Frank estimated the development at $50 billion, with plans to accommodate more than 280,000 people by 2040. Its board-approved master plan is expected to proceed on a “staged basis,” making Barakat’s execution of the next phase one to watch.
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US Imposes Sanctions on Egyptian Bank in Effort to Pressure Iran: Official
🔹 What Is It About
The US Treasury plans to cut Banque Misr’s UAE branches off from the US financial system, targeting operations of Egypt’s second-largest bank as Washington intensifies economic pressure on Iran. The measure would block the UAE branches from accessing US financial institutions and is expected to take effect following a 30-day public comment period. Egypt’s central bank has said the action is limited to Banque Misr’s UAE branches.
🔹 Why It Matters
It is the first measure taken by the Trump administration since Treasury Secretary Scott Bessent announced an “economic D-Day” against Iran and its economic and financial partners. Bessent said Iran’s enablers “cannot continue to enjoy access to the US dollar and the global financial system.” Washington also sanctioned the manager of the Dubai branch of Iran’s Bank Melli and a Hong Kong-based company accused of laundering funds for a sanctioned Iranian exchange house.
🔹 What’s Next
Bessent is expected to press G20 finance ministers directly during bilateral meetings next week as Washington seeks broader participation in its campaign. But targeting larger economic partners could prove more complicated, particularly China, a major buyer of Iranian oil. Any action against Chinese institutions risks wider economic consequences and fresh tensions ahead of Chinese President Xi Jinping’s expected September visit to Washington.
Mohamed Alabbar-Led Americana Brings Taco Bell Back to UAE After 14 Years
🔹 What Is It About
Americana Restaurants, chaired by Mohamed Ali Rashed Alabbar, has signed an exclusive development agreement with Taco Bell UK and Europe, a Yum! Brands subsidiary, to relaunch Taco Bell in the UAE. The first restaurants will open in Dubai, before expanding across the UAE and wider GCC.
🔹 Why It Matters
The deal deepens Americana’s longstanding relationship with Yum! Brands, whose KFC and Pizza Hut restaurants it already operates regionally. Alabbar led the Gulf investor consortium through Adeptio that acquired control of Americana beginning in 2016. Announcing the deal, he called Taco Bell “the coolest brand in its category,” built around flavour, value and attitude.
🔹 What’s Next
This will be Taco Bell’s second attempt at the UAE market. The chain first opened at The Dubai Mall in 2008 before exiting in 2012 amid weak sales, strong competition and a mismatch with local preferences. No opening dates, locations or restaurant numbers have been disclosed, making Dubai’s reception a key test before the planned GCC rollout.
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🔍In other news…
Iran, Oman hammer out Hormuz revenue-sharing deal
War cuts Dubai airport passenger traffic by nearly a third
Kuwait and Qatar Add to Growing Oil Flows Getting Through Hormuz
Trump sends Saudi nuclear deal to Congress but says again that Riyadh must recognize Israel
Famous London bakery fires warning shot at Saudi copycat
Bahrain’s economy contracts after Iran war hits oil output
Builder.ai Founder Sachin Dev Duggal Starts Dubai-Based SeKondBrain After Unicorn’s Collapse
UAE grants Elon Musk's Starlink licence to provide satellite internet services
Saudi Arabia Replaces CEO of Riyadh’s Flagship New Murabba Megaproject: FT
🦄 World of Startups
ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors
Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K
Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M
Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round
