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- SEF 2026, Revolut CEO Back in the UK, and UAE Hits $1 Trillion in Trade
SEF 2026, Revolut CEO Back in the UK, and UAE Hits $1 Trillion in Trade
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Sunday, February 1, 2026
Happy Sunday everyone!
This week highlighted the Gulf’s growing role in global technology and investment, as Sharjah Entrepreneurship Festival 2026 concludes today and Web Summit Qatar opens in Doha, bringing together thousands of startups, investors and executives from global tech companies. At the same time, several business developments underscored the region’s economic momentum, including Revolut CEO Nik Storonsky correcting a UAE residency filing as his $75bn fintech expands in Dubai, and the UAE announcing that non-oil foreign trade surpassed $1tn for the first time in 2025, achieving a key diversification target five years ahead of schedule. Together, the events point to a region increasingly shaping where global capital and companies are built.
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Markets
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Jahez–Snoonu Chief Sets Out Regional Strategy at SEF 2026
Day one of Sharjah Entrepreneurship Festival 2026 offered a snapshot of how founders are rethinking power, identity, and where the next global businesses will be built. From Qatari super apps and Saudi food tech to Egyptian luxury houses and Australian founders relocating to the UAE, the pattern was clear: the centre of gravity is shifting east.
We spoke to Hamad Mubarak Al-Hajri, founder and CEO of Snoonu and newly appointed CEO of Jahez International, about leadership, faith, and building unicorns. We also caught up with Mounaz Abdel Raouf, co-founder of Okhtein, now positioning itself as a global luxury house.
Elsewhere, Brooke Bellamy of Brooki Bakehouse confirmed plans to split residency between Australia and the UAE after securing AED60m investment from Arada, while John Sullivan told Smashi Business that the UAE is WHOOP’s fastest-growing market, with further investments planned.
Read our interview with Hamad Al-Hajri below.
I’ve noticed that you’ve taken a notable interest in Islam and business. How does that play out in your business?
Hi, Smashi Business. Finally, I’m the one who actually found you, and I’m happy to be on your social media. Today I’m going to speak about CEOs and what you need to get to be a very great CEO. One thing I learned a long time ago, since I was a kid, is what it means to be a Muslim leader. There are many core values that I take from Islam and implement in my leadership, because Islam is not just a religion, it’s a way of life. It is a civilisation of innovation. For example, Itqan, Amana, Ihsan. These core values are among the top qualities any leader needs today. Today I am CEO of two unicorns, Snoonu and Jahez International, and this is how I lead.
How did you become the CEO of Jahez? How did that story play out?
The deal between Jahez and Snoonu is a huge alliance from the Middle East. My role at the moment is to expand beyond the Saudi Arabia border. We have Jahez in Saudi Arabia and Jahez International for every country beyond Saudi Arabia. My goal is to be in every single market in the Middle East, Inshallah. Nothing will stop us. Nothing is impossible. We have strong will and big dreams and we will keep working hard every single day.
You’ve taken a particular interest in Zohran Mamdani. What do you think about the criticism he receives?
Zohran Mamdani’s story is very interesting. He says something simple, “I’m New York mayor. My job is to take care of my people.” But you see voices saying “go to Zionists and obey them”. He said something that makes sense, “they are killers, I’m not going to people who are killing children”. It surprised me to see the world think this is wrong. People care about money and capital but they don’t care about values. In Islam everyone is responsible and everyone has to take care of their people. Very simple.
Qatar’s Web Summit Opens Today With 30,000 Attendees in Doha
Qatar’s Web Summit opens today in Doha, drawing around 1,600 startups and more than 30,000 attendees, including executives from Snap, TikTok, Uber, and Meta, as well as representatives from Qatar’s $580bn sovereign wealth fund. The opening ceremony will headline His Excellency Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, alongside Palestinian founder Issam Hijazi, creator of UpScrolled, which recently surpassed one million users as people migrate away from mainstream platforms amid rising censorship concerns. The summit runs from February 1 to 4, 2026, reinforcing Qatar’s ambition to position itself as a regional technology hub.
The Revolut CEO Nik Storonsky Just Moved His Residence From the UAE Back to the UK After a Filing Error
What’s it About?
Revolut CEO Nik Storonsky has switched his residency back to the UK after a Companies House filing mistakenly listed his address as the UAE, according to the Financial Times. Storonsky said the Dubai address was used for correspondence by his family office, adding he splits time across Europe, the UK, Dubai, and Latin America.
Why it Matters?
The episode briefly triggered concern among UK regulators, as Storonsky’s residency status is politically sensitive while Revolut awaits full banking authorisation. The 41-year-old founder, worth around £10bn per Bloomberg, is also a vocal critic of UK regulation. His case feeds into a wider narrative of billionaire migration, as Britain faces capital flight following non-dom tax reforms and higher capital gains taxes.
What’s Next?
Despite denying a permanent move, Revolut is aggressively expanding in the Middle East. The $75bn fintech is preparing a UAE launch in early 2026, after securing in-principle approval from the Central Bank of the UAE. Based in the DIFC, the firm has appointed Ambareen Musa as GCC CEO and is hiring heavily across compliance, engineering, and strategy. For analysts, the real story is not Storonsky’s address but Dubai’s growing pull as a global fintech hub.
UAE’s Non-Oil Foreign Trade Surpasses $1 Trillion Milestone
What’s it About?
The UAE’s non-oil foreign trade exceeded $1 trillion for the first time in 2025, rising 26% year-on-year, according to government data. Non-oil exports jumped дошта 45% to Dh813bn ($221bn), with strong growth in gold, jewellery, aluminium, perfumes, and plastics. Sheikh Mohammed bin Rashid said the target was originally set for 2031, meaning the country achieved it five years ahead of schedule.
Why it Matters?
The milestone underscores the UAE’s success in diversifying away from hydrocarbons and strengthening its role as a global trading hub. It also reflects growing confidence in the UAE’s business environment amid global protectionism and geopolitical tensions. The Comprehensive Economic Partnership Agreements (CEPA) programme has been a major driver, with trade with CEPA partners rising sharply, especially India, which remains one of the UAE’s largest markets.
What’s Next?
The Central Bank expects the UAE economy to grow 5.2% in 2026, supported by both non-oil and energy sectors. Analysts will watch whether CEPA expansions, re-exports, and rising imports can sustain momentum as global trade faces increasing volatility and shifting supply chains.
🦄 World of Startups
Notion Expands into Middle East with Launch of Arabic Support
Wio Bank Partners with Pine Labs to Revolutionise UAE Payment Processing
Vennre Secures $9.6M to Democratise Wealth-Building in Saudi Arabia
Jeel and Ripple Join Forces to Revolutionise Saudi Payments with Blockchain
AI Integration Gains Momentum in UAE as Firms Reap Early Rewards
Argentum AI Taps Saudi Golf Leader Majed Al Sorour for Global Expansion Drive
SIRBAI and EDGE Forge Strategic UAE Alliance to Elevate Drone Autonomy
👨💻From Smashi Business’ Desk
Binghatti Holding Puts IPO on Hold, Focuses on Expansion with Strong Cash Reserves
Dubai’s Eat App Secures $10M to Expand Global Restaurant Booking Platform, Enters India via Swiggy Partnership
Egypt’s Zeal Raises $4M, Eyes F1 Star Lando Norris as Angel Investor to Boost AI-Powered Retail Platform
Trump Taps Israeli Billionaire Yakir Gabay for Controversial Gaza “Board of Peace”
Damac Founder Hussain Sajwani Sparks Viral Debate at Davos: “There’s No Such Thing as 9 to 5 in Business”
🔍In other news…
Libya Emerges as Top Destination for US Oil Firms Over Venezuela
Saudi Arabia Opens Property Market to Foreign Buyers From $270
Saudi Arabia Targets Wealthy Families in Fresh Capital Drive
Lunate targets doubling of assets under new leadership
🗓️ Plan Your Events (Jan-Feb 2026)
UAE
31 January-February 1: Sharjah Entrepreneurship Festival (Media Partners)
3-5 February: The World Governments Summit, Dubai.
9-12 February: World Health Expo (WHX), Dubai.
11-12 February: STEP Dubai Conference, Dubai Internet City. (Media Partners)
Saudi Arabia
28-30 January: Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.
2-4 February: Saudi Media Forum, Riyadh.
2-4 February: Women Leaders Summit and Awards KSA, Riyadh.
8-12 February: World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.
Egypt
5-7 February: RiseUp Summit, Cairo. (Media Partners)
11-12 February: Ai Everything Egypt (Organized by GITEX Global), Cairo. (Media Partners)
Qatar
1-4 February: Web Summit Qatar, Doha. (Media Partners)
2-5 February: 21st International Conference & Exhibition on Liquefied Natural Gas (LNG2026)
