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- Sheikha Al Mayassa Reaffirms Qatar Cultural Backing; Trafigura and Mubadala Cancel Brazilian Iron Port Sale; $12 Sandwich Ignites Lebanon Inequality Debate
Sheikha Al Mayassa Reaffirms Qatar Cultural Backing; Trafigura and Mubadala Cancel Brazilian Iron Port Sale; $12 Sandwich Ignites Lebanon Inequality Debate
AI, tech, startup and business stories from the Arab world. For the driven, the dreamers and the doers
Friday, October 30, 2026
Happy Friday everyone!
Cultural investments, commodities infrastructure deals, and retail economic debates mark current regional headlines. Speaking at a CNN panel, Qatar Museums Chairperson Her Excellency Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani confirmed Qatar will continue funding Arab artists and cultural initiatives despite regional geopolitical turbulence. In global commodities, Trafigura Group and Mubadala Capital shelved plans to sell Brazilian iron ore export terminal Porto Sudeste after bids fell 30% below target valuations. Meanwhile, in Beirut, a $12 gourmet chicken sandwich created by influencer Nancy Ghmeid went viral after selling 20,000 units in 11 days, sparking debates over economic inequality.
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Her Excellency Sheikha Al Mayassa Reaffirms Qatar Commitment to Funding Arab Artists
🔹 What Is It About
Speaking during a CNN panel session, Qatar Museums Chairperson Her Excellency Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani confirmed that Qatar will maintain its investment in Arab creatives and regional cultural programming. Sheikha Al Mayassa revealed that internal discussions previously considered delaying or canceling upcoming cultural events due to geopolitical conditions, but leaders chose to proceed. Highlighting upcoming events like Design Doha launching November 5, she noted that every dollar invested in the arts generates a 2.5 multiplier in broader economic returns.
Sustaining Cultural Investments: Qatar Museums confirmed full financial and logistical support for Arab artists despite regional turbulence.
Generating Economic Returns: Sheikha Al Mayassa highlighted that arts spending yields a 2.5 economic multiplier effect.
Launching Regional Biennials: The country confirmed the opening of Design Doha on November 5 to host regional creatives.
🔹 Why It Matters
Maintaining funding for creative industries during periods of geopolitical uncertainty protects income streams for regional artists, designers, and cultural institutions. Utilizing culture as an avenue for dialogue and resilience helps regional capital cities position themselves as stable cultural and tourism hubs. Generating a 2.5 multiplier return on creative spending demonstrates that cultural investments yield economic benefits across hospitality, retail, and media industries.
🔹 What’s Next
Qatar Museums will open the Design Doha biennial on November 5 across heritage and modern exhibition spaces. Event organizers will host creative delegations and issue project grants to emerging Arab designers.
Opening Design Doha: Curators will open exhibition halls to display works from MENA designers on November 5.
RAKIS 2026 Set for November 11–12
Less than a month remains until RAKIS 2026 brings investors, developers, government leaders and business executives to Ras Al Khaimah.
The summit, taking place on November 11–12 at the RAK Exhibition Centre, will focus on investment opportunities and partnerships across real estate, infrastructure, tourism, technology and sustainable development.
The event aims to connect decision-makers and industry experts to discuss the opportunities shaping the emirate’s next phase of economic growth.
Organisers are inviting delegates to register for a free pass ahead of the event.
Register for your free delegate pass here.
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Trafigura and Mubadala Capital Shelve $5B Sale of Brazilian Iron Ore Port
🔹 What Is It About
Trading firm Trafigura Group and Abu Dhabi asset manager Mubadala Capital cancelled the planned sale of Porto Sudeste, an iron ore export terminal in Brazil previously valued at $5 billion. The sellers pulled the asset after incoming offers came in 30% below expectations due to softening global iron ore prices and high ocean shipping costs. Despite moving a record 27.8 million tonnes in 2025, the port continues operating below its 50 million-tonne total annual capacity.
Shelving Asset Sale: Trafigura and Mubadala Capital paused the sale after bids missed target valuations by 30%.
Facing Market Headwinds: Lower iron ore prices and high freight rates squeezed margins for smaller mining exporters.
Retaining Strategic Holdings: The owners confirmed plans to hold onto the facility until market conditions improve.
🔹 Why It Matters
Shelving the sale highlights how falling global commodity prices and rising maritime freight costs impact infrastructure asset valuations. Rejection of discounted bids by major owners like Mubadala Capital demonstrates that Gulf sovereign investors prefer holding cash-generating assets over accepting depressed valuations. Retaining the terminal gives the owners flexibility to wait for iron ore demand and export volumes to recover.
Protecting Asset Values: Sovereign investors avoid forced sales, preferring long-term holding strategies until prices recover.
🔹 What’s Next
Porto Sudeste executive management will focus on expanding domestic logistics agreements to increase port throughput toward its 50 million-tonne capacity. Trafigura and Mubadala will monitor global iron ore benchmark prices before re-evaluating sale timing.
Increasing Terminal Volumes: Port leads will seek new shipping contracts with regional mining producers.
$12 Gourmet Chicken Sandwich Ignites Wealth Inequality Debate in Lebanon
🔹 What Is It About
A gourmet chicken sandwich priced at $12 sparked intense public debate over economic division in Lebanon. Created through a partnership between influencer Nancy Ghmeid and local venue The Glow Paradise, the Le Chic Tawouk wrap sold over 20,000 units in just 11 days. The rapid sales volume created widespread discussion across social media, as the country continues navigating a severe financial collapse that has seen national GDP fall nearly 40% since 2019 alongside widespread restaurant closures.
Selling 20,000 Units: The $12 Le Chic Tawouk sandwich generated over $240,000 in gross sales within 11 days.
Navigating Economic Collapse: The viral sales contrast with a national economy where GDP has contracted nearly 40% since 2019.
Defending Retail Prices: Creators defended the price point, citing higher ingredient quality and premium sourcing.
🔹 Why It Matters
Strong sales for high-end food products alongside widespread restaurant closures illustrate growing purchasing power divides in post-crisis economies. Influencer-driven food concepts show that targeted digital marketing can drive retail demand even within constrained consumer markets. However, stark spending contrasts highlight the challenges facing casual dining operators struggling with rising food import costs and declining mass-market demand.
Highlighting Spending Divides: High-end food sales emphasize the growing gap between luxury consumers and struggling households.
🔹 What’s Next
The Glow Paradise management will evaluate extending the sandwich menu offer based on ingredient availability. Hospitality analysts will monitor local food service closures as casual dining operators adapt menu pricing to changing consumer budgets.
👨💻From Smashi Business’ Desk
Dubai-born fragrance brand KAYALI will enter China on October 15.
Saudi-born dining platform SPICE has ruled out offering cashback on shisha or alcohol at partner restaurants as it keeps its rewards model aligned with Islamic principles.
Uber will invest $50 million in Jordan over the next three years, targeting the country’s mobility ecosystem while supporting economic opportunities, tourism and access.
Dubai Crown Prince HH Sheikh Hamdan just shared his Etihad Rail ticket on Snapchat as Dubai-Abu Dhabi passenger services prepare to launch on September 30.
🔍In other news…
Saudi Tanker Giant Posts 10-Fold Profit Jump as Ship Rates Surge
Turner & Townsend says Middle East cheapest for data centres
US Tells Ships to Avoid Unnecessary Transits Through Hormuz
Alleged Israeli spy company heavily targeted Starlink users, sources say
Riyadh airport faces $50m disruption bill, per AGBI analysis
US costs of Iran war rise to over $47 billion, according to Pentagon estimate
🦄 World of Startups
NoorNation: Egypt-based cleantech startup NoorNation raised $1.05 million in seed funding from Linah Farms, Catalyst Fund and KBW Ventures to expand its solar-powered irrigation and desalination solutions.
Silkhaus: UAE-based short-term rental startup Silkhaus is winding down its holiday-home business in the country, with owner agreements set to end on November 11, 2026.
MNT-Halan: Egyptian fintech MNT-Halan received a $71.2 million capital injection from its parent company, MNT Investments BV, increasing the parent’s stake to 80.47% shortly after the fintech’s $139.5 million IPO.
Alpha Dhabi: UAE-based Alpha Dhabi Holding committed $1 billion to Alpha Wave III, a global investment fund managed by Alpha Wave Global that focuses on high-growth companies, with AI at its core.
Mubadala Capital: UAE-based Mubadala Capital secured a minority equity investment from US asset manager Apollo Global Management, which manages $1.05 trillion in assets, with the investment value undisclosed.
