Happy Saturday everyone!

A UAE-backed entity has emerged as the 49% owner behind the holding company for the Trump family’s planned crypto bank, while Dubai Airports revealed it made no layoffs despite passenger traffic falling 31.3% during the regional conflict. And as the UAE marked Emirati Women’s Day, we look at Rihab Al Gurg’s journey from dorm-room ice cream experiments to building Mina Creamery in Abu Dhabi.

Meanwhile, in events, LEAP kicks off from August 31 till September 3 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.

WhatsApp | Instagram | Tiktok | Smashi Business Show (Mon-Friday)

Markets

Trump Family’s New Crypto Bank Is Backed by UAE’s HH Sheikh Tahnoon: WSJ

🔹 What Is It About

UAE National Security Adviser HH Sheikh Tahnoon bin Zayed Al Nahyan and co-investors are behind an entity owning 49% of the holding company for World Liberty Financial’s planned bank, The Wall Street Journal reported. The Trump family-backed crypto venture recently received preliminary conditional approval to establish a federally chartered national trust bank focused on issuing, redeeming and safeguarding its USD1 stablecoin.

🔹 Why It Matters

HH Sheikh Tahnoon and other investors previously invested $500 million in World Liberty Financial in 2025, receiving a 49% stake in a deal that reportedly directed $263 million to Trump family entities. The latest development comes as Washington makes decisions affecting UAE access to advanced American AI chips, including sales to G42, chaired by HH Sheikh Tahnoon.

🔹 What’s Next

World Liberty must meet additional regulatory conditions before its bank can open. The development also follows HH Sheikh Tahnoon’s White House meeting with President Donald Trump last year, before the UAE announced a 10-year, $1.4 trillion US investment framework spanning AI, semiconductors, energy and manufacturing.

This Emirati Woman Is Building the UAE’s Answer to ‘Ben & Jerry’s’

🔹 What Is It About

What started as a dorm-room experiment, with a date ice cream recipe that failed more times than it worked, has grown into Mina Creamery. Emirati entrepreneur Rihab Al Gurg, who documented her experiments through The Ice Cream Diaries, co-founded the homegrown brand in 2023 alongside NYU Abu Dhabi alumnus Anant Singh.

🔹 Why It Matters

As the UAE marked Emirati Women’s Day yesterday, Al Gurg represents a generation of Emirati women turning creativity and cultural heritage into businesses. Mina Creamery uses ice cream as a storytelling vessel, with flavours including Orange Blossom Baklava, Aseeda w Gers, Rutab and Cardamom, and Halwa Salted Saffron, bringing familiar tastes into a modern UAE consumer brand.

🔹 What’s Next

After beginning with online orders and pop-ups, Mina Creamery established a physical home at MiZa in Mina Zayed. Its arrival comes as Abu Dhabi’s historic port district undergoes regeneration, placing the homegrown concept within one of the capital’s evolving creative and commercial neighbourhoods.

Dubai Airports CEO Says No Staff Were Laid Off Despite Conflict Disrupting Aviation

🔹 What Is It About

Dubai Airports made no layoffs despite months of regional conflict hammering passenger traffic, CEO Paul Griffiths told Khaleej Times. “We didn't make anyone redundant. The resilience the Dubai airport's employees showed is amazing during the conflict. I was humbled by the absolute dedication and commitment of the staff,” he said. DXB handled 31.5 million passengers in H1 2026, down 31.3% year-on-year, including 13 million during Q2.

🔹 Why It Matters

The disruption was severe enough for Dubai Airports to slash its 2026 passenger forecast from 100 million to around 70 million, after airspace closures and foreign airlines suspending Gulf operations. Griffiths nevertheless said staff morale remained “unbelievable,” while DXB has rebuilt its network to 56 airlines, 236 cities and 100 countries as monthly passenger volumes recover.

🔹 What’s Next

Griffiths hopes DXB will return to a full schedule by the end of Q3, with European and US airlines returning capacity from late October. “We will get back to that magic number we have been chasing for 100 million in early 2027,” he said. Griffiths also expects DXB to retain its title as the world’s busiest international airport, saying the first-half decline does not reflect its long-term strength.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍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

Latest Episode of The Smashi Business Show

Apple | Spotify | Youtube | Anghami | Smashi TV

Were you forwarded this email? Subscribe here