- Smashi Business
- Posts
- UAE Chip Deal Under Scrutiny (Again); Abu Dhabi's New Jersey Tower; Syria Currency Plan
UAE Chip Deal Under Scrutiny (Again); Abu Dhabi's New Jersey Tower; Syria Currency Plan
In partnership with
Tuesday, December 23, 2025
Happy Tuesday everyone!
The US State Department's inspector general is evaluating a request to investigate potential ethics violations by Trump officials in connection with advanced chip exports to the UAE. In real estate news, Abu Dhabi's Modon has formed a joint venture to develop a 54-storey luxury residential tower in Jersey City, marking another milestone in its global expansion strategy. Meanwhile, Syria's central bank governor has confirmed the country will proceed without delays in launching its new national currency, which will remove two zeroes from denominations as part of efforts to restore confidence in the financial system.
But before that: For quick daily updates, follow us on Instagram, and you can watch our Smashi Business Show live every weekday from 10AM onwards (UAE time). Also, you can join our Whatsapp channel to receive updates from the business world.
Markets
EGX 30 | 41,102.76 | 0.59% |
DFMGI | 6,157.9 | 0.713% |
ADX | 10,036.26 | 0.693% |
Tadawul | 10,552.26 | 0.65% |
US State Department Watchdog Reviews Ethics Probe Request On UAE Chip Export Deal
What’s it About?
The State Department's inspector general is evaluating a request from Senators Elizabeth Warren and Elissa Slotkin to investigate potential ethics violations by Trump officials Steve Witkoff and David Sacks, Semafor reported. The probe concerns their involvement in approving advanced chip exports to the United Arab Emirates while maintaining reported cryptocurrency investments connected to the Gulf nation.
Why it Matters?
The investigation request raises questions about potential conflicts of interest in national security decisions involving sensitive technology transfers. Lawmakers argue transparency is essential as Congress considers cryptocurrency legislation and ethics standards. The White House maintains that officials complied with all applicable ethics rules during the approval process.
What’s Next?
The inspector general's office has not confirmed whether a full investigation will proceed, declining to comment on investigative matters. Slotkin has called for public release of any findings, while Warren emphasizes Congress needs complete information to inform future ethics guardrails in cryptocurrency-related legislation and international technology agreements.
Attention is scarce. Learn how to earn it.
Every leader faces the same challenge: getting people to actually absorb what you're saying - in a world of overflowing inboxes, half-read Slacks, and meetings about meetings.
Smart Brevity is the methodology Axios HQ built to solve this. It's a system for communicating with clarity, respect, and precision — whether you're writing to your board, your team, or your entire organization.
Join our free 60-minute Open House to learn how it works and see it in action.
Runs monthly - grab a spot that works for you.
Modon Forms Joint Venture To Build 54-Storey Residential Tower In New Jersey
What’s it About?
Abu Dhabi's Modon has partnered with Related Companies and Panepinto Properties to develop Harborside 4, a 54-storey waterfront luxury residential tower in Jersey City, New Jersey. The project will feature 800 units, with 75 percent designated as rentals and 25 percent as condominiums. Construction begins in early 2026, targeting completion by early 2029.
Why it Matters?
The development advances Modon's global expansion strategy and diversification into high-potential international markets. JP Morgan is leading a banking consortium providing construction financing for the project. Modon will hold a majority equity stake while Related Companies manages development, construction and operations, strengthening the partnership between Abu Dhabi and US real estate sectors.
What’s Next?
The joint venture will proceed with construction planning for the first quarter 2026 groundbreaking. Modon continues expanding its international portfolio, which includes projects in London, Spain and Florida. Domestically, the company recently generated Dh4 billion from sold-out launches on Reem Island and Hudayriyat Island within days of their respective announcements.
Syria Affirms No Delays In New Currency Launch Plans
What’s it About?
Syria's central bank governor confirmed the country is proceeding with plans to launch a new national currency without delays. Abdulkader Husrieh said arrangements are progressing well with cooperation from relevant entities, and official details will be announced at a press conference. The new currency will feature eight denominations with two zeroes removed.
Why it Matters?
The currency redenomination aims to simplify transactions and restore confidence in Syria's financial system after years of economic damage from civil war. The Syrian pound has collapsed from 50 to approximately 11,000 per dollar since 2011. Syria recently rejoined the global banking system through Swift and partnered with Visa to modernize its payment infrastructure.
What’s Next?
The central bank will hold an official press conference to announce launch details and implementation timelines. Syria aims to end decades of deficit financing and position itself as a regional financial hub. The World Bank projects 1 percent GDP growth in 2025, though challenges including security concerns and liquidity constraints remain significant obstacles.
🦄 World of Startups
MoneyHash and WalaOne Partner to Streamline Loyalty Integration in Saudi Arabia
Noon Scores $500M Boost, Eyes IPO with Robot Delivery Expansion in MENA
Abu Dhabi Partners with Primavera Capital to Boost Global Investment Hub Status
Abu Dhabi Partners with SIEF to Boost Cross-Regional Investment Opportunities
SPARK Expands Global Reach with Russia–UAE Innovation Pact
Fawry Launches Holding Company to Power Expansion in Egypt’s Fintech Sector
HSBC and Presight Forge AI Partnership to Revolutionise Banking in UAE
👨💻From Smashi Business’ Desk
Meet Fatma and Annei Ali, the British sisters behind Curls Fusion, a Dubai-based e-commerce platform.
The RTA just launched a pilot program using DRONES to clean traffic signals across the city.
Kalshi Founder Tarek Mansour Says Media Distrust Is Fueling the Rise of Prediction Markets
Supercar Blondie Sells Emirates Hills Villa for AED 88M, Setting New Price Record
🔍In other news…
Saudi Arabia’s US Treasury holdings rise to $134.4B
UAE home ownership now affordable for residents earning Dh20,000 a month
Italy’s Saipem wins $3.1B offshore contract for Qatar’s North Field project
Boeing picks top Emirati aviation exec to lead MENA operations
GCC economy to grow by 4.4% in 2026: Oxford Economics
Saudi Arabia needs local talent to build modern financial oversight, minister says
