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- UAE & Drones; Dubai's Fasset Hits $1B; AED1.4B Abu Dhabi GP Greenlit
UAE & Drones; Dubai's Fasset Hits $1B; AED1.4B Abu Dhabi GP Greenlit
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Tuesday, August 25, 2026
Happy Tuesday everyone!
The UAE is ramping up domestic defense production, with US startup Powerus manufacturing low-cost Guardian drone interceptors locally and planning a major production increase. Dubai’s fintech scene has produced a new unicorn, with stablecoin startup Fasset reaching a $1 billion valuation after a $68 million SBI-led funding round. And in Abu Dhabi, Formula 1 has confirmed its season finale will go ahead at Yas Marina despite regional tensions, protecting an event that generated more than AED1.4 billion for the emirate’s economy last year.
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UAE Ramps Up Local Production Of Low-Cost Drone Interceptors
What Is It About
US defense startup Powerus has begun producing its Guardian drone interceptors at a new facility in the UAE, using local manufacturing partners, an NYT exclusive read. The company currently produces about 3,000 interceptors a month globally and aims to reach 15,000 by mid-2027. The UAE factory is producing around 30 units a day, with plans to increase output to 100.
Why It Matters
The move comes as the UAE faces sustained Iranian drone and missile attacks and US-made interceptor stocks decline. Guardian costs about $5,000, offering a cheaper way to counter Shahed drones that can cost far less than the high-end interceptors used against them. The shift also supports the UAE's push for greater domestic defense production.
What’s Next
Powerus plans to expand its manufacturing network across regions where its systems are needed, including India. The UAE is also working with Raytheon to produce Coyote interceptors locally. While Guardian cannot counter ballistic missiles, the growing market for affordable drone defenses could accelerate regional investment in locally produced weapons and distributed defense manufacturing.
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AED1.4B Economic Driver: Abu Dhabi GP Gets Green Light
What Is It About
Formula 1 has confirmed that the season finale will go ahead as planned in Abu Dhabi this December, despite ongoing regional tensions. F1 CEO Stefano Domenicali said the calendar is confirmed, with preparations for the Yas Marina race progressing. The Qatar Grand Prix, scheduled for November 27-29, will also proceed. The decision removes uncertainty over whether either Gulf race would be relocated.
Why It Matters
The Abu Dhabi Grand Prix is a major contributor to the emirate’s economy. Organiser Ethara told CNN that the 2025 race was expected to generate more than AED1.4 billion ($381 million), with 339,000 people attending events during race week. The confirmation also supports Abu Dhabi’s wider tourism, hospitality and business-events strategy, which attracts millions of visitors annually.
What’s Next
Attention will now turn to visitor numbers as regional security concerns persist. Abu Dhabi is preparing for other major events, including Adipec in November and Abu Dhabi Finance Week in December. However, several entertainment events have already been cancelled or disrupted since the conflict began, highlighting the challenge of maintaining international visitor demand while the wider region remains unsettled.
Dubai-Based Fasset Hits $1 Billion Valuation After $68 Million SBI-Led Funding
What Is It About
Dubai-based stablecoin fintech Fasset has reached a $1 billion valuation after raising $68 million in a Series C round led by Japan’s SBI Group. The funding gives Fasset unicorn status and brings its total capital raised in 2026 to $119 million. Existing investor Speedinvest also participated. Fasset said revenue has grown more than sixfold year on year and that it has remained profitable for 12 consecutive months.
Why It Matters
The funding strengthens Dubai’s position as a hub for digital-asset and fintech companies targeting emerging markets. Fasset holds a Virtual Asset Service Provider licence from Dubai’s VARA and operates across more than 100 banking corridors. The SBI investment also gives Fasset access to one of Japan’s largest financial groups and its digital-assets ecosystem, supporting its push to connect emerging markets with global financial infrastructure.
What’s Next
Fasset plans to use the new capital to expand its OWN Network, develop AI systems and enter additional international payment corridors. The company will work with SBI to explore connections across Japan, Asia and emerging markets. Its broader ambition is to build an on-chain banking and payments network where stablecoins operate behind the scenes, enabling users to move between currencies, bank accounts and digital assets.
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👨💻From Smashi Business’ Desk
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🦄 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
