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- UAE is Safe: Pavel & Musk; $350K to Exit Gulf; Saudi Aramco Site Attacked
UAE is Safe: Pavel & Musk; $350K to Exit Gulf; Saudi Aramco Site Attacked
Tuesday, March 3, 2026
Happy Tuesday everyone!
Alot has happened since the Iranian attacks on the Gulf countries started on Saturday. AWS services in the region are disrupted and our Smashi TV and Lovin websites are also affected. Meanwhile, Dubai and Abu Dhabi stock markets remain close today as well.
For our main stories, Telegram founder and world’s richest man are praising Dubai’s and UAE’s safety and security even in these extraneous circumstances. The wealthy are ready to pay up to $350,000 to flee the Gulf, and Saudi Aramco’s Ras Tanura Refinery has been shut down after reported drone attack.
In the wake of developments in the region, we hope everyone stays safe. At this critical moment, it is essential to remain united and follow guidance issued by official authorities from your country.
Markets
EGX30 | 47,692.49 | 0.61% |
DFMGI | 6,578.94 | Closed |
ADX | 10,545.99 | Closed |
Tadawul | 10,488.91 | 0.13% |
Pavel Durov and Elon Musk Praise UAE as a Safe Haven Amid Iran Strikes
What Is It About?
Telegram founder Pavel Durov and Tesla CEO Elon Musk praised Dubai and the UAE as remarkably safe and well-managed, despite the recent Iranian missile and drone strikes across the Gulf. Both highlighted the country’s stability and security, with Durov noting Dubai’s safety compared with Europe, and Musk echoing that no country is perfect but the UAE is “objectively safer and better run” than many European regions.
Why It Matters?
The endorsements underscore international confidence in the UAE as a resilient hub for business, tourism, and technology. With major projects underway — including The Boring Company’s “Dubai Loop,” MGX’s AI partnerships with xAI, Microsoft, Nvidia, and BlackRock, and Neuralink’s clinical trials in Abu Dhabi — global leaders are signaling the UAE’s growing strategic importance.
What’s Next?
The UAE Ministry of Defence reported successful interception of 165 ballistic missiles and 541 drones targeting the country. These strikes come as Iran retaliates after the assassination of Supreme Leader Ali Khamenei in joint US-Israeli strikes on the sovereign territory of Iran.
Riyadh Emerges As Safe Haven For Executives And Wealthy Fleeing Gulf Conflict
What Is It About?
Riyadh has become the go-to exit route for high-net-worth individuals and senior executives stranded in the Gulf after Iranian missile and drone attacks disrupted Abu Dhabi, Dubai, Qatar, and Bahrain, Semafor reported exclusively. With airports in other Gulf cities closed or unsafe, private security firms are arranging long drives to Riyadh followed by chartered flights abroad. Demand for SUVs and private jets has surged, with flights to Europe reportedly reaching $350,000.
Why It Matters?
The shift highlights Riyadh’s changing perception from a higher-risk city to a relatively safe transit hub. Looser visa rules, operational airports, and minimal impact from Iranian strikes have made the Saudi capital attractive for urgent evacuations. This is a stark turnaround from past crises, when the city’s security concerns and strict regulations kept wealthy travelers opting for other Gulf cities.
What’s Next?
Riyadh’s role as a temporary refuge may continue as regional tensions persist. Expatriates and executives rely on it for safe passage, while life in the city largely continues as normal. Schools and companies have made minor adjustments, but the kingdom’s open airspace and relative stability position Riyadh as the Gulf’s current evacuation hub.
Saudi Aramco Shuts Ras Tanura Refinery After Drone Attack, Oil Prices Surge
What Is It About?
Saudi Aramco halted operations at its Ras Tanura refinery following a reported drone strike, temporarily stopping crude processing and exports as reported by Bloomberg, Reuters and The National. The facility, which handles 550,000 barrels per day and hosts one of the world’s largest oil export terminals, was hit amid Iranian missile and drone attacks targeting Gulf states. Qatar also paused liquefied natural gas production, while other regional oil and gas operations slowed as precautionary measures.
Why It Matters?
The strike marks the first reported Iranian attack on the Gulf’s energy infrastructure, triggering Brent crude to surge near $80 per barrel. Disruptions in Saudi Arabia, Qatar, Israel, and Iraqi Kurdistan threaten global oil and gas supply chains, highlighting the vulnerability of critical export hubs. For Saudi Arabia, the attack hits a major economic asset and tests Crown Prince Mohammed bin Salman’s efforts to maintain neutrality in regional conflicts.
What’s Next?
Authorities continue to assess damages, while regional tensions escalate amid ongoing Iranian retaliation for US-Israel strikes. Energy markets will monitor supply disruptions, and precautionary shutdowns may continue if threats persist. Saudi Aramco’s next steps will be closely watched, given Ras Tanura’s strategic role in feeding Europe and Asia with crude from Ghawar, Abqaiq, and Khurais fields.
🦄 World of Startups
Stake Raises $31M Series B Led by Emirates NBD, Total Funding Hits $58M
US-based Luma AI is planting its flag in Riyadh — opening a regional headquater
Singapore's Ascentium continues its aggressive expansion, acquiring UAE legaltech pioneer Clara in a strategic Middle East play
Abu Dhabi is quietly becoming one of the most influential financiers of the global AI race, with its latest participation in Anthropic’s massive $30B funding round
Safqah Capital has just closed one of Saudi Arabia’s largest-ever seed rounds, raising $15.2 million in a deal that was four times oversubscribed
👨💻From Smashi Business’ Desk
UAE Successfully Intercepts Iranian Missiles, Naguib Sawiris Voices Support
CEO Mudassir Sheikha says the company’s top priority is the “safety of our captains”
Khalaf Al Habtoor: “Dubai Remains One of the Safest Destinations on Earth”
'Cancel ChatGPT': Sam Altman Under Fire for Pentagon Deal as US Attacks Iran
🔍In other news…
Gas prices soar as QatarEnergy halts LNG production after Iran attacks
UAE’s pandemic response a good test case for current crisis, executive says
No confirmed call, no entry: Dubai Airports warns travellers
Abu Dhabi confirms drone debris fall in industrial area and Mussafah
Strait of Hormuz escalation rattles global shipping with war levies and insurance cover cuts
🗓️ Plan Your Events (March-April 2026)
UAE
31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.
7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.
13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.
14-16 April: (Tuesday-Thursday): the International Property Show, Dubai World Trade Center.
Saudi Arabia
13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.
20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh
Egypt
30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).
