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- Sawiris Adds $10m to Pyramids; Dubai Taxi Closes $395m Buyout; Kuwaiti Stocks Lose Nearly $4bn
Sawiris Adds $10m to Pyramids; Dubai Taxi Closes $395m Buyout; Kuwaiti Stocks Lose Nearly $4bn
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Friday, July 10, 2026
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Egyptian billionaire Naguib Sawiris is investing another $10 million through Orascom Pyramids Entertainment to expand the Pyramids visitor experience with electric buses and a 15,000-seat arena as Egypt targets 20 million tourists in 2026. Dubai Taxi Company has completed its AED1.45 billion ($395 million) acquisition of National Taxi, creating the UAE's largest taxi fleet with more than 9,500 vehicles and boosting its market share across Dubai and Abu Dhabi. Meanwhile, Kuwait's stock market lost nearly $4 billion in the first half of 2026 as trading value fell 22% to KD9.8 billion ($32 billion) amid regional tensions, softer oil prices and weaker investor confidence.
Markets
EGX30 | 52,335.18 | 0.59% |
DFMGI | 6,001.93 | Closed |
ADX | 9,881.79 | 0.033% |
Tadawul | 10,801.85 | 0.48% |
Sawiris Adds $10 Million to Turn Egypt’s Pyramids Into a Bigger Tourism Stage
What Is It About
Egyptian billionaire Naguib Sawiris is putting another $10 million into upgrading the Pyramids through Orascom Pyramids Entertainment, adding a 15,000-seat outdoor arena and 30 electric hop-on, hop-off buses. The investment builds on a $30 million upgrade launched in 2025, as the company looks to attract larger entertainment events alongside traditional tourism.
$10 million in fresh investment for new attractions.
Plans include concerts, sports events and improved visitor transport.
OPE still has 10 years remaining in its government concession.
Why It Matters
Egypt is widening its tourism offering beyond historical landmarks. Live entertainment could encourage longer visits, higher spending and repeat tourism while creating new revenue streams around one of the country's best-known attractions.
Egypt welcomed 19 million visitors in 2025.
Tourism remains a key source of foreign currency and jobs.
What’s Next
Officials are targeting 20 million tourists in 2026 after welcoming 9 million visitors in the first half of the year. The success of concerts and large-scale events will be closely watched as Egypt expands its tourism strategy.
The outdoor arena could host global performers and international sporting events.
Visitor growth will be a key measure of the investment's success.
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Dubai Taxi Buys National Taxi for $395 Million to Build UAE’s Largest Fleet
What Is It About
Dubai Taxi Company has completed its AED1.45 billion ($395 million) purchase of National Taxi, expanding its operations across Dubai, Abu Dhabi and Al Ain. The acquisition lifts its combined fleet beyond 9,500 vehicles, making it the country's largest taxi operator.
Market share rises to 59% in Dubai and 12% in Abu Dhabi.
Why It Matters
The purchase strengthens Dubai Taxi's position as competition grows across ride-hailing and transport services. A larger network could improve efficiency and support future demand driven by tourism and population growth.
The acquisition supports DTC's five-year expansion plans.
National Taxi generated AED774 million in revenue over the past year.
What’s Next
The transaction is expected to begin contributing to earnings in 2027, while investors will watch how quickly the company integrates National Taxi and manages the debt used to finance the purchase.
Kuwaiti Stocks Lose Nearly $4 Billion as Investors Turn More Cautious
What Is It About
Kuwait's stock market lost nearly $4 billion during the first half of 2026 as regional tensions, weaker oil prices and lower trading activity weighed on investor confidence. Trading value fell 22% to KD9.8 billion ($32 billion).
Why It Matters
The slowdown highlights how closely Gulf markets remain tied to oil prices and regional stability. Lower liquidity can make markets more volatile and reduce companies' ability to attract investment.
Oil prices continue to influence market sentiment.
Geopolitical risks remain a key concern for investors.
What’s Next
Attention now turns to upcoming corporate earnings and whether improving oil prices or easing regional tensions can help restore confidence during the second half of the year.
Earnings reports could shape investor sentiment.
Any improvement in regional stability may support a market recovery.
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Smashi Business Exclusive: Al Haboob Racing Founders On Turning Camel Racing Into A Global Franchise Model
Ahmed Al Haboob and Safwan Modir, founders of Al Haboob Racing, spoke on Smashi Business about building the world’s first professional camel racing team in Saudi Arabia. They explained how they are transforming a traditional, individual sport into a structured, franchise-style model inspired by Formula 1, with teams, sponsorships and long-term commercial value.
The founders discussed leaving corporate careers during the pandemic to pursue entrepreneurship in a “virgin” sports market, despite high operational risks tied to livestock performance. They also highlighted media ventures like their Netflix series Camel Quest, partnerships including Paul Pogba, and their vision to modernize the sport using data and technology.
👨💻From Smashi Business’ Desk
Dreamers: Meet Qatar’s Nasser Al-Khelaïfi, President and CEO of French Giants Paris Saint-Germain.
Oil prices erased most of their early gains after the US and Iran agreed to pause attacks and resume talks over the Strait of Hormuz.
Tabby has apologised after mistakenly telling UAE customers they had won an Emirates flight voucher before later admitting the email "was sent in error."
Ben & Jerry Israel has launched what it calls its “most Israeli flavor ever.”
🔍In other news…
🦄 World of Startups
Rentify Raises USD 2 Million Seed Round to Launch Earn AI
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Saudi-based Pickappo Closes SAR 2 Million Pre-Seed Funding Round
Three Dubai entrepreneurs have raised AED 10 million for DRBY, a startup seeking to modernise education payments across the UAE through a unified digital platform.
Dubai-based Algebra AI nets $7 million funding to serve mid-market
Moroccan Proptech Startup Agenz Raises $5M to Build Property Data Infrastructure and Transaction Tools Tailored for Local Market
Calo, Bahrain-based meal subscription platform, expanded operations and full suite of services to Oman
