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US Sanctions Iran Crypto Network; Peekabox Tops UAE App Store; Kalanick Rebrands Gulf Food Empire
Sunday, August 9, 2026
Happy Sunday everyone!
Geopolitics, homegrown startups and food technology are shaping this week's business headlines. The US sanctioned crypto exchange Shelbit over alleged support for Iran's IRGC, Dubai's Peekabox climbed to the top of the UAE App Store organically, while Travis Kalanick unveiled NAMAA as the new brand for his Gulf food infrastructure business after Atoms secured $1.7 billion in fresh funding.
Markets
EGX30 | 54,676.86 | Closed |
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US Targets Iran's Crypto Networks With Fresh Sanctions
What Is It About
The United States has imposed sanctions on cryptocurrency exchange Shelbit, alleging it processed millions of dollars in digital assets for Iran's Islamic Revolutionary Guard Corps (IRGC) and other entities linked to the Iranian state. According to Reuters, US authorities allege Shelbit also processed cryptocurrency on behalf of Iran's central bank and one of the world's largest illegal online gambling networks as part of an alleged $4 billion sanctions evasion scheme. The Treasury also sanctioned founder Siavash Kayvanpour and Iran-based exchange Aban Tether.
Why It Matters
The move underscores Washington's growing focus on cryptocurrency as a channel for sanctions evasion and illicit finance. Treasury Secretary Scott Bessent said the department would "hunt down and dismantle the illicit financial networks that keep the regime afloat," signalling continued pressure on financial infrastructure linked to Tehran as geopolitical tensions persist.
What’s Next
The sanctions are expected to further restrict access to the global financial system for the targeted entities and increase scrutiny of crypto platforms with links to sanctioned jurisdictions. Shelbit rejected the allegations, saying it "categorically rejects any suggestion" it knowingly participated in money laundering, terrorist financing or sanctions evasion, adding that it had ceased operations in January 2026.
Dubai Brothers' Savings App Peekabox Reaches No. 1 on UAE App Store
What Is It About
Dubai-based food savings app Peekabox has reached No. 1 on the UAE App Store for the second time, overtaking major food delivery platforms without paid advertising. Co-founder Omair Sarwar said the milestone came "without spending a single dirham on ads," with the app attracting nearly 150,000 downloads in just three months. Founded in 2025 by brothers Hasan and Omair Sarwar, Peekabox connects consumers with surplus food from restaurants, cafés and supermarkets at discounts of 50% to 70%.
Why It Matters
The startup highlights growing demand for homegrown consumer technology tackling real-world challenges. Peekabox operates in a market where the UAE wastes more than $3.5 billion worth of food annually while helping consumers offset rising living costs and enabling businesses to recover revenue from unsold inventory.
What’s Next
Following an oversubscribed $1.5 million seed round in May, Peekabox is positioned to expand its partner network and scale beyond its current footprint of 1,000+ stores across brands including Carrefour, Costa Coffee, Tim Hortons and Krispy Kreme. Its ability to sustain organic growth while expanding across the GCC will be a key test of the business model.
Travis Kalanick's Gulf Food Empire Rebrands as NAMAA After $1.7B Raise
What Is It About
Travis Kalanick's Gulf food infrastructure business has rebranded as NAMAA, a new regional identity unifying businesses including KitchenPark, CloudRetail and HungerHub. The move follows Atoms' $1.7 billion funding round led by Andreessen Horowitz (a16z) and comes after the business reportedly explored a $2 billion dual IPO in Abu Dhabi and Riyadh. Since 2019, NAMAA says it has built or acquired more than 150 facilities across four Middle Eastern markets.
Why It Matters
The Gulf has become central to Kalanick's post-Uber strategy. NAMAA deployed roughly $100 million into the region in 2025, has earmarked another $40 million for Dubai, and is betting that software, robotics and AI can make food infrastructure more valuable over time. The strategy also reflects growing investor confidence in the Gulf's food delivery ecosystem and digital infrastructure.
What’s Next
NAMAA will continue expanding its network of cloud kitchens, fulfilment centres and retail infrastructure while pursuing Kalanick's vision of a "food computer" powered by automation. Investors will be watching whether the company revives its Gulf IPO ambitions once regional capital markets stabilize and whether the infrastructure-first model can succeed where many cloud kitchen rivals have struggled.
👨💻From Smashi Business’ Desk
Dreamers: HH Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £200 million and transformed it into one of football’s greatest dynasties.
Egyptian billionaire Naguib Sawiris has come to the defence of UAE businessman Mohamed Alabbar
UAE Billionaire Al Habtoor Urges Iran to Apologise, Warns Gulf Will Bear Cost of War
Saudi Arabia’s oil lifeline is facing a new threat - at Bab el Mandab
The world’s first Arab pitmaster, who founded Mattar.ae Third Culture Barbecue in 2015, has announced a tallow-based skincare product and handcrafted high-protein steak chips.
🔍In other news…
Saudi Arabia, Turkey and Pakistan sign defence pact
Adnoc vessel targeted by missile in Strait of Hormuz
Emaar Property Sales Hit Dh26.6 Billion as Backlog Climbs to Dh164.9 Billion
Kingdom Holding Profit Falls as Costs and Tax Expenses Rise
Careem Super App Revenue Grows Despite Widening Losses
UAE Extends Corporate Tax Relief for Small Businesses Through 2029
Emirates NBD Completes Acquisition of HSBC Egypt's Retail Banking Business
UAE Moved More Oil Through Strait of Hormuz Than Any Other Producer
🦄 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
