Shares of UAE-based AIR Global experienced significant fluctuations during the company’s first day of trading on the Nasdaq stock exchange in New York.
The company, which manufactures hookah products, vape devices, and flavoured tobacco molasses, saw its stock move sharply between highs and lows before ending the trading session at $10.50 per share. The stock later recovered some ground during after-hours trading.
AIR Global entered the Nasdaq market through a merger with Cantor Equity Partners III, a Special Purpose Acquisition Company (SPAC) backed by Cantor Fitzgerald.
Previously known as Advanced Inhalation Rituals, the company now trades under the ticker symbol “AIIR.”
Industry analysts say the global market for flavoured tobacco products, hookah accessories, and related infrastructure continues to grow steadily. Market research estimates the industry could expand at an annual growth rate of around 5% through 2030 as demand increases across both traditional and newer consumer markets.
Stuart Brazier said the hookah industry has evolved from a traditional cultural activity into a broader social experience that is attracting younger consumers in Western markets alongside long-time users.
The company currently serves around 90 international markets through manufacturing operations located in the UAE, Poland, Egypt, Lebanon, Jordan, and Iraq.
AIR Global has also faced logistical challenges linked to regional tensions and disruptions affecting trade routes in the Middle East. According to company executives, higher transportation costs have resulted from changes in shipping routes following instability around the Strait of Hormuz.
To manage the situation, the company shifted parts of its supply chain toward overland transport and shipping through Saudi Arabia’s Red Sea ports.
Despite regional uncertainty, the company remains optimistic about future growth, especially in markets such as the United States and Europe where demand for alternative smoking products continues to expand.
Financially, AIR Global reported net revenue of approximately $400 million in 2025, representing a 6% increase compared to the previous year. The company’s profits also grew significantly during the same period.
One of AIR Global’s best-known brands is Al Fakher, a major name in the global hookah tobacco market. The company reported having around 14 million consumers worldwide as of 2024.
Industry observers say the Nasdaq listing highlights growing interest from Middle Eastern consumer brands seeking access to international capital markets through U.S. exchanges.
Source: International business and financial market reports
