Marhaba folks! 🌟

Today we are discussing,

• 🌆 Riyadh's Giga-Project New Murabba to Attract 90M Visitors Annually by 2030 🌍

• 🚀 Talabat IPO Set to Surpass Parent Delivery Hero in Valuation, Aiming for $15.1 Billion 💰

• 📈Inflation in GCC rose by 1.4% in July 2024, Driven by Housing Prices🏡

Let's dive in! 👇

🌆 Riyadh's Giga-Project New Murabba to Attract 90M Visitors Annually by 2030 🌍

📰 What is it about?

• Saudi Arabia's New Murabba giga-project, located in Riyadh, is a 19-square-kilometer development, featuring the iconic Mukaab structure, designed to accommodate over 90 million annual visitors after its completion by December 2030.

• The project will combine residential, retail, and cultural offerings aimed at attracting both local and international visitors.

💡 Why it matters?

• The New Murabba is a crucial part of Saudi Arabia’s Vision 2030 diversification plan, intended to transform the kingdom's economy by expanding its tourism sector.

• It aligns with Riyadh’s broader ambition to host Expo 2030 and to meet the growing needs of its expanding population.

• With the kingdom surpassing its original target of 100 million visitors annually in 2023, this project is key to achieving the revised goal of 150 million visitors by the end of the decade.

🔜 What’s next?

• Construction is on track, with work on the Mukaab and surrounding developments progressing ahead of schedule.

• The project is set to be a central feature of Expo 2030 and is expected to reshape Riyadh's urban landscape by providing much-needed accommodation and leisure space.

• The city will continue to invest in infrastructure to meet the projected demands of its increasing population and tourism sector.

📈 Markets

🚀 Talabat IPO Set to Surpass Parent Delivery Hero in Valuation, Aiming for $15.1 Billion 💰

📰 What is it about?

• Talabat, a major Middle East subsidiary of Germany's Delivery Hero, is preparing for a highly anticipated IPO in Dubai.

• The food delivery platform, valued between $12.9 billion and $15.1 billion, could surpass its parent company’s €10.4 billion ($11 billion) market capitalization.

• Talabat’s valuation is expected to be higher than its regional competitor Jahez, and analysts foresee it trading at a premium due to its strong market position and profitability.

💡 Why it matters?

• This IPO is significant for several reasons. It could unlock substantial value for Delivery Hero and signal the growing dominance of Talabat in the Middle East, particularly in light of its competition with players like Uber’s Careem.

• The valuation also positions Talabat as one of the top consumer tech companies in the region, indicating increasing investor confidence in Middle Eastern technology and consumer sectors.

• This could bolster the Dubai Financial Market (DFM) as a global hub for high-profile listings.

🔜 What’s next?

• Talabat’s IPO is expected to attract considerable investor interest, both locally and globally, especially as it’s one of the first global holding companies to list in Dubai.

• The IPO could pave the way for more international companies to consider listings in the UAE, boosting the region’s equity capital markets.

• Investors will watch closely how the listing performs and whether it encourages further IPOs in the tech and consumer sectors across the Middle East.

Quote of the day
“It’s not about ideas. It’s about making ideas happen.” — Scott Belsky, Entrepreneur, Author and Early-Stage Investor

📈Inflation in GCC rose by 1.4% in July 2024, Driven by Housing Prices🏡

📰 What is it about?

• Inflation in the Gulf Cooperation Council (GCC) states rose by 1.4% in July 2024, driven primarily by a 5.8% increase in home prices, according to the GCC Statistical Centre.

• Other sectors, such as restaurants, hotels, and entertainment, also saw price increases, while food and beverage prices rose modestly.

• In contrast, categories such as health, clothing, and transportation experienced slight declines.

💡 Why it matters?

• This inflationary rise, although moderate, reflects ongoing housing price pressures in the region.

• The housing sector's significant growth is a concern for residents and businesses alike, as it affects overall living costs. Despite the increase, inflationary pressures in the GCC have been subdued due to factors like the strong US dollar and stable import prices.

• This aligns with the IMF's forecast that GCC inflation will average 2.3% this year, showing that inflation levels are generally returning to pre-pandemic levels.

🔜 What’s next?

• With inflation under control and interest rates decreasing, the economic outlook for the GCC remains relatively stable.

• The US Federal Reserve’s recent interest rate cuts, followed by similar moves in the GCC, should help ease borrowing costs and support economic growth.

• However, the region will need to monitor housing costs closely, as further increases in this category could pressure inflation rates moving forward.

In other news…

1. Dubai ruler approves expansion plan of Dubai Expo City.

The Latest from the Smashi Business Studio

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