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Saudi Arabia has shut down all B’laban branches after 26 cases of food poisoning, sparking an investigation that could determine the dessert chain’s future in the kingdom. Meanwhile, Abu Dhabi’s Mubadala is doubling down on U.S. real estate, injecting fresh capital into 3650 REIT as part of a $215 million funding round to strengthen commercial lending markets. In aviation, Flynas, backed by Prince Alwaleed Bin Talal, has secured approval for its IPO on Riyadh’s bourse, marking a major milestone in Saudi Arabia’s push to expand its private sector and tourism industry.

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B’laban Closes All Saudi Branches After 26 Poisoning Cases: 'You’re Selling a lie’

📰 What is it about?

• Local health authorities have closed all B'Laban branches in Saudi Arabia after more than 26 individuals reported food poisoning linked to the brand’s products.

• Affected customers experienced symptoms like nausea, vomiting, and stomach pain within 24 hours of consuming B'Laban sweets.

• The closures followed surprise inspections in Riyadh, where food samples were sent for laboratory analysis and delivery services were suspended.

• No foul play has been officially confirmed, but investigations are ongoing.

💡 Why it matters?

• B'Laban, an Egyptian dessert chain known for its popular sweets, has built a strong presence in the Gulf. This incident threatens its reputation and consumer trust.

• The outbreak and subsequent closures raise questions about food safety practices, including ingredient sourcing, storage, and hygiene standards in the foodservice industry.

• Public opinion is divided, with some questioning the credibility of the reports, while others call for transparency and accountability from the brand.

• Branding expert Said Baaghil warns that brands built on hype, rather than quality, risk “selling a lie,” which could lead to a permanent loss of consumer confidence.

🔜 What’s next?

• An investigation is being led by the Saudi Food and Drug Authority, Ministry of Health, and Riyadh Municipality. The findings will assess food ingredients, preservation, storage, and worker hygiene.

• If negligence is found, legal action could be taken, and B'Laban may face permanent closure in Saudi Arabia.

• Depending on the investigation’s results, B'Laban could either be allowed to resume operations gradually or have its licenses revoked permanently.

• B'Laban, based in Egypt, had recently hinted at expanding into Europe with a marketing campaign during Ramadan. The outcome of this investigation could impact those expansion plans, as the brand’s credibility and safety standards come into question across new markets.

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Markets

Abu Dhabi’s Mubadala Invests New Capital in U.S. Real Estate Lender

📰 What is it about?

• Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, has invested in 3650 REIT, a U.S.-based alternative real estate commercial lender, as part of a $215 million funding round announced on March 28, 2025.

• The round also saw repeat investment from the California State Teachers’ Retirement System (CalSTRS), signaling confidence in 3650’s growth.

• Mubadala’s real estate team, alongside 3650 and CalSTRS, has committed up to $4 billion to support U.S. real estate credit markets.

• Mubadala, managing $330 billion in assets, overtook Saudi Arabia’s Public Investment Fund (PIF) as the world’s top-spending sovereign wealth fund in 2024, deploying $29.2 billion, up from $17.5 billion in 2023 (per Reuters).

💡 Why it matters?

• This investment reflects Mubadala’s aggressive push into diversified global markets, especially U.S. real estate, as part of a strategy to reduce reliance on oil revenue and strengthen Abu Dhabi’s economic influence.

• The $4 billion commitment to U.S. real estate credit markets showcases confidence in long-term, fixed-rate financing and transitional loans, offering stability amid economic uncertainty.

• Mubadala’s rise as the top spender among sovereign wealth funds, accounting for 20% of the $136.1 billion invested globally in 2024, highlights Abu Dhabi’s edge over regional rivals like Saudi Arabia, where PIF slashed spending by 37% to $19.9 billion.

• For 3650, managing an $18 billion loan servicing portfolio, this capital infusion strengthens its ability to innovate lending strategies.

🔜 What’s next?

• 3650 plans to leverage the new funds to expand its lending strategies, focusing on long-term financing and transitional loans, potentially driving growth in its portfolio.

• Mubadala’s focus on real estate aligns with its broader 2024 trend of investing heavily in digitization (e.g., AI, data centers) and credit markets, signaling more high-stakes moves ahead.

• With Gulf sovereign funds, including Mubadala, Qatar, and Saudi Arabia, hitting a record $82 billion in investments in 2024, the region’s financial clout is set to grow, potentially increasing competition for lucrative U.S. and global opportunities.

• Investors and markets will closely monitor whether Mubadala’s real estate bet pays off, as Abu Dhabi doubles down on AI and infrastructure to secure its post-oil future.

Flynas, Backed by Prince Alwaleed, to Launch IPO in Saudi Economic Overhaul

What is happening?

• Flynas, the Saudi Arabian budget airline, backed by billionaire Prince Alwaleed Bin Talal, is proceeding with plans to launch an IPO on Riyadh’s bourse.

• The airline is planning to sell a 30% stake, following approval from the Saudi capital markets regulator.

• Flynas, established in 2007 as Nas Air, operates a fleet of 60+ Airbus A320 and A330 jets, serving over 70 destinations.

• The airline aims to expand its fleet to 160 aircraft by 2030.

• This IPO will be the third by a Gulf airline, following Air Arabia and Jazeera Airways, and the first in nearly two decades.

Why it matters:

• The IPO reflects Saudi Arabia’s broader economic transformation and its push to reduce reliance on oil and diversify into new sectors, especially tourism.

• Flynas benefits from the kingdom’s revamped tourism strategy, which aims to attract both religious and non-religious tourists.

• The involvement of Prince Alwaleed, a key figure in Saudi investment, brings significant prestige and trust to the airline, further boosting its growth prospects.

• With the Public Investment Fund (PIF) purchasing a stake in Kingdom Holding, Flynas stands to gain additional financial support, strengthening its position in the competitive Gulf airline market.

What’s next?

• Flynas is set to release its prospectus ahead of the subscription period, with investors closely watching the upcoming IPO details.

• The airline’s growth strategy will include expanding its fleet and enhancing services, contributing to the kingdom’s economic diversification.

• Flynas is poised to play a vital role in Saudi Arabia’s tourism and aviation sectors as the country looks to ramp up its global tourism appeal.

• Riyadh Air, a new state-owned airline, is expected to launch in 2024, intensifying the competitive landscape within Saudi Arabia’s aviation market.

🔍In other news…

1. Kushner’s Affinity Surges to $4.8 Billion After Gulf Investment Boost.

2. Saudi Aramco Eyes Investment in Indian Refineries, Sources Reveal.

3. IMF Urges Lebanon to Adopt New Strategy for Economic Revival.

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