Happy Thursday everyone!

Day 2 of Qatar Economic Forum wasn’t as eventful (remember Elon Musk’s interview?) and exciting as the opening day, but there was a lot of important things said about Middle East. That’s our first top story of the day.

Elsewhere, Flynas’ and Dubai Holdings’ IPOs have set their share prices at the highest range, with Saudi Arabia airliner selling one share at SAR80, while Dubai Residential REIT’s single share price is set at AED1.10.

But before that: For quick daily updates, follow us on Instagram, and you can watch our Smashi Business Show live every weekday from 10AM onwards (UAE time). Also, you can join our Whatsapp channel to receive updates from the business world.

Highlights of Day 2 of Qatar Economic Forum

Who said what?

• Donald Trump Jr. hinted at a future political run, saying, “I don’t know, maybe one day,” when asked if he’d consider succeeding his father as U.S. president. Speaking at the Qatar Economic Forum, he emphasized his current role at 1789 Capital, a firm backing conservative-leaning companies, rather than holding a formal White House position. From the stage in Doha, he praised the Gulf region’s business climate over Europe’s. “This is the place where there’s rational investment,” he said. “You’re not dealing with a regulatory climate that’s so oppressive,” citing Qatar, Saudi Arabia, and the UAE as key economic partners.

• Sheikh Saoud Salem Al-Sabah, head of the $1 trillion Kuwait Investment Authority, warned that private equity is facing mounting pressure. “Private equity is very troubled, I believe,” he said at the Qatar Economic Forum, citing inflated valuations and the rise of continuation vehicles. With IPOs and deal-making slowing, firms are struggling to return cash to investors. “Now LPs are asking for their money back. The clock is ticking,” he added. He urged limited partners to scrutinize how deals are underwritten. Still, he noted opportunity in secondaries and special situations, where firms are forced to sell assets to meet investor demands.

• Khalid Al-Obaidli, president of Qatar’s Real Estate Regulatory Authority, spoke at a breakout session on real estate market dynamics, revealing efforts to attract global investors. He said he’s engaging with major institutional players to position Qatar as a premier investment destination. “I’m talking to the likes of QIA — the Qatari sovereign wealth fund — but also ‘the Blackstones, the Brookfields,’” Al-Obaidli noted. His remarks highlight Qatar’s ambition to boost foreign investment and strengthen its global real estate profile by leveraging both domestic institutions and international heavyweights in the property investment space.

• Qatar Airways may still order jets from Airbus despite a major Boeing deal. “There will always be a chance for another order from Airbus,” said CEO Badr Al-Meer, noting future decisions depend on market developments. The airline recently committed to 210 Boeing widebody jets during Donald Trump’s visit, strengthening ties with the U.S. manufacturer. Relations with Airbus had soured over A350 paint issues, leading to legal disputes and canceled orders. However, Airbus reinstated Qatar’s A321 deal. Al-Meer confirmed Qatar will still use Airbus for its short-haul fleet and will drop Boeing’s 737 Max, which was never put into service.

• Amanda Staveley, CEO of PCP Capital Partners, warned that the UK is losing wealthy individuals due to uncompetitive financial policies. “Mayfair... is concerningly quiet,” she told Bloomberg TV, urging the government to do more to attract affluent residents back. “We need to be as competitive as possible with our European counterparts as you continue to see an exodus to the Middle East,” she added. Speaking on a panel about football investments, Staveley, a former Newcastle United director who helped Saudi PIF takeover the club, said, “Great clubs, storytellers, will always attract a lot of interest from investors,” emphasizing the growth potential in the football market.

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Markets

Flynas Prices IPO At Top Of Range, Raising $1.1 Billion Amid Strong Gulf Listing Momentum

📰 What Is It About

• Saudi low-cost carrier Flynas has priced its initial public offering at 80 riyals per share, the top of its marketed range.

• The IPO will raise 4.1 billion riyals ($1.1 billion), with Flynas and some existing shareholders selling a combined 30% stake, or 51.26 million shares.

• The offering includes shares from Kingdom Holding Co. (owned by Prince Alwaleed bin Talal) and National Flight Services Co.

• Institutional investors fully subscribed within minutes, with the tranche covered 99.8 times, showing overwhelming demand.

❗ Why It Matters

• The listing reflects renewed investor appetite in the Gulf, as global market volatility eases.

• Flynas plans to use proceeds for fleet expansion and new operational hubs, aligning with Saudi Arabia’s aviation and tourism goals under Vision 2030.

• The IPO adds to a string of successful regional listings, including Specialized Medical Co., United Carton Industries, and Dubai Holding’s REIT — all of which were heavily oversubscribed.

🔍 What’s Next

• Flynas will list on the Saudi stock exchange (Tadawul), marking another milestone in the Kingdom’s privatization and capital market deepening efforts.

• The IPO’s success could pave the way for more aviation and transport sector listings in the region.

• Investors will now watch how Flynas executes its growth strategy and leverages IPO capital to expand its market share in the Gulf and beyond.

Dubai Residential REIT Sets IPO Price at AED 1.10, Raising AED 2.1 Billion to Become GCC’s Largest Listed REIT

🔹 What Is It About:

• Dubai Holding, through DHAM REIT Management, priced the Dubai Residential REIT IPO at AED 1.10 per unit, raising AED 2.1 billion ($584 million) on the Dubai Financial Market (DFM).

• The offering was upsized from 12.5% to 15.0% of the REIT’s total unit capital due to exceptional investor demand, with over AED 56 billion ($15 billion) in orders — more than 26 times oversubscribed.

• The IPO implies a market capitalization of AED 14.3 billion ($3.9 billion) and targets a 7.7% gross dividend yield in 2025.

🔹 Why It Matters:

• This marks the largest REIT listing in the GCC, highlighting the growing depth and maturity of Dubai’s capital markets.

• Strong investor interest — both local and international — reflects confidence in Dubai Holding’s two-decade track record in residential leasing and the strength of Dubai’s real estate sector.

• The REIT offers exposure to a diversified portfolio of 35,700 residential units, supported by high occupancy and retention rates, making it a benchmark asset for income-seeking investors.

🔹 What’s Next:

• The REIT is expected to begin trading on 28 May 2025 under the ticker “DUBAIRESI”, pending regulatory approvals.

• A semi-annual dividend policy will begin with payments in September 2025 and April 2026, with a minimum payout of AED 1.1 billion or 80% of profits (before fair value adjustments) for FY 2025.

• xCube LLC has been appointed as the price stabilisation manager to help manage post-listing volatility.

• The strong debut could pave the way for more REIT listings in the region, further deepening the GCC’s public markets.

🔍From Smashi Business’ Desk

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• “Karak Over Caviar”: A Dubai CEO’s Reality Check for New Expats.

• Miral CEO Claps Back at Reporter Over Disneyland Abu Dhabi.

🔍In other news…

• UAE launches Arabic language AI model as Gulf race gathers pace.

• US formally accepts luxury jet from Qatar for Trump - New York Times.

• Qatar Dangles Perks in Bid to Build a Wall Street of Its Own.

• Etihad Airways first quarter profit surges 30% to 'record' on strong traffic growth.

• flydubai resumes direct flights to Damascus after 12-year pause.

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