👋 Good morning, Smashi Business Readers!

• The subscription period for Talabat’s IPO has kicked off as Delivery Hero takes the popular platform to the Dubai Financial Market, offering new investment opportunities in the booming delivery sector.

• 🌍✈️ Dubai International Airport achieved a record-breaking 68.6 million passengers in the first nine months of 2024, reflecting the emirate’s growing appeal as a global hub for travel and tourism.

• 🪙 Dubai’s DMCC announces its rise as the world’s second-largest gold trade hub, handling $129 billion in 2023, as it reshapes the gold market through BRICS partnerships and innovative trade corridors

Read on for more insights and details!

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📈 Talabat Launches IPO on Dubai Financial Market

📰 What is it about?

• Talabat Holding plc, the MENA region's leading on-demand platform for food delivery, groceries, and retail, has announced the offer price range and subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM).

• The price range for the IPO is set between AED 1.50 and AED 1.60 per share, with a total offering size of up to AED 5.59 billion (US$ 1.52 billion).

💡 Why it matters?

• The IPO implies a market capitalization of AED 34.93–37.26 billion (US$ 9.51–10.15 billion) at listing, underscoring Talabat’s significance in the regional tech ecosystem.

• Key investors, including Emirates NBD AM SPC, Abu Dhabi Pension Fund, and Emirates International Investment Company, have committed AED 918 million (US$ 250 million) to the IPO.

• Talabat’s IPO marks a significant milestone for Dubai’s capital markets and reflects growing investor confidence in the UAE's digital and delivery sectors.

• Talabat is set to enhance its offerings through FinTech innovations, loyalty programs, advertising, and expansion into adjacent categories, supported by favorable MENA market conditions..

🔜 What’s next?

• The subscription period runs until 27 November 2024 for retail investors and 28 November 2024 for professional investors. The final offer price will be announced on 29 November 2024, with trading expected to commence on 10 December 2024.

• The IPO will further integrate Talabat into Dubai’s financial ecosystem, potentially setting a benchmark for future tech IPOs in the region.

• Following its listing, Talabat aims to leverage regional growth opportunities while focusing on sustainability and digital innovation.

📈 Markets

🌍✈️ Dubai International Airport Hits New Heights with 68.6M Guests in 9 Months!

📰 What is it about?

• Dubai International (DXB) welcomed 68.6 million guests in the first nine months of 2024, a 6.3% increase compared to 2023.

• The airport handled 23.7 million guests and 111,300 flights in Q3 alone, with total flight movements for the year reaching 327,700, up 6.4% YoY.

• DXB processed 60.1 million bags with a leading accuracy rate of 99.3% and rapid delivery for arriving guests.

• India remained the top market with 8.9 million guests, followed by Saudi Arabia, the UK, Pakistan, and the USA. London was the most popular city destination.

• Direct traffic surpassed transfer traffic, driven by Dubai’s growing appeal as a tourist, business, and residential hub.

💡 Why it matters?

• DXB retained its title as the world’s busiest international airport for the 10th consecutive year, underscoring its global prominence.

• The surge in passenger numbers highlights Dubai’s strategic role as a global aviation and trade hub, supporting its economic growth.

• Investments in biometrics and real-time tracking have improved efficiency and enhanced the guest experience.

• Dubai’s vibrant winter calendar, including major events and New Year celebrations, solidifies its position as a top global destination.

• Growth in routes and airline partnerships, including new carriers like ITA Airways, Condor, and Druk Air, reflects Dubai’s expanded connectivity.

🔜 What’s next?

• DXB expects 23.2 million guests in the final quarter, driven by high seasonal demand from expats and international visitors.

• Direct traffic is forecast to rise to 60% in Q4, highlighting the growing preference for Dubai as a primary destination.

• Western Europe and the CIS region are seeing increased seat capacity, supporting continued passenger growth.

• Events like GITEX, Emirates Dubai 7s, and cruise season will attract millions, further boosting airport traffic.

• Continuous upgrades at DXB and Dubai World Central (DWC) will sustain its leadership and meet rising global demand.

💭Quote of the day
“I owe my success to having listened respectfully to the very best advice, and then going away and doing the exact opposite.” – G.K. Chesterton

🌟 Dubai Leads the Way in the Global Gold Trade Revolution!

📰 What is it about?

• Dubai, through DMCC, has risen to become the world’s second-largest gold trade hub, surpassing the UK in 2023 with $129 billion in gold trade, a 36% increase YoY.

• DMCC’s report predicts the rise of a gold corridor centered on BRICS nations and the UAE, reshaping global gold trade patterns.

• Sanctions and shifting global dynamics have led central banks to increase gold purchases and reconsider the dominance of the US dollar.

• From AI-driven exploration to blockchain-based tracking systems, innovations are redefining how gold is sourced, traded, and invested in.

• DMCC’s "Future of Trade" report provides a detailed analysis of the precious metals market trends and challenges.

💡 Why it matters?

• Dubai is emerging as a key player in bridging East and West in the gold market, with its infrastructure and regulation serving as a global model.

• As a central hub, Dubai boosts its influence over global trade, attracting investors and businesses to its growing precious metals ecosystem.

• The report highlights Dubai’s ability to adapt to global financial shifts, including moves away from dollar reliance and the rise of digital gold investments.

• The UAE’s push for enhanced regulations and transparency strengthens its position in the market and combats smuggling and fraud.

• DMCC’s focus on supporting artisanal and small-scale gold mining (ASGM) ensures ethical sourcing and boosts global economic development.

🔜 What’s next?

• Dubai will play a leading role in forming a BRICS-aligned gold trade system, providing an alternative to traditional Western trade hubs.

• Industry players are urged to create global digital standards for gold products and blockchain solutions, fostering consistency and reducing discrepancies.

• Expanding bilateral and regional agreements, like the UAE-India CEPA, will further liberalize trade and drive transparency.

• Miners and investors must leverage AI, blockchain, and fintech innovations to cut costs, improve ESG outcomes, and broaden market access.

• The 12th DPMC will bring together global stakeholders to shape the next phase of the gold industry’s transformation.

🔍In other news…

1. Steven Bartlett concludes his Asia tour in Riyadh, after stops in Sharjah and Kuwait.

2. Dubai rents and property prices are rising again!

3. Bubbl, the innovative social networking platform founded by Aya Al-Hammoud, has successfully raised $350,000 in pre-seed funding.

4. Dutch-Palestinian startup Talent Acceleration Program is providing opportunities for Palestinian youth.

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