Marhaba folks! 🌟 In today’s edition we will cover,

• 🚨 Shein Reports Child Labor Cases, Tightens Policies Amid IPO Plans 📉

• 🌟 Dubai Hedge Fund’s $700 Million Debut Enhances City’s Financial Hub Status 💰

• 💎 Botswana Unearths Second-Largest Diamond in History 🌍

Let’s dive in! 🚀

🚨 Shein Reports Child Labor Cases, Tightens Policies Amid IPO Plans 📉

What is it about?

• Shein's 2023 sustainability report reveals two instances of child labor at its suppliers last year.

• The company suspended orders from the affected suppliers until they implemented stronger checks and processes.

• Remediation included ending underage employees’ contracts, medical checkups, and repatriation if needed.

• Shein has tightened its supplier policies to immediately terminate relationships for severe breaches of child labor laws.

Why It Matters

• The report comes as Shein prepares for a potential initial public offering (IPO) in London.

• Shein's updated policies reflect feedback from regulators and aim to address criticisms of its low-cost business model.

• The company has seen a reduction in child labor cases in audits, with violations dropping from 1.8% in 2021 to 0.1% in 2023.

• The increase in audits and efforts to address violations are part of Shein's strategy to improve supply chain governance and sustainability.

What’s Next?

• Shein plans to continue enhancing its supply chain policies and governance structures.

• The company aims to cut transport emissions by sourcing products closer to consumers and reducing air freight.

• It has submitted emissions reduction goals to the Science-Based Targets Initiative for validation.

• Shein’s sustainability efforts and governance improvements are expected to play a significant role in its upcoming IPO considerations.

📈 Markets

🌟 Dubai Hedge Fund’s $700 Million Debut Enhances City’s Financial Hub Status 💰

What is it About?

• Dubai-based Magellan Capital Holdings Ltd. is launching a $700 million multistrategy hedge fund.

• The fund will focus on equity and credit strategies, led by Britney Lam, head of long-short equities.

• Seed capital comes from Hassan El Ali’s family wealth, following the sale of Zakher Marine International.

Why It Matters

• The $700 million launch is significant, as only 5% of hedge funds globally this year started with $500 million or more.

• This move bolsters Dubai’s reputation as a growing hub for hedge funds, with 37 global firms now operating in the city.

• The fund’s strategy emphasizes long-term prudence, focusing on establishing a solid track record before seeking external capital.

What’s Next?

• Magellan aims to start engaging with key allocators like family offices and sovereign funds in about 12 months.

• The firm has doubled its headcount and is strategically expanding its operations across public and private markets.

• With a strong global focus, Magellan’s growth will further position Dubai as a critical financial center in the Middle East.

Quote of the day
“Yesterday’s home runs don’t win today’s games.” – Babe Ruth

💎 Botswana Unearths Second-Largest Diamond in History 🌍

What is it about?

• Botswana discovered the world's second-largest diamond, weighing 2,492 carats, at the Karowe Mine.

• The fist-sized gem is the largest diamond found since the 3,106-carat Cullinan Diamond in 1905.

• The diamond was presented by Botswana President Mokgweetsi Masisi, who described it as "overwhelming."

Why It Matters

• The diamond is a significant find for Botswana, reinforcing its status as a leading diamond producer.

• Discovered using advanced X-ray technology by Lucara Diamond Corp., the gem is of high quality and intact condition.

• Previous large diamonds from the same mine have fetched record prices, suggesting this gem will attract substantial attention and value.

What’s Next?

• The diamond’s value is yet to be determined, but it is expected to draw global interest.

• The discovery marks a historic moment in Botswana’s mining industry and may influence future exploration and technology in diamond recovery.

In other news…

1. Pizza Hut UAE offers free pizza in return for your TikTok video.

2. UAE's EGA Secures 80% Ownership in U.S. Aluminium Recycling Firm

3. Why are Abu Dhabi's Rental Prices Skyrocketing?

4. Egypt plans to return oil and gas production to normal levels by 2025, says PM

5. Dubai-based companies have invested a total of $1.4 billion in China from 2015 to 2023.

6. Dubai’s Magellan Capital is set to launch one of the UAE's largest hedge funds with $700 million in assets.

🎥 The latest from the Smashi Business Studio

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