Happy Wednesday everyone!

Egypt’s leading grocery delivery app Breadfast secured $10 million from the EBRD in a Series B2 round, pushing its valuation close to $400 million. In the UAE, an Abu Dhabi HR professional has publicly criticized employers for including the government’s Nafis allowance in salary offers, calling for transparency. Meanwhile in Saudi Arabia, Riyadh-based salon Base & Boon, founded by cousins Mshael Alessa and Hind Alajlan, made global headlines after styling Georgina Rodríguez’s nails for her engagement to Cristiano Ronaldo.

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Egyptian Grocery Delivery Platform Breadfast Secures $10 Million From EBRD, Valuation Nears $400 Million

🔹 What Is It About

Egyptian grocery delivery platform Breadfast has raised $10 million from the European Bank for Reconstruction and Development as part of its ongoing Series B2 round, led by Novastar Ventures. Founded in 2017, Breadfast offers over 6,000 SKUs with 60-minute delivery, operating 39 fulfillment points in four cities. The company processes nearly 1 million monthly orders for 300,000+ active users, with most fulfillment points now profitable.

🔹 Why It Matters

The funding boosts Breadfast’s valuation to around $382 million, making it one of Egypt’s most valuable startups. The company’s vertically integrated model—from production to doorstep—has helped drive significant revenue growth and improved profitability in 2024. This latest backing underscores growing investor confidence in Egypt’s fast-commerce sector, which has been expanding rapidly despite global funding slowdowns.

🔹 What’s Next

Breadfast plans to use the fresh capital to strengthen its grocery operations, including expanding its bakery network, dark stores, and last-mile logistics infrastructure. With Egypt’s online grocery market still developing, the company aims to solidify its dominance domestically before potentially exploring regional growth opportunities.

Markets

Abu Dhabi HR Professional Condemns Employers For Including Nafis In Salary Packages

🔹 What Is It About

An Abu Dhabi-based HR professional has criticized a rising trend among recruiters and employers who factor the UAE’s Nafis allowance into advertised salaries. They stressed that Nafis is not part of company budgets, is not guaranteed indefinitely, and cannot be considered for loans. The professional urged employers to state base pay transparently, warning that dressing up low offers with government support undermines fairness in recruitment.

🔹 Why It Matters

The Nafis program, launched in 2021, aims to boost Emirati employment in the private sector by providing salary top-ups and benefits. However, misuse by companies can mislead candidates, distort market salaries, and harm long-term financial planning. Regulatory bodies have cautioned that firms found falsifying Emiratisation or misrepresenting compensation could face fines, loss of support, and reputational damage. Transparency in pay offers is essential to maintain trust between employers and candidates.

🔹 What’s Next

Calls for greater oversight are growing as reports of Nafis misuse circulate on social media. Experts say companies should separate base salaries from government incentives in job offers. With the UAE targeting 75,000 private-sector Emirati jobs by 2025, clear regulations and enforcement could be key to preserving the program’s credibility and ensuring it serves its intended purpose — supporting Emirati talent without replacing fair employer compensation.

Base & Boon, Founded By Saudi Cousins, Creates Georgina Rodríguez’s Engagement Nail Look

🔹 What Is It About

Saudi cousins Mshael Alessa and Hind Alajlan, founders of Riyadh-based salon brand Base & Boon, styled Georgina Rodríguez’s nails for her engagement to Cristiano Ronaldo—an event that drew global attention. Launched in 2020, the brand operates three branches in Riyadh and holds an annual pop-up in AlUla. The founders combined Hind’s aesthetician expertise with Mshael’s business acumen to bring creative nail artistry to Saudi Arabia’s beauty scene.

🔹 Why It Matters

Base & Boon’s work on Georgina’s engagement look spotlights Saudi Arabia’s growing beauty industry, which was valued at $4.6 billion in 2024 and is projected to expand by 3.7% annually through 2033. Their high-profile client moment also reflects the Kingdom’s increasing presence in international fashion and beauty conversations. The cousins’ success highlights both entrepreneurial innovation and the rising demand for premium nail artistry in the region.

🔹 What’s Next

As Saudi Arabia continues investing in lifestyle and luxury sectors, brands like Base & Boon are poised for further growth. The salon’s expanding footprint and annual AlUla pop-up suggest ambitions beyond Riyadh, potentially opening the door to regional or global collaborations. With celebrity endorsements adding to their credibility, the founders may leverage their momentum to position Base & Boon as a leading name in Middle Eastern beauty.

👨‍💻From Smashi Business’ Desk

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• Why did Careem mint so many founders? Saudi entrepreneur Wajd Badawi has an answer

• A 7-year-old just built an AI app on Replit — and his dad, a Saudi tech CEO, had never built one himself.

• A robot greeted Dubai ruler HH Sheikh Mohammed — and it wasn’t science fiction.

• Dubai-based CEO Alex Bendiouis has reimagined one of the city’s most iconic archival images into an AI video.

🔍In other news…

• Mubadala Capital, Cain Venture Aims to Spend Billions on Luxury Property: Bloomberg

• Norway’s Sovereign Wealth Fund Divests From Israeli Companies

• Talabat shares remain below IPO despite earnings surge

• Dubai’s Veon to list Ukraine’s Kyivstar on Nasdaq

• Abu Dhabi-based digital infrastructure company Zero Two has invested in Evolution Data Centres to join private equity company Warburg Pincus as co-owner of the Southeast Asia-focused data centre platform

• Dubai’s RTA launches smart platform to monitor and analyze real-time traffic flow

• Dubai: Branded residences cost 40% more than non-branded properties

🏦 Crypto Corner

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub.

• Abu Dhabi Judicial Department now accept AE Coin.

We are launching a Smashi Crypto newsletter in September 2025! Subscribe to it here to get the weekly updates from the world of digital assets.

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