Marhaba folks! 🌟

Today we are discussing,

•  🚀 UAE-based Souqalmal and Yabi founder Ambareen Musa Joins $45 Billion Revolut as UAE CEO

• 📉 Saudi Arabia Unemployment Falls to 3.3% in Q2 2024

• 🛑 Lulu Group Likely to Drop Tadawul Leg of IPO for Abu Dhabi-Only Listing

Let's dive in! 👇

🚀 Souqalmal and Yabi founder Ambareen Musa Joins Revolut as UAE CEO

📰 What is it about?

• Ambareen Musa, the founder of Souqalmal and Yabi, has been appointed as the CEO of Revolut's UAE operations.

• Musa announced her new role on LinkedIn, marking a significant career move after over a decade of shaping the financial landscape of the MENA region.

💡 Why it matters?

• Musa has been a pioneering figure in the region’s financial sector, founding Souqalmal in 2012 and later launching Yabi, a financial literacy platform.

• She has been named one of the Top 50 Most Influential Women in the Arab World and has received numerous awards including Woman Entrepreneur of the Year.

• Musa’s appointment coincides with Revolut’s growing presence in the UAE, as the company has applied for an electronic money institution license from the Central Bank of the UAE, signaling big ambitions in the region.

🔜 What’s next?

• With Musa at the helm, Revolut aims to offer remittance services and eventually secure a full banking license in the UAE.

• This move is part of the fintech giant's broader strategy to establish itself as a major player in the UAE’s growing financial market.

• Musa’s expertise will likely contribute to further innovation and expansion, potentially transforming how financial services are accessed and delivered in the UAE.

📈 Markets

📉 Saudi Arabia Unemployment Falls to 3.3% in Q2 2024

📰 What is it about?

• Saudi Arabia’s total unemployment rate fell to 3.3% in Q2 2024, a 0.8 percentage point drop year-on-year (y-o-y), according to the latest report from Gastat (Saudi General Authority for Statistics).

• For Saudi citizens, unemployment dropped to 7.1%, while for expats, it decreased to 1.1%.

💡 Why it matters?

• The report highlights that 35.4% of Saudi women are employed, despite a minor quarterly dip in participation. The y-o-y increase in women’s labor force participation by 0.6 percentage points signals progress, supported by reforms loosening social restrictions.

• A notable 95.5% of unemployed Saudis are willing to work in the private sector, reflecting ongoing economic diversification efforts.

• Saudi women are showing a growing willingness to accept longer commutes, while men are more open to longer working hours, demonstrating a shift in the labor market.

🔜 What’s next?

• These trends align with the broader objectives of Vision 2030, as Saudi Arabia continues its efforts to diversify its economy and encourage private sector growth.

• As more Saudi women enter the workforce, the overall employment landscape is expected to see greater gender diversity, which could drive economic and social shifts across the Kingdom.

Quote of the day
“A vocabulary of truth and simplicity will be of service throughout your life.” - Winston Churchill

🛑 Lulu Group Likely to Drop Tadawul Leg of IPO for Abu Dhabi-Only Listing

📰 What is it about?

• Lulu Group, a major UAE-based supermarket operator, is expected to abandon plans for a dual IPO listing on both Saudi Arabia’s Tadawul and the Abu Dhabi Exchange (ADX).

• Instead, Lulu will likely pursue a single listing on ADX.

• The deal is projected to be one of the largest UAE IPOs of 2024, with an estimated $1.5 billion offering.

💡 Why it matters?

• According to bankers involved, the shift is not related to investor demand or market performance, but rather logistical difficulties in coordinating between the two regulatory bodies.

• One banker noted that while Lulu is focusing on the ADX for now, a Tadawul listing could still happen later.

• There will be slightly less Saudi involvement in the IPO due to the loss of a local retail offering.

🔜 What’s next?

• The IPO remains on track with high demand expected, especially from the UAE market.

• The move away from Tadawul will not impact the size or pricing of the deal.

• Lulu's decision contrasts with the success of Americana's dual listing on ADX and Tadawul in 2022, but demonstrates the complexities involved in dual listings.

In other news…

1. Did Iranian hackers actually breach Israeli nuclear research center? We did a fact check!

2. UAE airlines cancel, reroute flights as parts of Middle East airspace shut down.

3. Dubai airports set new standards with world’s first Assisted Travel Lounge for people of determination.

4. UAE’s Sheikh Tahnoun was seen with Meta’s Mark Zuckerberg.

5. ADNOC seals Covestro deal for $16 billion.

6. Masdar acquires 50% stake in US renewable energy firm Terra-Gen.

The Latest from the Smashi Business Studio

Athar - Saudi Festival of Creativity is back for its second season!

Athar - Saudi Festival of Creativity is the largest gathering of the creative marketing sector in the Kingdom that recognises creative marketing excellence. The second edition of the festival will take place from 05-06 November 2024.

Presented by Motivate Media Group and TRACCS, Athar is a place for leaders, senior decision-makers, managers and emerging talent from brands, agencies, government and universities to come together to learn, network and do business.

The festival hosts a number of initiatives beyond the content across two stages such as the Young Talent Academies for emerging talent, the Maheerah Programme for female executives and C-Suite initiatives that delve into the pressing challenges of the industry and its future growth.

1,500+ industry professionals,100+ regional, international and celebrity speakers, are expected to be in attendance to celebrate the power of creativity as a force for business, for change and for good.

Were you forwarded this email? Subscribe here