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Mohamed Alabbar’s Emaar is making a bold move in Egypt, boosting its investments by $7 billion to expand its real estate footprint. With marquee projects like Marassi and Soul, the developer is doubling down on Egypt’s growing market. Meanwhile, in AlUla, Middle Eastern nations and global financial institutions are rallying behind Syria’s recovery, with the IMF and Saudi Arabia spearheading efforts to rebuild the war-torn nation’s economy. In a major business development, Huda Beauty, the Dubai-based cosmetics giant, has sold its stake in fragrance brand Kayali to US-based growth equity firm, General Atlantic.

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Emaar to Boost Investments in Egypt by $7 Billion, Expanding Presence in Real Estate

📰 What is it about?

• Emaar Properties, Dubai's largest listed developer, plans to increase its investments in Egypt from $18 billion to $25 billion over the next three years.

• The company’s founder, Mohamed Alabbar, revealed the news in an interview with Al Arabiya, reflecting growing confidence in Egypt’s real estate market.

• Emaar Misr Development has already invested over $3 billion in a 500-acre project in New Cairo in partnership with Egyptian developer Midar.

• Emaar is focusing on major developments like Marassi and Soul on the Mediterranean coast and Cairo Gate outside the capital.

💡 Why it matters?

• This $7 billion increase in investment signals strong confidence in Egypt's growing real estate and tourism sectors.

• Alabbar envisions Cairo attracting 70 million tourists annually, up from the current 15 million, leveraging the city’s historical and coastal assets.

  • As Alabbar stated: “Cairo should aim to attract 70 million tourists annually compared to the current 15 million, given its rich history and extensive coastline, which offers tourism potential.”

• Emaar’s expanding investments will boost economic growth, create jobs, and enhance Egypt’s appeal as a prime investment destination.

• The move comes on the back of Emaar’s record sales in 2024, with international real estate operations seeing a 40% increase year-on-year.

🔜 What’s next?

• Emaar will continue to invest in Egypt’s coastal developments, especially in areas overlooking the Red Sea.

  • As Alabbar mentioned: “I am interested in any future investment opportunities that Egypt offers on its coast overlooking the Red Sea,” he told Asharq Business while at an Emaar Misr resort in Marassi on the Mediterranean coast.

• The company is looking for new opportunities in Egypt’s tourism and real estate market, further solidifying its position in the region.

• Emaar’s expansion plans align with broader investments in the region, such as the $24 billion investment by Abu Dhabi's ADQ to develop Ras El-Hekma.

Markets

STEP Conference Dubai 2025: THE Ultimate Tech Festival is Back from February 19-20 at Dubai Internet City

The Step Conference Dubai 2025 is scheduled for February 19-20 at Dubai Internet City. Recognized as the largest tech festival in the Middle East and North Africa (MENA) region, the event anticipates over 8,000 attendees, more than 400 showcasing startups, and upwards of 100 participating companies.

The conference features four main tracks: Founders and Funders, AI Agents, LLMs & Cloud, Fintech for SMBs, AdTech 2.0, and PropTech. Attendees can engage in talks, workshops, and networking sessions tailored to these themes. Notable speakers include H.E. Alia Bint Abdulla Al Mazrouei, the UAE's Minister of State for Entrepreneurship.

Participating in Step Conference offers unparalleled opportunities to connect with industry leaders, investors, and innovators. The event provides a platform to explore the latest technological advancements, gain insights from experts, and foster partnerships that drive business growth.

Whether you're an entrepreneur seeking investment, a professional aiming to expand your network, or a tech enthusiast eager to stay abreast of industry trends, Step Conference Dubai 2025 is an event not to be missed.

Use our code SMASHI to get special price on your tickets.

We, Smashi Business, are the media partners for the event and we will be on the ground to bring you all the updates from the event. You can follow us here…

Middle East and Global Institutions Unite for Syria's Recovery Efforts

📰 What is it about?

• Middle Eastern countries, the IMF, and major global financial institutions are leading an initiative to support the recovery of conflict-affected nations in the region, with a primary focus on Syria.

• The Saudi Finance Ministry and the IMF co-hosted a key meeting in AlUla on Sunday, gathering regional finance leaders, the Syrian Foreign Minister, The World Bank, and the Arab Coordination Group.

• The meeting addressed humanitarian and reconstruction needs in Syria and focused on mobilizing international aid for reform programs.

• IMF Managing Director Kristalina Georgieva and Saudi Finance Minister Mohammed Aljadaan emphasized the urgency and commitment to helping Syria rebuild its economy.

• This effort comes in the wake of similar international support, including Qatar’s move to assist Syria by financing public sector wage boosts for the new Syrian government.

  • This initiative was made possible by a U.S. sanctions exemption issued in January 2025, allowing countries like Qatar to engage directly with Syria’s governing institutions for the first time in years.

💡 Why it matters?

• The gathering marked an unprecedented collaboration among regional and global entities to address the dire humanitarian and economic needs of Syria.

• The cooperation aims to accelerate the recovery process, ensuring that resources are allocated efficiently to support both immediate humanitarian relief and long-term economic rebuilding.

• With ongoing political instability in Syria, the international community’s involvement is critical to stabilizing the nation and improving conditions for its citizens.

• Syria's recovery could set a precedent for how other conflict-affected countries in the region receive support from international financial institutions.

🔜 What’s next?

• The informal coordination group formed during the meeting will continue to work on Syria’s recovery efforts.

• Further discussions will take place at the upcoming IMF and World Bank Spring Meetings in Washington, D.C., in April, to advance the recovery and rebuilding strategies.

• The international community will focus on creating an effective framework for reconstruction, addressing the nation’s most urgent needs, and preparing for long-term economic stabilization.

Huda Beauty Sells Stake in Kayali to General Atlantic

📰 What is it about?

• Huda Beauty’s Strategic Sale: Huda Beauty, the Dubai-based cosmetics giant, has sold its stake in the fragrance brand Kayali to the US-based growth equity firm General Atlantic. This move allows Huda Beauty’s owners to buy back the stake held by TSG Consumer Partners since 2017, marking a significant business shift for both brands.

• Mona Kattan’s Leadership Role: Mona Kattan, co-founder of Kayali and sister of Huda Kattan, will continue as CEO of the fragrance line. Mona will jointly own the business with General Atlantic. The sale ensures that Mona remains in control of Kayali, while Huda Beauty focuses on its broader portfolio.

• Separation of Brands: Post-sale, Kayali will operate as an independent company, signaling a strategic move to separate the two brands. Huda Beauty will no longer have ownership or operational involvement in Kayali, allowing the fragrance business to grow under Mona Kattan’s leadership, with support from General Atlantic.

💡 Why it matters?

• Empowering Fragrance Growth: The sale gives Kayali the resources and autonomy to grow separately, while Mona Kattan stays at the helm, ensuring continuity.

• Business Redeployment: Huda Beauty will use the funds to buy out a minority stake previously held by private equity firm TSG Consumer Partners. This buyout allows Huda Beauty to consolidate control after TSG’s 2017 valuation of the brand at $1.2 billion.

• Market Context: The GCC cosmetics market, valued at $8.5 billion in 2024, is expected to grow to $14.4 billion by 2033. This highlights the immense potential for fragrance brands in the region.

  • This trend is further evidenced by Saudi Arabia’s e-commerce beauty company, Nice One, which recently completed a $320 million IPO on the Tadawul stock market. The success of such ventures further solidifies the GCC as a thriving hub for cosmetics and fragrance brands, showcasing the region's robust growth potential.

🔜 What’s next?

• Kayali’s Independent Growth: With General Atlantic's support, Kayali is set to scale its operations further.

• Expansion Plans: Expect Kayali to become a key player in the global fragrance market, capitalizing on the booming demand within the GCC region.

• Huda Beauty's Focus Shift: Huda Beauty will continue to innovate and focus on cosmetics, while Kayali explores new markets and fragrances under the leadership of Mona Kattan.

🔍In other news…

• PIMCO Expands Presence in the Middle East with New Dubai Office.

• Turkey and AIIB Secure $5 Billion Deal for Public Sector Projects.

• Abu Dhabi-Backed Israeli Cybersecurity Startup Dream Reaches $1 Billion Valuation.

• Standoff Marks the End of the Battle for the World's Largest Blue Cut Diamond.

• UAE-Morocco Partnership to Invest $25 Billion in Green Hydrogen Project.

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