Happy Friday and a New Islamic Year everyone!

Today we are looking at Kuwait’s convenience store chain ‘Trolley’, which is preparing for a rare IPO as investor optimism grows and its stock market outpaces regional peers. In Israel, officials estimate $3 billion in damage from the Iran’s recent self-defense, retaliatory missile strikes, with total war costs potentially reaching $12 billion. Meanwhile, Dubai’s financial regulator raided Magellan Capital’s offices after a whistleblower accused a senior executive of concealing losses.

But before that: For quick daily updates, follow us on Instagram, and you can watch our Smashi Business Show live every weekday from 10AM onwards (UAE time). Also, you can join our Whatsapp channel to receive updates from the business world.

Kuwait’s Convenience Store Chain ‘Trolley’ Plans Rare IPO As Market Momentum Builds

🛒 What Is It About

• Trolley, a Kuwaiti convenience store chain with 170 locations, is planning a rare IPO on Kuwait’s stock exchange, according to sources familiar with the matter.

• The offering, which may take place as early as this year, is being advised by EFG Hermes and National Investments Co.

• Final details — including deal size and timing — are still being determined, and no official comment has been issued by the company or its advisors.

📈 Why It Matters

• Kuwait has been quiet on the IPO front, with only two listings since 2022, compared to a boom in IPO activity in Saudi Arabia and the UAE.

• Trolley’s IPO would mark a significant step for Kuwait’s underutilized equity markets, potentially drawing investor attention back to the country.

• The listing comes as Kuwait’s main stock index has surged over 14% in 2025, outperforming regional peers like Dubai.

• Trolley’s move may signal renewed confidence in Kuwait’s market amid political reforms and stronger investor sentiment.

🔮 What’s Next

• Kuwait’s recent approval of a long-stalled debt law could pave the way for broader financial reform and new capital market activity.

• The government has already started the process of raising $6 billion from international debt markets, its first such move since 2017.

• Trolley’s IPO could become a bellwether for future private-sector listings if investor demand proves strong.

• All eyes are now on whether economic reforms and easing of political gridlock under Sheikh Mishaal Al-Ahmed Al-Sabah will translate into a more vibrant IPO pipeline.

AI-Driven Car Buying: Vehicle Report Marks 1 Year With 42K+ UAE Users

Vehicle Report, the AI-powered platform from AutoData Middle East, just turned one — and it’s already changing how the UAE buys used cars. With over 42,000 users and daily usage tripling in under a year, the service offers verified accident and ownership history, real-time valuations, and transparent market listings. Built for smarter decisions, 84% of users report zero post-purchase issues. Now expanding with tools like an AI pricing engine and Claim Hub for insurers, Vehicle Report is redefining trust in the secondhand auto market. It’s not just a history check — it’s a full decision-making engine.

Learn more at www.vehiclereport.me.

Markets

Iran’s Missile Barrage Caused $3 Billion in Damage, Israel Says, as War Costs Mount

💥 What Is It About

• Israel has estimated $3 billion in damages from Iran’s self-defense, retaliatory missile strikes during their 12-day war, according to new figures from the Finance Ministry and Tax Authority.

• The cost includes property destruction and business compensation, with more than 1,300 injured and 28 Israelis killed.

• The total war cost could rise to $12 billion, factoring in military expenditures, according to Finance Minister Bezalel Smotrich, who was recently sanctioned by UK and three others countries for inciting hate against Palestinians.

📉 Why It Matters

• This marks the most expensive war in Israel’s history, surpassing the damage caused by their ongoing genocide in Gaza and their earlier attempt at the invasion of Lebanon.

• Iran’s long-range ballistic missiles struck densely populated urban areas, including the Tel Aviv metro, leading to unprecedented destruction.

• Economic activity was nearly frozen, with schools, businesses, and public services shut for most of the campaign.

• Key institutions like the Weizmann Institute and Haifa’s oil refinery were among the major sites damaged.

🔮 What’s Next

• The Israeli government is preparing to disburse up to 5 billion shekels ($1.3 billion) in business compensation alone.

• As assessments continue, reconstruction costs and defense system replenishments could significantly increase the financial burden.

• With the economy already, the war could dampen Israel’s projected 3.5% GDP growth for the year.

Dubai Regulator Raided Magellan Capital Amid Whistleblower Allegations Of Concealed Losses

🔎 What Is It About

• Dubai’s financial regulator, the Dubai Financial Services Authority (DFSA), searched the offices of hedge fund startup Magellan Capital Limited last month after receiving complaints from a former trader, Bloomberg reported.

• The search included examination of laptops, company phones, and on-site staff questioning, according to sources familiar with the matter.

• Former trader Britney Lam accused Magellan’s Senior Executive Officer, Ahmed Omar, of concealing investment losses and suppressing internal risk reporting.

• Lam filed complaints in both Dubai and London, claiming regulatory breaches and stating she had attempted to raise these issues with the board and ownership before leaving the firm in late 2024.

⚠️ Why It Matters

• The case casts a spotlight on governance and compliance within Dubai’s fast-growing hedge fund sector, especially amid increasing international scrutiny.

• Magellan was preparing to launch with $700 million in capital, largely from a wealthy Middle Eastern family—potentially making it one of Dubai’s largest homegrown hedge funds.

• The firm denies all allegations, saying Lam was dismissed for failing to meet company standards and that all operations are under full oversight by its beneficial owners.

• Magellan maintains that it only invests its own proprietary capital and has not yet taken on external investors.

🔮 What’s Next

• The DFSA has not confirmed whether a formal investigation is underway or whether any enforcement action is being considered.

• The incident may influence ongoing regulatory reforms in Dubai’s financial center, where the DFSA is reviewing rules to lower entry barriers while maintaining investor protection.

• With over 70 hedge funds now operating in the DIFC and regional heavyweights expanding in Abu Dhabi, the outcome of this case could shape how regulatory oversight evolves in the UAE’s asset management landscape.

🔍From Smashi Business’ Desk

• American journalist-turned-social media personality Candace Owens Says She’s Being Targeted with Smear Campaign Over Her Criticism of Israel

• Dubai-based House of Pops responded after an e-commerce partner added sugary drinks to customer orders — without consent.

• Abeer Alessa, Saudi co-founder of The Bold Group, shared a defining early-career moment — pitching her very first major project to Saudi billionaire Prince Al Waleed bin Talal.

• Dreamers: From selling lashes with her sisters to building a million-dollar fragrance empire — Mona Kattan is reshaping what modern luxury smells like.

🔍In other news…

• “We had to choose — either pay the deposit on our home, or launch Fix. We chose Fix,” FIX Chocolate founder tells Gulf News.

• UAE Overtakes Saudi Arabia in Project Awards as Kingdom Eases Up

• Conflict snarls up container shipping as delays top 10 days

• Arab Energy Fund raises $600m to support growth

• IMF approves $834m resilience support package for Jordan

• Sheikh Mohammed: UAE among top 7 global destinations in international tourist spending

• 77 percent of MENA content creators believe GCC is leading transformation in tourism, entertainment industry: Report

• UAE’s Sovereign Investor ADQ In Talks To Acquire 35% Stake In Limagrain's Seed Business

• StockSpace, Axione Development To Set Up $14M Warehouse In Abu Dhabi’s Economic Zone

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