👋 Good morning, Smashi Business Lovers !

Today’s newsletter brings a mix of heartwarming initiatives, exciting business expansions, and remarkable financial achievements. From Majid Al Futtaim's pledge to support Lebanon to ALBAIK spreading its wings in Pakistan, and Tamkeen's upcoming IPO, there’s something for everyone! Keep reading for all the details, and as always, feel free to share your thoughts with us.

Let's dive into it! ⬇️👇🏼📩

1️⃣ Majid Al Futtaim Donates $1M to Emirates Red Crescent’s Lebanon Relief Campaign

📰 What is it about?

• Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, announced via LinkedIn a $1 million donation to the Emirates Red Crescent’s "UAE Stands With Lebanon" campaign. In addition to the contribution, MAF will set up donation points across its properties and apps like SHARE and Carrefour to boost public participation.

💡 Why it matters?

• This generous pledge reinforces corporate responsibility, particularly in times of crisis. MAF is not only supporting Lebanon’s recovery but also showing solidarity with its Lebanese employees by ensuring the flow of essential goods and services.

🔜 What’s next?

• Donation points will be available soon across MAF properties and apps, giving the public an easy way to contribute to the cause.

📈 Markets

2️⃣ 🍗 ALBAIK to Enter Pakistan’s Fast-Food Market

📰 What is it about?

• Saudi Arabia’s famous fast-food chain ALBAIK is set to make its debut in Pakistan. After signing an MoU with Gas and Oil Pakistan Ltd (Go), the two companies are exploring the establishment of ALBAIK outlets in the country, bringing its broasted chicken and iconic garlic sauce to a whole new market.

💡 Why it matters?

• This expansion aligns with Saudi Arabia’s Vision 2030, which aims to promote the growth of national brands globally. ALBAIK’s entry into Pakistan is expected to create job opportunities, enrich the local fast-food scene, and further strengthen trade ties between the two nations.

🔜 What’s next?

• Expect more details soon about ALBAIK’s official launch in Pakistan and its plans to conquer the competitive fast-food market.

💭Quote of the day
"I see myself as a fighter, a gladiator. I have always fought my own battles." – Rituparna Sengupta

3️⃣ Tamkeen Announces IPO Price Range to Raise $106 Million 📈💸

📰 What is it about?

• Saudi Arabia’s Tamkeen Human Resource (THR) has announced a price range for its upcoming IPO between 46 and 50 riyals per share. If priced at the upper end of this range, the company aims to raise approximately 397.5 million riyals (around $106 million) by offering 30% of its shares on the Riyadh stock exchange next month.

💡 Why it matters?

• Tamkeen’s valuation at the highest price point would reach 1.325 billion riyals. The subscription period for institutional investors begins today and continues until October 17. The company's rapid rise as one of the top five human resources firms in Saudi Arabia showcases the growing importance of this sector.

🔜 What’s next?

• With significant orders already received to fully cover the IPO, individual investors will be allocated up to 1.59 million shares, representing 20% of the total offering.

🔍In other news…

1. 🚗 Elon Musk introduces the Robovan and Optimus humanoid robot at a Tesla event; stock drops by 8% after unmet expectations on robotaxi details.

The Latest from the Smashi Business Studio

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