Majid Al Futtaim Retail Digital Returns Profit For the First Time Ever (1)

📬 Good Morning,

Today’s edition covers:

• 🛫 New $200M Investment Firm "Waad Investment" Launches to Boost GCC Startups

• 📈 Majid Al Futtaim Retail Digital Sees 109% EBITDA Growth and AED 1.3 Billion Revenue in H1 2024 🚀

• 🏷️ Al Majed for Oud Announces IPO Offer Price and Institutional Book Building 🚀

🚀 New GCC Investment Firm “Waad Investment” Launches with $200 Million Target 🌟

📰 What is it about?

• Waad Investment, a new investment firm with a targeted value of SAR750 million ($200 million), has been launched by a coalition of investors and GCC-based family offices. Led by Yaser AlGhamdi and in collaboration with the AlMajed and AlMisfer family offices, the firm is set to become the largest private investment firm dedicated to growth-stage startups in the region.

• The firm’s mission is to invest in startups at the growth stage and provide them with crucial resources including financial support, mentorship, and a robust network to facilitate their local, regional, and global expansion.

💡 Why it matters?

• Waad Investment aims to address funding gaps faced by startups and enhance their ability to launch and scale their products effectively.

• The firm’s efforts reflect a broader commitment from GCC family offices to boost innovation, create employment opportunities, and drive sustainable economic growth within the region.

• By offering a combination of capital, guidance, and connections, Waad Investment is poised to make a significant impact on the regional entrepreneurship ecosystem.

🔜 What’s next?

• Waad Investment will start by providing support to growth-stage startups, leveraging its network and expertise to drive their success.

• The firm plans to transform how family offices engage with startups, emphasizing expertise in exit strategies, IPOs, and financial management.

• The launch of Waad Investment is part of a strategic push to reinforce the innovation and entrepreneurship landscape in the GCC, aligning with the region’s focus on technology and knowledge-based economic growth.

📈 Markets

📈 Majid Al Futtaim Retail Digital Sees 109% EBITDA Growth and AED 1.3 Billion Revenue in H1 2024 🚀

📰 What is it about?

• Majid Al Futtaim's Retail Digital business reported a remarkable 109% year-on-year increase in EBITDA for the first half of 2024 and achieved profitability for the first time.

• Revenue from its online vertical reached AED 1.3 billion, marking a 16% growth from the previous year.

💡 Why it matters?

• This strong performance comes despite an overall 11% revenue decline in Majid Al Futtaim’s retail segment, affected by regional economic downturns and currency devaluations in markets like Egypt and Kenya.

• The significant growth in Retail Digital underscores the success of Majid Al Futtaim’s strategic focus on digital transformation and customer-centric omnichannel experiences. The shift towards digital channels has proven crucial for market capture and profitability.

🔜 What’s next?

• Majid Al Futtaim plans to further invest in its digital infrastructure and capabilities, aiming to sustain and build upon the growth of its Retail Digital division.

• The company’s ongoing transformation efforts are expected to drive continued success in the digital space, reinforcing its market leadership through innovation and strategic agility.

Quote of the day
“Effort only fully releases its reward after a person refuses to quit.” – Napoleon Hill

📈 Al Majed For Oud Announces IPO Details and Institutional Book Building 🗂️

📰 What is it about?

• Al Majed for Oud Company is launching an Initial Public Offering (IPO) with an offer price range set between SAR 90 and SAR 94 per share.

• Institutional Book Building Period starts on Sunday, 25 August 2024, and ends on Thursday, 29 August 2024.

• 7,500,000 shares, representing 30% of the company’s total share capital, are being offered by existing shareholders.

• The IPO is approved by the Capital Market Authority (CMA) and the Saudi Exchange for listing on the Main Market.

💡 Why it matters?

• The IPO marks a major step for one of the leading perfume and oud producers in the GCC, offering a new investment avenue in a niche market.

• Securing approvals from both the CMA and the Saudi Exchange is a crucial milestone for the company's public listing.

• The IPO reflects the growing interest and investment in Saudi Arabian companies and contributes to the expansion of the Kingdom’s financial market.

🔜 What’s next?

• Interested investors can participate in the book-building process to allocate shares.

• Following the IPO, shares will be listed and traded on the Saudi Exchange.

• Substantial shareholders will be subject to a 6-month lock-up period starting from the commencement of trading.

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