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- Saudi-Based Calo Raises $64M; Another IPO in Saudi Sells Out in Minutes; Dubai Taxi to Cut Drivers as AVs Launch
Saudi-Based Calo Raises $64M; Another IPO in Saudi Sells Out in Minutes; Dubai Taxi to Cut Drivers as AVs Launch
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Wednesday, July 30, 2025
Happy Wednesday everyone!
Saudi developer Dar Al Majed’s $336 million IPO sold out within minutes, highlighting sustained investor appetite in the Kingdom’s equity market. Meanwhile, Saudi foodtech firm Calo raised $64 million in Series B funding as it eyes a 2027 IPO and global expansion. In Dubai, job cuts are on the horizon as Dubai Taxi Company CEO confirms it will reduce driver numbers ahead of its 2026 rollout of self-driving taxis under the city’s autonomous transport strategy.
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Saudi Real Estate Company Dar Al Majed’s $336 Million IPO Sells Out Within Minutes
🔹 What Is It About
Saudi Arabia’s Dar Al Majed Real Estate Co., known as Almajdiah, saw its 1.26 billion riyal ($336 million) IPO fully subscribed within minutes of the institutional book opening. Shareholders are offloading a 30% stake — about 90 million shares — priced between 13.5 and 14 riyals each, valuing the firm at up to 4.2 billion riyals.
🔹 Why It Matters
The rapid demand reflects sustained investor appetite for Saudi IPOs, even as market performance varies and oil prices remain subdued. Almajdiah stands to benefit from regulatory shifts aimed at boosting local home ownership and opening the property market to foreign investors, aligning with Saudi Arabia’s broader economic reform goals.
🔹 What’s Next
Institutional bookbuilding remains open through August 4, with retail subscription scheduled for August 14 to 18. Almajdiah’s offering joins a pipeline of upcoming listings, including Al Ramz and Marketing Home Group, as Riyadh continues to dominate the region’s equity capital market activity.
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Markets
EGX 30 | 34,085.74 | +0.03% |
DFMGI | 6,177.81 | +0.164% |
ADX | 10,341.77 | -0.197% |
Tadawul | 10,823.91 | -0.56% |
Saudi Foodtech Startup Calo Raises $64 Million, Eyes 2027 IPO
🔹 What Is It About
Calo, a Saudi foodtech startup offering subscription-based meal services, has secured $64 million in Series B funding. Backers include Nuwa Capital, STV, and AlJazira Capital. Founded in 2019, Calo currently operates across the GCC and recently entered the UK market through acquisitions of Fresh Fitness Food and Detox Kitchen.
🔹 Why It Matters
The funding supports Calo’s push into retail-ready snacks, frozen meals, and on-demand delivery via dark kitchens and logistics. It also reflects the rising VC interest in Gulf startups, with Saudi Arabia leading the region for venture capital inflows.
🔹 What’s Next
Calo plans to go public in Saudi Arabia by 2027. Until then, the focus will remain on international expansion, product diversification, and building delivery infrastructure to scale its growing footprint across and beyond the Middle East.
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Driver Cuts Loom As DTC Prepares To Launch Self-Driving Taxis In 2026: CEO tells AGBI
🔹 What Is It About
Dubai Taxi Company (DTC) has confirmed it will reduce driver numbers as the city rolls out its first fleet of self-driving taxis in Q1 2026. “If you are going to inject autonomous taxis, if it is replacing some existing cars, we’re going to reduce the number of drivers,” CEO Mansoor Rahma Alfalasi told AGBI exclusively. DTC currently employs 18,000 drivers and operates 6,210 vehicles, including 335 fully electric taxis.
🔹 Why It Matters
The shift marks a major milestone in Dubai’s Self-Driving Transport Strategy, which targets 25% autonomous trips by 2030. “It will be a sizeable quantity of cars,” Alfalasi said of the 2026 deployment, which will follow RTA plans. With 2.5 drivers per vehicle, any scale introduction of autonomous taxis will impact jobs across DTC’s taxi, limousine, and bus services.
🔹 What’s Next
Dubai will join global cities like San Francisco and Tokyo in deploying autonomous cabs at scale, working with firms including Uber, WeRide and Baidu’s Apollo Go. “It’s too early to see what the full picture will be,” Alfalasi said. Meanwhile, DTC continues to deliver strong results, reporting a 33% jump in Q2 profit and approving an interim dividend of AED160.7 million.
👨💻From Smashi Business’ Desk
Dreamers: From selling his car to pay salaries to leading a $10.9B real estate empire—Muhammad BinGhatti’s journey is one of bold vision and resilience.
Dubai-born wellness brand Humantra has officially landed in over 1,200 Boots stores across the UK.
Tabby founder, Palestinian entrepreneur Hosam Arab, speaks out on LinkedIn, condemning the starvation crisis in Gaza and calling for an end to the siege.
Smashi Business Exclusive: House of Pops Eyes European Expansion
From inventing Dubai Chocolate to sharing his journey from Burj Al Arab to TEDx, Chef Noel Catiz joined the Lovin Dubai Show to talk desserts, ideas, and his deep love for Kanafa Nabulsi
🔍In other news…
Saudi Arabia has joined with Thai investors to build a multicultural “global city” modelled on Dubai’s Global Village attraction at a cost of SAR650 million ($173 million)
Dubai International Airport sets H1 passenger record with 46m travelers
Abu Dhabi expands autonomous taxi operation to Al Reem and Al Maryah Islands
Telegram’s Billionaire CEO Pavel Durov Questioned By French Authorities Amid Ongoing Probe
How DXB is trialling AI to scan baggage as Dubai Airports CEO reveals rapid advance in technology
🏦Crypto Corner
Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.
Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub
Abu Dhabi Judicial Department now accept AE Coin
Follow Smashi Crypto to find out what’s news in the world of digital assets.
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