Marhaba folks! 🌟 In today’s edition we will cover,

• 🛑🚀 Talabat to Go Public in Q4: Delivery Hero's Big Move in the MENA Market 📈🛑

• 🌐 UAE Ranks 3rd Globally in Crypto Adoption: A New Digital Finance Frontier 🚀

• 🎮 Saudi Esports Sector to Boost GDP by $13.3 Billion by 2030 🕹️

Let’s dive in! 🚀

🚀 Talabat to Go Public in Q4: Delivery Hero's Big Move in the MENA Market 📈

What is it about?

• Delivery Hero is planning an initial public offering (IPO) for its UAE-based subsidiary Talabat on the Dubai Financial Market in Q4 2024.

• The parent company will sell existing shares while retaining a majority stake in Talabat.

• Talabat operates in several Middle Eastern countries, including the UAE, Saudi Arabia, Qatar, and Egypt, and has shown strong growth, with a 31% sales jump in Q2 2024.

Why It Matters

• The IPO could position Talabat as the first $10 billion+ tech company in the region, signaling a significant milestone for the MENA tech ecosystem.

• Talabat’s growth reflects the broader potential of the food delivery market in the Middle East, which remains one of Delivery Hero’s fastest-growing and most profitable regions.

• This move would set a new benchmark for regional tech IPOs, attracting more international investors and potentially boosting the visibility and credibility of the Dubai Financial Market.

What’s Next?

• The IPO’s execution depends on market conditions and the approval of the securities prospectus by the UAE’s Securities and Commodities Authority.

• Investors will be looking for the prospectus release to clarify the scope of the IPO, particularly whether it includes all of Delivery Hero’s MENA assets or only Talabat.

• With growing competition, particularly from Jahez in Saudi Arabia, Talabat's IPO performance will be closely watched as an indicator of investor confidence in the MENA tech sector.

📈 Markets

🌐 UAE Ranks 3rd Globally in Crypto Adoption: A New Digital Finance Frontier 🚀

What is it About?

• The UAE is now the third-highest country in the world for cryptocurrency adoption, surpassing the US, UK, and Australia, according to Henley and Partners.

• A large percentage of UAE residents own digital currencies, driven by strong government support, favorable regulations, and a thriving start-up ecosystem.

• Dubai has recently allowed salary payments in cryptocurrencies, and a UAE dirham-pegged stablecoin is set to launch next year.

Why It Matters

• The UAE’s progressive stance, including zero capital gains tax and crypto-friendly regulations, is attracting global investors and positioning the nation as a key player in digital finance.

• Crypto adoption in multiple sectors, from retail to real estate, highlights the growing mainstream acceptance of digital currencies in everyday transactions.

• The rise in the number of crypto millionaires globally, with a 95% increase from last year, signals robust growth in the digital asset market, with the UAE at the forefront.

What’s Next?

• The UAE is expected to continue its rise as a leading global hub for digital finance and blockchain innovation, bolstered by new initiatives like the UAE dirham-pegged stablecoin.

• Investors and businesses can anticipate further regulatory support and infrastructure development, making the UAE an increasingly attractive destination for crypto and blockchain ventures.

• As the UAE embraces digital currencies more deeply, the nation is set to play a pivotal role in shaping the future of global finance.

Quote of the day
"The best way to predict the future is to create it." - Abraham Lincoln

🎮 Saudi Esports Sector to Boost GDP by $13.3 Billion by 2030 🕹️

What is it about?

• Saudi Arabia's esports sector is projected to add $13.3 billion to the country’s GDP by 2030, highlighting its rise as a key player in the global gaming industry.

• Gaming revenues in the Middle East hit $7.2 billion in 2023, with Saudi Arabia leading the region's esports push under its Vision 2030 economic diversification plan.

• Recent high-profile events such as Esports World Cup in Riyadh, have spotlighted the kingdom as a premier esports hub.

Why It Matters

• Esports is becoming a vital pillar of Saudi Arabia’s economy, driving new revenue streams, job opportunities, and international investment.

• The kingdom’s strategic investment in esports aligns with its broader goals to diversify away from oil dependence and foster a vibrant digital economy.

• Successes like the Saudi Falcons’ recent victory in the Esports World Cup are enhancing national pride and solidifying Saudi Arabia’s reputation on the global esports stage.

What’s Next?

• Saudi Arabia will continue to host major esports events, attract international talent, and develop world-class infrastructure to support the sector's growth.

• The government’s ongoing support will likely see more partnerships, sponsorships, and tech innovations, further embedding esports into the nation’s economic and cultural landscape.

• As the esports industry expands, Saudi Arabia is poised to become a dominant force in global gaming, boosting tourism and solidifying its position as a digital entertainment leader.

In other news…

1. Telegram founder Pavel Durov is now under ‘formal investigation’.

2. Binance accused of seizing Palestinian funds at IDF’s request.

3. American businessman Grant Cardone to participate in Sharjah Investment Forum.

4. This British Entrepreneur has chosen Dubai over UK. Here’s why!

5. Gulf tourists are spending nearly $1,450 per day in Hong Kong.

🎥 The latest from the Smashi Business Studio

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