Hello, Smashi Business readers! 🌟

Finally, its the weekend! However, to cure your FOMO about GITEX Global 2024, which concluded on Friday at the Dubai World Trade Centre (gosh the traffic finally ends), here are the highlights of the last day of the world’s biggest tech and AI conference-cum-exhibition.

Day five saw significant initiatives being unveiled. The UAE Ministry of Human Resources and Emiratisation (MoHRE) launched a 'Labour Market Simulation Model' to improve decision-making. The Emirati Human Resources Development Council and Dubai Customs signed an MoU to advance Emiratisation in the private sector, while the Statistics Centre – Abu Dhabi introduced the 'Bayaan' Platform at GITEX. Discussions also focused on 5G and AI, with Abu Dhabi Department of Economic Development partnering with 7X to drive digital transformation, and Dubai Police showcasing a 'Digital Twin for Tourist Police’.

In non-GITEX news, students interested in making the next, better ‘Optimus’ (hopefully completely autonomous, unlike Tesla’s human-controlled bots), the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) has launched its full robotics programme to tackle advanced challenges in robot learning, humanoid robotics, human-computer interaction, and sensory awareness.

Another tidbit before we move to the main stories, Mohammad bin Abdullah Al Gergawi, Chairman of the Museum of the Future, has approved the appointment of Majed Al Mansoori as the museum’s new Executive Director. He previously served as Deputy Executive Director since 2021, where he played a key role in the museum’s construction, development, and grand opening in 2022. Before joining the museum in 2020, Al Mansoori worked on major national projects at the Dubai Future Foundation and is a graduate of the Mohammed bin Rashid Leadership Development Program.

Now, onto the main course:

1. ✈️ Emirates Named 'World’s Best Airline' in Global Study 🌍

2. 🏠 Is RNPL the New BNPL? 💳

3. 🛍️ UAE Retail Giant Lulu Group to Float 25% in $1.8 Billion IPO 📈

Let's dive in! 👇

✈️ UAE’s Emirates Named 'World’s Best Airline' in Global Study by Telegraph Travel 🌍

📰 What is it about?

• Emirates has been crowned "World's Best Airline" in a comprehensive study by Telegraph Travel, ranking it top among 90 global airlines.

• The ranking considered over 30 criteria, including punctuality, baggage allowance, route network, fleet age, in-flight meals, and rewards programs.

• The study referenced data from over 18 international awards, reader polls, ratings websites, and expert reviews.

💡 Why it matters?

• Emirates was praised for its superior passenger experience, including operating the largest fleet of Airbus A380s, renowned for spaciousness in all cabins.

• The airline's premium economy and business class were highlighted as best in their categories, while first class was noted for its exceptional amenities, such as in-flight showers and a top-tier wine list.

• Its expansive route network—140 cities in 77 countries—further solidifies its reputation as a leading long-haul carrier.

🔜 What’s next?

• Emirates continues to build on its success, having already secured 19 additional awards in 2024.

• With its ongoing commitment to excellence in service and global connectivity, Emirates is poised to maintain its top-tier status in the airline industry.

• Passengers can expect further enhancements in their travel experiences, especially in premium cabins and new route expansions.

📈 Markets

🏠 Is RNPL the New BNPL in the MENA region? 💳

📰 What is it about?

• Dubai-based proptech startup Keyper has partnered with the Dubai Land Department to launch RNPL (Rent Now, Pay Later) services, allowing tenants more flexible rent payment options.

• Keyper, founded in 2021, shifted focus from property management to RNPL after securing a $34 million investment in May 2024.

• Keyper introduced RNPL in September 2024, joining other platforms like Prypco and EZY in the UAE, with Saudi Arabia also seeing competition from Ejari, Ajras, and Rize.

💡 Why it matters?

• The MENA proptech market is experiencing a strong upward trajectory in congruence with the global proptech market, which is projected to reach $92.9 billion by 2032, growing at a CAGR of 15%.

• RNPL, one part of proptech, is gaining traction across the MENA region, offering tenants the flexibility to spread rent payments, similar to how Buy Now, Pay Later (BNPL) has transformed the retail and e-commerce sectors.

• The rise of RNPL services provides a more accessible financial solution for renters, reducing the burden of large upfront rent payments.

• With the Dubai Land Department partnership, Keyper strengthens its position as a leader in this growing market, influencing the broader property management landscape.

🔜 What’s next?

• As RNPL services continue to expand, more real estate platforms across the MENA region are expected to adopt this model.

• Increased competition will likely drive innovation in payment solutions for tenants, potentially reshaping the way rent is managed across the region.

• Keyper and other RNPL platforms are positioned to play a pivotal role in the digital transformation of the property sector, making rent payments more flexible and convenient.

Since proptech is under discussion, we interviewed Holo founders, Middle East’s first digital mortgage platform, on our Smashi Business Show (takes place live, Monday-Friday at 10am Dubai time). You can get some great insights from our chat!

Quote of the day
“Your most unhappy customers are your greatest source of learning.” - Bill Gates

🛍️ UAE Retail Giant Lulu Group to Float 25% in $1.8 Billion IPO at ADX: Zawya 📈

📰 What is it about?

• Lulu Group International, a leading retail player in the UAE, will offer 25% of its retail and sourcing business in an IPO, aiming to raise $1.7 to $1.8 billion.

• This IPO will value the company at $6.5 to $7 billion, with plans to list on the Abu Dhabi Securities Market (ADX).

• Key banks like Emirates NBD Capital, HSBC, Abu Dhabi Commercial Bank, and Citigroup are involved, with Moelis & Co. as financial advisors.

💡 Why it matters?

• This IPO is expected to be one of the largest in the UAE this year, marking Lulu Group's next big financial step following ADQ's 20% stake acquisition in 2020.

• The funds raised will support Lulu's expansion strategy, which includes opening 80 new hypermarkets across the GCC, Egypt, and beyond, along with enhancing its supply chain and e-commerce capabilities.

• While a dual listing on Saudi Arabia's Tadawul is not planned for now, the possibility remains for the future, making this IPO a significant move in regional retail.

🔜 What’s next?

• The IPO pricing will be announced by the end of October, with shares expected to start trading on ADX by mid-November.

• A portion of the shares will be allocated to employees, offering them an investment opportunity.

• This marks the fourth major IPO in Abu Dhabi this year, following other successful listings like following NMDC Energy, which raised $877 million, Alef Education Holding Plc. which raised $515 million, and ADNH Catering, which is set to list its shares on ADX on 23 October.

• For the UAE, this is the next big retail IPO following Spinneys, the operator of premium grocery retail supermarkets in the UAE and Oman, which raised AED 1.38 billion ($375 million) through its IPO on the Dubai Financial Market (DFM) in April.

In other news…

1. Noon Minutes’ collaboration with brands for new and unique ice cream flavours is a lesson in effective campaigns!

2. Italian football giants Inter Milan are the first club to get an investment license in Saudi Arabia.

3. Egypt-based Swvl is not moving away from consumer business: founder Mostafa Kandil tells Menabytes to stop making rumours “faster than the speed of light”.

4. Inflation cooled down in Dubai in September. Did you feel it?

The Latest from the Smashi Business Studio

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