Hello, Smashi Business readers! 🌟

The BRICS summit 2024, taking place till October 24, kicked off on Tuesday, with multiple heads of states landing in Kazan, Russia. Indian PM Narendra Modi was the ‘most happy’ person as apart from the formal handshake with President Vladimir Putin on arrival, he also went in for a big hug. Later President Putin also remarked that “Our relations are so good, I thought you would understand me without translation.”

This year’s Summit is particularly significant as it marks the first meeting since the bloc (Brazil, Russia, India, China and South Africa) expanded to include five new members: Saudi Arabia, Egypt, the UAE, Iran, and Ethiopia. This expansion, doubling BRICS' membership, aims to increase its influence in global economic governance. Key discussions will focus on enhancing cooperation in areas like trade, finance, and energy, as well as exploring alternatives to the dollar in international payments. This summit could reshape global economic dynamics, especially for emerging markets in the Global South​. Don’t worry, we will keep an eye out for you!

Without futher ado, the stories that made ripples are:

1. 📊 UAE’s Non-Oil Economy Set to Grow by 4% in 2025, Boosted by Investment Inflows and Real Estate Surge 🏢📈

2. 👗 Dubai’s Best Kept Shared Acquires Bazaara to Expand P2P Fashion Rental Marketplace 🌟👜

3. 📈 Dubizzle Group Updates IPO Plans for 2025, Mandates Major Banks for $500M–$1B Deal 🚀

Let's dive in! 👇

📊 UAE’s Non-Oil Economy to Surge by 4% in 2025, Driven by Investment and Real Estate Boom 🏢💰

📰 What is it about?

• The UAE’s non-oil economy is projected to expand by 4% in 2025, driven by a surge in investment inflows, according to the National Bank of Kuwait’s UAE Macro Outlook report.

• Key sectors fueling this growth include financial markets and real estate, with Dubai’s equity markets up 8.5% and real estate sales rising 30% year-on-year, reaching AED 375 billion ($102 billion) in 2024.

• Looser monetary policy, low inflation, and strong consumer activity are also supporting the economic outlook.

💡 Why it matters?

• The UAE's economic growth reflects strong investor confidence, especially in high-return areas like luxury real estate.

• The growth of the non-oil sector aligns with the World Bank’s forecast of a 4.1% rise in GDP, highlighting the UAE’s successful diversification strategy.

• While the non-oil sector drives most of the expansion, the oil sector is expected to rebound, with a 7.8% increase in output as OPEC+ scales back production cuts.

🔜 What’s next?

• Lower interest rates and attractive valuations will likely continue to boost demand in real estate, especially in the luxury segment.

• Government spending will rise to support ambitious investment and infrastructure projects, narrowing the fiscal surplus to 1% of GDP in 2025, down from 3.1% in 2024.

• The UAE’s combination of oil and non-oil sector growth positions the country for long-term economic resilience.

📈 Markets

🚀 Best Kept Shared Acquires Bazaara, Revolutionizing Dubai's P2P Fashion Rental Marketplace! 👗🌟

📰 What is it about?

• Best Kept Shared, a Dubai-based fashion startup and leading peer-to-peer designer rental marketplace, has acquired Bazaara, a peer-to-peer fashion resale platform.

• The financial details of the acquisition have not been disclosed, but it aims to expand Best Kept Shared's user base and inventory significantly.

• Bazaara, founded in 2021 by Alyssa Mariano, previously raised $230,000 in a pre-seed round led by Flat6Labs UAE.

💡 Why it matters?

• The acquisition will enable Best Kept Shared to integrate Bazaara’s 40,000 users into its platform, enhancing its offerings for buying, selling, and renting high-quality fashion items.

• Best Kept Shared co-founders Kelly Power and Sophie Kjøller view this move as a milestone in revolutionizing the luxury fashion industry, making high-end fashion more accessible and sustainable.

• The partnership aligns with the growing trend towards sustainable fashion and the demand for rental and resale options, catering to environmentally conscious consumers.

🔜 What’s next?

• Following the acquisition, Bazaara's website is redirecting users to Best Kept Shared, facilitating a smooth transition for its users.

• Alyssa Mariano has joined Best Kept Shared as an advisor, contributing her expertise to enhance the integration and expansion efforts.

• The company is expected to continue growing its marketplace and offering innovative solutions in the luxury fashion sector, attracting more users and promoting sustainable practices.

Quote of the day
“One of the tests of leadership is the ability to recognize a problem before it becomes an emergency” - Arnold H. Glasow

📈 Dubizzle Group Updates IPO Plans for 2025 🚀

📰 What is it about?

• Dubai-based classified advertising company Dubizzle Group has selected Emirates NBD, Goldman Sachs, HSBC, and Morgan Stanley to lead its upcoming IPO, anticipated in 2025.

• Morgan Stanley and Goldman Sachs replace Citigroup, which was previously linked to the deal.

• The IPO is expected to raise between $500 million and $1 billion, with preliminary work already underway.

💡 Why it matters?

• The planned IPO follows Dubizzle's rebranding in 2023 from Emerging Marketplaces Group and its achievement of unicorn status after raising $200 million in 2022, led by US-based Affinity Partners.

• The Dubizzle platform, along with other online advertising sites like Bayut and Zameen, plays a significant role in the UAE's digital marketplace landscape.

• A successful IPO would not only enhance Dubizzle's market position but also contribute to the growth of the tech and startup ecosystem in the region.

🔜 What’s next?

• As the IPO preparations progress, the company will likely focus on strengthening its market presence and expanding its offerings across its various platforms.

• Investors will be watching closely for updates on the company's performance and the final valuation as the IPO date approaches.

• This move could set a precedent for other tech companies in the region considering similar paths to public listing.

In other news…

1. President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Russian President Vladimir Putin jointly inaugurated the Sheikha Fatima bint Mubarak Education Centre at Moscow's Primakov School during Sheikh Mohamed's official visit to Russia.

2. Abu Dhabi-based events conglomerate ADNEC Group has acquired 100% of Royal Catering, a company with the capacity to produce over 50,000 meals daily.

3. Dubai-based online payment gateway, Telr, has announced its expansion into Jordan and Bahrain.

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