Talabat Archives

Talabat acquires Instashop for $32 million ahead of IPO

Talabat has completed the acquisition of Instashop for $32 million, consolidating the two major UAE-based food and grocery delivery brands under one company.

Both companies are controlled by German parent Delivery Hero, which initiated the merger as part of a corporate restructuring ahead of Talabat’s $2 billion IPO in December.

Instashop will continue to operate as an independent brand while leveraging Talabat’s expansive network, according to a statement issued Thursday.

“We aim to create a more seamless and efficient delivery experience for our customers across the UAE and Egypt whilst also driving further product and technology synergies across our business,” Talabat Chief Executive Tomaso Rodriguez said.

The Daily Circuit: U.N. Climate Summit opens in Azerbaijan + Talabat IPO

👋 Hello from the Middle East

In the Daily Circuit today, we’re looking at preparations for Talabat’s $1 billion IPO in Dubai, DP World’s acquisition of Silk Logistics in Australia, ADIA’s $1 billion investment in U.S. data analytics firm Qlik and U.K. golfer Paul Waring’s victory in the Abu Dhabi HSBC Championship. But first, the world’s climate defenders convene in Azerbaijan.

A year after the UAE hosted the annual United Nations environmental summit, the torch passed today to Azerbaijan as officials and activists from 197 nations converged on the capital city of Baku for the two-week event known as COP29.

Opening the conference was COP29 President Mukhtar Babayev, Azerbaijan’s Minister of Ecology and Natural Resources, who said the earth is on a “road to ruin” and beseeched delegates to embrace U.N. goals for transition from fossil fuels. “COP29 is the unmissable moment to chart a new path forward for everyone,” he said.

The focus of this year’s climate summit is finance as estimates for the cost of building out clean energy systems, making cities more resilient to extreme weather, and transitioning factories and transportation systems away from fossil fuels run into trillions of dollars, The New York Times reports.

Much of the attention, however, is on what to expect from U.S. President-elect Donald Trump, who has dismissed global warming as a hoax. Also stirring controversy is Azerbaijan’s economic dependence on oil production, which is drawing protests similar to those against the UAE last year at COP28.

Countries will present their updated national climate action plans, which detail how they plan to reduce emissions. At the end of the conference, which closes on Nov. 22, negotiators will try to ratify a final agreement that will include new commitments to address climate change.

More than 100 heads of state and government were planning to attend, including the leaders of Barbados, Finland, Greece, Kenya, Spain, Saudi Arabia, Turkey and Pakistan. Skipping the event is U.S. President Joe Biden, as well as the leaders of China, India, Brazil, Britain, Germany and France.

Among the speakers at today’s opening event was Dr. Sultan Al Jaber, who was President of COP28. He is also CEO of Abu Dhabi-based national energy company ADNOC and the UAE’s Minister of Industry and Advanced Technology.

“I urge you all to prove once again that we can unite, act and deliver,” Al Jaber said. “Let positivity prevail and let it power the process.”

Welcome to the Daily Circuit. Kindly let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

📰 Developing Stories

FAST FOOD

Talabat, the Middle East business of Berlin-based Delivery Hero, will hold an IPO on the Dubai Stock Exchange in mid-December, selling 15% of its shares to raise as much as $1 billion, Reuters reports. Talabat is the latest in a growing list of Middle East companies seeking to tap equity markets through public listings this year. The fluorescent orange uniforms of Talabat food delivery drivers have become ubiquitous in the UAE. The business has transformed the restaurant industry across the region since its launch in Kuwait 20 years ago.

PORT OF CALL

DP World is anchoring its hold on the logistics market in Australia. The Dubai-based owner of seaports around the world has entered a binding agreement, through its DP World Australia subsidiary, to acquire Port Melbourne-based Silk Logistics in a cash deal for about $115 million. Silk, which provides port and contract logistics services, operates 21 logistics hubs and 25 warehousing sites across Australia. DP World handles close to 10% of world trade carried on container ships.

💲 Sovereign Circuit

Abu Dhabi Investment Authority: Abu Dhabi’s sovereign wealth fund is investing about $1 billion in U.S.-based data analytics firm Qlik, buying the stake from private equity firm Thomas Bravo, the Financial Times reports.

Mubadala: M42, which was established through the combination of the healthcare assets of Mubadala and G42, is eying potential acquisitions and expansions of its operations into Europe, Latin America and Asia, CEO Hasan Jasem Al Nowais said in an interview with Bloomberg.

Public Investment Fund: Wall Street bankers including BlackRock’s Larry Fink, and Blackstone’s Steve Schwarzman, Morgan Stanley’s Ted Pick and Goldman Sachs’ David Solomon have been making trips to events in Saudi Arabia, such as the PIF’s annual Future Investment Initiative conference, that include side visits to meet with sovereign wealth funds in Abu Dhabi, Bloomberg reports.

↪↩ Closing Circuit

🛩️ Luxury Flying: Dubai’s DAMAC Properties has launched a luxury airline called DAMAC Air that will fly to destinations such as the Seychelles, Maldives, Bali, Bora Bora, Fiji, and Hawaii.

⛽ Buy-In: ADNOC Gas said it will acquire parent company ADNOC’s 60% stake in the Ruwais LNG plant in Abu Dhabi at an estimated cost of $5 billion.

⛴️ Water Taxi: Qatar’s Ministry of Transport said it has completed the first phase of its water taxi project that comprises the Lusail Ferry Terminal and two stops: the Pearl Ferry station and Corniche Ferry station.

🔥 Boiler Upgrade: A joint venture between Kuwait’s Heisco and Japan’s IHI Corp. has won a $571 million contract to upgrade steam boilers and thermal units at Kuwait’s Doha West distillation station.

🔒 Funding Gust: Upwind, an Israeli cybersecurity startup, is close to raising $100 million in a Series B financing round backed by Craft Ventures, Greylock, CyberStarts, Leaders Fund, Sheva Fund, and Penny Jar, TechCrunch reports.

🗣 Circuit Chatter

🎦 Big Screen: IMAX, which produces giant-screen movies, may releasean Arabic-language Saudi film later this year, IMAX CEO Richard Gelfond told Arabian Business.

🛫 Turbulence Ahead: Royal Jordanian airline may seek government support if the Gaza war extends significantly into 2025 as a decline in tourism cuts revenue and flight diversions increase costs, CEO Samer Majali said in an interview with The National.

🔋 Clean Ammonia: India’s Avaada Group, backed by Brookfield Asset Management, is in talks with the UAE government to set up a green hydrogen and ammonia plant with a potential capacity of up to one million tones, The National reports.

💵 Tax Advice: The Middle East tax advisory market is expected to grow13% to $758 million this year, four times faster than in North America and Europe where growth is projected at 3%, according to Source Global Research.

⛏ Digging In: Mazoon Mining, a subsidiary of Minerals Development Oman, has begun construction in Yanqi on Oman’s largest copper project with estimated reserves of 23 million tons of copper ore.

🌍 Power Circuit

UAE’s President, Sheikh Mohamed bin Zayed, arrived in Kuwait on Sunday and was received by Emir of Kuwait Sheikh Mishal Al-Sabah and Crown Prince Sheikh Sabah Al-Sabah.

Saudi Crown Prince Mohammed Bin Salman made a phone call to Donald Trump shortly after U.S. election results were reported to express his pleasure at the former president’s return to power, Bloomberg reports.

Emir of Qatar Sheikh Tamim bin Hamad al-Thani will participatein the Arab-Islamic summit that starts today in Riyadh, according to his office. Attending on behalf of the UAE is Sheikh Mansour bin Zayed, the Vice President and Deputy Prime Minister.

Sheikh Tahnoon bin Zayed, the UAE’s national security advisor, deputy ruler of Abu Dhabi, and Chairman of G42, ADIA and ADQ, held a conversation with Citibank CEO Jane Fraser to discuss financial markets and artificial intelligence.

Sheikh Hamdan bin Mohammed bin Rashid, Crown Prince of Dubai and Chairman of the Executive Council, appointed deputies to the Council’s Secretary-General. Hamda bin Kalban was appointed Assistant Secretary-General for the Governance Sector, Samira Al Rais for the Sustainable Development Sector, and Dr. Hazza Al Nuaimi for the Excellence and Government Services Sector.

➿ On the Circuit

General Fayad al-Ruwailli, the chief of staff of Saudi Arabia’s armed forces, visited Tehran on Sunday to meet with his Iranian counterpart, Maj. Gen. Mohammad Bagheri, Reuters reports.

Yussuf Ali, the billionaire managing director of Lulu Retail Holdings, is the subject of a Bloomberg profile as the chain of hypermarket stores prepares to start trading on the Abu Dhabi Securities Exchange (ADX) following a $1.7 billion IPO.

🎶 Culture Circuit

🏌️ On the Fairway: U.K. golfer Paul Waring won the Abu Dhabi HSBC Championship on Sunday, besting countryman Tyrrell Hatton and third-place Thorbjorn Olesen of Denmark at Abu Dhabi’s Yas Links. Waring’s victory will give him more than $1.5 million from the tournament’s total prize fund of $9 million. The $10 million DP World Tour Championship starts on Thursday at the Jumeirah Golf Estates in Dubai.

📷 Photo of the Day

Former Swiss tennis champion Martina Hingis signs souvenir tennis balls at the Saudi Public Investment Fund’s hospitality booth over the weekend during the Women’s Tennis Association finals in Riyadh.

📅 Circuit Calendar

Nov. 12-13, Abu Dhabi: CyberQ: Security in the Quantum Era. Assembles international experts, key policymakers and industry players to discuss the challenges of the quantum age of cybersecurity. ADNEC.

Nov. 19-20, Dubai: Dubai Future Forum. Bringing in different people to discuss the future of the world and youth’s role in changing the narrative. Museum of the Future..

Nov 21-24, Abu Dhabi: Abu Dhabi International Boat Show. A platform for marine enthusiasts that offers live performances and the opportunity to navigate the waters of Abu Dhabi. ADNEC.

Nov. 23-24, Dubai: Forbes Medical Tourism and Wellness Summit. Discussions will center around efforts by participant countries to attract patients from abroad for medical care. Jumeirah Beach Hotel.

Nov. 26-28, Abu Dhabi: Global Media Congress. The event brings together a range of media groups to discuss the lates india trends.

Nov. 26-29, Dubai: Big5 Global. The event gathers participants who are interested in technology and construction. Dubai World Trade Centre.

Dec 4-6, Abu Dhabi: Abu Dhabi Business Week. Participants will hear from business pioneers who built billion-dollar enterprises, developed global brands and led significant campaigns. ADNEC.

Dec. 5-6, Abu Dhabi: Milken Institute Middle East and Africa Summit. Corporate executives, investors, government officials, and philanthropists gather to address the globe’s most pressing issues. St. Regis Saadiyat Island.

Dec. 5-8, Abu Dhabi: Abu Dhabi Grand Prix 2024. World’s fastest race drivers compete in the Abu Dhabi leg of the Formula One season. Yas Marina Circuit.

Dec . 9-10, Abu Dhabi: The Bitcoin Conference. The conference connects industry leaders in an exposition hall featuring a fusion of technology and art. ADNEC.

Dec. 9-12, Abu Dhabi: Abu Dhabi Finance Week. Market experts and entrepreneurs from around the world discuss the latest market trends. Al Maryah Island, ADGM Square.