Happy Monday everyone!

Dubai’s economy contracted 2.3% to AED473 billion in the first half of 2026 as regional conflict weighed on trade and transport, despite strong growth in healthcare and financial services. Meanwhile, Saudi-born entertainment platform Webook is expanding into Europe through its SmartMove acquisition, with a potential IPO among its ambitions. Dubai Investments Park is also preparing for a stock-market debut, offering investors exposure to one of the emirate’s established industrial and commercial hubs.

Markets

Saudi-Born Webook Expands Into Europe as It Eyes Global Growth and a Potential IPO

What Happened

Saudi-born entertainment technology platform Webook is expanding internationally after acquiring Portugal-based event technology firm SmartMove in June 2026. The company says it has reached more than 17 million users across 180+ countries and processed over 40 million ticket bookings. Led by co-founder and CEO Nadeem Bakhsh, Webook is expanding beyond ticketing into flights, hotels, visa services, dining and attractions.

Why It Matters

The expansion signals Webook’s ambition to compete in the global entertainment and booking market. SmartMove provides access to European technology for sports memberships, ticketing, venue access and fan engagement. Webook’s growth builds on Saudi Arabia’s expanding entertainment and sports sectors. While the company has ambitions for a $1 billion valuation, no current valuation has been publicly established in the sources reviewed. No direct ownership stake by Saudi Arabia’s Public Investment Fund has been established.

What's Next

Webook is targeting further international growth, with Portugal and the UK among its European markets and existing expansion into Morocco and Bahrain. A potential initial public offering was discussed by Bakhsh in August 2025, when he outlined a three-to-four-year timeline and preparations to strengthen corporate governance. That timeline was an earlier target, not a confirmed listing date. The company’s next challenge is turning its Saudi market experience into a competitive global booking platform.

Dubai Investments Park Could Be Dubai’s First IPO of 2026

What Happened

Dubai Investments plans to sell a 20% stake in DIP Holding, the company behind Dubai Investments Park, through an initial public offering of approximately 1.74 billion existing shares. The subscription period is scheduled for October 27 to November 3, 2026, with the final offer price expected on November 4. Trading on the Dubai Financial Market is expected to begin on November 11.

Why It Matters

The listing could mark Dubai’s first IPO of 2026, giving investors exposure to one of the emirate’s established industrial, commercial and residential hubs. Dubai Investments Park has 1,270 plots, around 1,000 tenants, 5,700 subtenants and more than 150,000 residents. Average ground-lease occupancy stood at approximately 98% between 2020 and 2025, highlighting demand for the development.

What's Next

Investors will receive the offer price range on October 27, followed by the final price announcement on November 4. Dubai Investments plans to retain an 80% stake in DIP Holding after the offering. The IPO will give public-market investors an opportunity to participate in the park’s performance, while the listing’s success will depend on pricing, investor demand and market conditions.

Banyan Group Residences Brings Laguna Phuket Property Showcase to Banyan Tree Dubai

Banyan Group Residences, the property development arm of SGX-listed hospitality group Banyan Group, is hosting its Laguna Phuket Property Showcase at Banyan Tree Dubai on 23 and 24 October 2026.

The event invites UAE investors to preview six developments at Laguna Phuket, with prices starting from THB 16.3 million (approx. AED 1.8 million) at Bellaguna Lake Residences. It follows a record first half of 2026 for the developer, ranked first in Asia in Savills' 2025-26 Branded Residences report.

Featured developments include absolute beachfront residences at Banyan Tree Beach Residences Mazu, where the final two villas have just been released, and Oceanus, alongside beachfront townhomes at Varuna and the newly launched Nerea. Owners enjoy a year of complimentary property management and insurance through the Laguna Advantage program, Sanctuary Club privileges at Banyan Group hotels worldwide, and optional rental management through Banyan Living.

Dubai Economy Shrinks 2.3% to AED473 Billion as Trade and Transport Weaken

What Happened

Dubai’s real GDP fell 2.3% year-on-year to AED473 billion in the first half of 2026, down from AED484 billion, as regional conflict weighed on economic activity. Wholesale and retail trade contracted 6%, while transport and storage declined 7.4%. Financial services grew 8.8%, healthcare expanded 14.3%, and construction increased 2.4%, helping offset weakness elsewhere.

Why It Matters

The slowdown highlights the impact of regional disruption on Dubai’s trade, tourism and transport-linked economy. However, financial services accounted for 14% of GDP, while trade through the Dubai Integrated Economic Zones Authority’s three free zones rose 17% to AED246 billion. The figures point to contrasting trends across the emirate’s economy, with some sectors expanding despite broader pressure.

What's Next

Dubai is continuing its long-term development plans, including AED2.1 trillion in projects covering housing, aviation and transport. Dubai CommerCity has also announced an AED1.8 billion expansion to strengthen digital commerce. The emirate is pressing ahead with its D33 economic agenda and has introduced an AED1.5 billion relief package to support businesses affected by regional uncertainty.

👨‍💻From Smashi Business’ Desk

• Dubai-born fragrance brand KAYALI will enter China on October 15.

• Saudi-born dining platform SPICE has ruled out offering cashback on shisha or alcohol at partner restaurants as it keeps its rewards model aligned with Islamic principles.

• Uber will invest $50 million in Jordan over the next three years, targeting the country’s mobility ecosystem while supporting economic opportunities, tourism and access.⁠

• Dubai Crown Prince HH Sheikh Hamdan just shared his Etihad Rail ticket on Snapchat as Dubai-Abu Dhabi passenger services prepare to launch on September 30.

🔍In other news…

• Dubai Media Signs Deal to Reach 450,000 Hotel Rooms

• Abu Dhabi's IRH Seeks Further Mining Acquisitions in Zambia

• DIP Pushes Ahead With Plans for UAE's First IPO of 2026 Despite Regional War

• Lebanese-Founded HalaPop Announces Expansion Into Saudi Arabia

• Oil Hits Five-Month High of $110 Amid Fresh Middle East Escalation

🦄 World of Startups

• Echelon: Riyadh AI firm Echelon names East40, RAED Ventures, Avra and Ben Horowitz as backers.

• MNT-Halan: MNT-Halan prices its EGX IPO at EGP 24.50 per share, valuing the 20% stake at EGP 7.84 billion.

• Project Suppliers: Saudi platform Project Suppliers raises $1 million in pre-seed funding to develop AI cash-flow tools.

• MoneyHash × VaultsPay: MoneyHash merchants can now accept VaultsPay’s UAE card and wallet payments without separate integration.

• TiE Women MENA: Five startups win regional TiE Women MENA tracks and advance to the GITEX Global final.

• Sheraa × Nestlé UAE: Sheraa, Nestlé UAE, MAJRA and UAE Food Cluster launch a three-month programme for young founders.

Latest Episode of The Smashi Business Show

Apple | Spotify | Youtube | Anghami | Smashi TV

Were you forwarded this email? Subscribe here