Happy Thursday everyone!

Saudi Arabia has unveiled a $80 million Fashion Fund through Merak Capital to scale local brands onto the global stage, aligning with Vision 2030’s diversification drive. In Dubai, construction giant Alec Holdings priced its IPO at the top of the range, raising $381 million after the offer was oversubscribed 21 times, reflecting strong investor appetite. Meanwhile, Dubai Airports CEO Paul Griffiths marked DXB’s 65th anniversary, calling it “65 years young” as the world’s busiest international airport continues to set new growth ambitions.

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Markets

Saudi Arabia Launches $80 Million Fashion Fund To Boost Local Brands Globally

🔹 What Is It About

Saudi Arabia’s Merak Capital has unveiled a 300 million riyal ($80 million) Fashion Fund, backed by the Cultural Development Fund, to support growth-stage companies and homegrown brands. Announced at the first Cultural Investment Conference in Riyadh, the fund will invest across apparel, accessories, beauty, e-commerce and supply chain solutions, aiming to create a robust ecosystem that helps local talent compete internationally.

🔹 Why It Matters

The initiative aligns with Vision 2030’s push to diversify the economy beyond oil by positioning fashion as a key growth sector. With the Saudi fashion and luxury market projected to rise from $30 billion in 2023 to $42 billion by 2028, the fund provides critical financing for businesses adopting innovative models and technologies. It also reflects the kingdom’s broader goal of nurturing cultural industries while empowering entrepreneurs to maximize economic and social impact.

🔹 What’s Next

Merak Capital and the Cultural Development Fund will work with private sector partners to expand Saudi fashion brands regionally and globally. By strengthening the ecosystem, the Fashion Fund aims to transform the kingdom into a creative hub for design, e-commerce and beauty, while showcasing cultural identity on the world stage. The initiative is expected to attract further investment, open new opportunities for entrepreneurs, and reinforce Saudi Arabia’s role as a rising player in the global fashion industry.

Alec Holdings Raises $381 Million In Dubai IPO At Top Price Range

🔹 What Is It About

UAE-based Alec Holdings has raised AED1.4 billion ($381.2 million) from its IPO on the Dubai Financial Market, pricing shares at AED1.40 each — the top of the indicated range. The offering was oversubscribed more than 21 times, marking one of the highest levels of foreign investor participation among recent Dubai listings. The sale of one billion shares, representing 20% of Alec’s share capital, values the company at AED7 billion.

🔹 Why It Matters

The strong demand signals investor confidence in both Alec’s growth and the wider regional construction sector, which is supported by large-scale government projects and national transformation agendas. Founded in 1999 and owned by the Investment Corporation of Dubai since 2017, Alec has delivered major UAE and Saudi projects, from One Za’abeel to SeaWorld Abu Dhabi. Its revenues surged 56% in H1 2025 to AED5.36 billion, while its project pipeline reached AED35.4 billion.

🔹 What’s Next

Alec shares will debut on the DFM around October 15 under the ticker “ALEC.” The company has committed to distributing a AED200 million dividend in April 2026, followed by AED500 million for the 2026 financial year, paid in two tranches. The IPO continues a wave of UAE listings that drew nearly half of Gulf IPO proceeds last year, with strong pipelines expected to sustain momentum. Alec aims to expand its role in construction, energy, and technology solutions across the region.

Dubai Airports CEO Marks 65 Years Of DXB With Vision For Future Growth

🔹 What Is It About

Dubai Airports is celebrating the 65th anniversary of DXB, the world’s busiest international airport. Reflecting on its journey, CEO Paul Griffiths noted that what began in 1960 as a modest sand-compacted runway for propeller aircraft has transformed into a global aviation hub. Griffiths highlighted the remarkable progress made under Dubai’s leadership, positioning DXB at the forefront of international travel and connectivity.

🔹 Why It Matters

In six and a half decades, DXB has not only reshaped Dubai’s economy but also connected people, cultures, and markets worldwide. Griffiths said the airport’s evolution mirrors Dubai’s transformation into one of the most connected cities on earth, underscoring aviation’s central role in the emirate’s global ambitions. The milestone reinforces DXB’s legacy as a cornerstone of growth in both Dubai and the international aviation industry.

🔹 What’s Next

Griffiths emphasized that DXB is “65 years young,” with new targets and ambitions being set each year. As global travel continues to evolve, Dubai Airports is focused on expanding capacity, enhancing passenger experience, and sustaining DXB’s status as a world leader in connectivity. The anniversary, he said, is both a celebration of past achievements and a launchpad for future innovation in global aviation.

👨‍💻From Smashi Business’ Desk

• Vercel CEO Guillermo Rauch is facing backlash after posting a photo on X showing him meeting Israeli PM Benjamin Netanyahu, wanted for war crimes by the UN-backed ICC.

• Replit founder Amjad Masad says he faced “sabotage” from VCs for speaking out on Gaza — but urges the tech community to break its silence now that “the truth is undeniable.”

• UAE Minister Showcases DIFC’s 20-Year Rise from Sand to Global Financial Hub.

🔍In other news…

• Alstom adds 150 Riyadh Metro trains as commuters line up

• Hedge Fund Davidson Kempner Said to Buy Bad Debt from UAE Bank

• Kushner’s Secret Saudi Talks Paved Way for $55 Billion EA Deal

• Saudi Arabia stands to benefit more than the UAE from Washington’s decision to sharply raise fees on a popular skilled-worker visa, recruitment experts tell AGBI.

• Italy and Bahrain sign €1bn trade and investment agreement

• UAE set for trade boost as Cepas with Australia and Malaysia take effect

• KKR acquires minority stake in Adnoc gas pipeline assets

🏦 Crypto Corner

• Crypto data reveals UAE has mined bitcoins worth $700m

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub.

• Abu Dhabi Judicial Department now accept AE Coin.

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