Happy Wednesday everyone!

Saudi Arabia’s market regulator is reviewing investment banks as the kingdom looks to strengthen its IPO market, DP World is advancing its $800 million Tartous port investment in Syria, and Saudi citizen Travis Kalanick has quietly rebranded his 150-plus-facility Gulf food empire as NAMAA.

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Markets

Saudi Regulator Probes Investment Banks as IPO Performance Falters

What Is It About

In a Semafor exclusive, Saudi Arabia’s Capital Market Authority is reviewing the performance of recent IPOs and examining advice provided by global and local investment banks. The review covers listings dating to at least early 2025, including share pricing, investor allocations and subsequent trading. Saudi companies raised $3.7 billion through share sales last year, more than the rest of the Gulf combined.

Why It Matters

Saudi Arabia remains one of the Gulf’s most active capital markets, with nearly 100 companies waiting to list. However, recent performance has been mixed, with 10 of 13 companies listed in 2025 trading below their offer prices by January. The review comes as the kingdom works to deepen its equity market, attract international investors and use public listings to support its wider economic diversification programme.

What’s Next

The CMA is expected to report its findings to the government later this year alongside proposals to stimulate trading activity and unlock more listings. No significant IPO has closed so far in 2026, with regional conflict disrupting earlier plans. Semafor reports the regulator is not expected to recommend action against banks or investors, positioning the review more around improving market activity and future issuance.

DP World Pushes Ahead With $800 Million Tartous Port Overhaul in Syria

What Is It About

Dubai-based DP World has delivered three Mobile Harbour Cranes to Syria’s Port of Tartous as part of its $800 million investment programme. The equipment is expected to increase cargo-handling capacity by around 40%, supporting efforts to modernise one of Syria’s most important Mediterranean trade gateways.

Why It Matters

The investment comes as DP World expands despite disruption to regional trade flows. First-half 2026 revenue rose 13.1% to $12.7 billion, even as conflict reduced vessel traffic through Jebel Ali. Tartous gives DP World a strategic position connecting trade across the Middle East, Mediterranean and surrounding markets, while supporting Syria’s efforts to rebuild trade infrastructure and economic activity.

What’s Next

DP World expects full-year capital expenditure of around $3 billion, after investing $1.5 billion during the first half. It is also planning two new terminals in Fujairah under a 50-year agreement, expanding its UAE gateway network beyond Jebel Ali and giving cargo owners greater flexibility as regional shipping routes adjust to disruption.

Saudi Citizen Travis Kalanick Quietly Rebrands Gulf Food Empire as NAMAA

What Is It About

Saudi citizen and Uber co-founder Travis Kalanick has quietly rebranded his Gulf food empire as NAMAA, bringing KitchenPark, CloudRetail, HungerHub and other food-infrastructure businesses under one regional identity. NAMAA says it has built or acquired 150+ facilities across four Middle Eastern markets, while KitchenPark lists 29 Saudi locations, 24 in the UAE and 17 in Kuwait.

Why It Matters

The regional operation has attracted substantial capital. Saudi Arabia’s PIF invested $400 million in CloudKitchens in 2019, one of its largest single-startup bets at the time. NAMAA deployed roughly $100 million across the Middle East in 2025 and has earmarked another $40 million for Dubai. Kalanick describes the underlying model as a “food computer”, combining property, kitchens, software and automation.

What’s Next

Kalanick previously explored a roughly $2 billion dual Abu Dhabi-Riyadh IPO, before regional conflict disrupted plans. NAMAA now sits beneath Atoms, his broader automation and robotics company, which raised $1.7 billion in July led by Andreessen Horowitz, alongside Bain Capital, Fifth Wall and Uber.

Smashi Business Exclusive: How CFI Delivered Its Tenth Consecutive Record Quarter

CFI Financial Group's record first half of 2026 was years in the making, according to Group CEO Ziad Melhem, who said the company's  latest performance reflects long-term investments in governance, technology, talent and international expansion, rather than a single period of elevated market activity.

Speaking to Smashi Business, Melhem said CFI's record first half, including $5.34 trillion in trading volume and its tenth consecutive record quarter, were built on consistency rather than short-term gains. "The companies that grow, that scale, that last, are the ones that perform through different market environments," he said, adding that today's results are "the outcome of decisions we've made years ago."

Melhem also credited the UAE's operating environment as a competitive advantage for the business, arguing that the country's close alignment between the public and private sectors has enabled companies to scale with confidence. "When there is this mutual trust, when there is this big support and the goals are aligned, the partnership with the regulator creates the necessary platform or infrastructure that would allow us to grow and do much more," he said.

Watch the full interview here.

👨‍💻From Smashi Business’ Desk

• LVMH-owned Sephora has denied reports it will open stores in Israel, while confirming Sephora Collection, its own beauty brand, signed a temporary resale agreement with Israeli retailer Glam42.

• HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, visited Binghatti’s London office, according to photos shared by the developer on Instagram.

• President Donald Trump and Saudi PIF Governor Yasir Al-Rumayyan were spotted together at LIV Golf’s New York event at Trump National Bedminster, ahead of the final round.

• Saudi boxing power broker Turki Al-Sheikh has pulled out of a proposed takeover of English Championship club Derby County after delays in securing approval left limited time to prepare for the new season.

🔍In other news…

• Iraq Says Abu Dhabi’s Adnoc Among Buyers of Its Oil

• Iran to join BRICS development bank soon, central bank governor says

• Saudi Wealth Fund PIF Eyes Bigger Privatization Push to Win Returns

• Spinneys CEO on the costs of keeping shelves full in a crisis: AGBI

• Saudi data centre ambitions could require $42bn by 2030

• Gulf forecast to lose 140,000 tourism jobs this year

• Qatar, Morocco among six Arab federations backing FIFA's Infantino

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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