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- Talabat: Earnings Up, Share Price Down; $17B for Gaza Reconstruction; Saudi Gaming Play
Talabat: Earnings Up, Share Price Down; $17B for Gaza Reconstruction; Saudi Gaming Play
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Saturday, February 21, 2026
Happy Saturday everyone!
Talabat reported robust 2025 growth and profitability, yet its shares remain far below their IPO peak, highlighting investor caution toward regional tech. In Washington, leaders unveiled a multibillion-dollar blueprint to rebuild the Gaza Strip, with Gulf contributing, to blend humanitarian aims with large-scale infrastructure ambitions. Meanwhile, Saudi-owned Scopely moved to acquire a majority stake in Turkey’s Loom Games for up to $1 billion, underscoring the kingdom’s aggressive push to dominate the global gaming industry as part of its economic diversification strategy.
Markets
EGX 30 | 52,222.34 | Closed |
DFMGI | 6,576.59 | 0.471% |
ADX | 10,594.70 | 0.133% |
Tadawul | 11,155.45 | Closed |
Talabat Posts Strong 2025 Results As Shares Remain Far Below IPO Peak
What Is It About?
Talabat reported 2025 GMV of $9.5 billion (+28% YoY), revenue of $3.9 billion (+33%), and net income of $464 million, with adjusted EBITDA of $615 million. Active users reached 7.6 million and vendors 84,000, while grocery and retail grew rapidly. Despite strong fundamentals, the stock trades about 54% below its December 2024 debut on the Dubai Financial Market, where parent Delivery Hero sold a 20% stake.
Why It Matters?
The results highlight a widening gap between operational performance and market valuation. Talabat is profitable, growing users and expanding high-margin segments such as advertising and subscriptions, yet investor sentiment remains weak. The company’s dividend payout of $421 million—about 90% of net income—signals strong cash generation. Persistent share declines despite double-digit growth raise broader questions about tech IPO pricing, regional equity appetite, and confidence in long-term delivery economics.
What’s Next?
For 2026, Talabat expects slower profit growth as it invests over $100 million in Talabat Mart and its Pro loyalty programme across eight markets. Net income is projected to fall to $280–310 million despite continued revenue expansion. New CEO Toon Gyssels is leading this investment cycle, while former chief Tomaso Rodriguez remains on the board, signaling continuity as the company prioritizes long-term market leadership over short-term margins.
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Saudi-Owned Scopely To Acquire Majority Stake In Loom Games In Deal Worth Up To $1 Billion
What Is It About?
Saudi-owned Scopely has agreed to buy a majority stake in Istanbul-based Loom Games in a deal valued at up to $1 billion, contingent on performance milestones, Bloomberg reported. Founded last year, Loom is the developer of mobile puzzle title Pixel Flow!, which has attracted about 10 million users. The studio’s founders will continue to operate the roughly 20-person team from Turkey following the transaction.
Why It Matters?
The acquisition underscores Saudi Arabia’s push to become a global gaming powerhouse through its sovereign wealth ecosystem. Scopely is owned by Savvy Games Group, a unit of the Public Investment Fund, reflecting the kingdom’s strategy to diversify beyond oil into high-growth digital sectors. Turkey’s mobile-gaming scene, already home to multibillion-dollar studios, offers proven talent and scalable global franchises.
What’s Next?
A second fundraising phase — expected to include sovereign funds, venture capital firms, and institutional investors — could push the total well beyond $100 billion. OpenAI is also deepening technology partnerships, including expanded use of Amazon’s cloud and chips, reinforcing a model that combines capital with infrastructure access. If completed at the anticipated valuation, the deal would place OpenAI within striking distance of a $1 trillion private valuation, cementing AI as the central battleground of global technology — with Gulf investors positioned as pivotal long-term stakeholders.
Smashi Business Analysis: Billions Pledged For Gaza Reconstruction As Trump’s Board Of Peace Unveils “New Gaza” Plan
More than $17 billion in immediate funding commitments dominated the inaugural meeting of the Board of Peace hosted by Donald Trump in Washington, DC, positioning reconstruction of Gaza Strip as one of the largest post-conflict development efforts in recent history.
💰 Funding Commitments: Big Money First
Donald Trump pledged $10B in U.S. funding at the inaugural Board of Peace meeting in Washington, DC
Private investors signaled interest in tens of billions more
Reconstruction framed as one of the largest post-conflict economic projects ever
Gulf Countries — Financial Contributions
🇦🇪 United Arab Emirates — $1.2 Billion
Largest Gulf pledge; funding earmarked for reconstruction and humanitarian support.🇸🇦 Saudi Arabia — $1 Billion
🇶🇦 Qatar — $1 Billion
🇰🇼 Kuwait — $1 Billion
🇧🇭 Bahrain — Contribution Confirmed (Amount Not Public)
🏗️ Real Estate–Led Recovery: “New Gaza”
Plan centers on rebuilding the Gaza Strip as a modern urban economy
First phase: 100,000 homes in Rafah for ~500,000 residents
$5B earmarked for core infrastructure (power, water, transport)
Long term: 400,000 homes across the enclave
Apollo Global Management CEO Mark Rowan estimated total potential value at $115B
🪖 Security As Investment Prerequisite
Proposal includes a 20,000-troop International Stabilization Force
Deployment to start in Rafah, then expand to five sectors
Indonesia expected to contribute up to 8,000 troops
Investors view security guarantees as essential for capital deployment
⚠️ Political Pushback And Legitimacy Concerns
Protests erupted over Israel’s participation and lack of Palestinian representation
Critics warn reconstruction without local governance risks failure
Former U.S. official Hady Amr called the plan a “control architecture”
Concerns that economic plans are outpacing political solutions
🚑 Reality On The Ground: Aid And Violence Persist
Reports of Palestinians wounded by Israeli fire during the same period
UN says humanitarian missions continue to face denials and delays
Limited medical evacuations via Rafah crossing
Gap remains between pledged funds and immediate relief
🌍 West Bank Tensions Add Regional Risk
Israeli raids, arrests, and settler activity reported across multiple areas
Rising tensions linked to moves to formalize control over territory
United Nations and others have condemned developments
Hamas said success depends on enforcing a ceasefire first
📈 Business Outlook: Massive Upside, Massive Risk
Vision includes tourism zones, industry, and trade corridors
Potential links to Egypt, Israel, Gulf states, and global markets
Major uncertainties: governance, land rights, resettlement logistics
Investors balancing transformative opportunity against geopolitical risk
🧭 Bottom Line
Funding momentum is real — execution risk is enormous
Success hinges on security, political legitimacy, and local participation
Without those, pledged billions may never become deployable capital
With them, Gaza could become a major new economic node in the region
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🦄 World of Startups
Stake Raises $31M Series B Led by Emirates NBD, Total Funding Hits $58M
US-based Luma AI is planting its flag in Riyadh — opening a regional headquater
Singapore's Ascentium continues its aggressive expansion, acquiring UAE legaltech pioneer Clara in a strategic Middle East play
Abu Dhabi is quietly becoming one of the most influential financiers of the global AI race, with its latest participation in Anthropic’s massive $30B funding round
Safqah Capital has just closed one of Saudi Arabia’s largest-ever seed rounds, raising $15.2 million in a deal that was four times oversubscribed
👨💻From Smashi Business’ Desk
HH Sheikh Khaled bin Mohamed bin Zayed met Indian Prime Minister Narendra Modi on the sidelines of the AI Impact Summit in New Delhi.
Humain, the artificial intelligence arm of the Public Investment Fund, invested $3 billion in xAI during its Series E round
Saudi Prince Alwaleed bin Talal’s combined stake across Elon Musk’s companies has reached an estimated $9.2 billion.
🔍In other news…
Long weekend read: Six Flags. Formula One. Aquarabia. Saudi Arabia Bets $32 Billion On Fun, Bloomberg writes
Airbus Middle East revenue doubles in 2025, and Qatar Airways CEO expects Airbus deliveries this year
Origen, UAE-based AI company, raised $50M in a strategic investment from Bluefive Capital
Cambridge Health Group, a post-acute and rehabilitation care provider 85 percent owned by Dubai-listed Amanat Holdings, said a potential listing of the business is still being considered
🗓️ Plan Your Events (March-April 2026)
UAE
31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.
7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.
13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.
14-16 April: (Tuesday-Thursday): the International Property Show, Dubai World Trade Center.
Saudi Arabia
13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.
20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh
Egypt
30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).
