Core Viewpoint - Delivery Hero's shares declined following Talabat's 2026 guidance, which indicated a focus on market share over profit, leading to investor disappointment [2][3]. Financial Performance - Talabat expects adjusted EBITDA of approximately $510 million to $540 million for 2026, which is below market consensus [3]. - Projected adjusted EBITDA margins are set to decrease to 4.4% to 4.8%, down from 6.5% in 2025 [4]. Growth Projections - Talabat anticipates GMV growth of 11% to 14% and revenue growth of 14% to 17%, driven by quick commerce and subscription expansion [4]. Investment Strategy - Talabat plans to invest around $150 million in 2026, with $100 million allocated for scaling dark stores and loyalty programs, and $50 million for the core food segment [5]. Competitive Landscape - The company faces increasing competition in the UAE, Qatar, and Kuwait, along with potential regulatory interventions to address below-cost pricing [5]. Market Sentiment - The increased spending and reduced margins overshadowed otherwise stable quarterly results, prompting investors to reassess the company's cash generation potential [6]. - Talabat has been viewed as a strong performer within Delivery Hero's portfolio, which consists of diverse markets with varying competitive dynamics [7]. Industry Context - The food delivery sector has a history of "invest now, profit later" strategies, which have led to subsidy wars and margin pressures [10].

Core Insights - Anghami Inc. reported a revenue of US$48.4 million for H1 2025, a 97% year-on-year increase, primarily driven by subscription income from the OSN+ integration [3][9] - The paid subscriber base grew by 97% year-on-year to 3.54 million, with total registered users exceeding 120 million across the MENA region [3][9] - The partnership with Warner Bros. Discovery, which includes a US$57 million investment, has reinforced Anghami's content offerings, providing exclusive access to HBO and Max Originals [4][9] Financial Performance - Revenue for the six-month period ended June 30, 2025, reached US$48.4 million, reflecting a 97% increase compared to the previous year [9] - The company incurred a loss of US$37.1 million due to increased investments for subscriber acquisition and integration costs [3] - Management is implementing cost management measures to improve profitability while scaling operations [3][8] Strategic Partnerships - The integration with OSN+ has enhanced user experience, leading to improved app store ratings from 3.8 to 4.6 stars and 99.9% uptime [3] - New distribution partnerships with PlayStation and Noon.com have opened additional customer acquisition channels [5] - A recent collaboration with Talabat is expected to further drive subscriber growth and content distribution [5] Market Position and Outlook - Anghami is positioned to benefit from the growing demand for digital entertainment in the MENA region, with strategic partnerships enhancing its competitive edge [7] - The company anticipates continued topline growth in H2 2025, although profitability may be impacted by ongoing integration investments [8] - Major content launches are planned for early 2026, aimed at strengthening the platform's market differentiation [6]

Core Viewpoint - The Dubai Airshow, starting on November 17, marks the launch of a drone food delivery service by China's leading heavy-lift drone company, United Aircraft Group, in the Middle East, potentially revolutionizing the logistics industry in the region [1][2]. Group 1: Drone Delivery Service - United Aircraft Group collaborates with UAE's Talabat and K2AeroSpace to advance the drone food delivery project, allowing users to order food via the Talabat app [1]. - Drones will transport meals from restaurants or Talabat kitchens to designated drop-off stations within the city, where users can collect their orders by scanning a QR code or entering a password [1]. Group 2: Technical Specifications - The Q20 drone is specifically designed for the UAE's high-temperature and high-humidity environment to ensure food stability during transport [2]. - The Q20 features an electric propulsion system capable of autonomous takeoff, landing, and route planning [2]. Group 3: Regulatory and Operational Plans - Talabat and K2AeroSpace will work with the Abu Dhabi Mobility Authority to secure airspace approvals and regulatory coordination for safe drone operations in urban airspace [2]. - United Aircraft Group's chairman, Tian Gangyin, emphasizes the company's commitment to expanding drone applications in the Middle East and Gulf region, adjusting systems and processes based on operational data [2].

JOUMANNA: GOOD MORNING. THIS IS HORIZONS MIDDLE EAST AND AFRICA." THE U.S. SENATE HAS VOTED 60-40 TO ADVANCE A BILL THAT COULD END THE LONGEST GOVERNMENT SHUTDOWN IN HISTORY. BUT IT’S NOT A DONE DEAL YES. DONALD TRUMP IN WASHINGTON TODAY IS BEING MET WITH SHARAA.AND PRESIDENT TRUMP SAYS NO U.S. OFFICIALS WILL BE ATTENDING THIS MONTH’S GROUP OF 20 SUMMIT IN AFRICA AS HE REPEATS CLAIMS THE COUNTRY IS MISTREATING WHITE AFRIKANERS. IT’S GONE 9:00 A. M. I’M JOUMANNA BERCETCHI.LET’S LAB AT WHAT HAPPENED LAST WEEK ...

Investment Focus - Amazon is the largest player in the cloud industry with a global market share of 30%, benefiting from scale effects that stabilize and improve margins [1] - Google is expected to see improvements in margins due to rising IaaS cloud scale, with a projected margin increase of over 20% by year-end [1] - Alibaba's cloud revenue reached 33.4 billion RMB in Q1 FY26, demonstrating strong growth driven by instant retail and cloud business resilience [1] Hardware & AI - Arista Networks is a leader in high-end data center network switches, with expected revenue contribution of at least $750 million from AI backend switches in 2025 [3] - NVIDIA's data center business, which accounts for 88% of its revenue, is projected to see strong growth driven by AI capital expenditures, with a target price of $204.35 based on a 30x FY2027 EPS [4] - SK Hynix is expected to benefit from recovering downstream inventory and a doubling of HBM sales this year, with a target price of KRW 280,555 [3] Internet & Services - Tencent Music is expected to see steady revenue growth driven by its core subscription business and new high-margin services, with a focus on expanding its content offerings [4] - Futu Holdings is projected to maintain strong growth in paid user numbers and AUM, benefiting from its virtual asset business and competitive valuation [6] - JoYY's core overseas live streaming business is stabilizing, supported by a favorable policy environment and strong industry demand [5] Pharmaceuticals - Hansoh Pharmaceutical is expected to see innovative drug revenue exceed 10 billion in 2025, with a significant contribution from milestone payments [8] - Innovent Biologics is focusing on expanding its ADC platforms, with potential peak sales of its pipeline products reaching 100 billion [8] - Kintor Pharmaceutical's innovative pipeline is expected to drive significant revenue growth, with a strong cash reserve of over $2 billion [9]

继沙特阿拉伯、卡塔尔之后，美团在中东海湾地区又落下一子。9月15日，美团宣布，旗下国际外卖品牌Keeta正式在科威特启动运营。 科威特是海湾阿拉伯国家合作委员会（GCC）成员国之一，人均GDP居于全球前列，线上食品配送渗透率较高，是中东海湾地区极具活力与潜力的市场。 近年来，该地区外卖业务增长显著，除本土平台如Talabat、HungerStation等，国际企业也陆续进入，竞争逐步加剧。 今年初，美团提出"三年内覆盖海湾六国（沙特、阿联酋、卡塔尔、科威特、阿曼、巴林）"的目标，在国内竞争激烈的背景下，此次将Keeta业务扩展至科 威特，是其向国际化战略的一部分。 公司方面表示，将沿用"全球化技术+本土化运营"策略，在配送服务、商户数字化和骑手管理等方面输出原有经验，同时尝试与科威特政府"2035国家愿 景"中的数字化转型目标对接。 回顾美团在中东的业务进展，Keeta自2024年9月在沙特阿拉伯上线以来，已覆盖该国20多个城市，用户数与订单量逐步提升。在不足一年时间内，美团接连 进入卡塔尔和科威特，显示出加快区域布局的意图。 不过，与一年前相比，中东的地缘政治环境已悄然生变。 9月9日，以色列首次空袭卡塔尔 ...

Core Viewpoint - Saudi Arabia is undergoing significant transformation driven by the "Vision 2030" initiative, which aims to diversify its economy and enhance social vibrancy, creating new opportunities for foreign investments, particularly from Chinese companies [5][6][9]. Group 1: Economic Transformation - The Saudi government is actively encouraging foreign capital to enter emerging industries, leading to a surge in foreign enterprises entering the market [6]. - The mobile gaming market in the Middle East is projected to grow at a rate of 4.8% from Q1 2024 to Q2 2025, outpacing the overall global mobile gaming market growth [10]. - Saudi users exhibit a high willingness to pay, with average user spending being twice that of American users and five times that of Chinese users, making it an attractive market for global gaming companies [10]. Group 2: Market Dynamics - Chinese companies are increasingly viewing Saudi Arabia as a primary entry point into the Middle Eastern market [7]. - The local food delivery market is highly competitive, with Chinese firms like Meituan's Keeta entering and rapidly gaining market share through aggressive pricing and service improvements [14][15]. - Keeta achieved a 10% market share within five months of entering the Saudi market, significantly reducing delivery times and costs compared to local competitors [15]. Group 3: Consumer Behavior - The Saudi population is predominantly young, with over 70% under the age of 35 and an internet penetration rate of 99% as of 2023, leading to rapid digital economic growth [12]. - The local consumer market is characterized by high spending power, with a notable acceptance of premium pricing for imported goods, indicating a lucrative opportunity for foreign brands [17][20]. - The evolving social landscape, including increased female participation in the workforce and changing consumer habits, is reshaping the retail and e-commerce sectors [21][22]. Group 4: Technological Advancements - Saudi Arabia is investing heavily in advanced technologies such as autonomous driving and artificial intelligence, positioning itself as a testing ground for these innovations [18]. - The logistics and delivery sectors are also seeing significant advancements, with companies like JD.com launching efficient delivery services in the region [16].

Core Viewpoint - CITIC Securities reports that Keeta is expected to become the largest food delivery platform in the Middle East, driven by strong market growth and profit potential [1] Industry Summary - The Middle East food delivery market is characterized by strong growth potential and significant profit margins, making it an attractive area for development [1] - Keeta has demonstrated impressive performance in Saudi Arabia and is anticipated to expand into surrounding GCC countries [1] Company Summary - Keeta's previous strategies and experiences are expected to facilitate its success in new markets, positioning it to potentially become the leading food delivery platform and the second-largest instant retail platform in the region [1]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% within six months [55]. Core Insights - The Middle East food delivery market is experiencing strong growth, with an average revenue per user (ARPU) of $570, significantly higher than other global regions. The market size has maintained a year-on-year growth rate of over 20% from 2018 to 2023 [2][7]. - In Saudi Arabia, the food delivery market is rapidly expanding, with revenues expected to reach $10.19 billion by 2024 and a delivery penetration rate increasing from 25% pre-pandemic to 42.9% in 2024. The market is highly concentrated, with Hunger Station and Jahez holding 45% and 30% market shares, respectively [2][20][28]. - The potential profitability of the Saudi food delivery market could reach between $4 billion and $11.5 billion under neutral assumptions, warranting continued attention on companies like Meituan and Dingdong Maicai [2]. Summary by Sections 1. Overview of the Middle East Food Delivery Market - The Gulf Cooperation Council (GCC) region, comprising six countries, has a significant economic status with a total GDP of approximately $2.19 trillion, and Saudi Arabia being the largest economy with a GDP of $1.1 trillion [5][6]. - The food delivery market in the Middle East has substantial growth potential, with a projected penetration rate of around 40% by 2025 and an ARPU of $570 in 2024, indicating a strong consumer spending capacity [7][9]. 2. Competitive Landscape - The Saudi food delivery market is characterized by high concentration, with major players like Hunger Station and Jahez dominating the market. The average order value (AOV) is above $17, with delivery fees varying from $1.7 to $5.7 [28][20]. - Keeta has rapidly gained market share, achieving a 10% market share within five months of its launch, indicating a strong competitive entry into the market [31][32]. 3. Profitability Estimates - The profitability model for Jahez shows a consistent increase in order volume and a take rate above 30%, suggesting a robust revenue generation capability [35]. - The profitability potential for the Saudi food delivery market is estimated to exceed $20 billion by 2027 under optimistic scenarios, with Meituan's potential earnings in Saudi Arabia projected between $4 billion and $11.5 billion [47][48].