{"id":87813,"date":"2023-12-20T00:00:00","date_gmt":"2023-12-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/a-unicorn-in-the-restaurant\/"},"modified":"2023-12-20T00:00:00","modified_gmt":"2023-12-20T00:00:00","slug":"a-unicorn-in-the-restaurant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/20\/a-unicorn-in-the-restaurant\/","title":{"rendered":"A Unicorn in the restaurant?"},"content":{"rendered":"

It\u2019s an unusually quiet morning in the MENA corner of Planet Finance<\/strong> as execs across the region eye the calendar and calculate how many hours are left until they can start their end-of-year holidays. <\/p>\n

WATCH THIS SPACE- KSA\u2019s Foodics is looking to IPO on the Tadawul \u2014 and is hoping to <\/strong>hit a USD 1 bn \u201cunicorn\u201d valuation in 2024. <\/strong>The company hasn\u2019t set at timeline for its IPO. The fintech company aims to become one of the first Saudi players in the industry to make its public markets debut, GM Kamal Marghlani said in an interview<\/a> yesterday. <\/p>\n

What\u2019s Foodics? <\/strong>The company is a platform that helps restaurants run everything from payments to orders, reservations, and kitchen inventory. <\/p>\n

SPEAKING OF KSA: <\/strong>S&P expects the country\u2019s economy to return to growth next year, it said in its latest report (pdf)<\/a> on emerging markets. While the Kingdom\u2019s red-hot non-oil economy continued to grow, GDP as a whole contracted slightly this year on the back of oil production cuts. Oil accounts for c. 45% of Saudi\u2019s economy. <\/p>\n

On the other side of the ocean: <\/strong>Growing optimism about the US economy (fuelled by expectations of a Fed rate cut in 2024) continues to drive up stocks and bonds, with the Dow hitting its fifth record high in as many days. The S&P and Nasdaq also closed in the green yesterday. <\/p>\n

PREOCCUPYING TRADERS this morning: <\/strong><\/p>\n