Talabat Holding has announced its acquisition of 100% of Instashop's share capital from Delivery Hero SE for $32 million, fully funded through internal cash reserves.

The agreement, originally disclosed in September 2024, will see Instashop consolidated into Talabat’s financial accounts beginning February 25, 2025. Instashop, a prominent online grocery delivery marketplace operating in the MENA region, is headquartered in Dubai and was founded in June 2015. It specializes in connecting users with vendors for fast delivery of groceries, pharmacy items, beauty products, and personal care essentials across the UAE and Egypt.

In 2024, Instashop recorded significant growth, achieving a gross merchandise value (GMV) of $631 million, representing a 16% increase from $545 million in the previous year.

This figure constituted 8% of Talabat’s overall 2024 GMV, and the company reported positive EBITDA margins.

Post-acquisition, Talabat's pro forma Grocery and Retail GMV for 2024 is expected to exceed $2.5 billion, thereby solidifying its leadership position in the regional market.

In related news, the UAE’s Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP) has conferred golden visas to 16,456 individuals in the education sector, highlighting the UAE's commitment to innovation and talent development in education.

The largest group of recipients comprises 10,710 high-performing high school graduates, followed by 5,246 university graduates with outstanding academic performance.

The list also includes 337 education specialists, 147 graduates from internationally recognized institutions, and 16 scientists excelling in their fields.

Lieutenant General Suhail Saeed Al Khaili stated that this initiative reaffirms the UAE’s dedication to nurturing talent and building a robust educational foundation.

Additionally, a report on the UAE's banking sector revealed positive financial outcomes for the fiscal year 2024. Most banks reported strong profits and improved return rates, driven by a substantial increase in lending and high fee income.

The lending growth for banks accelerated by 12.6% year-on-year, largely due to a 19.9% increase in personal loans.

The cost-to-income ratio remained below 30%, with a low risk cost of 0.5%.

The aggregated profits increased by 8% year-on-year, despite a notable decline in provisions for asset impairment of 26.8% compared to the previous year.

The report indicates a competitive banking environment, with individual loans contributing significantly to overall loan growth.