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Opening the study.
Two market signals to 24 September 2026 — the incumbent raises guidance while profit falls, and the challenger's China playbook turns profitable in Saudi Arabia. What is moving, and who should act.
Two announcements, twenty-seven days apart, describe the same turn in the Gulf's platform economy. On 13 August 2026 , talabat Holding — the Dubai-listed company that is by most measures the region's largest consumer internet business — reported second-quarter revenue up 16% to US$1.1 billion and raised its full-year guidance across every metric it publishes. In the same release, adjusted EBITDA fell 13% and net income fell 18%. On 9 September 2026 , Caixin reported that Keeta , the international arm of China's Meituan, had reached profitability in Saudi Arabia in July 2026 — roughly t…
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