Introduction
Introduction
Welcome to this special issue of MEA Business, dedicated to celebrating the MEA Business Achievement Awards. At MEA Business, we are committed to delivering comprehensive business news across the Middle East and Africa. Our mission is to provide a dynamic platform where business leaders can share ideas, engage in meaningful debates, and forge strategic partnerships that will shape the future of the region.
Our goal is to equip business leaders and professionals with the skills and insights they need to thrive in these dynamic regions. By focusing on positive news stories, detailed case studies, and inspiring interviews, we aim to foster a narrative of growth and success.
MEA Business magazine offers clear and concise information through various sections, including up-to-the-minute news, market updates, and exclusive CEO interviews. Our readers benefit from a comprehensive blend of our printed magazine, e-magazine, and social media content, providing coverage on the latest developments in the Middle East and Africa.
Additionally, MEA Business proudly features several sector specials throughout the year, tailored to coincide with major industry exhibitions and events. In line with our commitment to celebrating industry excellence, this issue culminates with a special focus on the MEA Business Aviation Achievement Awards 2025, recognizing outstanding contributions and innovative breakthroughs across various sectors.
We hope you find this issue both informative and inspiring.
Kenneth Mitchen Publisher, MEA Business
Kenneth Mitchen Publisher, MEA Business
Trump’s Tariffs Shake the Markets – But They Could Be a Catalyst for GCC
partners with Nikki Beach Global to bring branded waterfront residences to Ras Al
Zoho Launches Projects Plus: A Smart, AI-Powered Project Management Solution for Enterprises in MENA
British digital logistics company Zencargo launches operations in the UAE to expand in
Basatne Acquires Cartlow to Accelerate Expansion and Lead the Transformation of the Circularity Ecosystem
The Aviation Annual Gala Evening is Back
FuelTrans: Transforming Aviation Fueling Through Digital Innovation
Emirates SkyCargo advances its digital customer experience with CargoAi
Hotpack celebrates milestone achievement of reaching 50 retail stores across the MEA
Etihad Cargo ramps up cargo capacity for China
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EXECUTIVE DIRECTOR AND PUBLISHER : Kenneth Mitchen
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EXECUTIVE DIRECTOR AND PUBLISHER : Kenneth Mitchen
Email: ken.mitchen@mea-finance.com
Collaboration of the Year (Airports)
Air Charter Service Provider of the Year (Passenger)
Outstanding Contribution to the Air Charter Industry
Trailblazer Award for Outstanding New Service Launch (Logistics and Air Cargo)
Helicopter Emergency ServicesExcellence Award
Enduring Excellence Award (25 Years of Excellence)
Outstanding Contribution to Business Aviation
Ground Support Service Provider of the Year (Business Aviation)
Bridging the Future: Accessibility at the Heart of Giga Projects and Global Travel
Trump’s Tariffs Shake the Markets – But They Could
Be a Catalyst for GCC Growth
Opinion Piece, MEA Business Magazine Contributor
Over the past few days, global markets have been rocked by the formal return of Trump-era tariff policies, this time on a far broader scale. The newly announced minimum 10% tariffs on all U.S. imports, with higher reciprocal rates for select countries, have sent shockwaves through global trade corridors. The Middle East, particularly the UAE and Saudi Arabia, has not been spared: regional stock markets have dipped, oil prices have tumbled, and investors are understandably cautious.
Yet amid this uncertainty lies an opportunity, perhaps even a turning point. While the immediate impact has been painful, especially with Saudi Aramco losing nearly $90 billion in market value and UAE markets seeing sharp declines, the future holds significant strategic upside for the region. The tariff storm may very
well push the Gulf’s leading economies to accelerate diversification, deepen regional integration, and become even more central to global trade.
Rising Above Oil Dependency
One of the clearest lessons from the recent days is that over-reliance on oil makes the region vulnerable to shocks beyond its control. This isn’t a new realization, but it is a powerful reminder. Saudi Arabia’s Vision 2030 and the UAE’s long-standing push toward non-oil GDP growth now seem not just ambitious, but essential. If global trade enters a more fragmented, tariffheavy era, economic resilience will come from innovation, services, manufacturing, and regional partnerships—not just hydrocarbons.
Fortunately, both nations are already on that path. Saudi Arabia has been ramping
up local production across multiple sectors, from automotive to technology and green energy. The UAE, meanwhile, has become a magnet for logistics innovation, fintech, and AI development. In a more inward-looking global economy, these competitive advantages will only grow more relevant.
A Pivot to Asia, Africa, and the Global South
Trump’s tariffs target countries across the board—but their deepest sting is felt in long-established trade corridors with the U.S. For the Gulf, this may be a moment to further pivot toward emerging markets. China, India, ASEAN, and Africa are all rising economic engines, and they increasingly see the Gulf as a vital transit point and investment partner.
Already, we’ve seen Saudi Arabia deepen ties with China and sign long-term energy and infrastructure deals. The UAE’s recent trade agreements with India and Indonesia show a sharp awareness of where future growth lies. By embracing this global realignment, the GCC can reduce exposure to Western volatility and become a more agile, multi-directional trade and investment hub.
Infrastructure, Strategy, and Soft Power
There’s another overlooked benefit of the current disruption: the spotlight it shines on Gulf infrastructure. In a world of rerouted supply chains and volatile tariffs, countries with top-tier ports, air cargo capabilities, and digital logistics systems will become indispensable. Here, the UAE and Saudi Arabia are ahead of the curve.
Jebel Ali Port, Khalifa Port, King Abdullah Port, and the UAE’s world-leading free zones are ready to capture new trade flows. If multinationals need to rethink how they move goods, the Gulf can offer a compelling alternative to congested or politicized routes. This is not just about containers and cargo, it’s about soft power, reliability, and trust.
Seizing the Moment
It’s easy to focus on the immediate pain of tariffs, falling markets, and nervous investors. But the larger story is this: the world is changing, and the Gulf is uniquely positioned to benefit from that change if it moves boldly.
Zoho Launches Projects Plus: A Smart, AI-Powered Project Management Solution for Enterprises in MENA
With a 48% annual revenue increase since 2023, Zoho Projects has become one of the company’s top-selling products in Egypt, and the MENA region is its fastest-growing market globally.
Zoho Corp., a leading global technology company, has introduced Projects Plus, a new AI-powered collaborative platform designed to streamline and enhance project management for midsized and large businesses across the MENA region. With native integrations such as Zoho Projects, WorkDrive, Analytics, and Sprints, Projects Plus simplifies project workflows, file management, real-time business intelligence, and collaborative efforts. The platform supports both Agile and Waterfall project management methodologies, providing flexibility for various business needs.
Building on the success of Zoho Projects, which experienced rapid growth in 2024 with 55% of new users migrating from tools like Microsoft Project and JIRA, Projects Plus addresses the operational
challenges faced by organisations in the MENA region.
Zoho Projects is one of the company’s best-selling products in Egypt, with an impressive annual revenue increase of 48% since 2023. The MENA region has become its fastest-growing market globally. Projects Plus expands the platform’s capabilities across four key areas: data democratisation, AI, hybrid project management, and collaborative work management.
“Zoho Projects Plus was developed to deliver supreme value by addressing the evolving needs of our customers, particularly those within our software suite, like Zoho Projects and Zoho Analytics,” says Hyther Nizam, President, Middle East and Africa (MEA) at Zoho.
“This platform synthesises the latest
AI-driven tools, data-first analytics, and privacy-focused protections into a solution that anticipates the future needs of global enterprise organisations, extending Zoho’s global reach.”
Projects Plus elevates project management by shifting from intuitionbased decision-making to a data-driven approach. By leveraging data from time tracking, budgeting, task completion, and team performance, it provides actionable insights. Key features include predictive analytics to forecast risks, estimate timelines, and optimize resource planning. This proactive approach helps businesses manage project outcomes and mitigate risks before they arise.
Additionally, Projects Plus offers realtime progress tracking and bottleneck analysis, replacing static tools with dynamic dashboards for up-to-the-minute updates. Features such as quality control analytics ensure that deliverables meet predefined standards throughout the project lifecycle, driving efficiency and quality.
The platform’s integration with Zoho’s AI engine, Zia, adds advanced AI and machine learning capabilities to automate complex data analysis. Zia helps project managers make informed decisions by offering predictive insights and optimising key aspects of project management. These include improved efficiency through identifying bottlenecks, smarter resource allocation by matching skills to tasks, and more accurate forecasting and planning to avoid delays and cost overruns.
Projects Plus seamlessly integrates with Zoho’s extensive software suite and thirdparty tools like Microsoft Office 365, Google Workspace, and other popular collaboration, analytics, and customer service applications. This makes it a versatile solution for businesses looking to optimise project management and drive better outcomes.
With Arabic Right-to-Left (RTL) support and an Arabic user interface, Projects Plus is tailored to meet the needs of industries such as retail, e-commerce, construction, manufacturing, and automotive, offering a flexible solution for businesses across various sectors in the MENA region.
Basatne Acquires Cartlow to Accelerate Expansion and Lead the Transformation of the Circularity Ecosystem
This strategic acquisition strengthens Basatne’s position in the Middle East, positioning it at the forefront of the region’s growing circular economy and sustainable trade initiatives.
In a landmark acquisition set to reshape the region’s circular economy landscape, Basatne, a global leader in sustainable trade solutions and reverse logistics, has acquired Cartlow, the UAE-born pioneer in re-commerce and sustainable device management. This strategic move strengthens Basatne’s position in the Middle East, leveraging Cartlow’s proprietary technology and established market leadership to accelerate the shift toward a more efficient, technology-powered circular economy.
The acquisition comes at a critical juncture, as the Middle East grapples with an escalating e-waste crisis, generating over 3 million metric tons annually. The UAE, in particular, ranks among the highest in the world for per capita electronic waste generation. With the re-commerce industry in the region projected to exceed $30 billion by 2028, Basatne and Cartlow are well-positioned to lead the charge toward a more sustainable and circular economy.
Cartlow has already successfully recirculated over 1 million electronic devices, preventing 100,000 metric tons of CO₂ emissions—equivalent to removing more than 21,000 cars from the road for a year. By extending product lifecycles through its closed-loop circular ecosystem, Cartlow has generated over AED 500 million in value, underscoring the environmental and economic benefits of sustainable commerce.
Now under Basatne Group, Cartlow’s innovative solutions will serve as a catalyst for the accelerated adoption of circular practices across the region. Together, the companies aim to drive the development of a scalable, globally integrated ecosystem, with a vision to recirculate millions of devices across multiple channels.
This combined force will not only solidify their position as leaders in the circular economy but also pave the way for Basatne and Cartlow to become one of the unicorns in the space.
Ammar Aboulnasr, Founder and CEO of Basatne, commented, “This acquisition represents a pivotal step in advancing our global circular ecosystem. In 2023, we launched Ardroid, the UAE’s leading refurbishing facility, pioneering the region’s first AI and robotics-driven solution for data wiping and diagnostics. Today, by integrating Cartlow, we are completing a fully closed-loop ecosystem, enabling seamless transactions in the market and accelerating the transition toward a structured, scalable circular economy.”
Mohammad Sleiman, Founder and CEO of Cartlow, added, “Joining forces with Basatne will allow us to expand our technological reach beyond the region and scale sustainable practices across
global markets. The synergy between our platforms will revolutionize device lifecycle management and reinforce the region’s role as a leader in circular innovation. Together, we’re poised to provide smart, scalable, and sustainable solutions for both businesses and consumers.”
This acquisition aligns with critical sustainability initiatives, including the UAE’s Net Zero by 2050 strategy and Saudi Vision 2030, both of which emphasize environmental responsibility, digital transformation, and economic diversification. As the UAE positions itself as a hub for green technology and sustainable commerce, Basatne and Cartlow’s combined expertise will help accelerate the shift toward a circular economy, offering retailers, businesses, and consumers the tools to adopt more responsible trade and consumption practices.
Image Courtesy: Cartlow
FuelTrans: Transforming Aviation Fueling Through Digital Innovation
MEA Business spoke with Shibu Raj, Executive Vice President of FuelTrans, to explore their recent achievements, key innovations, and future plans in aviation fueling automation.
Congratulations on winning the Digital Transformation of the Year award at the 2025 AAA Awards! What does this recognition mean for FuelTrans, and what key innovations led to this success?
Thank you! This award is a significant milestone for FuelTrans and a testament to our relentless commitment to innovation in aviation fueling, fuel station automation, and IoT-driven solutions for the Oil & Gas sector. It reinforces the trust our customers place in us and strengthens our position as an industry leader in digital transformation.
Our success is driven by cutting-edge technologies that redefine aviation fueling operations, such as:
• IoT-Enabled Aviation Fueling – Realtime tracking and automation of aircraft refueling, ensuring precision, regulatory compliance, and zero fuel wastage.
• AI-Driven Aviation Fuel Logistics & Scheduling – Optimizing fuel deliveries to airports, reducing turnaround time, and ensuring efficient aircraft fueling.
• Cloud-Based Central Monitoring System (CMS) – Connecting aviation fuel depots and airport fueling stations worldwide, enabling real-time visibility, remote management, and predictive maintenance.
• IoT-Enabled Wet Stock Management –Providing complete visibility into aviation fuel inventory, preventing losses, and ensuring regulatory compliance.
• Next-Gen Forecourt Controller (FCC) – Automating fueling operations, processing transactions in real-time, and delivering predictive insights to enhance efficiency.
Winning this award reaffirms FuelTrans as a global leader in aviation fueling automation and digital transformation.
FuelTrans is known for integrating AI, IoT, and cloud solutions into aviation fueling and logistics. How has this changed the industry?
FuelTrans has revolutionized aviation fueling by making it smarter, more efficient, and cost-effective. Key advancements include:
• AI-Powered Analytics – Helping airlines and airport fuel operators optimize fuel orders, preventing stockouts and overstocking.
• IoT-Enabled Smart Forecourts –Seamlessly connecting refueling dispensers, ATG probes, and payment terminals, eliminating human errors and enhancing efficiency.
• Cloud-Based Aviation Fuel Logistics Management – Enabling real-time tracking of fuel deliveries, automated scheduling, and tamper-proof transactions.
• Centralized Aviation Fuel Monitoring System – Providing a single dashboard to monitor an airport’s entire fueling network in real time.
By eliminating manual inefficiencies and integrating AI and IoT, FuelTrans is making aviation fueling more transparent, secure, and profitable than ever before.
Can you share a recent case study where FuelTrans helped an aviation client improve efficiency?
Certainly! We recently worked with a leading Indian oil marketing company (OMC) that supplies major airlines. They faced several challenges, including
fueling delays disrupting flight schedules, compliance issues affecting operational efficiency, and high reconciliation losses due to manual errors.
After implementing FuelTrans’ aviation fueling automation, they achieved:
• 33% Faster Fueling Turnaround – Lead time reduced from 30 to 20 minutes.
• 10% Increase in On-Time Fuel Delivery
– Improved from 15% to 25%.
• Minimal Fuel Reconciliation Losses
– Discrepancies eliminated, enhancing cost control.
• Optimized Asset Utilization – Fuel truck efficiency improved from 15% to 25%.
• 10-15% Overall Efficiency Boost –Setting new industry benchmarks.
This transformation earned them the 2024 Scale Award for Aviation Solutions, proving that FuelTrans automation drives efficiency and compliance in aviation fueling
FuelTrans has been expanding in the Middle East. What market trends are driving this growth?
The Middle East is at the forefront of digital transformation in aviation fueling and fuel retail, driven by key trends such as:
• A push for aviation automation –Airports and fuel providers seek to reduce losses from manual errors.
• Government mandates – Real-time monitoring is now essential for compliance.
• Expanding airport infrastructure –Rapid growth in air travel is increasing the demand for efficient fueling solutions.
• Sustainability initiatives – Airlines and fueling companies are investing in greener fuel logistics.
With a strong presence in Saudi Arabia, Oman, and the GCC, FuelTrans is leading this transformation, helping aviation fuel operators adopt next-generation automation for smarter, more sustainable operations.
What are the biggest challenges in aviation fuel management today, and how is FuelTrans solving them?
Aviation fuel management is becoming increasingly complex, but FuelTrans is tackling the biggest challenges head-on:
• Fuel Loss & Theft – IoT aviation fuel monitoring detects unauthorized withdrawals in real time.
• Manual Data Handling – Fully automated airport fueling operations eliminate errors.
• Inefficient Fuel Logistics – AI-driven scheduling ensures fuel deliveries arrive on time, reducing delays.
• Compliance & Reporting – CMS automates regulatory reporting, eliminating paperwork.
• Downtime & Maintenance – Predictive maintenance algorithms prevent fueling equipment failures before they happen.
With these solutions, FuelTrans is helping airlines and airport fueling operators work more securely, efficiently, and profitably—all while staying ahead of industry challenges.
Sustainability is a hot topic. How is FuelTrans contributing to greener aviation fueling?
Sustainability is at the core of our innovation strategy. We’re helping airlines and aviation fuel providers reduce their environmental impact through:
• AI-Driven Aviation Fuel Logistics –Optimizing routes to minimize emissions.
• Energy-Efficient IoT Solutions –Systems consume minimal power while maximizing efficiency.
• Remote Monitoring & Digital Reporting
– Reducing paper-based processes for a greener approach.
• Alternative Fuel Integration –Supporting the transition to Sustainable Aviation Fuel (SAF) and hydrogenpowered aircraft.
FuelTrans is committed to helping aviation fueling operations transition to a more sustainable future while maintaining profitability.
What’s next for FuelTrans? Any upcoming innovations or partnerships?
We’re always pushing the boundaries of aviation fueling automation and logistics. Upcoming innovations include:
• Advanced AI Analytics – Delivering deeper insights into aviation fuel demand and fueling station performance.
• Integration with SAF & Hydrogen Infrastructure – Helping airlines manage alternative fuels efficiently.
• Strategic Partnerships with Global OMCs & Airlines – Expanding automation solutions worldwide.
• Blockchain-Based Aviation Fuel Transactions – Enhancing security and transparency in fuel payments and tracking.
With these cutting-edge innovations, FuelTrans is leading the next wave of digital transformation in aviation fueling and logistics.practices.
Shibu Raj, Executive Vice President - FuelTrans
Aviation Achievement Awards 2025
The Aviation Achievement Awards 2025, held on February 26, 2025, brought together industry leaders, innovators, and pioneers to honor outstanding achievements in the aviation sector. Hosted in Dubai, this prestigious event recognized companies and individuals driving progress, innovation, and operational excellence across the industry. This year’s winners represent the best in aviation, from groundbreaking technological advancements to exemplary leadership and sustainability initiatives. Join us as we celebrate the remarkable achievements of those shaping the future of aviation.
Business Aviation Awards
Air Partner Middle East DMCC – Air
Charter Service Provider of the Year (Passenger)
Aviation Services Management FZE (ASM) – Flight Support Service Provider of the Year
Chapman Freeborn – Best Full-Service Air Charter Company
Empire Aviation Group – Aircraft Management Service Provider of the Year
UAS International Trip Support – Ground Support Service Provider of the Year (Business Aviation)
Empire Aviation Group – Best Private Jet Ownership Experience
RoyalJet – FBO of the Year (HIGHLY COMMENDED)
ExecuJet Middle East – FBO of the Year
ExecuJet Middle East – Best New Private Aviation Facility
Mayfair Jets Group – Fastest Growing Aviation Solutions Company
MixJet – Fuel Reseller Of The Year
RoyalJet – Business Aviation Operator of the Year
The Helicopter Company (THC)
– Helicopter Emergency Services –Excellence Awards
UAS International Trip Support –Outstanding Contribution to Business Aviation
Airport Industry Awards
ADB SAFEGATE – Aviation Sustainability Award (Airport Industry)
ADB SAFEGATE – Outstanding Contribution to the Airport Sector
ADB SAFEGATE – Collaboration of the Year (Airports)
Etihad Airport Services – Health & Safety Initiative of the Year
Saudi Ground Services Co. – Ground Support Service Provider of the Year in the Middle East
TAV TECHNOLOGIES – Best Smart Airport Technology Innovation: TAMS
TAV TECHNOLOGIES – The AAA Open
Nomination Award for (Best AI-Powered Virtual Airport solution): Virtualport
Dubai Airports – Airport Operator of the Year
Commercial Aviation Industry Awards
SolitAir Holding – Outstanding Contribution to the Airline Sector
flydubai – Trailblazer Award for Outstanding New Service Launch (Airline Industry)
flydubai – Airline of the Year
Airport Cargo Awards
SolitAir Holding – Trailblazer Award for Outstanding New Service Launch (Logistics and Air Cargo)
Air Canada Cargo – Cargo Airline of the Year (The Americas)
ALS Logistic Solutions – Best Air Cargo Handling Systems
ALS Logistic Solutions – Outstanding Technology Product or Service (Cargo Industry)
Ethiopian Cargo & Logistics Services –Air Cargo Pharma Service of the Year (Africa)
Ethiopian Cargo & Logistics Services –Cargo Airline of the Year (Africa)
Etihad Cargo – Air Cargo Pharma Service of the Year
Etihad Cargo – Cargo Airline of the Year Avianca cargo – ESG Award
Satellite, Engineering and Technology Awards
FuelTrans FZ LLC – Digital Transformation of the Year
Panasonic Avionics – Best In-flight Connectivity Service Award
Lufthansa Technik AG – Open nomination (Innovation in Aviation Cybersecurity)
Leasing, Finance, Legal and Insurance
ABL Aviation – Aircraft Leasing Company of the Year
ABL Aviation – Innovative Aviation Finance Deal of the Year
HFW – Aviation Law Firm of the Year
Training and MRO Awards
Dynamic Advanced Training – Training Provider of the Year
T3 Aviation Academy – Best Airline Pilot Training Programme
ExecuJet MRO Services Middle East –MRO Innovation of the Year (Business Aviation)
ExecuJet MRO Services Middle East – MRO Management Team of the Year (Business Aviation)
ExecuJet MRO Services Middle East – MRO Services Provider of the Year (Business Aviation)
Etihad Engineering – Global MRO Leadership Excellence Award
Etihad Engineering – MRO Service Provider of the Year
ATS Technic – MRO Management Team of the Year (Commercial Aviation)
Saudia Technic – MRO service provider of the year business
SkySelect, Inc – MRO Innovation of the Year (Commercial Aviation) Women In Aviation
The Ninety-Nines Female Pilot Organization (Arabian Section) – The AAA Open Nomination Award for Advancing Women in Aviation Anniversary Awards
MixJet – 15 Years of Enduring Excellence (Anniversary Award)
Etihad Cargo – 20 Years of Enduring Excellence (Anniversary Award)
UAS International Trip Support –Enduring Excellence Awards (25 Years of Excellence)
Personal Achievement and Lifetime Achievement Awards
Jobby George – General Manager, Air Partner Middle East – Outstanding Contribution to the Air Charter Industry
Mervat Sultan, President of the Women In Aviation Middle East Chapter –The AAA Open Nomination Award (Outstanding Leadership in Women’s Aviation)
Munir Khalifa, Mixjet Flight Support CEO & Founding Chairman, International Aviation Services Organization (IASO) –Lifetime Achievement Award
Aircraft Leasing Company of the Year ABL Aviation
ABL Aviation stands as a pioneering force in aircraft leasing, celebrated for its innovative solutions and sustainable practices. As a family-owned platform, the company has demonstrated resilience and adaptability to market cycles. In 2024, ABL Aviation successfully completed numerous aircraft transactions, deploying significant capital while serving clients across 13 countries. Recognized as a leading lessor of current-generation aircraft, they have achieved industry firsts and set benchmarks in sustainability. Their integration of advanced technology, diverse team, and Pan-African expansion further solidify their standing as an industry leader.
Innovative Aviation Finance Deal of the Year
ABL Aviation
This award recognizes a groundbreaking financial transaction that has reshaped aviation financing. ABL Aviation’s innovative structuring of the Embraer Deal exemplifies flexibility, forward-thinking, and alignment with evolving industry needs. By providing crucial capital to support a next-generation aircraft program, the deal not only advanced the manufacturer’s strategic objectives but also set a new industry standard for sustainable aviation financing. ABL Aviation’s expertise in crafting tailored financial solutions cements its leadership in aviation finance.
Cargo Airline of the Year (The Americas)
Air Canada Cargo
Air Canada Cargo has built an extensive global network, connecting over 450 cities across six continents. In 2024, the airline expanded its routes and established direct international connections, further enhancing its freight capabilities. The introduction of a new cold chain facility and Centres of Excellence highlights its commitment to innovation and customer-centric service. Air Canada Cargo continues to lead with advancements in digital transformation, sustainability, and humanitarian initiatives, reinforcing its position as the top cargo airline in the Americas.
Aviation Sustainability Award (Airport Industry)
ADB SAFEGATE
ADB SAFEGATE is at the forefront of eco-conscious solutions, integrating sustainability into its core operations. The company has achieved climateneutral certification and made significant strides in reducing emissions through energy-efficient innovations. Their Airside 4.0 solutions, including advanced LED airfield lighting and smart controllers, demonstrate how sustainability and cutting-edge technology go hand in hand. By prioritizing a greener future for aviation, ADB SAFEGATE continues to set new environmental benchmarks.
Outstanding Contribution to the Airport Sector ADB SAFEGATE
Recognizing a transformative project that has significantly improved aviation infrastructure, this award highlights ADB SAFEGATE’s successful collaboration on the North Runway Rehabilitation at Abu Dhabi International Airport. This project not only enhanced safety and operational efficiency but also incorporated sustainability-focused innovations. By upgrading the airfield lighting system with modern LED technology, ADB SAFEGATE improved visibility and safety for pilots, particularly in adverse weather conditions, setting a new standard for airport operations.
Collaboration of the Year (Airports) ADB SAFEGATE
Successful collaboration is essential to the evolution of aviation infrastructure, and ADB SAFEGATE’s partnership with the Qatar Civil Aviation Authority and Doha MATAR FM exemplifies industry-leading teamwork. By designing, operating, and managing airfield infrastructure with a focus on knowledge sharing, their joint efforts resulted in best-practice training programs. These initiatives strengthened collaboration among airfield inspectors, operations staff, and technical teams, ensuring that Doha remains a premier global aviation hub.
Air Charter Service Provider of the Year (Passenger)
Air Partner Middle East DMCC
Air Partner Middle East DMCC has redefined excellence in air charter services through precision, reliability, and customer-centric solutions. In 2024, the company managed over 45 complex charter flights for a high-profile event spanning India and Europe, demonstrating its expertise in large-scale operations. Its dedication to safety, operational efficiency, and personalized service has solidified its status as a market leader.
Outstanding Contribution to the Air Charter Industry
Jobby George, Air Partner Middle East
Since 2019, Jobby George has been a driving force behind Air Partner Middle East’s regional growth. His strategic vision and execution of high-profile charter operations in 2024 showcased his ability to coordinate complex logistics while maintaining the highest standards of service. His leadership has not only expanded the company’s reach but also set new benchmarks for excellence in the air charter industry.
Flight Support Service Provider of the Year
Aviation Services Management FZE (ASM)
With over 21 years of presence in the UAE, ASM has established itself as a premier flight support service provider. The company’s direct vendor relationships allow it to offer cost-effective, high-quality solutions while maintaining exceptional service standards. As both an operator and an approved oil company, ASM delivers a unique and comprehensive approach to flight support, setting new industry benchmarks.
Best Air Cargo Handling Systems Award ALS
Logistic Solutions
ALS Logistic Solutions is revolutionizing air cargo handling with its cuttingedge technology and efficiency-driven solutions. Offering a full spectrum of services, from manual operations to fully automated, robotic-supported systems, ALS enhances cargo throughput and optimizes real-time data management. As a turnkey provider, the company continues to redefine industry standards for next-generation cargo operations.
Outstanding Technology Product or Service (Cargo Industry) ALS Logistic Solutions
Solutions has developed a range of integrated technologies to enhance air cargo processing. From automated material handling to AI/AR-powered control systems, the company’s innovations expedite clearance and improve cargo movements. Their technology solutions continue to push the boundaries of efficiency and operational excellence.
Airport Operator of the Year Dubai Airports
Dubai Airports has redefined the aviation landscape, welcoming a recordbreaking 92.3 million passengers in 2024. Beyond surpassing pre-pandemic figures, the operator launched the world’s largest airport rooftop solar installation, supplying up to 20% of one airport’s energy needs. Maintaining its position as the world’s busiest international airport for a decade, Dubai Airports continues to set new global benchmarks in passenger experience and operational efficiency.
ADVANCED CARGO SOLUTIONS
Air Cargo Pharma Service of the Year (Africa)
Ethiopian Cargo & Logistics Services
Ethiopian Cargo & Logistics Services has set a new benchmark in pharmaceutical air cargo logistics across Africa. By adhering to IATA CEIV Pharma standards, the company ensures the timely, safe, and efficient transportation of critical healthcare shipments. Utilizing real-time temperature monitoring and innovative solutions like Deliver upon Arrival (DUA) for destinations with limited cold chain infrastructure, they guarantee the integrity of pharmaceutical products. Their emergency response capabilities and in-house dry ice production further solidify their role in supporting global health initiatives.
Cargo Airline of the Year (Africa)
Ethiopian Cargo & Logistics Services
Ethiopian Cargo & Logistics Services has demonstrated exceptional growth and operational excellence in 2024. Expanding its freighter fleet and converting additional aircraft, the company has significantly increased capacity and network reach, ensuring seamless connectivity across Africa and beyond. With record cargo volumes and a steadfast commitment to service quality, Ethiopian Cargo has reinforced its position as the leading cargo airline in Africa.
Global MRO Leadership Excellence Award
Etihad Engineering
As a globally recognized maintenance, repair, and overhaul (MRO) provider, Etihad Engineering stands at the forefront of aviation excellence. With a highly skilled team and world-first achievements, the company services a diverse range of airlines worldwide, delivering expertise, reliability, and cutting-edge innovation in aircraft maintenance.
Cargo Airline of the Year
Etihad Cargo
Achieving record-breaking performance, Etihad Cargo has expanded its capacity, tonnage, and revenue while maintaining a high Delivered as Promised (DAP) rate. Strengthening its global network and enhancing e-commerce connectivity, the airline continues to lead with specialized products, a customer-first approach, and cutting-edge digital solutions.
20 Years of Enduring Excellence (Anniversary Award) Etihad Cargo
Marking two decades of industry leadership, Etihad Cargo has consistently demonstrated growth, innovation, and excellence. From fleet expansion and network reach to digital transformation and specialized logistics solutions, the company has played a pivotal role in shaping the air cargo sector.
Air Cargo Pharma Service of the Year
Etihad Cargo
With its PharmaLife service, Etihad Cargo has redefined pharmaceutical logistics by prioritizing compliance, reliability, and real-time tracking. Significant tonnage growth, network expansion, and extensive certifications underscore their dedication to excellence. Their investment in temperature-controlled infrastructure and digital solutions ensures the seamless movement of sensitive medical shipments worldwide.
MRO Service Provider of the Year
Etihad Engineering
Ranked among the world’s top MRO providers, Etihad Engineering continues to set industry standards through its comprehensive service offerings. With a team of experienced professionals and a commitment to quality, the company remains a trusted partner in the aviation sector.
MRO Innovation of the Year (Business Aviation)
ExecuJet MRO Services Middle East
ExecuJet MRO Services Middle East is revolutionizing business aviation maintenance with its advanced Non-Destructive Testing (NDT) capabilities and semi-automated wheel inspection system. These innovations enhance safety, accuracy, and efficiency, ensuring faster turnaround times and superior client service.
MRO Management Team of the Year (Business Aviation)
ExecuJet MRO Services Middle East
Demonstrating exceptional leadership and strategic vision, the management team at ExecuJet MRO Services Middle East has driven operational efficiency, improved safety standards, and enhanced customer satisfaction. Their commitment to innovation and best practices has set new benchmarks in business aviation MRO services.
Airline of the Year flydubai
Expanding its network to over 125 destinations with a fleet of 88 aircraft and a workforce of 6,000+, flydubai continues to challenge industry norms. Recent enhancements, including a new Business Class check-in area, lounge, and strategic partnerships with major airlines, have elevated the passenger experience, earning them a Four-Star Major Airline rating from APEX.
Trailblazer Award for Outstanding New Service Launch flydubai
Marking two decades of industry leadership, Etihad Cargo has consistently demonstrated growth, innovation, and excellence. From fleet expansion and network reach to digital transformation and specialized logistics solutions, the company has played a pivotal role in shaping the air cargo sector.
Digital Transformation of the Year
FuelTrans FZ LLC
Revolutionizing fuel logistics through advanced digital solutions, FuelTrans FZ LLC has integrated real-time tracking, automated fleet management, and data-driven decision-making. These innovations have significantly boosted operational efficiency, safety, and costeffectiveness, setting a new industry standard.
15 Years of Enduring Excellence (Anniversary Award) MixJet
Since its founding in 2009, MixJet has delivered industry-leading aviation support services, including fueling and global trip support. Their pioneering online platform empowers operators with realtime access to essential services, reinforcing their reputation for reliability, innovation, and customer satisfaction.
Fuel Reseller Of The Year ExecuJet MRO Services Middle East
MixJet, a global leader in aviation fuel services, has set a benchmark in the industry with its unwavering commitment to excellence. The company has achieved a remarkable milestone by uplifting a significant amount of Jet-A1 fuel to operators across all seven continents. With operations spanning over 1,200 airports worldwide, MixJet provides exceptional support to a diverse clientele, including some of the aviation industry’s most prestigious names. Their dedication to quality, efficiency, and customer satisfaction solidifies their position as a preferred fuel partner globally.
Lifetime Achievement Award
Munir Khalifa, MixJet Flight Support CEO & Founding Chairman, International Aviation Services Organization (IASO)
With over 33 years of experience, Munir Khalifa has built an extraordinary legacy as a visionary leader, innovator, and advocate in the aviation industry. As the founder and CEO of a leading aviation support company, he has played a pivotal role in setting global benchmarks for excellence. His contributions extend beyond business, including the establishment of an international aviation services organization and the launch of an educational social media channel to support industry professionals and future generations.
Best In-flight Connectivity Service Award
Panasonic Avionics
Panasonic Avionics has revolutionized in-flight connectivity with its advanced multi-orbit network, combining LEO and GEO satellites with 5G ground networks. Their high-speed connectivity services empower airlines with seamless passenger engagement through a connected seatback and digital third channel, enhancing the overall in-flight experience. By continuously innovating, Panasonic Avionics remains at the forefront of the aviation connectivity industry.
Fastest Growing Aviation Solutions Company Mayfair Jets Group
From a single office to eight international locations in just five years, Mayfair Jets Group has achieved remarkable expansion. Specializing in tailored aviation solutions, their strategic growth, key partnerships, and commitment to operational excellence have propelled them to industry prominence.
Digital Transformation of the Year Saudi Ground Services Company
Operating at 28 airports across Saudi Arabia, Saudi Ground Services Company has set new standards in ground handling excellence. With a strong focus on safety, operational efficiency, and technological innovation, they have implemented advanced digital transformation tools, automation in ground operations, and enhanced safety systems to ensure seamless services for airlines and passengers alike.
Business Aviation Operator of the Year RoyalJet
RoyalJet has distinguished itself through its unparalleled focus on customer needs, safety, and innovation. Holding IS-BAO Stage 3 certification, the highest safety standard in the industry, RoyalJet offers personalized services with dedicated account managers and an extensive global network. By seamlessly integrating luxury with operational excellence, RoyalJet delivers extraordinary travel experiences that go beyond expectations.
FBO of the Year (Highly Commended) RoyalJet
RoyalJet’s Fixed Base Operations (FBO) services have been recognized for their commitment to delivering exceptional luxury aviation experiences. With state-of-the-art facilities, a highly trained team, and an unwavering dedication to safety, efficiency, and customer service, RoyalJet ensures seamless and personalized VIP travel experiences.
Award for Advancing Women in Aviation
The Ninety-Nines Female Pilot Organization (Arabian Section)
The Ninety-Nines Female Pilot Organization (Arabian Section) is dedicated to empowering Arab women in aviation. By awarding scholarships and providing training opportunities, they have opened doors for aspiring female pilots, enabling them to pursue their dreams and advance in the aviation industry.
Outstanding Contribution to the Airline Sector SolitAir Holding
SolitAir Holding has made a groundbreaking impact on the aviation industry by pioneering a unique service model in cargo operations. As the first middle mile, express, daily scheduled cargo airline in the Global South, they have addressed long-standing challenges in logistics, enhancing connectivity, reliability, and efficiency in the supply chain.
Trailblazer Award for Outstanding New Service Launch (Logistics and Air Cargo)
Mayfair Jets Group
SolitAir Holding has transformed the logistics and air cargo industry with its innovative service launch. By introducing the first middle mile, express, daily scheduled cargo airline in the region, they have significantly improved the speed, efficiency, and reliability of cargo movement, filling critical gaps in underserved markets.
Helicopter Emergency Services - Excellence Award The Helicopter Company (THC)
A key player in Saudi Arabia’s aviation sector, The Helicopter Company (THC) is at the forefront of emergency medical services. Their Helicopter Emergency Medical Services (HEMS) have saved over 4,500 lives, bridging critical healthcare gaps in remote areas and supporting Saudi Arabia’s Vision 2030 goals through rapid response solutions.
Enduring Excellence Award (25 Years of Excellence) UAS International Trip Support
Celebrating 25 years of excellence, UAS International Trip Support has built a legacy of providing world-class aviation solutions. Since 2000, the company has expanded globally, offering comprehensive trip support services, including flight planning, ground handling, risk mitigation, and regulatory compliance. Their unwavering commitment to innovation and service excellence has earned them a loyal global clientele.
Outstanding Contribution to Business Aviation
UAS International Trip Support
With 25 years of experience in aviation solutions, UAS International Trip Support has consistently demonstrated a commitment to transforming the business aviation sector. Their client-centric approach, problem-solving expertise, and dedication to elevating the travel experience have solidified their reputation as a leading aviation support provider.
Ground Support Service Provider of the Year (Business Aviation)
UAS International Trip
Support
UAS International Trip Support has set a new standard in ground handling services for business aviation. Through strategic investments, partnerships, and a dedication to quality, they have enhanced operational efficiency and customer satisfaction. Their commitment to delivering outstanding support services ensures seamless travel experiences for business and commercial operators.
Bridging the Future: Accessibility at the Heart of Giga Projects and Global Travel
By Oscar Wendel from Global Stratalogues
Global Stratalogues hosted a three-day cross-regional series of roundtables and dinners at the House of Lords in the UK Parliament. Two major players from the Middle East—Emirates Airline and Saudi Arabia’s Public Investment Fund (PIF)— highlighted how accessibility is evolving from a compliance requirement to a driver of innovation, inclusion, and long-term competitiveness.
In a landmark roundtable hosted at the House of Lords, two voices from the Middle East offered compelling insights into the global future of inclusive infrastructure. Keenan Hamza, Vice President of Technology Futures & Innovation at Emirates Group, and Dr. Talal Al Harbi, Accessibility Expert for Giga projects and advisor to the Public Investment Fund (PIF) of Saudi Arabia, illustrated how accessibility is not only a compliance metric but a transformative force driving innovation in aviation and mega-scale urban development.
Accessibility by Design: Dr. Talal Al Harbi on Saudi Arabia’s Giga Projects
Saudi Arabia’s Giga Projects—multi-billiondollar developments such as NEOM, the Red Sea Project, and Qiddiya—aim to redefine urban living and tourism on an unprecedented scale. According to Dr. Talal Al Harbi, these projects represent more than just architectural ambition; they embody a reimagining of how cities should serve all people, including those with disabilities.
“As a person with a disability and a PhD in accessibility and inclusion, I approach these
projects from two lenses—lived experience and technical expertise,” Dr. Talal explained. Accessibility, he noted, is embedded in the visioning and budgeting phases. “We don’t retrofit—we pre-integrate,” he said. “We incorporate universal design, conduct disability assessments, and ensure compliance with international standards like the ADA while updating national building codes to reflect global best practices.”
Saudi Arabia’s approach is unapologetically global. Consultants from South Africa to the United States have been brought in to ensure these futuristic cities are inclusive from inception. While cultural considerations, such as separate prayer spaces in mosques, require local adaptation, Dr. Talal emphasized that these should not come at the cost of access or dignity.
Perhaps most significantly, he emphasized the leadership role that people with disabilities must take: “We must be part of the planning, not just the recipients. Nobody should design for us without us.”
Revolution
in the Skies: Emirates Airline’s Vision for Inclusive
Travel
If Giga Projects are redefining the ground we live on, Emirates is reimagining the skies. Keenan Hamza, VP of Technology , shared a vision as expansive as the future Al Maktoum International Airport—slated to be five times the size of Dubai International (DXB).
Hamza described the project as a unique chance to approach accessibility from the ground up—something rarely possible, as most efforts typically involve
retrofitting existing infrastructure. In contrast, the development of Al Maktoum International Airport offers a clean slate, with accessibility integrated into the core planning process.
Emirates’ newly established accessibility division and policy prioritizes both physical access and the application of emerging technologies. Hamza outlined an ambitious automation strategy that spans the entire passenger journey, from land-side to airside operations. This includes innovations such as autonomous baggage handling
and smart routing systems designed with accessibility at the forefront.
One notable initiative is the airline’s use of digital twins—virtual airport models that simulate passenger movement, disruptions, and accessibility scenarios before any physical construction begins. By integrating AI modeling and VR simulations, the airline can anticipate and address potential challenges early in the design phase.
According to Hamza, this technological
approach enables the team to explore a wide range of passenger experiences, including those of neurodivergent travelers sensitive to sensory input or individuals with mobility impairments. Through simulation and refinement, the goal is to enhance the entire travel journey.
The airline is also nearing a milestone: becoming the world’s first certified autism-friendly airline. With over 25,000 staff trained in neurodiversity awareness, Emirates is embracing not only visible disabilities but also cognitive and sensory
conditions often overlooked in travel design.
Beyond Compliance: Accessibility as a Competitive Edge
Both speakers emphasized that accessibility isn’t just a moral imperative— it’s a business one, making travel more accessible impacts 25% of the global population. This is not about charity. It’s about designing systems that benefit everyone. When you design for the edge, you improve the experience for all.
Dr. Talal echoed the sentiment, noting that Saudi Arabia’s urban development is not just about compliance but becoming a global benchmark for inclusive design. “Our goal is not to meet standards but to set them.”
Their alignment was striking. The Emirates Group and PIF are not just integrating accessibility—they are pioneering new standards altogether. With projects like digital airports and entire smart cities on the horizon, they are writing the future script of accessibility.
Policy, Partnership, and Culture
The roundtable did not shy away from challenges. From Lord Erroll’s candid observations on slow regulatory processes in the UK to academic voices highlighting algorithmic bias in AI systems, the discussions emphasized the need for proactive, cross-sector collaboration.
A key success factor in the UAE is the ability to convene all stakeholders swiftly—from regulators to private firms—to accelerate innovation. This convening power, many participants agreed, is the missing link in many Western innovation ecosystems.
A Blueprint for Inclusion
As AI agents, decentralized data systems, and robotics rapidly evolve, the message from the Middle East is clear: innovation without inclusion is incomplete. Whether building cities or rethinking aviation, accessibility must be more than an afterthought—it must be a guiding principle.
From the skies above Dubai to the foundations of Saudi Arabia’s new metropolises, a new paradigm is emerging: one in which access is not granted but designed in. The future, it seems, is accessible by design.
Balance of Payments
Kartik Taneja Payments and Consumer Lending, Mashreq and Chairman of NEO PAY, details a trifecta of benefits with contactless shopping: speed, convenience and protection, though going forward, a balance will need to be struck between convenience and security
The payments industry has witnessed remarkable growth over the past few decades, transforming from basic swiped card transactions to today ’s sophisticated contactless digital solutions. This evolution has been driven by technological advances, consumer demand for seamless payment options, and the increasing need for accessibility in financial services. Innovations such
as near-field communication (NFC) and mobile wallet systems have made it easier than ever for users to transact with just a tap, whether on their phones or contactless-enabled cards.
While mobile contactless payments have gradually come to dominate face-toface payments, some consumers still hold back based on concerns surrounding security. Reassuringly, contactless mobile payments use tokenisation, which
prevents someone from knowing your actual card number during a “tap” and therefore protects you from the kind of fraud that was so common just a few years ago. This means customers can have confidence in our industry’s ability to protect consumers while enhancing convenience for them. Not only that, merchants love this technology as it shows higher success rates while having faster transaction times – making it more efficient and useful for them.
The Current Landscape
In 2023, the global market for contactless payments was valued at approximately $33.27 billion, with projections estimating growth to $91.80 billion by 2031, marking a CAGR of 13.5% 1 This trajectory is largely supported by countries such as the UAE and China, both leaders in digital payment adoption, setting the stage for a global revolution in how people interact with money. Indeed, the UAE – in support of the Central Bank’s Financial Infrastructure Transformation (FIT) program – has a goal of becoming a global digital payments hub.
Contactless Payments: Offering Convenience & More
Contactless payments offer consumers more than just the convenience of a quick tap. Such payments solutions, and the technology behind them, are reshaping how we interact with moneyfrom enabling the provision of real-time insights, improving accessibility, to offering valuable incentives. For businesses, these payments deliver immediate access to transaction data, enabling smarter, datadriven decisions, streamlined operations and a more responsive approach to customer preferences.
Kartik Taneja, Payments and Consumer Lending, Mashreq and Chairman of NEO PAY
They also play a crucial role in enhancing financial inclusion, making payments easier for underserved communities, and those who might otherwise struggle to access some payment options. Additionally, many contactless payment systems offer attractive benefits such as personalised offers, loyalty rewards and cashback programs, which not only incentivise customers to adopt digital payments, but also boost engagement and satisfaction. For financial institutions, the transaction data generated helps identify consumer spending patterns, allowing for personalised services and targeted marketing. However, as the adoption of contactless payments grows, ensuring robust security without sacrificing ease of use remains a critical challenge that must be addressed.
The Security Challenge
As the popularity of contactless payments soars, so do concerns about their security. The transition to digital also means that risks have become more sophisticated, requiring companies and regulators to stay vigilant against potential threats. Some of the key challenges include fraud risks – such as unauthorised transactions involving card-skimming or card-not-present fraud – and authentication gaps, where a PIN or signature is not required, raising concerns around potential misuse in the event of card loss or theft. Users can also face potential threats from malware that can intercept payment information on their devices, with risks heightened on devices lacking robust security or regular software updates, rendering them more vulnerable to data breaches.
To address these challenges, banks in the UAE, under the guidance of UAE Banks Federation and Central Bank of UAE, continue to work closely with fintechs and security providers to devise
new strategies and leverage advanced technologies towards reducing the risk of fraudulent or unauthorised transactions. The industry has also introduced several innovations that strengthen security measures while maintaining the convenience that contactless payments offer.
Innovations in Security for Contactless Payments
In parallel with convenience-related enhancements, the industry is making significant advances in security to counteract the risks associated with fraud and data breaches. Notable innovations driving this progress include encryption and tokenisation,
safeguarding contactless transactions. Stronger regulations, such as Strong Customer Authentication (SCA), require multi-factor authentication for higherrisk transactions, offering further bolster to security.
The Way Forward: Bridging Convenience and Security
As digital payments continue to evolve, the future will rely on achieving the right balance between convenience and security, driven by technological advancements and cross-industry collaboration. Innovations such as AI, blockchain and biometrics are redefining payment security, with AI-powered fraud detection systems capable of blocking
AS DIGITAL PAYMENTS CONTINUE TO EVOLVE, THE FUTURE WILL RELY ON ACHIEVING THE RIGHT BALANCE BETWEEN CONVENIENCE AND SECURITY, DRIVEN BY TECHNOLOGICAL ADVANCEMENTS AND CROSS-INDUSTRY
COLLABORATION
where sensitive payment data is protected during transactions. With data compromises increasing by 78% in 2023, the need for robust security measures beyond traditional encryption has never been more critical 2 , and tokenisation replaces real data with random tokens, making it ineffective to hackers. Biometric authentication technologies such as fingerprint, facial recognition and voice recognition are enhancing security on mobile devices, making it more challenging for unauthorised users to access funds. This additional layer of security is especially beneficial in
1 https://www.theinsightpartners.com/pr/contactless-payments-market
2 https://airbyte.com/data-engineering-resources/what-is-data-tokenisation
unauthorised transactions in real time. Continued collaboration among financial institutions, regulators and tech companies will be essential in creating a secure and interoperable payment ecosystem. At the same time, secure digital identity solutions will play a key role in ensuring that only verified users can access sensitive information. On a global scale, standardised payment processes will streamline cross-border transactions, making them more secure and efficient. As contactless payments continue to grow, they offer a glimpse into a future of seamless, secure transactions that enhance consumer confidence and open up new opportunities for businesses to deliver personalised, data-driven experiences.
Intelligence Agency
Supplementing the well understood benefits, Agentic AI, heralds a new generation of increasingly powerful operating systems for autonomous decision making and action-taking, promising to further enhance service and customer experience, though banks would be wise to also weigh up potential risks
GCC states are positioning themselves as key players in the field of artificial intelligence ( AI), as the transformative technology is projected to contribute $320 billion to the Middle East by 2030 – accounting for about 2% of the global economic impact. AI has the potential to fundamentally alter the region’s financial services sector, disrupting traditional structures and paving the way for innovation and new operating models.
GCC banks are embracing AI-driven transformation, from automating processes to enhancing customer experiences, while carefully considering the ethical implications and potential risks.
“The vast scope and wide-ranging potential benefits of AI in banking –impacting everything from top line and cost efficiency to customer experience – underscore the importance of acting quickly and resolutely to secure the advantages of innovative technology,” according to Roland Berger.
Experts in the banking industry say AI can help financial institutions reduce costs and increase profitability, maintain a competitive edge in a rapidly changing financial ecosystem and improve operational efficiency across front-toback-office functions.
Digital transformation is revolutionising the banking sector, but a technology gap has emerged due to outdated legacy systems and the rise of agile fintech startups.
While traditional banks are moving to the cloud to become more agile and accelerate their digital transformation, the rapid evolution of AI, particularly generative AI (GenAI), is fundamentally changing what it means to be digital in the banking industry.
S&P Global highlighted that banks have a long history of using AI to improve risk management, minimise losses, prevent fraud, enhance customer retention and drive efficiency and profitability. However, the adoption of both established and innovative AI technologies is poised to fundamentally change how banking services are delivered and experienced.
The emergence of GenAI in early 2023 has yielded promising results for banks globally while simultaneously introducing new potential risks. For banks in the GCC, the key challenges are determining the most effective applications of GenAI and ensuring its successful adoption and scaling across their organisations.
AI is reshaping banking as banks shift from being reactive to proactively serving customer needs. GCC banks face crucial decisions as technology is shifting customer expectations and changing the regulatory landscape.
Stepping up the AI gears
Over the decades, banking practices have not changed. The industry’s fundamentals still consist of taking in deposits, lending money and managing payments, but agentic AI is expected to revamp how that work gets done significantly.
The financial services industry is on the verge of a major transformation with the rise of agentic AI. Building upon the foundation laid by innovative technologies such as GenAI, Blockchain and Robotic Process Automation (RPA), agentic AI introduces a new era of autonomy and intelligent decision-making.
Agentic AI’s key differentiator lies in its capacity to operate in real-time, enabling informed decisions and continuous performance optimisation through ongoing learning. The futuristic agents are designed to mimic human capabilities by performing tasks autonomously, working collaboratively, reflecting on progress and refining performance through iterative learning.
The World Economic Forum said unlike GenAI, which relies on human input and struggles with complex, multi-step reasoning and coordination, agentic AI employs networks of learning, adapting and collaborating agents. The agents make decisions and continuously improve, mirroring human cognitive processes.
While still in its experimental phase, agentic AI holds transformative potential for banking, with applications ranging from compliance, deepfake and fraud
prevention and onboarding/KYC processes to wealth management, credit and treasury workflows.
“Agentic AI represents a new generation of increasingly powerful foundation models that act as operating systems for autonomous, action-taking, digital agents capable of enhanced reasoning and decision-making, as well as increasingly disruptive chatbots and copilots,” said Bank of America Institute.
The rapid advancement of AI is evident in the emergence of agentic AI, a next-generation technology that is already appearing even before chatbots and copilots reach their second versions. Agentic AI has the potential to autonomously handle a wide range of tasks, from complex software engineering projects and customer service interactions to more personal tasks like booking travel arrangements.
The emergence of GenAI followed eight decades of incremental progress, increasing computational power and reducing the time and cost associated with training resource-intensive foundation models. However, agentic AI has arrived remarkably quickly, appearing just two years after the launch of ChatGPT and the beginning of GenAI’s widespread adoption.
“Agentic AI’s greater autonomy compared to GenAI allows it to manage repetitive, data-heavy processes. It empowers banks and the broader financial services ecosystem to optimise workflows, strengthen compliance and improve decision-making, ultimately revolutionising how they operate and interact with customers in this new era,” according to the World Economic Forum.
Agentic AI offers banks two key avenues for transformation. Internally, it can drive operational efficiency by automating routine tasks such as data entry, compliance checks and report summarisation. The futuristic agencies can also build sophisticated predictive models for trading, risk management and insights into market dynamics, fraud, credit and liquidity risk.
Externally, Agentic AI can enhance customer relationships through automated help desks powered by chatbots and personalised investment recommendations.
Next frontier of customer experience
Today, retail banking customers are less loyal and readily switch banks for a better experience and value. They expect their banks to prioritise their financial wellbeing, offer services beyond traditional banking to support their lifestyles and ensure data security and transparency.
PwC underscored that customer experience is becoming critical for all industries. The fundamentals are evolving as new engagement strategies are shaping up and accelerated by emerging technologies such as Agentic AI and GenAI. From real-time translation to conversational interfaces, AI technologies are increasingly shaping our daily lives, with particularly transformative effects in the financial services sector. Digital disruptors – such as neobanks and fintech companies – are at the forefront, introducing groundbreaking AI-driven innovations that are redefining the industry.
“AI can significantly improve and scale customer service in banking with better self-service tools that handle more of your customers’ questions. AI-powered self-service enables banks to resolve high volumes of inquiries more efficiently, enhancing customer satisfaction and reducing operational costs,” according to Salesforce.
To stay competitive, incumbents in the GCC must adopt an ‘AI-first’ approach in both vision and execution, which entails comprehensive transformation across their entire capability stack, encompassing the customer engagement layer, AI-driven decisionmaking processes, core technology and data infrastructure, as well as their operating model.
Meanwhile, agentic AI systems are poised to revolutionise the financial services industry, particularly in how
banks interact with their customers. These systems are redefining customer engagement and emerging as a transformative force within the industry.
“While traditional rule-based chatbots (software-as-a-service) provided basic 24/7 support and Retrieval Augmented Generated (RAG)-based chatbots enhanced human-like interactions (enhanced softwareas-a-service), agentic AI surpasses both in terms of accuracy, contextual coherence and problem-solving ability,” said PwC.
Though still nascent, the integration of agentic AI enables banks in the GCC to deliver highly personalised and responsive customer experiences. AI-powered chatbots and virtual assistants can deliver immediate support, respond to customer inquiries and even suggest relevant products based on individual preferences and real-time interactions.
Banks have multiple pathways to enhance customer experience,
Over the years, all customer-facing channels, whether in retail or corporate banking, have embraced digital banking services to meet customers’ evolving demands. While many of these experiences still rely on the involvement of banking representatives, the integration of agentic AI in the sector is set to revolutionise the landscape by delivering highly personalised and seamless customer experiences.
Risk management & AI
While AI has driven the latest wave of automation, the transformative technology holds the promise of making banks innovative, more efficient and better equipped to deliver stronger financial outcomes.
“Banks that extract value from AI view the technology as a transformational tool and use AI for core strategic priorities such as boosting revenue, differentiating
with them. The launch of DeepSeek in January generated concerns over the potential risks that GenAI poses.
The Association of Certified Fraud Examiners said as more sophisticated versions of GenAI evolve, bankers and compliance professionals can expect to see instances of more persuasive phishing emails or more convincing impersonators scamming for information.
To address financial crime concerns, banks and financial institutions must implement robust cybersecurity measures to protect AI systems from hacking, data breaches and unauthorised access.
AI offers a vast advantage in risk management as it can analyse large amounts of data to detect any unusual patterns and identify possible fraud while greatly increasing monitoring teams’ efficiency and effectiveness.
CUSTOMER PROPOSITIONS CAN NO LONGER BE STATIC AND ONE-SIZE-FITS-ALL – THEY SHOULD BE INTELLIGENT AND TAILORED AND GO BEYOND BANKING
TO
ADDRESS CUSTOMER
NEEDS
THAT MAY INVOLVE BOTH BANKING AND NON-BANKING PRODUCTS AND SERVICES
– McKinsey
including offering efficient self-service options and creating personalised customer journeys through data and analytics. However, the integration of AI in the financial services sector has the potential to enable comprehensive, end-to-end digital transformation.
“Customer propositions can no longer be static and one-size-fits-all – they should be intelligent and tailored and go beyond banking to address customer needs that may involve both banking and non-banking products and services,” according to McKinsey.
the bank from competitors and driving higher satisfaction for customers and employees,” said McKinsey.
However, with the financial service sector navigating the rapidly evolving technological landscape, banks in the Gulf region must carefully evaluate not only the benefits but also the potential risks associated with innovative technologies such as AI.
Banks are inherently exposed to risks due to the nature of their business, which involves handling financial assets, investments and the liabilities that come
“The integration of AI into the cybersecurity framework of the banking sector encapsulates the technology’s dual nature as both a potential risk factor and a critical defensive tool. By embracing an integrated approach that emphasises security by design, ethical development practices and collaborative innovation, banks can harness AI’s full potential to fortify their cybersecurity defences,” said EY.
Banks in the GCC region are leveraging AI to automate fraud detection and investigation processes, streamlining workflows and directing cases to the appropriate teams. Similarly, others are already using LLMs to identify potential fraud indicators proactively.
GCC banks are rapidly digitising, making the adoption of advanced AI technologies crucial for their continued success. The financial institutions are well-positioned to outperform their global counterparts by leveraging AI to drive growth. Its key applications include adaptive new product management, increasing risk-weighted asset share and reducing operating costs while advancing risk management, customer experience and market trend forecasting.
