January 2025

News, Reviews and Analysis.

News, Reviews Reviews and andAnalysis.

Analysis.

News,

January Issue 2025

May - June Issue September Issue2021 2023

Unemployment Night of InsuranceA and Elegance Emiratisation Lawand Excellence: a Landmark Step to AviationinAnnual Boost Business UAE

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Gala Evening

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Celebrating the Aviation Industry’s15 Finest on a Luxurious Mega Yacht

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Middle East News

Middle East News

Logistics

Leading British digital logistics company Zencargo launches operations in the UAE to expand in MENA

Aldar partners with Nikki Beach Global to bring branded waterfront residences to Ras Al Khaimah

Hotpack celebrates milestone achievement of reaching 50 retail stores across the MEA

NURTURING THE BUSINESS AND STARTUP ECOSYSTEM 18

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Spotlight on: Imad Kazzaz

NEIL PETCH / GEORGE HOJEIGE / GEOFF RAPP

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Trade and Development

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World Forum to mobilize investments for climate, energy,Company launches key Diriyah Qashio and Visa Partner to invest AED100mln to healthfor and food transform & digitize payments online travel substations with Saudi Electricity agencies and travel management companies Company to power future development

Your Business Vision, Brought to Life with innovative Cloud, IoT, Security & Connectivity solutions

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Introduction Introduction

W

elcome to this special issue of MEA Business, dedicated to celebrating the Business Achievements. 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.

We hope you find this issue both informative and inspiring.

Kenneth Mitchen

Publisher, MEA Business

Kenneth Mitchen

Publisher, MEA Business

mea-biz.com

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CONTENTS CONTENTS

FINANCE NEWS MIDDLE EAST 06 Q ashio and Visa Partner to invest AED100mln to 6 Aldar partners with Nikki transform & digitize payments Beach Global to agencies bring for online travel and travelwaterfront management branded companies residences to Ras Al ENERGY Khaimah 08 D iriyah Company launches 7 Leading British digital key substations with Saudi Electricity Company to power logistics company Zencargo future development launches operations in the PARTNER CONTENT UAE to expand in MENA 10 C larity of Vision GALA AVIATION ANNUAL AVIATION EVENING 14 A ero Dynamics 9 The Aviation Annual Gala AVIATION EveningANNUAL is Back GALA EVENING AVIATION 18 A Night ACHIEVEMENT of Elegance and Excellence: Aviation Annual AWARDS Gala Evening 12 Aviation Achievement AVIATION INNOVATION Awards 2023 AWARDS 2024

14 24 MEA Business MEA Business WEB: www.mea-biz.com WEB: www.mea-biz.com www.mea-hr.com EMAIL:www.mea-hr.com info@cme-media.com EMAIL: info@cme-media.com PUBLISHED BY: Creative Middle East Media FZ LLE, 19th Floor, Creative th PUBLISHED BY:Creative CreativeCity, Middle MediaFujairah, FZ LLE, 19 Floor, Creative Tower, Fujairah PO East Box 4422, UAE Tower, Fujairah CreativeAND City,PUBLISHER PO Box 4422, Fujairah,Mitchen UAE EXECUTIVE DIRECTOR : Kenneth EXECUTIVE DIRECTOR AND PUBLISHER : Kenneth Mitchen Email: ken.mitchen@mea-finance.com Email: ken.mitchen@mea-finance.com

20 H onoring Excellence: The LOGISTICS Aviation Innovation Awards 14 2024 Emirates SkyCargo digital customer 22 I advances nnovativeits Leadership (Personal Achievement experience with CargoAi Award) 14 G celebrates milestone 22 Hotpack round-breaking Products/ Services Innovation (Logistics achievement of reaching 50 Industry) retail stores across the MEA 22 E xceptional Products/ 14 Etihad Cargo ramps up cargo Services Innovation (Airport capacity for China

Industry) 23 I nnovative Travel Customer Experience Award 23 M ost Innovative New Service Award (Aviation Logistics) 23 M ost Innovative Air Charter Service 24 E xceptional Products/Services Innovation (Business OPINION PIECE Aviation) PARTNER CONTENT Innovation (Logistics 24 E xceptional Products/Services Industry)

06

Whatteams a Second How finance that Tru Presidency Means modernise with GenAI can lead their business Gulf Economies 08of MEA Finance, to market dominance Oscar Wendel Editor-at-Large

24 E xceptional Products/Services Innovation (Airline Industry) 26 I nnovative Collaborations and Partnerships (Air Cargo & Logistics)

26 E xceptional Products/Services Innovation (Air Cargo & Logistics) 26 G round-breaking Products/Services Innovation (Aviation Training)

27 E xceptional Supervision Agent Service Innovation (Airport Industry) 27 B usiness Aviation Technology Excellence Award

27 E xceptional Products/Services Innovation Award looks at the potential impact on the GCC (Ground Support)to PwC’s analysis unit, Strategy&, According

as Donald Trump returns to the White

the GCC region is set to reap US$23.6 billion 28 I nnovative Leadership (Personal Achievement This second term raises questions Award)in economic impactHouse. from generative artificial

currency dynamics, energy policy and intelligence 2030.about In what analysts called 29 M ost Innovative AirbyAmbulance Service “conservative estimate”, Saudi geopolitical partnerships.

Could the Gulf 29 F BO of athe Year – Mosttop-down Innovative FBO Service Arabia will see US$12.2 billion in value and

Cooperation Council 30 G round-breaking Products/Services Innovation (Air(GCC) be entering an era the UAE US$5.3 billion.

The rest will be shared Cargo Industry) of accelerated opportunities under a businessamong Qatar (US$2.6 billion), Kuwait (US$1.6

30 N ew Product/Service Launch Innovation (Airadministration?

Cargo focused Trump billion), Oman (US$1.3 billion) and Bahrain Industry)

36

(US$600 million)

MARKET FOCUS - JORDAN

P

32 M aking Determined Progress

r e s i d e n t - e l e c t Tr u m p ’s ‘America First’ agenda signals second-highest ranked As the BFSI-tech unionregulatory continues to a shift away from 36 D ataikuHowhe finance teams that modernise i n d u s t r y i n S t ra t e g y & ’s deepen, it is clear that GenAI has a part c o nto s t ra i n t s t o w a rd s a with GenAI projection can lead their business market was banking and to play. But it also has a broader role in business-friendly, entrepreneurial dominance19meafinancial services, which is the finance function across industries. In landscape, with Gulf economies’ predicted to see a US$3.5-billion bump. manyaligning ways, large-language models (LLMs) OPINION PIECE The Gulf’s BFSI sector has long goals been towere made for financial diversify beyond oil, professionals. strengthen a trendsetter in technology adoption.

When itties comesand to arduous, cyclic like diplomatic foster atasks free38 F inanceWhat a Second Trump Presidency Means for With a savvy eye on consumers’ shifting preparing quarterly reports, reconciling market environment. However, there is Gulf Economies preferences, legacy banks have been ledgers and aligning with regulatory a risk that populist rhetoric could bring quick to cater. There are many examples, standards, GenAI models can do the WORKFORCE & AI protectionism, potentially from the rise of digital banks — Emirates work of dozens of people shrinking in a fraction NBD’s Liv, Mashreq of the For time.GCC A reduction sweat and global trade. nationsinaiming to 40 R evisioning RolesNeo, Gulf International Bank’s meem and Bank ABC’s ila — to the tears means happier employees. Greater expand their economic footprint, skilfully roaring trade in FinTechs, such as Dubai’s accuracy means happier regulators. And navigating Trump’s protectionist PayTabs, Optasia and Sarwa, Abu Dhabi’s enhanced efficiency meanspolicies happier will be vital to capitalising on any benefits NymCard and Kuwait’s One Global. board members. his administration might bring.

PARTNER CONTENT

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Banking and Finance news in the MEA market

Impact on the Gulf’s Banking and Finance Sector

Sid Bhatia, Area VP & General Manager, Middle East, Türkiye & Africa, Dataiku

What GenAI brings is a means to plug gaps and overhaul juddering processes.

Legacy systems and manual workflows are routinely accompanied by silos — a sinister word that in the business world denotes inefficiency. GenAI can essentially become a field marshal for change in five main areas.

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poten for sm (SMEs divers credit limitin center Tru howev GCC b institu encou areas capita comp gain a suppo a regio Fol dollar expec increa mixed most dollar.

U.S. ec for GC Howev for for dema As Feder borro for bu could efforts

Finance

Qashio and Visa Partner to invest AED100mln to transform & digitize payments for online travel agencies and travel management companies The travel solution will allow travel companies to obtain Qashio cards and transact in different currencies

Q

ashio, one of the leading provider of spend management solutions, has announced its strategic partnership with Visa, a world leader in digital payments, to launch Visa Commercial Choice Travel program for the first time in the region. With this innovative B2B Travel payments solution launch, Visa and Qashio will support the travel industry in the UAE, MENA, Europe & the UK, with global issuance capabilities by allocating over AED 100 Million in the program in the coming years.

The travel solution will allow travel companies to obtain Qashio cards and transact in different currencies including AED, SAR, USD, EUR and GBP issued from UAE enabling payments & settlements in multiple currencies.

Qashio and Visa’s specialised solution will enable travel companies to digitize and automate their payments within the travel sector, optimizing their reconciliation and enhancing liquidity. The solution is seamlessly integrated with global travel management companies and their booking tools including Global Distribution Systems (GDS), making travel booking and payments seamless and secure.

Since launching in the UAE in 2022, Qashio has quickly established itself as one of MENA’s top provider of business finance solutions, meeting the evolving financial needs of today’s businesses with a commitment to innovation. Utilising the Visa Commercial Choice Travel program, Qashio Corporate Travel offering aims to streamline operational complexities, reduce expenses, and support companies of all sizes to manage their travel payments.

Leveraging Visa’s secure payment infrastructure, this partnership ensures high standards of protection for all B2B

06 MEABUSINESS

Q ashio, one of the leading provider of spend management solutions, has announced its strategic partnership with Visa, a world leader in digital payments, to launch Visa Commercial Choice Travel program for the first time in the region. Image Courtesy: Qashio

travel-related transactions.

Beyond payment security and control, Qashio’s Visa Commercial Choice Travel solution will provide real-time data insights and analytics to make cashflow tracking and budgeting more precise. With an unlimited pool of customizable Qashio cards companies will gain full control and visibility over payments. Qashio’s directto-ERP integrations will enable travel companies to reconcile their booking transactions efficiently, reducing costs and maximising revenue.

“We are committed to continue our joint growth with Visa, a global leader in payments innovation, to management,” said Armin Moradi, CEO and Co-Founder of Qashio. “We recognise that the Travel & Tourism industry is key in the region however the travel companies

Business News for the MEA region

are underserved with strong technical payment solutions that work in their favor, we are creating a one-stop platform that simplifies the corporate travel experience for our clients, allowing them to focus on what truly matters – growing their businesses Salima Gutieva, Visa’s VP and Country Manager for UAE, “Travel and tourism are key sectors driving growth and diversification of UAE and the region’s economies. Visa is delighted to partner with Qashio in bringing this innovative solution that leverages Visa’s technology, extensive network, and data analytics.

This partnership reflects our commitment to providing secure and seamless payment solutions that enable the digital transformation and improve efficiencies of travel and tourism companies.”

#MROME

Energy

Diriyah Company launches key substations with Saudi Electricity Company to power future development Diriyah and Wadi Safar electricity substations – combined contract value SAR 682 million ($181 million) – to be operated

by Saudi Electricity Company

I

n a significant milestone for Diriyah’s infrastructure development, the Diriyah Company has opened two major electricity substations, the 1707 MVA-capacity Bulk Substation and 200 MVA-capacity Primary Substation. Operated by the Saudi Electricity Company, they will accelerate the growth and development of major assets now being developed across The City of Earth in Diriyah and Wadi Safar. The two substations are the first of the major urban infrastructure projects to feature a design inspired by Najdi architecture.

The 1707 MVA 380/132/13.8 kV Bulk Substation, with a contract value of SAR 605 million ($161 million), will support the development of assets in the first phase of Diriyah’s development and will be implemented by the Saudi Electricity Company through Saudi Services for Electro Mechanic Works (SSEM). It will help enable a diverse range of cultural, educational, retail, offices, residential and hotel developments, including areas such as Diriyah Square, the Qurain Cultural District and Northern District areas.

a major cabling contract valued at SAR 168 million ($45 million) will be implemented by the Saudi Electricity Company through the (DELTA) contracting company.

Both substations are designed to reflect Diriyah’s traditional Najdi architectural style, seamlessly blending with the surrounding development to preserve Diriyah’s cultural identity. By integrating Saudi Arabia’s rich historical heritage with state-of-the-art infrastructure, these substations stand as a testament to the region’s dedication to honoring its past while building a sustainable future.

Jerry Inzerillo, Group CEO of Diriyah Company, said: “The completion of the two substations represents a significant

milestone in our journey toward delivering key assets in Diriyah, The City of Earth, including global hotel brands, branded residences, and cultural landmarks. Together with the two large scale cabling contracts to operate alongside the new substations, they represent further confirmation that we are progressing on time and within budget as we create one of the world’s greatest gathering places.”

Khalid bin Salim AlGhamdi, Acting CEO of Saudi Electricity Company, said: “The completion of the Bulk Substation and the Primary Substation marks a new era for Diriyah, one that combines advanced infrastructure with our shared vision of creating a sustainable, world-class city. We are honored to work with Diriyah Company to bring power solutions that are both reliable and in harmony with Diriyah’s architectural heritage.”

The opening of the substations follows several other recent milestones, including the November 2024 groundbreaking for seven additional hotels and the announcement of two multi-billion-dollar districts - the Northern District and the Qurain Cultural District.

Diriyah is one of Saudi Arabia’s five gigaprojects backed by the Public Investment Fund (PIF), and is building homes for 100,000 people, creating 178,000 jobs, will host 50 million visits a year by 2030, contributing $18.6 billion directly to Saudi Arabia’s GDP.

To enable the energization of the substation, a major cabling contract valued at SAR 316 million ($84 million) will be implemented by the Saudi Electricity Company through the Civil and Electrical Projects Contracting Company (CEPCO).

The 200 MVA 132/33 kV Primary Substation, with a contract value amounting to SAR 77 million ($20 million), and will be implemented by the Saudi Electricity Company through (MAETEL) contracting company, Which will serve as one of the primary power sources for Wadi Safar, the prestigious development blending natural beauty with world-class amenities. This vibrant destination will feature hospitality assets and sports and recreation venues, including the Royal Diriyah Equestrian & Polo Club and the Greg Norman-designed Wadi Safar Golf Course.

To enable the energization of the substation,

08 MEABUSINESS

D iriyah Company has opened two major electricity substations, the 1707 MVA-capacity Bulk Substation and 200 MVA-capacity Primary Substation. Image courtesy: Diriyah

Business News for the MEA region

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PARTNER CONTENT

Clarity of Vision Providing a clear overview of their business and core mission, Sailesh Malhotra, General Manager, GCC Region at Geidea tells us about their strategies for expansion in the UAE and how they are distinguishing themselves in this growing and competitive market

C

ompany Overview and Vision: How would you describe Geidea’s core mission and vision, particularly in the context of the evolving financial technology landscape in the region?

Geidea’s core mission and vision are centered around empowering businesses through seamless, secure and accessible financial technology solutions. The company strives to simplify digital payments and financial services, ensuring that enterprises of all sizes, from SMEs to large corporations, have the tools to compete and thrive in an increasingly cashless economy. Geidea envisions a future where financial technology is an enabler of economic growth, not just in the UAE, KSA or Egypt but across the entire MENA region.

In the context of the evolving f i n a n c i a l te c h n o l o g y l a n d s c a p e, Geidea recognises the rapid digital transformation taking place, accelerated by factors such as consumer demand for convenience, government initiatives to promote cashless societies and the need for secure, scalable solutions. As fintech becomes more integrated into daily business operations, Geidea’s vision is to be at the forefront of this evolution by offering state-of-the-art payment solutions, comprehensive merchant services and a commitment

10 38 MEABUSINESS

Sailesh Malhotra, General Manager, GCC Region at Geidea

to innovation that supports businesses’ digital journeys.

The company is driven by the belief that fintech should be inclusive and accessible to all, transcending traditional barriers and ensuring that even small and medium enterprises (SMEs) have access to high-quality technology that was previously only available to larger businesses. This vision aligns with the wider regional push towards economic diversification and a greater emphasis on technology-driven growth.

Business Banking News for the MEA region and Finance news in the MEA market

UAE Expansion Strategy: Could you elaborate on Geidea’s strategic approach to expanding its operations in the UAE market?

What unique opportunities and challenges does the UAE present for a financial technology company?

Geidea’s strategic approach to expanding its operations in the UAE market is built upon a deep understanding of the unique business environment and consumer behaviour in the region. The UAE’s fintech landscape is thriving due to governmentled initiatives, such as the National Innovation Strategy and Vision 2021, which aim to position the country as a global leader in digital transformation.

Geidea has leveraged this supportive ecosystem by prioritising strategic partnerships, regulatory compliance and localised solutions tailored to the specific needs of UAE businesses.

One of Geidea’s key strategies has been forming alliances with local and regional partners, including banks, e-commerce platforms and financial institutions, to offer comprehensive and integrated payment solutions. By partnering with established entities, Geidea is able to extend its reach, tap into new customer segments and provide seamless services that align with the UAE’s high standards of convenience and reliability.

Additionally, Geidea places significant emphasis on meeting the region’s regulatory requirements, ensuring that its solutions comply with the UAE Central Bank’s mandates and align with local data protection laws. This commitment to compliance not only enhances trust but also positions Geidea as a credible and reliable partner in the financial services space.

The UAE market presents a wealth of opportunities due to its tech-savvy population, high smartphone penetration rate and significant government investment in digital infrastructure.

Businesses in the UAE are eager to adopt cutting-edge payment solutions to cater to consumer preferences for contactless, mobile and digital transactions. These factors create fertile ground for Geidea’s innovative and scalable payment platforms.

However, the UAE market is not without challenges. The fintech sector is highly competitive, with both global giants and local startups vying for market share. To address this, Geidea’s strategy includes continuous investment in technology, product differentiation and a focus on exceptional customer support.

Additionally, the regulatory landscape, while supportive, can be complex and dynamic, requiring fintech companies to stay agile and adaptable to any changes in compliance standards.

Key Solutions and Services: What are Geidea’s flagship solutions and services, and how do they differentiate the company from its competitors in the region?

Geidea offers a range of flagship solutions and services that set it apart from competitors. Primarily, Geidea provides innovative payment processing solutions, including point-of-sale (POS) systems and online payment gateways, tailored for businesses of all sizes.

Their flagship product, the Geidea POS terminal, combines advanced features such as contactless payments, e-wallet integration and real-time transaction tracking, enabling merchants to enhance their customer experience and operational efficiency.

Additionally, Geidea distinguishes itself through its commitment to financial inclusion. Their services extend beyond traditional payments, offering micro-financing solutions and valueadded services like invoicing and loyalty programs, which empower small and medium-sized enterprises (SMEs) to thrive in a competitive market. Geidea also emphasises security and compliance, utilising state-of-the-art encryption technologies to protect transactions and ensure customer trust.

Another critical differentiator is Geidea’s adaptability and local expertise.

With a deep understanding of regional markets, the company tailors its solutions to meet specific cultural and regulatory needs, providing a level of customisation that many international competitors may lack. Their robust customer support and strategic partnerships further enhance their market position, allowing them to respond swiftly to client needs.

Market Dynamics: What are the primary trends and challenges shaping the financial technology market in the UAE, and how does Geidea position itself to capitalise on these opportunities?

The fintech market in the UAE is evolving rapidly, driven by several key trends and challenges. One primary trend is the increasing adoption of digital payments, accelerated by the pandemic and the government’s push for a cashless economy.

This shift has led to a surge in demand for innovative payment solutions, making it essential for companies to provide seamless and secure transaction experiences.

Another significant trend is the rise of neobanks and digital wallets, catering to tech-savvy consumers seeking convenience and better user experiences.

This shift challenges traditional banks to innovate and adapt quickly to changing consumer preferences.

However, the fintech landscape also faces challenges, including regulatory compliance and cybersecurity risks.

Navigating the complex regulatory environment while ensuring robust security measures is critical for success.

Geidea is strategically positioned to capitalise on these opportunities by leveraging its advanced payment solutions tailored to the local market. The company’s focus on providing comprehensive digital payment systems, including POS terminals and e-commerce gateways, aligns well with the growing demand for cashless transactions. Moreover, Geidea’s commitment to financial inclusion through services like micro-financing and support

for SMEs positions it favourably amidst the growing emphasis on supporting local businesses.

S t ra te g i c A l l i a n c es : W h a t strategic alliances or collaborations has Geidea formed to strengthen its market position and expand its reach?

Geidea has strategically positioned itself in the fintech market through several key alliances and collaborations that enhance its service offerings and expand its reach.

1. Collaboration with Fils: In a pioneering move, Geidea partnered with Fils, a leader in climate action solutions. This collaboration enables businesses to integrate climate-positive initiatives into their payment processes via Fils’ API. By aligning with Fils, Geidea demonstrates its commitment to sustainability, fostering environmental consciousness within the fintech sector. This partnership is set to impact various industries, including banking and eCommerce, positioning Geidea at the forefront of the movement towards carbon neutrality.

2. Presence in Key Regional Events: Geidea has significantly enhanced its visibility and market presence by participating in major regional events.

As the official payment provider for the United Nations Climate Change C onference (COP 28), G eidea showcases its commitment to sustainability and its role in supporting global initiatives. Additionally, the company collaborates with MDLBeast, an entertainment company rooted in music culture in Saudi Arabia, to provide payment solutions that enhance the experience at major music festivals. Geidea also participated in Ramadan Nights at Expo, further s o l i d i f y i n g i t s p re s e n c e i n culturally significant events. These engagements not only boost Geidea’s brand recognition but also reinforce its commitment to supporting local communities and initiatives. mea-biz.com mea-finance.com

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Business News for the MEA region

News, News,Reviews Reviewsand andAnalysis.

Analysis.

Aviation AprilSpecial 2023

Etihad Engineering win big at the Aviation Achievement Awards 2023

Aviation Gala Special

6 | Aviation Achievement Awards EventInnovation Highlights Aero Dynamics:Aviation FAI rent-a-jet News GmbH interview 14 | Aviation Annual Gala Evening 2025 1810| | Aviation Awards20 2025 Winners 20

Aviation

Aero Dynamics Detailing their admirable successes and readiness for action in the face of often critical challenges faced on a day-to-day basis, Barbra Baumgartner, Managing Director, FAI rent-a-jet GmbH, talks with MEA Business about how they maintain their leading position in this niche yet important aviation sector.

Innovation Recognition: What specific innovations or advancements in your air ambulance services do you believe led to FAI being recognised as the ‘Most Innovative Air Ambulance Service’ at the Middle East Aviation Business Awards 2024?

With over 30 years of operational excellence, FAI Aviation Group continues to redefine the standards for innovation and excellence in the air ambulance industry. The award comes after FAI received the prestigious ARGUS International Standard for Business Aircraft Operations (IS-BAO) certification earlier last year, emphasising its commitment to flight safety and operational excellence. The globally recognised voluntary standard, is a code of best practices designed to help operators achieve the highest levels of safety and professionalism.

FAI has embraced cutting-edge technology and innovation to enhance the quality of its air ambulance services.

FAI implemented advanced digital platforms, including custom-tailored software like FL3XX, ForeFlight and Medinyx, for modernised flight planning, execution, order processing and fully digitised case management including fully digitised patient medical transport records. These tools ensure efficient mission management, enhancing safety, precision and client satisfaction.

FAI’s commitment to innovation ensures it remains at the forefront of the industry, offering unparalleled patient care and operational efficiency.

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B arbra Baumgartner, Managing Director, FAI rent-a-jet GmbH

Business News for the MEA region

Service Portfolio: FAI offers a range of services, including air ambulance, private jet charter and aircraft management. How do you ensure excellence and reliability across these diverse operations?

This excellence is achieved through our extensive infrastructure, standardised fleet, turn-key solutions and in-house expertise, all designed to adapt to varying client needs.

Nuremberg, FAI Technik boasts three hangars with over 10,000 m² of space, capable of accommodating up to four BBJs or ACJs simultaneously.

The division provides base and line maintenance for Bombardier models, as well as additional aircraft types, including Hawker, Beechcraft and Gulfstream, and offers a wide range of services such as modifications, avionics upgrades and component services.

Our highly trained medical teams are prepared for such scenarios, ensuring continuous monitoring and the ability to respond to emergencies A key element of our reliability lies in our large fleet of Bombardier aircraft, which enables us to maintain flexibility and provide backup options when needed. The uniformity of our fleet simplifies crew training and operational processes while enhancing efficiency.

To maximise resource utilisation and maintain cost-efficiency, we share resources across services based on business requirements. For example, our pilots trained on Bombardier Global Express or Challenger aircraft seamlessly operate both VIP executive flights and air ambulance missions on the same aircraft type. This adaptability ensures that we provide world-class service across all sectors without compromising quality or safety.

Our turn-key solutions are tailored to the specific needs of each client, offering seamless execution for air ambulance operations, chartered flights and aircraft management services.

Reliability is further bolstered by our in-house Maintenance, Repair and Overhaul (MRO) division, FAI Technik, a 100% subsidiary of the FAI Aviation Group Holding. Operating from

To handle unforeseen challenges, FAI Technik provides 24/7 Aircraft on Ground (AOG) support, ensuring rapid response and minimal downtime. For instance, if an aircraft experiences an AOG situation in the UAE, our team, equipped with valid UAE airport passes, is ready to deliver immediate assistance.

By integrating a large fleet, robust infrastructure, turn-key solutions and cross-utilised resources with in-house MRO capabilities, FAI Aviation Group consistently ensures the highest levels of reliability and operation excellence.

Fleet Capabilities in the Middle East: With Germany’s largest fleet of Bombardier aircraft, how does FAI adapt its operations and fleet to cater to the unique demands of air ambulance and private jet charter clients in the Middle East?

Our current fleet of 18 aircraft, consisting of Learjet 60s, Challenger 604/605s and Global Express aircraft, offers exceptional flexibility and adaptability to meet the diverse needs of our regional clients.

This large fleet size is backed by a large infrastructure and ensures high

availability for clients based in the Middle East, allowing us to respond quickly to their requirements.

A key operational advantage is our floating base model. Unlike traditional operators, our aircraft do not return to a central base after each mission.

Instead, aircraft landing in the Middle East can seamlessly continue with back-to-back missions, reducing downtime and providing greater efficiency for our clients. This model is further supported by our in-house 24/7 AOG team’s maintenance capabilities provided through FAI Technik.

The UAE serves as a critical hub for our Middle Eastern operations. Local commercial carriers such as Etihad Airways and Emirates Airlines offer significant logistical advantages, facilitating efficient crew changes and ensuring smooth operational continuity. These logistical benefits, combined with the region’s strategic location, allow us to serve not only Middle Eastern clients but also cater to international missions across Asia and Africa, where demand for our air ambulance and private jet services continues to grow.

To further enhance our regional presence, FAI Aviation Services Dubai provides dedicated local support, including a 24/7 concierge service.

This ensures that FAI’s clients receive personalised assistance through highly trained and experienced case coordinators, whether coordinating logistics, arranging ground support, or managing additional client requirements.

Operational Challenges: Operating 24/7 worldwide, what are some of the key challenges FAI faces in maintaining seamless air ambulance services, and how are they addressed?

One significant challenge lies in the nature of air ambulance missions.

Those are all unscheduled international flights, with the majority requested on short notice. These missions require mea-biz.com

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Aviation rapid response times and meticulous preparation . FAI’s extensive 35+ years of experience in air ambulance operations has equipped us with unwavering expertise, global network and relationships necessary to address these logistical challenges swiftly and effectively.

Transporting critically ill patients internationally also presents unique risks, including the possibility of in-flight patient deterioration. Our highly trained medical teams are prepared for such scenarios, ensuring continuous monitoring and the ability to respond to emergencies. Proactive emergency landing planning plays a vital role, allowing us to identify not only the safest locations but also the most suitable medical facilities to provide optimal care for patients under time-sensitive conditions.

Geopolitical complexities remain another critical challenge. Restricted or unsafe airspaces, often caused by ongoing global conflicts, require alternative routing solutions. While this can result in longer flight times, FAI’s experienced flight operations team uses advanced tools and real-time data to ensure missions remain safe, compliant and efficient.

Providing humanitarian services to and from war-torn regions adds another layer of complexity. These missions often require navigating heightened risks and limited infrastructure. FAI ensures that every mission is rigorously vetted to comply with international standards, maintaining our reputation for ethical and impactful operations.

Quality Assurance: FAI’s air ambulance services have achieved various accreditations. Can you elaborate on the significance of these certifications and how they enhance your service quality?

A cornerstone of our achievements is our EURAMI (European Aero-Medical Institute) critical care accreditation for regional as well as long-range/ intercontinental fixed wing air

16 MEABUSINESS

ambulance service, which we have proudly held since EURAMI’s inception.

Over the years, we have consistently achieved re-accreditation, reaffirming our commitment to the highest standards of patient care, operational safety and medical excellence.

Additionally, in year 2024, FAI Aviation Services Dubai has received the Commercial Airline Medical Escort (CAME) accreditation by EURAMI, which underscores our expertise in delivering high-quality medical escort services on commercial flights.

FAI’s commitment to operational safety is exemplified by receiving the Diamond Safety of Flight Award from the European Business Aviation Association (EBAA) in May 2018. This prestigious honour represents the highest level of safety recognition awarded by the EBAA to member companies that have operated business aircraft for 50 years or 100,000 hours without an accident. It reflects our unwavering dedication to maintaining rigorous safety protocols and ensuring the well-being of our patients, passengers and crew.

These achievements are complemented by other accolades, such as recent Air Ambulance Company of the Year awards by ITIJ as well as by the Middle East Aviation Awards and the Pandemic Response Special Award, which highlight our ability to adapt and excel in even the most challenging circumstances.

In addition, FAI supports quality assurance by always inviting FAI’s clients to conduct tailored audits at FAI’s facilities, fostering transparency and collaboration.

By consistently achieving these recognitions, FAI Air Ambulance has solidified its position as a leader in air ambulance services, offering unparalleled reliability and expertise when it matters most.

Future Outlook: What are FAI’s strategic plans for the coming years, particularly in expanding or enhancing your air ambulance and

Business News for the MEA region

private jet charter services in the Middle East region?

The future outlook for FAI in the Middle East remains influenced by the region’s geopolitical uncertainties. The ongoing challenges have significantly impacted the aviation sector, with Part 135 operations in 2024 declining by double digits compared to 2023. This has affected not only intra-regional flights but also long-range flights to and from the Middle East.

In this challenging environment, maintaining previously achieved revenue levels is already a significant accomplishment. With a group revenue of over €130 million in 2024, FAI is on track to meet this goal, demonstrating resilience and adaptability.

Looking forward, our expansion strategy focuses on emerging markets as we seek to create new opportunities and diversify our client base. However, our growth plans are deliberately structured for the mid-to-long term, ensuring stability and sustainability.

A cornerstone of this strategy is our ongoing fleet renewal program, which was initiated to address both operational needs and future market demands. Over the past 12 months, we have already replaced two Learjet 60s and one Challenger 604 as part of this phased transition.

This investment not only resolves challenges such as spare parts availability but also improves fuel efficiency, reduces maintenance requirements, includes technology upgrades and therefore strengthens FAI’s position as a leader in quality and competitiveness.

While our long-term strategies are focused on sustainable growth, FAI remains agile in responding to shortterm market opportunities. Thanks to our ownership structure and extensive infrastructure, we can ensure fast decision-making and adapt quickly to the changing needs of the market and are therefore capable of delivering tailored solutions on demand.

royaljetgroup.com

Aviation Annual Gala Evening

A Night of Elegance and Excellence: Aviation Annual Gala Evening Celebrating the Aviation Industry’s Finest on a Luxurious Mega Yacht

T

he Aviation Annual Gala Evening, held on December 12, 2024, aboard a stunning mega yacht in Dubai Marina, was a night to remember. Bringing together industry leaders, visionaries, and innovators, the event offered a perfect blend of sophistication, celebration, and networking in an unforgettable setting.

Guests were treated to exceptional entertainment, including a dazzling water jet light display and a mesmerizing drone show, as the Dubai skyline provided a breathtaking backdrop. The evening created a unique platform for attendees to connect, share insights, and celebrate their collective achievements in aviation and logistics.

The highlight of the night was the prestigious Aviation Innovation Awards, where the industry’s best were recognized for their outstanding contributions. Winners took to the stage to receive their accolades, marking milestones of innovation and excellence.

This special issue of MEA Business Magazine showcases the best moments of the gala evening, with exclusive photo highlights capturing the spirit of the event and the people who make the aviation industry thrive. Celebrate the success stories that continue to elevate aviation to new heights in this stunning retrospective.

18 MEABUSINESS

Business News for the MEA region

mea-biz.com

19

Aviation Innovation Awards 2024

Honoring Excellence: The Aviation Innovation Awards 2024 Recognizing Pioneers and Innovators Transforming the Aviation Industry The Aviation Innovation Awards 2024 celebrated the exceptional achievements and groundbreaking contributions of individuals and organizations across the aviation sector. Held during the prestigious Aviation Annual Gala Evening on December 12, 2024, this ceremony highlighted the advancements and ingenuity driving the industry forward.

From pioneering technologies to innovative services and leadership excellence, the awards recognized winners across

diverse categories, reflecting the industry’s dynamic and transformative nature. The accolades celebrated forward-thinking companies that have redefined aviation logistics, air cargo solutions, airport operations, and passenger experiences.

This year’s honorees included organizations that embraced cutting-edge technologies like AI, automation, and sustainability, as well as individuals whose visionary leadership set new benchmarks for excellence. These achievements underscore the aviation

sector’s resilience and commitment to innovation in meeting evolving global challenges.

In this special issue, we highlight the award winners who are shaping the future of aviation. Their contributions not only enhance operational efficiency and safety but also inspire the next generation of aviation leaders. Join us in celebrating their success as we look ahead to the continued evolution of this vibrant industry.

Category

Winner

Most Innovative New Service Award (Aviation Logistics)

Alfuttaim Logistics Aviation

Business Aviation Technology Excellence Award

Airmont

Most Innovative Air Charter Service

Air Partner

Ground-breaking Products/Services Innovation (Logistics Industry)

ALS Logistic Solutions

Exceptional Products/Services Innovation (Logistics Industry)

ALS Logistic Solutions

Exceptional Products/Services Innovation (Business Aviation)

ASM Aero

Exceptional Supervision Agent Service Innovation (Airport Industry)

Avia Maldives

Exceptional Products/Services Innovation (Airport Industry)

Dubai Airports (Compliance Universe – Tool)

Ground-breaking Products/Services Innovation (Aviation Training)

Dynamic Advance Training

Ground-breaking Products/Services Innovation (Air Cargo Industry)

Etihad Cargo

New Product/Service Launch Innovation (Air Cargo Industry)

Etihad Cargo

Innovative Collaborations and Partnerships (Aviation Training)

Etihad Aviation Training

Innovative Leadership (Personal Achievement Award)

Etihad Aviation Training – La Cava – Chief Executive Officer and Accountable Manager

Most Innovative Air Ambulance Service

FAI rent-a-jet GmbH

Exceptional Products/Services Innovation (Airline Industry)

Fly Dubai

Innovative Collaborations and Partnerships (Air Cargo & Logistics)

Fly Dubai

Exceptional Products/Services Innovation Award (Ground Support)

MixJet

Innovative Travel Customer Experience Award

MixJet

Innovative Leadership (Personal Achievement Award)

Mayfair Jets – Ahmed Elhawary MBE Co-Founder & Chairman

FBO of the Year – Most Innovative FBO Service

RoyalJet

MRO Innovation of the year

SkySelect Inc

Exceptional Products/Services Innovation (Air Cargo & Logistics)

SolitAir

New Product/Service Launch Innovation (Airport Industry)

AVIIO – Adani Airport Holdings Limited (AAHL)

20 MEABUSINESS

Business News for the MEA region

Innovative Collaborations and Partnerships (Aviation Training) Etihad Aviation Training

Etihad Aviation Training is redefining aviation training through visionary partnerships that merge academic excellence with cutting-edge innovation.

Their collaborative approach equips trainees to meet the ever-evolving demands of the modern aviation landscape, ensuring future-ready professionals.

mea-biz.com

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Aviation Innovation Awards 2024

Innovative Leadership (Personal Achievement Award) Paolo La Cava - CEO of Etihad Aviation Training Paolo La Cava’s visionary leadership has transformed aviation training with groundbreaking initiatives, strategic global partnerships, and innovative strategies. His commitment to safety and industry excellence continues to set new benchmarks for training standards worldwide.

Ground-breaking Products/Services Innovation (Logistics Industry)

ALS Logistic Solutions

ALS Logistic Solutions is revolutionizing logistics with state-of-the-art automation and AI-driven innovations in material handling and air cargo systems. Their pioneering solutions deliver unmatched operational efficiency, setting the industry standard for innovation.

Exceptional Products/Services Innovation (Airport Industry)

Dubai Airports (Compliance Universe Tool) Dubai Airports’ Compliance Universe Tool is an innovative solution that streamlines compliance with international and domestic regulations.

By centralizing laws and implementing a risk-rating system, it enhances operational efficiency and risk management for airport operations.

22 MEABUSINESS

Business News for the MEA region

Innovative Travel Customer Experience Award MixJet Mixjet has consistently delivered outstanding service in the aviation industry, showcasing their operational prowess by handling millions of liters of fuel, managing flights, and obtaining permits efficiently. Their dedication to enhancing customer experience has placed them among the top aviation service providers in the MENA Region.

Most Innovative New Service Award (Aviation Logistics) Al Futtaim Logistics Al Futtaim Logistics has set a new benchmark in the UAE aviation industry with the launch of its Aerospace Logistics division. The division’s innovative services, including airside deliveries, technician onboard charters, and a global aerospace operations center, positions them as a key leader in aviation logistics innovation.

Most Innovative Air Charter Service

Air Partner

Air Partner has revolutionized the aviation service sector with their exceptional customer experience. Their 24/7 support, personalized services, superior in-flight amenities, and efficient booking processes have garnered high customer loyalty, establishing them as an industry leader in air charter services.

mea-biz.com

23

Aviation Innovation Awards 2024

Exceptional Products/Services Innovation (Business Aviation) ASM Aero ASM Aero has redefined business aviation with its comprehensive all-in-one service model, offering aircraft ownership, AOC capabilities, and 24/7 global support. Operating across 136 countries, they deliver end-to-end solutions that set new industry benchmarks.

Exceptional Products/Services Innovation (Logistics Industry)

ALS Logistic Solutions

With decades of expertise, ALS Logistic Solutions is at the forefront of air cargo handling and material automation. Their cutting-edge solutions enhance efficiency, reduce costs, and drive technological advancements that shape the future of logistics.

Exceptional Products/Services Innovation (Airline Industry)

flydubai

Since its launch in 2009, flydubai has redefined air travel with innovations such as lie-flat Business Class seats, cutting-edge cabin designs, and advanced digital services, consistently enhancing the passenger experience.

24 MEABUSINESS

Business News for the MEA region

Aviation Innovation Awards 2024

Innovative Collaborations and Partnerships (Air Cargo & Logistics) flydubai flydubai’s strategic collaborations, including partnerships with Emirates SkyCargo and IATA’s Dangerous Goods AutoCheck, have expanded its reach to over 300 destinations. These initiatives revolutionize air cargo logistics with efficiency and innovation.

Exceptional Products/Services Innovation (Air Cargo & Logistics)

SolitAir SolitAir is revolutionizing regional air cargo with sustainable solutions, leveraging the Boeing 737-800 BCF fleet to achieve a 98% on-time delivery rate, ensuring fast, reliable, and eco-conscious service.

Ground-breaking Products/Services Innovation (Aviation Training)

Dynamic Advanced Training Dynamic Advanced Training’s Reality-Based Training elevates aviation standards by building resilience and confidence in high-pressure situations. With a 98.96% excellence rating, it prepares professionals to excel in emergencies.

26 MEABUSINESS

Business News for the MEA region

Exceptional Supervision Agent Service Innovation (Airport Industry) Avia Maldives Avia Maldives provides exceptional supervision services across the Maldives, ensuring smooth aircraft operations. They handle over 3,500 private jet movements annually with a dedicated team trained to support major aircraft types. Their 24/7 supervision services ensure optimal operations, contributing significantly to the efficiency and safety of aviation operations in the region.

Business Aviation Technology Excellence Award

Airmont

Airmont has demonstrated exceptional service and customer support by providing customized streaming solutions that optimize bandwidth in data-restricted environments, ensuring superior audio and video quality.

Their compact, carry-on equipment meets the demanding needs of government and business jet operators.

Exceptional Products/Services Innovation Award (Ground Support)

MixJet MixJet has been a vital player in the aviation sector for 15 years, delivering millions of liters of fuel, handling thousands of flights, and efficiently securing necessary permits. Their commitment to innovation and service excellence has earned them a prominent position in the MENA region.

mea-biz.com

27

Aviation Innovation Awards 2024

Innovative Leadership (Personal Achievement Award) Mayfair Jets – Ahmed Elhawary MBE Co-Founder & Chairman, Mayfair Jets Group

Amidst the unprecedented global challenges of 2020, Ahmed Elhawary MBE showcased exceptional resilience, innovation, and visionary leadership by founding Mayfair Jets. Launching a company during a time of global uncertainty required unparalleled determination, and Ahmed’s efforts not only met but exceeded expectations, setting a new standard for the aviation industry. Under his guidance, Mayfair Jets quickly gained recognition for its commitment to excellence and innovation.

Through strategic planning and a forward-thinking approach, Ahmed led the company to expand its operations across multiple countries, including Saudi Arabia, Egypt, the UK, and Germany. This remarkable growth

28 MEABUSINESS

has solidified Mayfair Jets’ position as a dynamic and influential player in the aviation sector. Ahmed’s ability to navigate complex challenges while seizing opportunities has made him a beacon of success and a source of inspiration for entrepreneurs worldwide.

As a Co-Founder and Chairman, Ahmed Elhawary’s leadership goes beyond business growth. His dedication to fostering innovation and driving industry standards forward exemplifies his innovative leadership.

His achievements underscore the impact of visionary leadership in transforming adversity into opportunity, making him a deserving recipient of this prestigious Personal Achievement Award. Mayfair Jets stands as a testament to his remarkable journey and contributions.

Business News for the MEA region

Most Innovative Air Ambulance Service FAI rent-a-jet GmbH

FAI rent-a-jet GmbH sets the standard for excellence in air ambulance services with its fleet of advanced aircraft and a highly skilled, dedicated team. Renowned for innovation in patient care, FAI’s services prioritize safety, efficiency, and medical excellence. Their Dubaibased medical escort service, backed by CAME accreditation, underscores their unwavering commitment to adhering to the highest operational standards. By integrating state-of-the-art technology with compassionate care, FAI ensures seamless patient transport, even in critical situations. This recognition

celebrates their pioneering approach to air ambulance services, which not only redefines medical aviation but

also exemplifies a steadfast dedication to improving healthcare accessibility worldwide.

FBO of the Year – Most Innovative FBO Service RoyalJet

RoyalJet has redefined industry benchmarks by achieving the prestigious IS-BAO Stage 3 certification, a testament to its commitment to operational excellence and safety.

Renowned for delivering world-class luxury air travel services, RoyalJet combines innovation, sustainability, and bespoke experiences to meet the evolving needs of its discerning clientele. The company’s Fixed Base Operations (FBO) services are designed to ensure seamless convenience, blending cutting-edge technology with unparalleled customer care. From personalized concierge assistance to meticulous attention to

detail, RoyalJet delivers a standard of service that exceeds expectations.

RoyalJet continues to lead the way

in transforming luxury aviation into a sustainable and customer-centric experience. mea-biz.com

29

Aviation Innovation Awards 2024

Ground-breaking Products/Services Innovation (Air Cargo Industry) Etihad Cargo

Etihad Cargo’s PharmaLife service has redefined pharmaceutical logistics by offering world-class solutions for the safe and efficient transportation of temperaturesensitive products. Leveraging state-of-the-art infrastructure and cutting-edge technology, PharmaLife ensures that life-saving medicines are handled with the utmost care and precision. Strategic partnerships with industry leaders further enhance its capabilities, enabling seamless

global delivery. By adhering to the highest standards of compliance and operational excellence, PharmaLife supports healthcare supply chains

worldwide, playing a critical role in ensuring patients receive the medications they need, wherever they are.

New Product/Service Launch Innovation (Air Cargo Industry) Etihad Cargo

Etihad Cargo’s SecureTech sets a new benchmark for high-value electronics logistics by integrating advanced security measures with innovative solutions. The service is backed by IATA CEIV Li-batt certification, ensuring the safe and efficient transport of lithium batteries, a growing demand in global supply chains. SecureTech incorporates state-of-the-art tracking and handling processes to mitigate risks and safeguard 30 MEABUSINESS

sensitive goods throughout the journey. By prioritizing customer needs and maintaining rigorous compliance with safety standards,

Business News for the MEA region

SecureTech delivers a reliable, secure, and forward-thinking logistics solution tailored for the modern electronics industry.

Happy New Year from

your air cargo partner of choice

ETIHADCARGO.COM mea-biz.com

31

Test 01 MARKET FOCUS - JORDAN

Making Determined Progress Jordan’s resilience and stability attracts international investment and has garnered upgrades to its credit ratings as the government advances reforms to improve the business environment

J

ordan’s King Abdullah II swore in a new Cabinet in September, tasked with advancing reforms backed by the International Monetary Fund (IMF) and accelerating economic modernisation efforts crucial to reverse a decade of stagnant growth.

“The authorities are determined to step up the pace of structural reforms to achieve robust growth and generate more jobs, which is particularly important given that unemployment remains high, particularly among the youth and women,” said the IMF. Jordan’s structural reforms are designed to attract more investment by improving the business environment.

The reforms aim to enhance competition, increase labour market flexibility, maintain

32 10 MEABUSINESS

macroeconomic stability and promote sustainable long-term growth.

The Hashemite Kingdom’s political stability has attracted international attention and investment. Both Western and regional powers have long valued their relationship with the country due to its strategic importance in the Middle East.

Unlike other Middle Eastern countries with abundant oil and gas reserves, Jordan’s comparative advantage lies in its stable political environment and strategic location. Despite years of slow economic growth and high unemployment under IMF programs, the country is gradually recovering.

Jordan’s economy demonstrated resilience in 2024 despite challenges from regional geopolitical tensions and

Business Banking News for the MEA region and Finance news in the MEA market

trade disruptions in the Red Sea. The country has maintained a consistent average growth rate of 2.5% over the past decade, supported by effective fiscal and monetary policies, international support and robust growth in the tourism sector.

However, growth is projected to slow slightly to 2.4% in 2024, owing to the impact of the geopolitical conflict on tourism, trade, transportation and construction.

Jordan is implementing a threetrack, 10-year political, public sector and economic modernisation agenda that was launched in 2021. The IMF applauded the government for maintaining macroeconomic stability amidst a challenging environment.

The Kingdom has successfully navigated a series of severe shocks, including the pandemic, geopolitical tensions, the influx of Syrian refugees, disruptions to key export markets and a higher-for-longer interest rate environment over the past two years.

Weathering the storm Jordan’s economic outcomes have proven resilient in the face of a series of macroeconomic challenges in recent years. Despite disruptions caused by the

pandemic, regional geopolitical tensions and global inflation, the country has maintained a relatively stable economic performance, with growth projected to average 2.6% post-conflict in 2025/26.

While external support is vital, the Kingdom has plans of its own. The government in Amman continues to capitalise on its identity as proWestern and stable to attract foreign direct investments.

Jordan’s fiscal consolidation efforts resulted in a significant reduction of its budget deficit to 5.1% of GDP in 2023. The decline was driven primarily by lower government spending, which offset a decrease in revenue from taxes and foreign grants.

Similarly, the country has made substantial progress in reducing its current account deficit. The government aims to further strengthen its fiscal position by decreasing public debt to 80% of GDP by 2028.

To a c h i eve t h i s g o a l , J o rd a n is implementing a gradual fiscal consolidation plan, including limiting the central government’s primary deficit (excluding grants and transfers to public utilities) to 2% of GDP in 2025.

“The authorities are firmly committed to continuing to implement sound macroeconomic policies to maintain stability and to advance structural reforms needed to strengthen the resilience of Jordan’s economy further and to improve people’s living standards, as also envisaged in their Economic Modernisation Vision,” according to the IMF.

THE RECENT UPGRADES TO JORDAN’S CREDIT RATINGS, THE FIRST IN OVER 20 YEARS, TESTIFY TO THE CREDIBILITY OF THE AUTHORITIES’ ECONOMIC POLICIES – The International Monetary Fund

Setting macroeconomic targets for 2025, the Economic Modernisation Vision initiative seeks to raise the growth rate of Jordan’s GDP to 3%, gradually increasing the volume of exports to approximately $13.7 billion (JOD 9.7 billion) and net direct foreign investment to around $1.53 billion (JOD 1.09 billion).

Jordan approved its state budget for 2024 in January and the government in Amman projected a fiscal deficit of $2.9 billion (JOD 2.06 billion) or 2.1% of the GDP. The budget estimates current expenditures at $14.9 billion (JOD 10.6 billion) and capital expenditures at $2.4 billion (JOD 1.7 billion), bringing the total public spending to $17.4 billion (JOD 12.4 billion).

The Hashemite Kingdom expects public revenues of about $14.5 billion (JOD 10.3 billion) – JOD 9.6 billion in domestic revenues and JOD 723.7 million in grants.

Moody’s and S&P Global upgraded their credit ratings for the country, citing its strong fiscal and monetary policies and ability to withstand economic challenges.

“Successive reforms since 2019 have widened the government’s domestic tax base while fostering an improved

JORDAN BENEFITS FROM SIGNIFICANT FINANCIAL AND TECHNICAL COOPERATION FROM MULTILATERAL AND BILATERAL PARTNERS. JORDAN IS PROJECTED TO RECEIVE TOTAL FOREIGN ASSISTANCE OF $3.5 BILLION (6.5% OF PROJECTED GDP) IN 2024 – Fitch Ratings

business environment, which has structurally improved Jordan’s growth potential and will likely put debt on a declining path,” said S&P Global.

The rating agency commended Jordanian authorities for effective policymaking and the support the country has received from international organisations and donors, which have helped maintain economic stability despite the challenging global conditions. S&P Global projected that the macroeconomic stability will continue even if Jordan faces future challenges.

The IMF said the recent upgrades to the country’s credit ratings, the first in over 20 years, testify to the credibility of the authorities’ economic policies.

Lending a helping hand Jordan maintains strong external financial support. The US and the GCC countries see maintaining the country’s stability as a vital foreign policy objective due to its strategic location between Israel and other Middle Eastern nations.

The existing MoU between Jordan and the US covers the fiscal year 2023/29 and under this agreement, the US committed to providing the Kingdom with $1.45 billion in annual budgetary and military assistance.

“The US Congress has consistently approved higher funding than pledged due to cross-party solid support for Jordan among US lawmakers, most recently observed in the $200 million top-up of the December 2023 grant,” S&P Global said in September while projecting that the US will continue these supplementary grants.

Jordan and the UAE signed a Comprehensive Economic Partnership mea-biz.com mea-finance.com

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MARKET FOCUS - JORDAN

Agreement (CEPA) in October, which is aimed at boosting bilateral trade and investment, fostering growth in key industries, generating jobs and fortifying supply chains.

The signing of a bilateral trade agreement between the countries follows the signing of an MoU in November 2023, which established a $5.5 billion framework for investment collaboration in strategic sectors, such as infrastructure and development initiatives.

Under the framework, Jordan signed a $2.3 billion investment agreement with the UAE in September to build railways in the Kingdom linking Aqaba port to mining areas in Shaidiya and Gawr as-Safi.

The IMF and Jordan initiated a new four-year extended fund facility (EFF) worth $1.2 billion earlier this year. The financial assistance seeks to bolster the country’s fiscal consolidation efforts, with the goal of reducing government debt to 80% of GDP by 2028. By supporting investor confidence and maintaining a steady pace of reforms, the EFF seeks to stimulate economic growth in Jordan.

The Hashemite Kingdom also secured a new macro-financial assistance program worth EUR 500 million from the European Union. The financial aid will help the country address its external financing needs, bolster its fiscal consolidation efforts and support structural reforms.

Jordan is set to receive significant financial and technical cooperation from multilateral and bilateral partners, with total foreign assistance projected to reach $3.5 billion in 2024, according to Fitch Ratings. The financial aid represents a substantial portion of Jordan’s GDP, equaling 6.5%.

Simultaneously, Jordan is committed to accelerating structural reforms to foster more robust economic growth and create more jobs, which is particularly important as the rate of unemployment remains high, particularly among the youth and women.

The country’s structural reforms seek to advance the business environment to attract foreign investment by enhancing competition and labour market flexibility

34 12 MEABUSINESS

while further strengthening the social safety net. The government is also focusing on streamlining regulation and digitalisation of government services, including tax and customs administration.

The Central Bank of Jordan (CBJ) recently reported that foreign direct investment (FDI) in the country reached $364 million in June 2024, a record increase compared to $135.5 million in the previous quarter.

Fiscally fit Jordan’s gross foreign reserves stood at $18.7 billion as of June 2024, sufficient to cover approximately 6.8 months of future current account payments. The healthy level of reserves is expected to support the stability of the exchange rate peg.

a capital adequacy ratio of 17.6% and a liquidity ratio of 138.8% by mid-2024, well above the central bank’s regulatory requirement of 100%.

“The CBJ will continue its close monitoring of banks’ asset quality, including ensuring sustained application of prudent accounting, reporting and provisioning standards,” said the IMF. Digital transformation is the future of Jordan’s banking sector. The country’s financial services sector is undergoing a significant transformation as fintech firms are disrupting traditional banking models. The convergence of legacy systems with innovative fintech solutions necessitates substantial technological i n ve s t m e n t s a n d a s u p p o r t i ve regulatory framework.

IN JORDAN, NOTABLE ADVANCEMENTS HAVE BEEN MADE, INCLUDING THE ESTABLISHMENT OF DEDICATED FINTECH ENTITIES BY BANKS AND INNOVATIVE MOBILE APPLICATIONS OFFERING ENHANCED CONVENIENCE AND PERSONALISED DATADRIVEN SERVICES – KPMG

“The Jordanian dinar’s peg to the US dollar has supported price stability and contained inflation,” said S&P Global.

However, the pegging has restricted CBJ’s ability to implement monetary policies that are tailored to the country’s specific economic circumstances, as the apex lender effectively follows the lead of the US Federal Reserve.

CBJ enacted its first interest rate cut since the early days of the COVID-19 pandemic in September, slicing half a percentage point off the benchmark rate in lockstep with the Federal Reserve.

Meanwhile, Jordan’s banking sector, in particular, has been a significant source of strength, with the industry recording

Business Banking News for the MEA region and Finance news in the MEA market

KPMG said notable advancements in Jordan have been made, including the establishment of dedicated fintech entities by incumbent banks and innovative mobile apps offering enhanced convenience and personalised data-driven services.

While maintaining macroeconomic stability and advancing fiscal reforms to enhance employment, economic growth and competitiveness remain crucial, the IMF emphasises that bringing the Jordanian economy onto a higher growth trajectory is essential. Prioritising structural reforms, maintaining macroeconomic stability and swiftly implementing the Economic Modernisation Vision are crucial for achieving sustainable progress.

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PARTNER CONTENT

How finance teams that modernise with GenAI can lead their business to market dominance According to PwC’s analysis unit, Strategy&, the GCC region is set to reap US$23.6 billion in economic impact from generative artificial intelligence by 2030. In what analysts called a “conservative top-down estimate”, Saudi Arabia will see US$12.2 billion in value and the UAE US$5.3 billion. The rest will be shared among Qatar (US$2.6 billion), Kuwait (US$1.6 billion), Oman (US$1.3 billion) and Bahrain (US$600 million)

T

he second-highest ranked i n d u s t r y i n S t ra t e g y & ’s projection was banking and financial services, which is predicted to see a US$3.5-billion bump.

The Gulf’s BFSI sector has long been a trendsetter in technology adoption.

With a savvy eye on consumers’ shifting preferences, legacy banks have been quick to cater. There are many examples, from the rise of digital banks — Emirates NBD’s Liv, Mashreq Neo, Gulf International Bank’s meem and Bank ABC’s ila — to the roaring trade in FinTechs, such as Dubai’s PayTabs, Optasia and Sarwa, Abu Dhabi’s NymCard and Kuwait’s One Global.

36 18 MEABUSINESS

As the BFSI-tech union continues to deepen, it is clear that GenAI has a part to play. But it also has a broader role in the finance function across industries. In many ways, large-language models (LLMs) were made for financial professionals.

When it comes to arduous, cyclic tasks like preparing quarterly reports, reconciling ledgers and aligning with regulatory standards, GenAI models can do the work of dozens of people in a fraction of the time. A reduction in sweat and tears means happier employees. Greater accuracy means happier regulators. And enhanced efficiency means happier board members.

Business Banking News for the MEA region and Finance news in the MEA market

Sid Bhatia, Area VP & General Manager, Middle East, Türkiye & Africa, Dataiku

What GenAI brings is a means to plug gaps and overhaul juddering processes.

Legacy systems and manual workflows are routinely accompanied by silos — a sinister word that in the business world denotes inefficiency. GenAI can essentially become a field marshal for change in five main areas.

1. Market intelligence Market intelligence is a labor-intensive process at the best of times, but where data silos are present, it becomes maddening; and if information is not current, the task is impractical. With GenAI, finance departments can automate gathering and collation of data from sources as diverse as market reports, social media and news pages. AI is a natural pattern-matcher, so weeding out emerging trends, where challenging for a human, is a trivial exercise for GenAI, which can quickly provide a buffet of actionable insights that lead to shrewder decision-making.

2. Compliance The Gulf region is exceptionally business-friendly, but governments are pragmatic in their attitudes to regulation.

To protect consumers and economic security, mandates are periodically introduced that change enterprises’ risk profiles. In seconds, GenAI can consume and commit to memory gargantuan chunks of information — a task that would take weeks for a human professional to complete. GenAI can then automate the extraction of information from a range of sources and classify it in line with regulatory requirements. From employees’ payroll information to customers’ PII, automation increases accuracy and speed and takes a lot of the headache out of compliance management.

3. Contract interpretation What GenAI can do for compliance extends to contract management. It can extract key clauses and present advice to decision-makers with considerably less risk of missing the fine-print than if a human had performed the task. GenAI can speedily discover and arrange salient information such as payment terms. It is also ideally placed to retrieve information that human agents would have difficulty in committing to memor y, like supplier-specific clauses. GenAI allows employees to

focus on negotiation and compliance, t h e re by ( o n c e a g a i n ) i m p rov i n g risk management.

4. Social listening Customers live digitally and share their experiences with everyone. For commercial entities like banks, this sharing may be with the brand in the form of direct feedback, or it may be with other consumers on social media. For a bank with millions of customers, it would be impractical to have employees trawl even the company’s own feedback data in search of insights. LLMs, however, are very much up to the challenge.

They can sift through surveys, reviews and social pages rapidly. They can find

burden on finance professionals who need only fine-tune the commentary. The labor saved by GenAI puts time back into the hands of innovative humans who can use it to strategise and create.

GenAI next AI’s power lies partly in its ability to cover a wide range of use cases. GenAI amplifies this power because of its ability to take on such a wide range of previously human-centric activities.

The benefits of GenAI for finance teams are plentiful and obvious. The main challenge for organisations eager to avail themselves of these advantages will lie in how to securely integrate GenAI into their workflows. Every

WHAT GENAI BRINGS IS A MEANS TO PLUG GAPS AND OVERHAUL JUDDERING PROCESSES

connections and recurring themes, recognise sentiments and tie comments back to specific products or product lines. And they do so without bias, ensuring more accurate insights. This is the kind of information businesses can use to improve offerings and delight customers.

5. Financial summaries Documentation, when done manually, is one of the most time-consuming tasks in an employee’s daily workload. Financial commentaries are orders of magnitude lengthier and more complex. But when GenAI takes over data synthesis and analysis of trends, performance and risk, it can rapidly produce initial drafts of deliverables such as quarterly performance summaries or marketoutlook reports. This alleviates the

finance manager wants more accurate forecasts and faster processing. The enterprise must take care during procurement to ensure the chosen AI partner can integrate GenAI with full security, governance and operational controls, so customers and regulators can both be satisfied with the result.

A finance team equipped with GenAI will be a strategic leader within any organisation, whether in the FSI sector or elsewhere. The capability to lubricate the machinery of finance, and therefore of business, comes as standard. And when team members become comfortable with their AI colleague, the business will be setting standards of excellence for others to follow — in compliance, customer experience, employee experience and product innovation. mea-biz.com mea-finance.com

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OPINION PIECE

What a Second Trump Presidency Means for Gulf Economies Oscar Wendel Editor-at-Large of MEA Finance, looks at the potential impact on the GCC as Donald Trump returns to the White House. This second term raises questions about currency dynamics, energy policy and geopolitical partnerships. Could the Gulf Cooperation Council (GCC) be entering an era of accelerated opportunities under a businessfocused Trump administration?

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r e s i d e n t - e l e c t Tr u m p ’s ‘America First’ agenda signals a shift away from regulatory c o n s t ra i n t s t o w a rd s a business-friendly, entrepreneurial landscape, aligning with Gulf economies’ goals to diversify beyond oil, strengthen diplomatic ties and foster a freemarket environment. However, there is a risk that populist rhetoric could bring protectionism, potentially shrinking global trade. For GCC nations aiming to expand their economic footprint, skilfully navigating Trump’s protectionist policies will be vital to capitalising on any benefits his administration might bring.

Impact on the Gulf’s Banking and Finance Sector The anticipated dollar surge and resultant higher U.S. interest rates could significantly impact the GCC’s banking sector, raising borrowing costs and

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Oscar Wendel Editor-at-Large of MEA Finance

Business Banking News for the MEA region and Finance news in the MEA market

potentially reducing credit availability for small and medium-sized enterprises (SMEs). SMEs are central to the GCC’s diversification strategies, and restricted credit could slow economic growth, limiting the shift away from an oilcentered economy.

Trump’s pro-business policies, however, could open new pathways for GCC banks to collaborate with American institutions. Regulatory easing may encourage Gulf banks to expand in areas like trade finance and venture capital. Collaborations with U.S. fintech companies could also help GCC banks gain access to advanced technologies, supporting the Gulf’s ambition to become a regional financial hub.

Following Trump’s victory, the U.S. dollar has strengthened, driven by expectations of higher bond yields and increased foreign investment. This has mixed implications for the Gulf, where most currencies are pegged to the dollar. A strong dollar reflects a robust U.S. economy, enhancing opportunities for GCC investors in American markets.

However, it also makes oil more expensive for foreign buyers, potentially reducing demand for oil exports in the Gulf.

As GCC central banks may follow the Federal Reserve’s interest rate hikes, borrowing could become more costly for businesses and governments. This could impact the Gulf’s diversification efforts by increasing the cost of financing domestic projects. Tightened liquidity in Gulf financial markets may also affect growth in non-oil sectors vital to the region’s future.

The Pros and Cons of Trump’s Free-Market Focus Trump’s emphasis on deregulation is expected to strengthen U.S.-GCC trade relations, especially in energy, defence and technology. Reduced red tape could encourage Gulf investments in renewable energy, infrastructure and technology, fostering joint ventures and co-investment opportunities.

This free-market focus could also spur entrepreneurship within the GCC. By supporting policies that favour privatesector growth, the Gulf can position itself as a leader in emerging sectors.

With a Trump administration prioritising economic freedom, GCC businesses may face fewer barriers in the U.S. market, allowing for a favourable environment for Gulf investments.

For oil-driven Gulf economies, Trump’s support for domestic U.S. oil production presents both an opportunity and a challenge. The likely reinstatement of sanctions on Iran could restrict its oil exports, benefiting Gulf producers by reducing regional supply and potentially boosting oil prices. This could bring shortterm financial gains to GCC economies like Saudi Arabia and the UAE. However, Trump’s plans to ramp up domestic drilling could result in a market glut, pushing prices lower. For oil-dependent Gulf economies, this could threaten revenue stability. Gulf leaders must balance their strategic partnership with the U.S. while managing oil production carefully to avoid market disruptions that could harm their financial stability.

WITH INCREASING TIES TO ASIAN MARKETS, PARTICULARLY CHINA, GULF LEADERS FACE A DELICATE BALANCING ACT IN MAINTAINING PRODUCTIVE RELATIONSHIPS WITH THE U.S. AND CHINA a d va n c e d d efe n c e c a p a b i l i t i e s , including potential F-35 jet sales to the UAE. Trump’s reluctance to involve the U.S. in foreign conflicts may reduce military interventions, emphasising diplomacy—a philosophy that aligns with the GCC’s objective of maintaining stability without heavy reliance on a foreign military presence. Such potential stability could attract foreign investment, fostering a climate where Gulf financial markets can thrive.

Trump’s hardline stance on China presents challenges for the GCC, which counts China as a significant trading partner and oil buyer. Rising U.S.-China tensions could slow Chinese growth, impacting Gulf oil demand and revenues. Tariffs on Chinese goods could also drive inflation, complicating GCC financial planning.

With increasing ties to Asian markets, particularly China, Gulf leaders face a delicate balancing act in maintaining productive relationships with the U.S. and China. As Trump’s policies might widen the U.S.-China divide, the GCC will need diplomatic tact to avoid becoming entangled in a global trade dispute, which could have a ripple effect on their economies.

Geopolitical Stability as an Economic Catalyst

An Assertive GCC and Strategic Diversification

Under Trump’s leadership, a renewed focus on economic and geopolitical stability could benefit the Gulf. His transactional approach to diplomacy, particularly in military cooperation and arms sales, promises to enhance regional security. Regional stability is foundational for economic growth, and GCC nations could benefit from

Trump’s populist rhetoric has encouraged Gulf states to assert their national interests more confidently and pursue alternative alliances and partnerships.

This trend, coupled with the GCC’s pivot towards Asia, signals a desire to diversify economically and diplomatically.

Saudi Arabia’s quick congratulations to Trump on his election victory indicates

the Kingdom’s intent to strengthen U.S. ties. However, Gulf leaders remain cautious about Trump’s unpredictability regarding policy.

The Gulf’s focus on diversification is crucial. By investing in non-oil sectors, forging new partnerships and enhancing resilience, GCC countries can mitigate risks associated with any sudden Trump policy shifts. Such a strategy will enable the Gulf to position itself as more self-sustaining, reducing reliance on traditional alliances and adapting to global shifts.

A Trump presidency offers Gulf economies both potential benefits and challenges. Trump’s pro-business ethos aligns with the GCC’s ambitions to modernise and diversify, yet his protectionist stance and unpredictability mean that Gulf states must prepare for sudden shifts. Strategic agility and robust alliances within the region and globally will be essential to turn Trump’s term into an era of growth and resilience for the GCC. As Gulf countries advance, strengthening ties in Asia, managing U.S.China relations and carefully navigating diplomatic landscapes will be critical to seizing opportunities while minimising risks. Through strategic investments in both traditional and renewable energy resources, fostering entrepreneurship and pursuing economic diversification, GCC leaders are positioned to leverage Trump’s presidency for sustainable, long-term prosperity. By capitalising on Trump’s free-market principles, the Gulf can solidify its role as a dynamic, forward-looking centre of global business and investment amidst a shifting geopolitical landscape. mea-biz.com mea-finance.com

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Test 01 WORKFORCE & AI

Revisioning Roles AI is established as the future of banking and finance, with the benefits it brings business and customers well understood. The additional challenge however is how now to optimise human talent to meet the potential that the combination of person and machine promises.

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ew industries have been as quick to adopt digital technologies as financial services. While digitalisation and automation aren’t new to banking, the trend has taken on new significance with the rise of fintechs and the growing popularity of innovative operating models.

Digitalisation is essential for banks to thrive in the modern financial landscape, enabling them to cut costs, boost revenue, stay ahead of the curve and optimise operations.

“With the more recent shift toward automation, banks and financial service providers need to modernise their banking strategies,” IBM said, adding that the growing demand for artificial intelligence (AI), Internet of Things (IoT) and blockchain are among the other

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technologies banks must consider when creating a digital transformation strategy.

There is no question that AI is revolutionising the banking industry.

B y a u to m a t i n g p ro c e s s e s a n d leveraging innovative technology use and deployment, financial institutions will reduce their reliance on manual labour and lower operating costs. Rapid advancements in both traditional and cutting-edge AI technologies, such as generative AI (GenAI), are transforming the delivery, the adoption and daily use of banking services.

A study by Forbes Insights revealed that the majority of c-level banking executives consider legacy infrastructure to be the main challenge impeding their organisation’s business growth, which underscores the push for financial

Business Banking News for the MEA region and Finance news in the MEA market

institutions to fully accelerate their modernisation efforts to harness the transformative power of AI. According to S&P Global, banks have been leveraging AI for decades to advance risk management processes, loss mitigation, fraud prevention and customer retention as well as to deliver efficiency gains and profit growth.

However, the automation and digitalisation of the banking sector also opens up new vulnerabilities and amplifies existing risks. Cybersecurity, a near constant concern, remains at the top of the threat agenda and banks executives are allocating more resources and investments to update and strengthen their defences.

However, the situation is not entirely bleak. AI is transforming the sector, from enhancing risk management and fraud

detection to helping combat money laundering, and ultimately leading to a more robust and secure financial ecosystem, keeping pace with bad actors.

New ways of working Historically, banking has relied on cumbersome, time-consuming processes and excessive paperwork.

However, the emergence of fintech and digital-only banks has fundamentally shifted customer expectations, with a strong preference for the convenience, speed and accuracy of digital banking services. Banking automation has now transitioned from a desirable feature to an essential component of modern banking operations.

“Disruption from players such as digitalonly banks, fintech firms and Big Tech companies threaten to upend the banking industry as we know it and to encroach on traditional banks’ market share in the process,” said Hitachi Solutions.

It is well understood that AI-powered automation has revolutionised banking operations by automating routine tasks, freeing up the workforce to focus on higher-value activities, leading to substantial cost savings, improved operational efficiency and has much reduced instances of human error.

Banking automation technologies have significantly reduced workforce response times while boosting productivity, according to Automation Anywhere. The software firm notes that automation has positively impacted most banking and financial services across front, middle and bank offices.

Questions persist however about how the AI revolution in banking and finance will evolve the workforce in these institutions and ultimately reshape working cultures.

We are in the midst of a watershed moment and as more necessary, yet mundane tasks are mastered by automated services, will it necessarily follow that the human workforce will be cast aside, or will they be re-skilled to build out or bolster other areas of increasing focus such as customer engagement

and experience, ESG, inclusivity or in human resources? This will likely depend on individual institutions but it seems improbable that there will be mass ejections of workers. It is more likely to be a mix of natural wastage and refinement of newly required skills for the modern banking system with staff taken on directly to manage these, and with others being retrained as needed.

WITH THE MORE RECENT SHIFT TOWARD AUTOMATION, BANKS AND FINANCIAL SERVICE PROVIDERS NEED TO MODERNISE THEIR BANKING STRATEGIES – IBM

Banks in the GCC region are leveraging AI automation to enhance customer service across various touchpoints. For instance, AI-powered chatbots provide self-service support for basic inquiries, while in-branch interactions benefit from AI-driven insights to assist with complex issues.

“AI-powered automation can streamline processes like loan processing, fraud detection and customer service,” EY said in a blog post, adding that studies show the transformative role of AI in wealth management, focusing on its potential to democratise services, enhance operational efficiency and providing deeper insights into client behaviour.

To stay competitive and deliver personalised customer experiences, incumbent banks can take a page out of neobanks’ playbook by leveraging banking automation technology to tailor products and services to the unique needs of each customer.

“With their increasing IT investments, the banking and finance industry has evolved significantly over the past few decades,” Infosys BPM said in a report while noting that software solutions such as enterprise resource planning (ERP) and customer relationship management (CRM) support bank workforce by streamlining some of the most crucial operational workflows, allowing banking institutions to focus on their core services.

McKinsey forecasts that GenAI, a subset of deep learning technology or traditional AI, will revolutionise banking, adding $200 billion to $340 billion annually to the industry’s bottom line, equivalent to a 9 to 15% profit boost attributed mainly to the technology’s productivity gains.

Financial institutions are harnessing the power of AI and data, both internal and external, to optimise operations and enhance customer experiences.

By leveraging advanced techniques such as predictive modelling, bankers or the workforce can analyse massive datasets to identify trends, forecast future behaviours and proactively meet customers’ evolving needs.

GCC banks have been gradually adopting AI solutions to streamline operations and improve efficiency, driven by the innovative technology’s potential to automate routine tasks, optimise resource allocation and ultimately, reduce operational costs.

Hyper personalisation Banks have a growing number of options for the advancement of customer experience, such as effective self-serve options and personalised customer journeys using data and analytics.

However, the use of AI in the financial services industry can drive true end-toend digital transformation.

The use of AI allows the workforce to transition from reacting to queries to proactively solving problems, thereby improving the customer experience even more. Hyper customisation is a big trend within the banking sector as today’s more savvy customers are looking for a mea-biz.com mea-finance.com 4125

WORKFORCE & AI

personalised, tailored service rather than a one-size-fits-all approach. “ Tra d i t i o n a l A I a n d p re d i ct i ve analytics will decide on the prompts and the messages to deliver to the customer while GenAI will deliver those prompts and messages in a nonintrusive, human-like and personalised manner,” said BCG. GenAI is expected to create ‘focused financial offerings’ for individuals within retail and private banking channels and for corporate banking tailored to their specific needs and interests, which is a differentiator that can drive new forms of competitive advantage.

“GenAI can help the workforce improve and grow your customer service experiences, from no-touch interactions like self-service help with chatbots to high-touch situations like working through complex issues in a branch visit,” according to Salesforce.

The ‘gold mine’ of customer data that incumbents have accumulated over the years is a key value differentiator that is unlocked by the potential of GenAI. The depth and breadth of data a bank has on customers, as individuals and groups with common preferences, allows them to create recommendations for bespoke financial products to an individual’s specific needs at a far greater scale through digital services than has been previously possible.

The International Monetary Fund (IMF) said GenAI’s ability to process very large and diverse data sets is proving very useful in enhancing efficiency and advancing customer experience, risk mitigation and compliance reporting for financial providers.

With the rapid evolution of AI in financial services in recent years, banks are striving to deliver hyper-personalised experiences that empower customers to enjoy banking to the fullest while minimising any hassles. Today’s banking customers seek more than just financial services; they desire true partners who understand their unique needs and aspirations.

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Risk management Due to the nature of their business, which involves handling financial assets, investments and the liabilities that come with them, banks are inherently exposed to risks.

A joint study by EY and the Institute of International Finance revealed that cybersecurity has remained at the top of the list of near-term risks for

and the UAE, are driving the adoption of advanced technologies like AI and digital ID to combat financial crime and enhance customer due diligence.

Banks, which have been at the forefront of technological innovation in fraud prevention, must now consider how to adapt their risk management frameworks to effectively empower their workforce to address the risks and opportunities

DISRUPTION FROM PLAYERS SUCH AS DIGITAL-ONLY BANKS, FINTECH FIRMS AND BIG TECH COMPANIES THREATEN TO UPEND THE BANKING INDUSTRY AS WE KNOW IT AND TO ENCROACH ON TRADITIONAL BANKS’ MARKET SHARE IN THE PROCESS – Hitachi Solutions

banks around the world for the second consecutive year amid unprecedented levels of volatility, geopolitical tensions and global uncertainty.

While traditional fraud investigation methods struggle to keep pace with today’s complex schemes, AI’s ability to adapt and learn from evolving patterns makes it a powerful tool for detecting both known and unknown types of fraud.

“Thanks to AI, spotting fraud and assessing risks has become a whole lot easier and more effective. By crunching through vast amounts of data, AI systems can identify anomalies that might signal fraud before it happens,” according to the London School of Business and Finance.

AI-powered fraud detection systems can analyse massive datasets in real time, identifying suspicious patterns that signal fraudulent activity.

GCC banks can harness GenAI to proactively identify emerging risks, bolster resilience and improve risk management practices. Central banks in the region, including Qatar, Saudi Arabia

Business Banking News for the MEA region and Finance news in the MEA market

presented by emerging AI technologies, as highlighted by a recent US Treasury report.

This provides a realm of potential opportunity for banks to become better honed when dealing with fraud and at the same time enhance workforce skills.

AI’s ability to rapidly process enormous quantities of data allows it to detect patterns and trends that human workers would take much longer to spot. Redeploying workforce members away from such repetitive and time-consuming duties to areas of human interaction that AI either will not or cannot yet manage, will strengthen the overall risk management operations of banks.

On balance we believe AI and automation are transforming the banking industry by improving customer experience, enhancing operational efficiency and enabling the development of innovative products and services. By embracing these technologies, banks can stay competitive and meet the evolving needs of their customers, and by thoughtfully considering their workforces role in the new world of banking, can further enhance their overall performance.

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