Gulf Business

Where ‘what ifs’

09 The brief

An insight into the news and trends shaping the region with perceptive commentary and analysis

24 Banking on values

Ranjit Khanna, Bank of Singapore’s head of private banking for EMEA, on the brand’s local presence, and long-term vision for a new generation of private banking clients

65 The SME Story

Insights on how the region’s dynamic SME ecosystem is evolving

Editor-in-chief Obaid Humaid Al Tayer | Managing partner and group editor Ian Fairservice

Chief commercial officer Anthony Milne anthony@motivate.ae

Publisher Manish Chopra manish.chopra@motivate.ae

Group editor Gareth van Zyl Gareth.Vanzyl@motivate.ae

Editor Neesha Salian neesha.salian@motivate.ae

Reporter Nida Sohail Nida.Sohail@motivate.ae

Senior art director Freddie N Colinares freddie@motivate.ae

Senior art director Olga Petroff olga.petroff@motivate.ae

companies

From A to Z, here are some of the region’s powerhouses

General manager – production S Sunil Kumar Production manager Binu Purandaran

Assistant Production Manager Venita Pinto

Digital sales director Mario Saaiby mario.saaiby@motivate.ae

Sales manager Hitesh Kumar Hitesh.Kumar@motivate.ae

Cover: Freddie N Colinares

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one of the world’s largest AI compute clusters.

ITSELF AS AN INDISPENSABLE

Gareth van Zyl, group editor

Le gacies are ear ne d, not inher i te d.

Legacies are built and sustained by values passed down through generations. It is earned through resilience, discipline, and hard work.

At Bank of Singapore, we are driven by our shared Asian values to grow and protect your wealth with global expertise. For every generation.

JUNE 2025

MARK YOUR DIARIES WITH OUR MUST ATTEND AWARDS AND BRIEFINGS

EVENTS CALENDAR

GULF BUSINESS BREAKFAST (DUBAI, UAE)

TRADING AHEAD: State of the UAE’s online investment sector

SEPTEMBER

2025

GULF BUSINESS BREAKFAST (RIYADH, KSA)

FINTECH FRONTIERS: Focus on AI, DeFi and digital payments

SEPTEMBER 2025

GULF BUSINESS AWARDS (DUBAI, UAE)

RECOGNISING THE BEST IN KEY SECTORS ACROSS THE GCC Retail, Real Estate, Banking, Energy, Technology and Healthcare

UPCOMING EVENTS GULF BUSINESS AWARDS

NOVEMBER 2025

GULF BUSINESS BREAKFAST (DUBAI, UAE)

BUILDING TOMORROW: Innovations and sustainability in UAE real estate

gulfbusiness.com/events FOR EVENT SPONSORSHIP AND MORE DETAILS, CONTACT manish.chopra@motivate.ae | mario.saaiby@motivate.ae | hitesh.kumar@motivate.ae

PRESENTED BY

The buzz beyond hierarchy

Here’s what bees can teach us about leading without micromanaging

As an author and leadership coach, I’ve spent considerable time observing and learning from one of nature’s most fascinating and efficient societies: the beehive. The intricate dynamics of a bee colony can offer valuable insights for modern leadership, and one particularly compelling lesson revolves around moving beyond traditional hierarchies and embracing a leadership style that empowers rather than micromanages.

When we picture a beehive, we might imagine a rigid hierarchy with a queen at the top, directing every move. However, the reality is far more nuanced. While the queen’s role is crucial, she

doesn’t micromanage the thousands of worker bees. Instead, the hive operates on a principle of decentralised autonomy, with each bee understanding their role and responsibilities within the larger framework.

Worker bees, for example, go through various stages in their short lives, each with specific tasks. They begin as housekeepers, then transition to nurses, builders, guards, and finally, foragers. This progression isn’t dictated by constant supervision but rather by the hive’s needs and the bees’ internal development. They instinctively know when and how to transition, driven by a collective intelligence and a shared purpose.

BEES OPERATE ON A PRINCIPLE OF ‘COLLECTIVE INTELLIGENCE.’ DECISIONS, SUCH AS WHEN TO SWARM OR WHERE TO FORAGE, ARE OFTEN MADE THROUGH A CONSENSUS-SEEKING PROCESS INVOLVING NUMEROUS BEES. THIS DECENTRALISED DECISION-MAKING ENSURES THAT THE HIVE BENEFITS FROM THE COLLECTIVE WISDOM OF ITS MEMBERS, RATHER THAN RELYING ON A SINGLE INDIVIDUAL’S JUDGMENT.

POWERFUL LESSONS IN LEADERSHIP

This autonomy within a structured system is a powerful lesson for human leadership. In many organisations, rigid hierarchies and micromanagement stifle creativity and initiative. Employees become dependent on constant direction, rather than developing their own problem-solving skills. In contrast, when leaders trust their teams and provide them with clear objectives and resources, they empower them to take ownership and deliver exceptional results.

Bees also demonstrate remarkable adaptability. If there’s a crisis, such as damage to the hive, the bees quickly reallocate tasks and responsibilities. There’s no long chain of command or endless meetings to decide who does what. They simply respond to the situation, each bee knowing how to contribute to the solution. This agility comes from a shared understanding of the hive’s overall health and wellbeing, a sense of collective responsibility that transcends individual roles.

In our workplaces, fostering this sense of shared purpose is vital. When team members understand how their work contributes to the organisation’s

Philip Atkinson is the author of Bee Wise: 12 Leadership Lessons from Inside a Hive and the founder of Hive-Logic.com

larger goals, they are more likely to take initiative and act autonomously. This requires clear communication, transparency, and a leadership style that focuses on providing guidance and support, rather than command and control.

ALL ABOUT COMMUNICATION

Another critical aspect of the beehive’s organisation is its communication. Bees use the ‘waggle dance’ to share information about food sources, direction, and distance with remarkable precision. This efficient communication ensures that the entire hive is aligned and working towards common goals without constant supervision. Similarly, in our organisations, open and effective communication is essential for empowering teams. When leaders clearly communicate expectations, provide regular feedback, and create channels for team members to share their ideas and concerns, they foster a sense of trust and autonomy.

Moreover, bees operate on a principle of ‘collective intelligence.’ Decisions, such as when to swarm or where to forage, are often made through a consensus-seeking process involving numerous bees. This decentralised decision-making ensures that the hive benefits from the collective wisdom of its members, rather than relying on a single individual’s judgment. In our teams, encouraging diverse perspectives and collaborative decision-making can lead to more innovative and effective solutions.

In conclusion, the beehive offers a compelling model for leading beyond hierarchy and micromanagement. By observing the bees, we learn the importance of empowering autonomy, fostering a shared purpose, encouraging adaptability, enabling effective communication, and leveraging collective intelligence. When leaders trust their teams, provide clear objectives, and support their growth, they create an environment where individuals thrive, and the entire organisation flourishes, much like a busy, well-functioning beehive.

WHEN WE PICTURE A BEEHIVE, WE MIGHT IMAGINE A RIGID

WITH A QUEEN

AT THE TOP, DIRECTING EVERY MOVE. HOWEVER, THE REALITY IS FAR MORE NUANCED. WHILE THE QUEEN’S ROLE IS CRUCIAL, SHE DOESN’T MICROMANAGE THE THOUSANDS OF WORKER BEES. INSTEAD, THE HIVE OPERATES ON A PRINCIPLE OF DECENTRALISED AUTONOMY, WITH EACH BEE UNDERSTANDING THEIR ROLE AND RESPONSIBILITIES WITHIN THE LARGER FRAMEWORK.

Unlocking new frontiers

We explore the strategic role of credit ratings in GCC debt markets

As global corporate bond debt surged to $35tn by the end of 2024, the increasing influence of nonfinancial corporations has become evident, accounting for over 60 per cent of the growth since 2008. This trend highlights the critical role debt capital markets (DCMs) play in corporate financing strategies around the world. In the Gulf Cooperation Council (GCC) countries, this pattern is especially prominent, with expectations for continued expansion in the region’s DCMs. The GCC is anticipated to remain one of the largest emerging-market dollar debt issuers through 2025 and 2026, excluding China, while also leading globally in sukuk issuance and investment.

becoming essential. Credit ratings act as financial report cards, providing an independent assessment of a company’s ability to repay its debts. These ratings are based on comprehensive criteria evaluating factors such as business profile, cash flows, and financial leverage. This independent perspective enhances transparency and comparability, aiding investors, counterparties, and market participants worldwide in making informed decisions.

Key drivers of this growth include fluctuating oil revenues, which significantly impact DCM activities. With oil prices forecasted to decline to $70 per barrel in 2025 and $65 in 2026, sovereign issuances are likely to increase, supported by modestly rising demand and ample global supply. Although currently not the primary funding source compared to other regions, GCC banks and corporations are increasingly expected to engage with these markets. For many issuers, obtaining a credit rating is

Investors utilise credit ratings to inform their investment strategies and manage portfolios, while businesses leverage them to assess the risk of engaging with other entities. For instance, banks consider these ratings when evaluating loan risks, and investment bankers rely on them to price debt issues accurately.

For corporate treasuries entering capital markets, key considerations for a credit rating are:

Access to capital markets: Credit ratings facilitate access to capital markets by providing transparency and an independent assessment, enabling companies to issue bonds directly to investors rather than relying solely on bank loans. This access

Nejoud Al Mulaik is a senior director at Fitch Ratings

is crucial for funding capital expenditures or acquisitions.

Lower borrowing costs: A favourable credit rating can reduce the interest rates on debt, thereby lowering borrowing costs. Rated companies often enjoy significant savings in public bond markets compared to their unrated peers. Higher-rated companies also find it easier to tap into international markets and attract a broader investor base.

Risk management support: Credit ratings offer a benchmark for evaluating a company’s financial health, aiding in strategic planning and risk management.

Compliance with Basel regulations: As Basel III regulations are implemented, banks increasingly value investment-grade ratings. The revised standardised approach emphasises external credit ratings, enhancing their importance in assessing credit risk.

Regulatory compliance: In some sectors, credit ratings are a regulatory requirement, ensuring companies meet governance standards and maintain transparency.

Enhanced credibility: A strong credit rating bolsters a company’s reputation, offering a competitive advantage in negotiations and signaling financial stability to a wide range of stakeholders.

Improved information flow: With the expansion of capital markets, credit ratings enhance transparency and elevate a company’s market profile through regular, in-depth analysis.

In essence, for corporate treasuries wanting to lower borrowing costs, enhance market credibility and access — a credit rating is a crucial consideration. They play a key role in managing financial risks, complying with regulations, and building stakeholder trust. Companies should consider various factors when selecting a rating agency, such as research quality, global reach, and service levels.

In summary, credit ratings not only unlock new financing opportunities but also strengthen a company’s position in global and regional capital markets.

5 golden rules for IPO investing in the UAE

IPO activity in the UAE is booming, offering investors fresh opportunities — but success depends on timing, research, and strategy

Initial public offerings (IPOs) attract a lot of attention from stock market researchers, academics and investors seeking to understand more about how they work and how the shares of IPO companies perform once they are listed.

The UAE has been a particularly active IPO market in recent years and especially since the pandemic. Between 2022 and 2024, there was an average of eight to 10 IPOs per year with total funds raised amounting

to Dhs95.2bn. The year 2022 was especially active with a significant surge in IPOs. In 2023, UAE IPOs accounted for more than half of all the capital raised in the GCC and the UAE’s dominance continued through 2024. This year looks set to be equally active.

The country’s regulatory landscape is one of its many strengths and offers a choice of local stock exchanges - Abu Dhabi Securities Exchange (ADX), Dubai Financial Market (DFM), and NASDAQ Dubai. The local regulator –the Securities and Commodities Authority (SCA) - sets out the rules and regulations for IPOs and monitors compliance post-IPO.

But what is an IPO? It is the process by which a private company offers its shares to the public for the first time. Privatisations of governmentowned utilities or other service providers usually take place using the IPO process, such as those we have seen in the UAE — ADNOC Gas, DEWA, Salik.

Stepping into the glare of public ownership is a highly regulated process and demands significant preparation by the company — appointing advisers, compiling and publishing an IPO prospectus, announcing the subscription period, pricing the IPO and the shares to be offered, allocating shares, and preparing for listing day when the shares become actively traded on the selected market.

IF AN IPO IS SO DEMANDING, WHY DO IT?

Companies undertake IPOs for a host of very good reasons — to raise capital for expansion; to pay down debt; increase public profile, provide liquidity for original shareholders, and create investor opportunities with the potential for early investment gains and diversification of the investment portfolio.

On average, IPO companies offer shares to investors at prices which are considerably below their trading price on the first day of listing. This is termed ‘underpricing’ and it’s a global phenomenon, though the level of underpricing varies across the world. Longer term performance of the stock

Arif Khurshed is professor of Finance and programme director of the part-time MSc Financial Management at Alliance Manchester Business School, The University of Manchester. He is also author of Initial Public Offerings (Harriman House) in which he explores the history of IPOs on the London Stock Exchange

may be a different matter. Regardless of the investment risk inherent in any IPO, there are still indications of strong investor appetite for IPOs. A 2024 UAE investor pulse survey shows 84 per cent of UAE investors are likely to invest in future IPOs (Edelman Smithfield 2024). This is helped by the fact that the UAE has economic momentum coupled with strong liquidity, with long-term plans on privatisation of state enterprises.

DFM’s incentives programmes also encourage IPOs from private companies. According to financial sector experts, the UAE is expecting six to eight IPOs this year.

HOW TO INVEST IN IPOS

Investors should spend time researching the IPO firm, before deciding to apply for shares. The IPO prospectus is the best source of information on the firm and is easily available online. It contains information on all the key details of the company, investment risks, subscription terms and conditions, financial information and the offer period.

As with any investment, there are risks to consider so it’s essential to do your due diligence and read the ‘Investment risks’ section of the IPO prospectus. Analyse the financial health of the firm and get a sense of the business model. Assess the valuation – compare the pricing with peers (where available) and evaluate growth potential.

Look for signals of quality — a top team of advisors, backing by cornerstone investors, and lock-up agreements. Subscription considerations include oversubscription risks and ensure you read about the allocation mechanism.

HOW TO APPLY

All the above assumes that you will be successful in your application for shares in the face of stiff competition. Retail investors must have a National Investor Number (NIN), active bank account and a registered mobile number. They can apply via participating banks, brokerage platforms, and an exchange’s eIPO portals. DFM has a dedicated section on its website (How to subscribe to IPOs) that includes an IPO subscription platform. ADX has an eIPO Investor portal allowing subscription in IPOs. There are also several digital platforms: Emirates NBD IPO Portal, Al Maryah Community Bank (Mbank), Wio Bank, Liv Bank, Abu Dhabi Commercial Bank (ADCB).

5 GOLDEN RULES FOR IPO INVESTING IN THE UAE

RULE 01

To profit from IPO underpricing, buy shares at the offer price and consider selling early on the first trading day, as most gains occur during initial trades.

RULE 02

Unless buying shares in a privatisation IPO, take care when making a long-term investment in IPOs. Highly underpriced IPOs usually underperform the market in the long run.

RULE

Perform more comprehensive due diligence on IPOs that involve only secondary share sales or where insiders are selling a significant portion of their holdings during the IPO. However, there are exceptions to this rule, especially in the UAE.

REGARDLESS OF THE INVESTMENT RISK INHERENT IN ANY IPO, THERE ARE STILL INDICATIONS OF STRONG INVESTOR APPETITE FOR IPOS. A 2024 UAE INVESTOR PULSE SURVEY SHOWS

RULE 04

Selling shares around the lockup expiry period should be avoided as share prices usually drop at this time.

RULE 05

If the share price of an IPO is ‘sticky’ in the aftermarket, it may be a sign of price stabilisation from the sponsor. When sponsors remove price stabilisation, the share price is expected to fall. Avoid selling towards the end of this 30-day period as this is when price stabilisation usually ends.

The UAE’s IPO market is robust and growing. Making informed investment decisions is crucial, so monitor upcoming IPOs and conduct thorough research before investing.

Logistics: Robots aren’t

replacing us; they are

redefining what we do

The logistics and supply chain sector in particular has experienced a significant transformation, driven by changing consumer demands, technological advancement in AI and robotics

This year’s Seamless Middle East held in Dubai last month brought “The Future of Digital Commerce” to the spotlight, highlighting innovations and challenges across sectors like e-commerce, logistics, and supply chain. The logistics and supply chain sector in particular has experienced a significant transformation, driven by changing consumer demands, technological advancement in AI and robotics, and a growing emphasis on sustainability.

Consumer expectations have become more complex, particularly due to the rapid rise of e-commerce and hence, company warehouses are evolving urgently from traditional storage spaces into intelligent, automated fulfillment centres, striving to survive in a fast-paced, customer-centric market.

THERE ARE FIVE KEY TRENDS RESHAPING THE LANDSCAPE

First, warehousing is no longer just about storing and shipping products. The rise of e-commerce has pushed businesses to rethink fulfillment as a critical touchpoint in the customer journey. Today, customised packing and branded experiences are becoming standard, requiring greater agility and personalisation in warehouse operations. To meet these new demands, the logistics industry is undergoing a major shift powered by artificial intelligence and robotics, particularly through intelligent software like warehouse management systems (WMS). Just like smartphones are a daily necessity, WMS is now essential in modern warehouses, helping operators track inventory in real time, manage orders and staff, and provide performance insights.

Second, smart technologies like robotics are becoming essential, helping companies process orders faster and more accurately. This is seen widely, not only in

global markets but also in the Middle East, across sectors like healthcare, food, and even military logistics

Third, companies are adopting omni-channel strategies, combining e-commerce, third-party logistics (3PL), and wholesale into one system. This model is being adopted as businesses can no longer rely solely on traditional B2B or retail channels. Thus, modern warehouses are becoming central hubs capable of managing diverse order types, serving both individual consumers and businesses under the same roof.

fulfilment while enhancing accuracy and consistency. Drones are also changing how inventory is managed. They can scan shelves on their own, removing the need for manual checks. They even operate in the dark, which helps save on energy costs and supports sustainability.

Moreover, AI is also powering new technologies like LiDAR sensors (light detection and ranging), which allow robots to identify, track, and handle moving objects with high accuracy. Whether it’s scanning barcodes or navigating aisles, these tools ensure that automation can function efficiently alongside human workers.

AUTOMATION DRIVES CUSTOMER SATISFACTION

Today, great customer experience is a necessity but serving thousands or even millions of people every day takes more than just manpower; it needs smart automation.

Fourth, artificial intelligence is starting to improve warehouse operations by helping managers make faster, smarter decisions and streamline processes.

Lastly, but perhaps the most far-reaching trend is the push for sustainability in logistics. From reducing carbon emissions in transportation to adopting green packaging solutions and energy-efficient warehouse operations, companies are under growing pressure from customers as well as investors to create a sustainable path for supply chains.

ROBOTS ARE GAINING GROUND

Robots are playing a big role. Far from replacing human workers, these technologies are redefining logistics operations by taking over repetitive, time-consuming tasks and enabling people to focus on higher-value activities.

Autonomous mobile robots (AMRs), for example, navigate warehouse floors to transport items efficiently, reducing manual effort and boosting overall productivity. Meanwhile, autonomous case-handling robots (ACRs) specialise in precise, high-speed item picking accelerating order

Automation isn’t just about doing things faster; it’s about consistency, accuracy, and the ability to adapt. When systems are easy to set up and manage, businesses can quickly adapt to changing needs without sacrificing quality.

When one bad customer experience can instantly damage a brand’s image online, there’s no room for mistakes. Ultimately, automation is a strategic investment that allows businesses to fulfil promises at scale, protect their reputation, and build loyalty.

DOES AUTOMATION THREATEN HUMAN JOBS

As more companies adopt AI and robotics, there is concern that jobs, especially in warehousing, might decline. What we need to understand is that this is a cycle: when a business reaches a certain scale, automation becomes necessary to sustain growth, while also creating new roles in areas like sales and customer support.

Rather than replace people, automation takes over repetitive or physically tough tasks, allowing workers to upskill and move into careers that are more rewarding and sustainable. In our industry, automation is creating value and helping both people and businesses focus on what really matters.

Alain Kaddoum is the MD of Savoye Middle East

MEBA 2025 crowns regional blockchain leaders at Burj Al Arab

The Middle East Blockchain Awards (MEBA) 2025 took centre stage at the Jumeirah Burj Al Arab on 29 April, honouring pioneers who are shaping the future of blockchain, crypto, Web3, and AI technologies across the MENA region

Supplied

Best GameFi Project: Astro Armadillos

Best RWA Tokenization Project: Hash AI

Top Crypto Influencer 2025: Ran Neuner

Most Influential Woman in Blockchain and Crypto: Nikita Sachdev

Best Web3 Financial Community: Real Vision

Most Promising Crypto Media Agency: Credibility X

Best Blockchain Development Solution: Chainsight

Most Promising Web3 Ecosystem: Propchain (powered by prop.com)

Coinciding with the TOKEN2049 conference, the MEBA 2025 Awards gathered top investors, technologists, public officials and entrepreneurs in what organisers described as an “awards-as-networking experience”. Now in its second year, MEBA has become one of the most high-profile celebrations of digital innovation in the region.

The ceremony was hosted by impact speaker and entrepreneur Lilly Douse and Scott Melker, Host of The Wolf Of All Streets Podcast and #CryptoTownHall.

The event was further organised by the Hoko Group. Winners were selected by a judging panel comprising some of the most respected names in blockchain and fintech.

THE 2025 WINNERS INCLUDED :

Best GameFi Project: Astro Armadillos

Best RWA Tokenization Project: Hash AI

Most Promising Web3 Ecosystem: Propchain (powered by prop.com)

Best Blockchain Development Solution: Chainsight

Top Crypto Influencer: Ran Neuner

Best Web3 Financial Community: Real Vision

Most Influential Woman in Blockchain and Crypto: Nikita Sachdev

Most Promising Crypto Media Agency: Credibility X - Sashin Govender

Best Blockchain Analytics Solution: Crystal Intelligence

Hosts Scott Melker and Lily Douse

Max Palethorpe, founder and CEO of Hoko Group, said: “The Middle East Blockchain Awards provides a platform to recognise achievements in blockchain and digital transformation. With the UAE leading developments in Web 3.0, this year’s event highlights the work of industry leaders pushing boundaries across blockchain, AI and fintech.”

Returning judge Dr Marwan Al Zarouni, CEO of the Dubai Blockchain Center, added: “I am pleased to be part of the judging panel again and to witness the continued development of blockchain technologies in the MENA region. The UAE’s regulatory approach and innovation ecosystem are driving adoption across Web 3.0 technologies.”

THE FULL JUDGING PANEL INCLUDED:

Dr Marwan Al Zarouni, CEO, Dubai Blockchain Center

Scott Melker, host of The Wolf Of All Streets Podcast and #CryptoTownHall Jumana Al Darwish, impact entrepreneur

and Web3 investor, and founder of The Happy Box

Megan Plisky, Web3 leader and strategic advisor

Matthias Mende, founder and CEO of Bonuz and co-founder of the Dubai Blockchain Center

Saqr Ereiqat, secretary general of the Dubai Digital Asset Association and co-founder of Crypto Oasis Ventures

Gareth van Zyl, group editor, Gulf Business

Jorge Sebastião, co-founder of the Global Blockchain Organisation and co-founder of EcoX

As blockchain and digital assets continue to accelerate across the region, MEBA has positioned itself as a platform not only for recognition, but also for collaboration.

This year’s event put an emphasis on real-world impact — aiming to foster strategic partnerships and investment opportunities across its network of winners and attendees.

The UAE continues to assert itself as a global blockchain hub. Chainalysis data reveals that between July 2023 and June 2024, the MENA region saw $338.7bn in on-chain transaction volume.

The UAE accounted for $34bn of that figure — a 42 per cent year-on-year increase — while Henley & Partners ranks the country third globally in digital currency usage.

With Web3 growth accelerating, MEBA 2025 underscores Dubai’s role as a leader in digital innovation and its ambition to shape the future of finance, tech, and governance.

Best Blockchain Analytics Solution: Crystal Intelligence

Most Influential Person in Blockchain and Crypto: Acme Worawat

Eric Trump on why the Gulf is the future of luxury real estate

ERIC TRUMP SHARES INSIGHTS WITH GULF BUSINESS ON TRUMP TOWER DUBAI, THE PARTNERSHIP WITH DAR GLOBAL AND WHY THE GULF IS A KEY FOCUS FOR THE BRAND’S LUXURY REAL ESTATE EXPANSION

BY NEESHA SALIAN

Dar Global and The Trump Organization recently unveiled their most ambitious Middle Eastern project yet: Trump International Hotel & Tower, Dubai. Standing tall at 80 floors and 350 metres on Sheikh Zayed Road, this launch marks the Trump Organization’s first hotel and tower in the UAE and its fifth collaboration with Dar Global.

To mark the official launch, Eric Trump, EVP, The Trump Organization, visited Dubai last month and spoke with Gulf Business about the development. From the tower’s rapid approval to the region’s “yes-first” attitude and tokenisation in real estate, Trump shared why Dubai, and the wider Gulf are becoming the Trump Organization’s most exciting frontier for luxury real estate. Here are excerpts from the conversation.

The Trump Organization is actively expanding across the Gulf, including iconic projects

like Trump Tower Dubai. What excites you most about being in this region? It’s every developer’s biggest playground. There are no “no’s” in Dubai and other parts of the Gulf. You go around the world — Europe especially frustrates me, and that’s tough because my mother was European, and I spent a lot of time there. But you try to get anything done, and all you hear is “no”.

In the Gulf, you’re met with “yes — and make it bigger, better, more luxurious”. That’s an amazing attitude. Most countries are always looking backward. The Gulf doesn’t do that. It only looks forward.

You visit places that talk about history from 800 years ago. Here, they’re talking about where they’ll be in 50 years, in 30 years, in a decade. Big aspirations, smart people, monumental capital and mega projects. It’s genuinely exciting to be part of. I tell people all the time, as many think their country or system does it better. I always say, be careful, because there are

regions out there that are winning the race and doing so in a very big way. As a businessman, as a capitalist, as someone who values efficiency and loves to create, it’s inspiring to watch what’s happening — not just in Dubai, Abu Dhabi but across the Gulf. Look at Saudi. We’ve got two, maybe three projects there. Look at Diriyah and some of the masterplans. Nowhere else in the world could they pull something like that off. It’s a lot of fun to be part of.

How do the forward-looking values here align with those of the Trump Organization?

We charge hard. We make decisions fast. In Europe, if you want to build a golf course and move one green seven feet, you’ll spend five years in approvals, environmental studies, other surveys — you name it.

Now look at Dubai. We got Trump Tower Dubai—an 1,150-foot-tall building with the world’s highest outdoor swimming pool — approved in under a month. And that’s not because we’re Trump. It’s because this country is pro-business and wants to see great things happen. Around the world, I see so many projects I’d love to do. But they take too long, cost too much, and are too hard to get off the ground. If they had the Gulf mentality and just said yes, I’d start tomorrow. But I don’t have the energy to spend seven years fighting for something I want to do out of passion. So, it doesn’t get done.

And honestly, I don’t think many countries realise how much that holds them back.

Tell us about your partnership with Dar Global.

We truly fell in love with them. I’ve known Ziad [El Chaar, the CEO of Dar Global] for about 15 years now and I worked with him on an incredible gold course project.

Honestly, Dar global are exceptional at what they do. They’re fast, pragmatic, and incredibly focused on luxury. They’re determined to undertake the most beautiful, most incredible projects in the world. Beyond that, I truly enjoy working with them as people. Let’s be honest, we’re fortunate enough to work with anyone, but when you find people who not only meet all the professional criteria but also ones you genuinely enjoy being around, that’s a “marriage made in heaven”.

DAR GLOBAL ARE EXCEPTIONAL AT WHAT THEY DO. THEY’RE FAST, PRAGMATIC, AND INCREDIBLY FOCUSED ON LUXURY. THEY’RE DETERMINED TO UNDERTAKE THE MOST BEAUTIFUL, MOST INCREDIBLE PROJECTS IN THE WORLD.”

Trump properties span across the globe. How do you ensure consistency while managing such a diverse portfolio?

We’re building projects globally, but we haven’t become one of those “shotgun” companies with multiple hotels in the same city. Many big hotel brands do this, and while they’ve done well, it makes their properties lose their lustre — they all blend together and lose their uniqueness.

I travel 200 days a year, and sometimes I can’t even tell which five-star brand I stayed at because they all feel the same, like clay that just blends together. You can’t be unique when that happens.

And I never want to be that company. I want all our projects to look so different. Every single one of our projects is unique. It’s contextual to the location. You can feel it; you can see it. And when you look at our employees, they’re families of ours. They’re not these big public corporations. They’re not numbers. They’re not people who come and go. They’re people who have stayed with us for decades, and you can feel that when you walk through the doors. You can feel the sense of family. We take tremendous pride in this. We want the best projects in the world. We want them to be uniquely ours. We don’t want the ‘mass’. We want the best. And that’s my focus.

How do you think technology is changing real estate?

I could talk about this one forever. Obviously, technology is having a huge impact.

We’ll probably be the first mass-market project on a truly global scale to literally offer people the ability to buy their units in Bitcoin, in cryptocurrency. I spend a lot of time in that world. Tokenisation of real estate — it’s coming, and it’s coming very, very quickly.

That actually benefits us more than most, because guess what? It’s a lot harder to tokenise a very low-profile project — one no one’s heard of, in a bad location, with no brand recognition — than it is to say, “Hey, we’re building Trump Tower Dubai”. It’s the best hotel in the city, the best views, the best

amenities, the best private club. We minted 20 million tokens — who wants to buy in?

That’s a massive advantage for brands like ours. We’re in demand. We’re phenomenal locations where people want to be a part of the story. Tokenisation opens access to a financial world that most people could never have been involved in. Someone might own a millionth of a percentage of a project — but they still get to feel that ownership, that pride of being part of something significant.

It also really opens up capital markets. So many investors today have limited options. You’ve got public companies — but they probably make up less than 1 per cent of the companies out there — yet everyone’s concentrated in those. Tokenisation changes that. Suddenly, you don’t need the public markets. You can invest in Trump Tower Dubai. And that’s a cool thing.

Technology affects so many aspects of the business. On the customer side: booking, service, overall experience. More and more, your phone is becoming your room key. You bypass the front desk, get to your room faster. The room service menu pops right onto your screen. It makes the entire travel experience more seamless.

But on the finance side — tokenisation, crypto, stablecoins, Bitcoin — that’s where the real shift is coming. Sit here in 10 years, and watch: you’ll see a major intersection between the tangible world and the intangible world. That includes buying and selling, of course, but also financing, paying vendors, staff, receiving customer payments, issuing refunds. All of it — quicker, cheaper, more transparent. And that’s a very exciting thing.

There’s been a lot of global debate around President Donald Trump’s tariffs. What are you seeing in terms of reaction from the Gulf? And what’s your take on it? That’s a really interesting question because the Gulf is one of those regions that isn’t impacted by tariffs the way other parts of the world are. The Gulf isn’t producing mass-market consumer goods and

dumping them worldwide for pennies. That’s not the focus here. This region is built around hospitality, big business, oil and gas — and those sectors typically aren’t targets for tariffs.

What the Gulf really values are safety and security. Now, if you look at the last four years globally, we’ve seen what happens when there’s weak leadership in America. The world changed — and not for the better. The Middle East, which had been one of the most stable regions, saw escalating tensions. What the UAE and others in the Gulf are saying is simple: we want peace, we want prosperity. In my view, there aren’t many regions in the world that are more aligned with American values right now than parts of the Middle East. In fact, I’d say the UAE has been one of America’s strongest allies, especially when you consider that many other nations have taken advantage of US generosity — taking jobs, industry, and support without giving much back.

The Gulf is different. It’s built its success through vision, creativity, independence, and smart investment. And that makes for a very strong and mutually respectful relationship. So yes, tariffs are a powerful tool, and the US will no longer be used or taken advantage of. Those days are over. Countries that continue to operate that way will feel the impact. But regions like the Gulf — where the focus is long-term growth, partnership, and mutual respect — will flourish in this kind of environment.

And at the core of that success is what makes Dubai, Abu Dhabi, and the wider region so unique: a commitment to security, stability, and forward-thinking leadership. A strong America only makes that foundation stronger.

Eric Trump

Succession planning for female entrepreneurs in the region

Succession and wealth planning are vital for any business owner, but for female entrepreneurs in the Middle East, the journey often involves additional layers of complexity, from navigating family dynamics to accessing quality advisory support. Tim Denton TEP, SEO of the DIFC Private Banking office at Habib Bank AG Zurich and chair of STEP Arabia, highlights the importance of early and proactive planning

Succession and wealth planning are complex topics for any business owner — but for female entrepreneurs in the Middle East, the journey can come with added challenges. From family dynamics to access to quality advisors, the road to securing long-term financial stability often requires both professional and personal resilience.

Tim Denton TEP is the SEO of the DIFC Private Banking office for Habib Bank AG Zurich and also the head of the bank’s Wealth Structuring practice. He has been involved in wealth structuring for over 25 years, with 21 of those spent in Dubai. A qualified trust and estate practitioner (TEP), Denton is a longstanding member of STEP Arabia and currently serves his second term as its chair.

What are the challenges to planning for entrepreneurs in general?

One of the biggest challenges at the outset is persuading an entrepreneur, who will typically be fairly young for such conversations, that they need to consider succession planning. It is not just about the possibility of them meeting an untimely end while running their business, although this is very important, but also considering

AT HBZ, WE HAVE RUN A VERY SUCCESSFUL WEEK LONG ‘G3’ EVENT FOR THE LAST FEW YEARS, THAT BRINGS TOGETHER THE 30-40 YEAR OLD FAMILY MEMBERS OF SOME OF OUR CLIENTS AND WE HAVE HAD EXCELLENT LEVELS OF FEMALE PARTICIPATION

the suitability of the current holding structure if the business takes off and becomes much larger. It is also key to look at the suitability of the structure in the event that an exit is planned, either via a private sale or by IPO.

What are the additional challenges for female entrepreneurs?

Specifically for female business owners, a significant challenge can be getting access to good advisors and useful highquality information. In addition to this, being given the space by parents and / or male siblings to make their own decisions without having to follow ‘family guidance’, can also be a significant challenge.

At HBZ, we have run a very successful week long ‘G3’ event for the last few years, that brings together the 30-40 year old family members of some of our clients and we have had excellent levels of female participation. We cover a wide variety of topics, but help with how to structure your business is always a very lively session and the closed door session with a specialist in navigating within families and

family disagreement has also been very much appreciated by those attending.

What are the benefits of UAE common law foundations?

Recent changes in the UAE in the form of common law foundations in the DFIC and ADGM have made an enormous step forward, in terms of succession planning for UAE businesses. The vision of the rulers of the UAE in enabling such legislation is to be applauded, as it has moved the UAE from a situation before 2020, where succession planning and business continuity were a huge challenge, to a situation now where robust planning is readily available.

For those not familiar with such foundations, they are an incorporated entity very much like a regular company,

but they have no shares, so no one owns the foundation and so if anyone passes away, the assets held by the foundation are unaffected. The entrepreneur can establish their foundation and then hold their businesses under it. They will also set out exactly what they want to happen in the event that they pass away, so the business can continue unaffected and without the need for any court proceedures or other process.

The vast majority of the wealth structuring discussions that I have with the banks clients, now involve UAE foundations.

What about liquidity planning and financial protection for families?

Another aspect for the entrepreneur to consider, is how will their own family be left financially in the event that they pass away. Many such businesses are completely linked to the entrepreneur and may well fail if that person is not there. The use of high value life insurance (often called Jumbo insurance) can be a very affordable solution to this funding worry. It can also be very helpful for business partners, to cover the eventuality that one of them passes away. Most businesses would not want the spouse or children of their forrmer partner joining the business and nor would many heirs wish to join. Having such insurance provides the liquidity for the business to buy out the shares, which is a win-win situation.

Any closing thoughts?

The overall message is that there is good advice available and some great solutions, but don’t wait until your business is ‘big enough’ as the cost of any changes are likely to be much higher.

As a female entrepreneur, navigating wealth planning and structuring my businesses wasn’t always straightforward. My understanding of investments and long-term strategy was limited, but working with Habib Bank AG Zurich changed that. Their support has gone far beyond what I expected — from always being available for calls, to visiting us at home and engaging with our wider family during dinners. Their patience and willingness to understand my risk profile and guide me accordingly has taught me so much. It’s rare to find a team that blends professionalism with such a personal touch.”

— RM, a female entrepreneur living in the region

Tim Denton

BANK OF SINGAPORE

BRIDGING DUBAI AND SINGAPORE

A PRIVATE BANKING MISSION IN A CHANGING WORLD

AS WEALTH IN THE GULF RISES AND CLIENT EXPECTATIONS SHIFT, BANK OF SINGAPORE’S HEAD OF PRIVATE BANKING FOR EUROPE AND THE MIDDLE EAST, RANJIT KHANNA , IS FURTHER STRENGTHENING THE FINANCIAL INSTITUTION’S OPERATION IN DUBAI — BLENDING ASIAN INSIGHT, LOCAL PRESENCE, AND LONG-TERM RESILIENCE FOR A NEW GENERATION OF PRIVATE BANKING CLIENTS

WORDS GARETH VAN ZYL

Late one May evening, the Burj Khalifa’s LED façade burst into red and white.

The world’s tallest tower was celebrating 40 years of bilateral trade between Singapore and the UAE, its pin-sharp stripes forming the flag of the Lion City.

From an apartment a few streets away, Ranjit Khanna – head of private banking for Bank of Singapore in the Middle East and Europe – watched, phone in hand, capturing the moment. It was, he says, “so wonderful” to see the city he now calls home illuminate the country that shaped his career.

The flash of colour is a neat metaphor for Khanna himself: a banker whose roots stretch from high-school days in Dubai to three decades on the trading floors of Singapore, London and New York – and whose mission today is to fuse Asian expertise with Gulf ambition.

Khanna’s biography reads like a map of the modern privatewealth industry. Born to a banker father who was posted around the region, he finished school in Dubai, started university at the American University in Cairo, then crossed the Atlantic to begin his career with American Express Bank in 1990. Four years later he was back in the UAE as a relationship manager for Standard Chartered; by 2010 he was leading Coutts’ Southeast Asia franchise out of Singapore. In 2023, the call came to return once more to Dubai – this time to anchor Bank of Singapore’s push across the Middle East and Europe.

Today, he leads a team of around 140 people, a figure that he says, “has grown headcount almost threefold in the last four or five years”.

Much of that expansion has been on the front line: last year alone the DIFC branch increased its private banker ranks by over 20 per cent, while simultaneously beefing up product and advisory benches. The client base is diverse but focused, serving three core segments: Global South Asia (including Indian and Pakistani entrepreneurs based in Dubai), GCC high-net-worth families, and international expats from the UK, Europe and increasingly, China.

“This region has long-standing cultural and economic ties to South Asia,” says Khanna. “Many of our clients or their families have been part of the entrepreneurial fabric of the UAE for generations. That affinity, combined with Dubai’s openness and strategic location, makes it a natural centre for private wealth.”

He compares the regional trading culture with Singapore’s own development, where merchants from Fujian, especially those from the Hokkien-speaking south, helped shape a nation.

THE POWER OF A THREE-HUB MODEL

Bank of Singapore’s own evolution mirrors that same cross-cultural dynamic. Its parent, Oversea-Chinese Banking Corporation (OCBC), is “the oldest Singaporean bank” – founded more than 90 years ago to serve overseas Chinese merchants across Southeast Asia.

In 2010, OCBC acquired the Asian and Middle East franchise of ING Private Bank, and formed a fully-fledged, stand-alone private bank under the name, Bank of Singapore. Khanna sums it up crisply: “We are the only independent global Asian private bank.”

The Dubai office continues to expand on the deep client roots built from the bank’s ING Asia heritage. Under CEO Jason Moo –appointed March 2023 from a Swiss rival – Bank of Singapore now operates a threehub model. Hong Kong covers Greater China; Singapore leads ASEAN; and Dubai oversees all business west of the Strait of Malacca, including offices in Luxembourg and London.

Traditionally, institutions like Bank of Singapore would have run EMEA

WE ARE ASIA’S GLOBAL PRIVATE BANK – ASIAN

VALUES,

IN

GLOBAL IN CAPABILITIES AND PERSPECTIVES.”

operations from Europe. Khanna explains that the bank deliberately reversed this: “We believe the Middle East has a much more important role to play today.” This shift reflects Dubai’s growing global influence, not just as a financial centre but as a magnet for wealth and talent.

Indeed, the DIFC hub now accounts for a significant share of Bank of Singapore’s global business, with ambitions to grow that further in line with the emirate’s D33 vision. “For simplicity’s sake, my title is head of Middle East and Europe,” Khanna

BANK OF SINGAPORE: KEY FACTS & FIGURES

ESTABLISHED: 2010

(following OCBC’s acquisition of ING Asia Private Bank)

HEADQUARTERS:

63 Market Street, Bank of Singapore Centre, Singapore

EMPLOYEE STRENGTH:

Over 2,500 professionals worldwide

CLIENTELE:

High-net-worth individuals and wealthy families across Asia, Greater China, the Indian subcontinent, and international markets

RECENT DEVELOPMENTS:

Appointed Ranjit Khanna as Global Market Head of Europe and Middle East, and Chief Executive of its DIFC Branch in April 2023

OWNERSHIP:

Wholly-owned subsidiary of OCBC Bank, Southeast Asia’s second-largest financial services group by assets $

GLOBAL PRESENCE:

Offices in Singapore, Hong Kong, Dubai, London, Luxembourg, Malaysia, and the Philippines

CREDIT RATINGS:

Backed by parent bank. OCBC, who has one of the world’s highest credit rating (Aa1 by Moody’s and AA- by both Fitch and S&P)

STRATEGIC FOCUS:

Aiming to increase Middle East’s contribution to 20 per cent of overall revenue and private banking assets over the next 3–5 years

SINGAPORE OFFERS A POWERFUL TRIFECTA: POLITICAL STABILITY, ROBUST REGULATION, AND GLOBAL CONNECTIVITY.”

says. “But really, anything west of Singapore comes under the Dubai hub.”

That ambition comes at a time when private wealth dynamics are shifting. After a post-pandemic boom in asset prices, 2022 brought a correction: global wealth shrank by 4 per cent. Yet the UAE saw wealth grow by 8 per cent.

“That is on the back of really positive government federal policies, as well as investments in business and communities… and the sheer generation of wealth,” says Khanna.

What’s more, Dubai is now home to the world’s second-largest millionaire migration after Singapore, according to the likes of Henley & Partners.

“In many ways, the UAE has been a beneficiary of the largest millionaire migration in the world, rivalled only by Singapore. So, for us, we are in the two of the best markets.”

BUILDING RESILIENCE, NOT JUST RETURNS

As expectations rise, so too does the need for deeper insight.

“Clients in the Middle East have become far more engaged and discerning, and they are looking for advisors who can deliver not only performance but also perspective — clarity amid volatility,” says Khanna.

Bank of Singapore’s answer has been to invest heavily in advisory strength and insight generation. “To help clients navigate uncertain times, we are committed to building intellectual capital, bringing together leading minds and encouraging diversity of thought,” he says.

The bank established its CIO Global Advisory Council in 2024 to support this effort. Bank of Singapore released the inaugural CIO Supertrends Report and has continued to refine it with updates in 2025. “The idea is to look at things from a five-year horizon rather than the immediate here and now,” Khanna notes.

In February 2025, Bank of Singapore held its CIO Summit in Dubai, where thought leaders discussed strategy in a multi-polar world. This year will also see the launch of a new global asset allocation framework, which Khanna calls a major milestone.

“We employed a rigorous process to review over 60,000 portfolios, putting each portfolio through more than 24,000 stress tests… more than 1.4 billion stress tests conducted in total across eight months,” he says. “We construct portfolios to perform

reasonably well across a range of plausible scenarios, even if the forecasts of individual asset classes do not meet expectations.”

The bank’s diversification strategy spans equity styles, fixed income and alternatives. “Diversification today goes beyond geography and asset class,” Khanna says. “We are regularly discussing low volatility and highquality equity strategies… Fixed Income at these yield levels and with rate cuts priced across key Developed Markets remains an important component… alternatives provide diversification benefits with less directional exposure to both equity and credit markets as well as inflation hedging characteristics.”

GUIDING FAMILIES THROUGH GENERATIONAL TRANSITIONS

While investment performance is essential, legacy planning is just as critical for many families. “We see increasing interest and awareness among our ultra-high-net-worth clients and families in relation to generational wealth transfer,” Khanna says.

Bank of Singapore’s Financial Intermediaries, Family Office and Wealth Advisory (FFWA) unit works directly with families to structure wealth transitions. “They want to start this conversation early, and they are looking for suitable tools and wealth protection solutions,” he says.

“An equally important role of a private bank in supporting clients in their succession and legacy journey is fostering conversations among family members to align values, vision, and responsibilities,” Khanna adds. “It is not just about the transfer of the financial capital but also about the human, social and cultural capital that is intrinsic to maintaining the family legacy.”

The bank also advises families on philanthropy, multi-family office structures, and governance models depending on complexity and scale.

A BRIDGE BETWEEN CAPITAL FLOWS

Looking ahead, the growth corridors between the Gulf and Asia will only deepen. “Our clients in the Middle East are increasingly looking East,” says Khanna. “The core of our investment team is based in Asia… this facilitates on-the-ground research and networks helping us identify long-term opportunities that align with our clients’ return and risk appetite.”

MIDDLE EAST WEALTH SNAPSHOT

That value is matched by Singapore’s status as a trusted booking centre. “Singapore offers a powerful trifecta: political stability, robust regulation, and global connectivity. It is a neutral and trusted gateway to Asia: ideal for asset diversification and international wealth structuring.”

“We do not just carry the ‘Singapore’ name; we embody the ‘Singapore’ identity, reflecting the reliability that our clients seek,” Khanna says.

At a time when the Middle East and Asia are becoming the two dominant centres of new wealth creation, Bank of Singapore’s footprint and focus feel prescient. “We are Asia’s global private bank –Asian in values, global in capabilities and perspectives.”

That blend of cultural alignment, institutional rigour, and global insight is what brought Khanna back to Dubai in the first place. “For me to be successful, what do I want? I want a great brand – box checked. I want a great platform – box checked. I want to make sure I’m working with an institution that’s got the right balance sheet so that we can help our clients – box checked.”

Success, he insists, is not about league tables. “If you look at the number of people we employ in the private bank, we’re the third largest in the DIFC,” he says. “What matters is when clients think about a private bank, they want to engage, we’re top of mind.”

As the lights of the Burj Khalifa glow once more this year – maybe next time to mark a new milestone for the bank itself – it’s clear that the relationship between Singapore and Dubai is more than symbolic. It’s strategic.

‘A masterful exploration of resilience, innovation and transformation within the MENA region’

DEEPAK CHOPRA

‘A must-read’

TONY FADELL

WHERE DO YOU REALLY WANT TO GO?

‘A captivating journey through the entrepreneurial landscape of MENA, showcasing the region’s economic progress and potential as a hub of innovation and growth’

REID HOFFMAN

‘An essential exploration of how MENA’s cultural identity and entrepreneurial ambition create a transformative narrative.’

HALA GORANI

MENA’S MOST ICONIC COMPANIES

THE MIDDLE EAST AND NORTH AFRICA (MENA) HAS EMERGED AS A GLOBAL BUSINESS POWERHOUSE. IN THIS SPECIAL FEATURE, GULF BUSINESS SPOTLIGHTS ENTERPRISES WITH A STRONG REGIONAL PRESENCE, MARKET LEADERSHIP BY SIZE, AND STANDOUT BRAND RECOGNITION. FROM LEGACY PLAYERS TO BOLD DISRUPTORS, THESE COMPANIES ARE SHAPING THE REGION’S FUTURE AND SETTING NEW GLOBAL BENCHMARKS.

ADNOC

POWERING THE MENA REGION’S ENERGY FUTURE

SECTOR: ENERGY | COUNTRY: UAE

The Abu Dhabi National Oil Company (ADNOC) is widely regarded as one of the most iconic companies in the MENA region, playing a central role in both the UAE’s economic strength and global energy markets. The group’s publicly traded portfolio companies combined to deliver over $2.3bn (Dhs8.4bn) in Q1 2025 net profits, reflecting their resilient business models and ability to generate robust profits in evolving market conditions.

As the UAE’s primary energy producer, ADNOC is expanding its crude oil production capacity to five million barrels per day by 2027, up from four million barrels in 2020. It has also made significant moves in natural gas, with ADNOC Gas reporting a record $5bn net income in 2024 and production capacity of 10 billion standard cubic feet per day.

ADNOC has recently launched XRG, its new international investment arm, with $80bn in assets across chemicals, gas, and renewables. The group’s acquisition of a majority stake in Fertiglobe has further positioned it as a leader in lowcarbon ammonia, aligning ADNOC with global decarbonisation goals.

Technological innovation is central to its strategy. Through its AI joint venture AIQ, ADNOC has deployed AR360, a reservoir analytics tool already in use across 30 sites. It is also collaborating

AS THE UAE’S PRIMARY ENERGY PRODUCER, ADNOC IS EXPANDING ITS CRUDE OIL PRODUCTION CAPACITY TO 5 MILLION BARRELS PER DAY BY 2027, UP FROM 4 MILLION BARRELS IN 2020.

with Masdar and Microsoft to accelerate AI-driven sustainability solutions.On the financial front, ADNOC’s listed subsidiaries generated Dhs89bn in revenue in the first half of 2024, with combined net profits surpassing Dhs16bn — underscoring the group’s contribution to the UAE economy and investor confidence across its energy portfolio. The group operates the Ruwais Refinery, the largest in the Middle East, with capacity to process 837,000 barrels per day.

Under the leadership of Dr Sultan Ahmed Al Jaber, ADNOC has balanced fossil fuel expansion with climate responsibility. His role signals the UAE’s intent to lead a pragmatic energy transition. Its strategic transformation from a traditional oil company to a diversified energy powerhouse ensures its continued impact for decades to come.

AD Ports Group

CHARTING A BOLD COURSE IN GLOBAL LOGISTICS

SECTOR: LOGISTICS | COUNTRY: UAE

AD Ports Group has rapidly emerged as one of the Middle East’s most iconic companies, transforming from a regional port operator into a global trade and logistics powerhouse. In 2024, the group achieved recordbreaking financial results, with revenue surging 48 per cent year-on-year to Dhs17.29bn and EBITDA climbing 69 per cent to Dhs4.51bn. Net profit rose 31 per cent to Dhs1.78bn, driven by strong performances across all five business clusters: Ports, Economic Cities & Free Zones, Maritime & Shipping, Logistics, and Digital. The year marked significant milestones in AD Ports Group’s international expansion strategy. Key developments included securing a 25-year concession at Karachi Port in Pakistan, acquiring a 60 per cent stake in Tbilisi Dry Port in Georgia,

and entering into joint ventures to operate terminals in Angola and Tanzania. The group also signed agreements to develop and manage cruise terminals in Egypt’s Safaga, Hurghada, and Sharm El Sheikh ports, enhancing its presence in the Red Sea region. Domestically, the inauguration of the Dhs3.1bn CMA Terminals Khalifa Port in December 2024 expanded the port’s capacity by 23 per cent, reinforcing Abu Dhabi’s position as a global trade hub. Additionally, the integration of Noatum and Global Feeder Shipping consolidated the group’s global footprint, with operations now spanning over 50 countries across five continents.

In 2025, AD Ports Group continues its growth trajectory, with Q1 revenue increasing 18 per cent year-on-year to Dhs4.60bn and net profit rising 16 per cent to Dhs464m. The group commenced operations at the Al Faya Dry Port facility, strategically located between Abu Dhabi and Dubai, and signed significant lease agreements in its KEZAD economic zone, further solidifying its role in regional trade and logistics. With its robust financial performance, strategic acquisitions, and commitment to innovation, the group stands as a testament to the UAE’s vision of economic diversification and global integration.

Pic courtesy: AD Ports Group

Agility

BUILDING A GCC LOGISTICS POWERHOUSE

SECTOR: LOGISTICS | COUNTRY: KUWAIT

Agility, headquartered in Kuwait, has solidified its status as a leading logistics and infrastructure enterprise within the Gulf Cooperation Council (GCC). Established in 1979, Agility has expanded its global footprint across six continents, employing over 65,000 individuals. The company is publicly traded on the Kuwait Stock Exchange and the Dubai Financial Market.

The company reported Q1 2025 net income of KD11.6m, equivalent to 4.65 fils per share. EBITDA stood at KD67.6m on revenue of KD389m. In 2024, Agility reported a net profit of KD63m, equivalent to 25.07 fils per share, with revenues reaching KD1.52bn, marking a 13 per cent increase from the previous year. The company’s EBITDA stood at KD277m, reflecting a 7.8 per cent growth. These figures underscore Agility’s strategic focus on supply chain services, infrastructure, and innovation. Agility’s diverse portfolio includes several key subsidiaries. Menzies Aviation, the world’s largest aviation services provider by number of

countries served, operates in over 65 countries and 300 airports. In 2024, Menzies reported revenues of $2.6bn, a 20 per cent year-on-year increase, driven by expansion into new markets such as Portugal, Hong Kong, Angola, and Malaysia. The company handled more than 4.8 million flights, served over 250 million passengers, and managed 2.4 million tonnes of cargo.

Tristar, a global leader in fuel and chemical logistics, continued its strong performance in 2024. The company reported revenues of $1.2bn, an 11.8 per cent increase compared to the previous year. This growth was primarily driven by the commencement of its retail fuel business in Sri Lanka, where Tristar received a licence to operate 150 Shell-branded fuel stations for a 20-year period. Agility Logistics Parks (ALP), a leading

developer of warehouse parks and light industrial facilities, reported revenues of $52m in 2024, a 13.2 per cent increase from the previous year. ALP’s growth was particularly notable in Saudi Arabia, where it commenced construction of a logistics park in Jeddah and announced the development of over 100,000 square metres of warehousing space in Riyadh.

In addition to its operating subsidiaries, Agility holds significant minority investments. The company owns a 9 per cent stake in DSV, the world’s thirdlargest freight forwarder, making it one of DSV’s largest shareholders. It also has a stake in Reem Mall in Abu Dhabi. Agility’s strategic focus on infrastructure, innovation, and emerging markets has solidified its position as a cornerstone of the GCC’s logistics and supply chain sector.

Al Khayyat Investments (AKI)

A DUBAI-BORN DIVERSIFIED POWERHOUSE

SECTOR: DIVERSIFIED | COUNTRY: UAE

Born and headquartered in Dubai, Al Khayyat Investments (AKI) embodies the UAE’s dynamic spirit, energy, and optimism. Operating across a diverse portfolio that touches various aspects of people’s lives, AKI focuses on delivering exceptional products and services while actively contributing to a sustainable environment and long-term economic growth across its operational footprint.

Founded in 1982 by Dr Saad F Al Khayyat, who remains the company’s chairman, AKI has transformed from a family-run pharmaceutical company into a multibillion-dollar diversified business. His entrepreneurial vision, people-first approach, and strong family values remain central to AKI’s operations, guiding its growth and strategic direction today.

Now under the leadership of MD Zaid S Al Khayyat, AKI operates as a privately held Emirati holding company. Its extensive portfolio

includes pharmaceuticals, medical and laboratory equipment, logistics, retail, food and non-food consumer goods, fitness, automotive, environmental services, and contracting. AKI serves as a trusted regional partner for multiple international and local brands, facilitating their expansion across the Middle East and Africa, a footprint that includes the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, Oman, Egypt, Jordan, and Iraq. The group prides itself on its over 10,000 employees representing more than 70 nationalities, and its

recognition as a Best Workplaces by Great Place to Work for three years in a row. AKI continues to drive significant projects, enhancing its capabilities and market presence. In April 2025, the company inaugurated a state-of-theart Fulfilment & Innovation Centre in Dubai Industrial City. This one million square foot facility quadruples AKI’s fulfilment capacity and sets a new standard for agile, sustainable supply chain operations in the UAE, aligning with the Dubai Economic Agenda (D33). Last year, Gulf Contracting and Landscaping (GCL), an AKI company, unveiled one of the UAE’s largest plant nurseries, spanning 2.5 million square feet, to optimise local resources and support national initiatives like the Dubai Quality of Life Strategy 2023.

The past year has also seen AKI expand its reach, notably in Saudi Arabia with growth in AKI Retail, Consumer, Healthcare and Fitness. In Oman, the company extended its healthcare operations to include Healthcare (MedLab), Pharma, and BinSina Pharmacy, strengthening its market engagement. AKI has elevated its fitness category with a revamped Befit brand concept, serving as a commercial showroom, multi-brand retail store, and community event space, providing dedicated support to its partners.

Aramex

MARKET LEADER IN INTEGRATED LOGISTICS AND TRANSPORTATION

SECTOR: LOGISTICS | COUNTRY: UAE

Established in 1982, Aramex became the first Arab-based company to be listed on the NASDAQ stock exchange. It rapidly grew into a global brand, recognised for its customised services and innovative products, and now operates in 58 countries worldwide. In 2006, it was the first company in the region to release an annual sustainability report.

Aramex is the market leader in integrated logistics and transportation solutions across the GCC and the broader Middle East and Africa. These markets benefit from structural growth trends. With global operations, Aramex facilitates trade between core markets in the Middle East, Africa, Oceania, and key export hubs in the US, Europe, and Asia.

Aramex has unmatched infrastructure and geographic coverage in its core markets. As a leading integrated player, it provides end-to-end transportation

solutions across express delivery, contract logistics, and freight forwarding. Growth in the GCC is forecast to reach 4.7 per cent in 2025, with a similar outlook for the wider region according to the World Bank.

Listed on the Dubai Financial Market since 2005 and headquartered in the UAE, Aramex operates in over 600 cities across 70 countries, Aramex employs more than 16,000 professionals.

The company’s success is driven by four core business products that deliver scalable, diversified, and comprehensive services: International express (including its parcel forwarding businesses like Shop & Ship and MyUS), domestic express, freight forwarding, and logistics and supply chain solutions. In 2024, Aramex managed over 3.4 billion inbound and outbound transactions through a global warehousing footprint exceeding 800,000 square metres, delivering seamless supply chain solutions to

customers worldwide. The company is also addressing environmental concerns, with a goal of achieving net-zero emissions by 2050. Aramex closed the year with Dh142m in net profit, reflecting a 10 per cent increase over 2023. It maintains a strong financial position, with a cash balance of Dhs513m and a debt to EBITDA ratio of 2.9X (including IFRS16) as of December 31, 2024.

In March 2024, Abu Dhabi sovereign wealth fund ADQ announced it had acquired a 58 per cent stake in Aramex after completing a tender offer. ADQ became the majority shareholder through a 35.31 per cent stake obtained via its unit Q Logistics, adding to the 22.69 per cent stake previously held through Abu Dhabi Ports Group.

The proportion of UAE Nationals employed by the company increased from 0.64 per cent on December 31, 2022 to 0.86 per cent in 2023, and reached 1.14 per cent as of December 31, 2024.

On May 14, 2024, Aramex appointed Arqaam Securities, a leading regional financial institution, as liquidity provider for its shares listed on the DFM. Aramex was named Carrier of the Year 2023 by Amazon and received the Tech Innovation in Logistics and Supply Chain Award at the Logistics and Transport Awards 2024. CEO Othman Aljeda was recognised as the Transport and Logistics Business Leader of the Year at the Gulf Business Awards 2024.

The company also earned the Sprinklr CX Team Award and was acknowledged at the Westford Awards with the Supply Chain and Logistics accolade in the Business Excellence Awards. Aramex received a Certificate of Appreciation from Silkway Airlines for the 2023 Energy Sector Specialist Award and was honoured with a Middle East Investor Relations Association (MEIRA) Award. Aramex received the SaudiCXA Silver Award for Best Customer Experience in the Logistics Field in Saudi Arabia and was recognised at the National Logistics Awards 2024 in Sri Lanka. Aramex Oman earned the SLB Oman Sustainability Award, and the company was also certified as a Great Place to Work in both the UAE and Saudi Arabia.

Bloom Holding

SETTING BENCHMARKS IN LIFESTYLE DEVELOPMENT

SECTOR: REAL ESTATE/CONSTRUCTION | COUNTRY: UAE

Bloom Holding is one of the UAE’s foremost developers of soughtafter mixed-use communities and premium real estate projects, strategically located across the country. The company enriches residents’ lives by delivering excellence across residential development, community management, education, hospitality, and customer-focused facility and landscaping services.

With a strong record of execution, Bloom Holding has developed and delivered more than 5,000 homes, with a robust pipeline of over 20,000 additional units. Internationally, the company is expanding steadily, beginning with the launch of Mabel Marbella Residences — a luxury residential project in Spain.

Bloom Holding’s integrated communities comprise villas, townhouses and apartments, complemented by top-tier

educational, healthcare, hospitality and recreational facilities, along with retail and F&B outlets — providing a complete, premium community living experience.

Its hospitality portfolio includes five-star hotels operated by Marriott International and Rotana Hotel Management Corporation. Notably, Bloom Holding owns the first Marriott EDITION Hotel in the Middle East, situated in Bloom Holding Marina. The hospitality offering includes 851 guest rooms and serviced hotel apartments, and 338 executive apartments.

In education, Bloom Holding owns and operates leading institutions including Brighton College in Abu Dhabi, Dubai, and Al Ain, as well as Bloom Holding World Academy in Dubai and Bloom Holding Nurseries in Abu Dhabi. The company was appointed by the Government of Abu Dhabi as lead developer and operator for its Charter

Schools programme — funding schools run by the private sector. Internationally, the company has expanded its education portfolio and opened Uppingham school in Cairo, Egypt, through a joint venture with New Era Education and New Giza Real Estate.

Most recently, Bloom Holding Education’s Brighton Colleges were recognised as the UAE’s top-performing school group for A Levels (A*-A) and GCSE results in 2024. The education portfolio now includes 20 schools serving more than 21,000 students. Throughout 2024, Bloom Holding continued to demonstrate its strength in delivering premium real estate and services while identifying high-potential investment opportunities. Its consistent strategic vision has led to projects that not only meet market demand but elevate the quality of life across the communities it serves.

Century Private Wealth LEADING WEALTH INNOVATION

SECTOR: WEALTH MANAGEMENT | COUNTRY: UAE

Century Private Wealth is a distinguished firm within the UAE’s Century Group, it has rapidly emerged as a leading force in the region’s wealth and asset management sector.

Operating under a category 3C licence and regulated by the Dubai Financial Services Authority (DFSA), the firm is headquartered in the Dubai International Financial Centre (DIFC).

Specialising in delivering bespoke investment solutions tailored for professional clients, including ultrahigh-net-worth individuals, family offices, corporates and institutions.

Under the leadership of chairman Bal Krishen and chief executive officer Anuj Goel, Century Private Wealth has set itself apart, with its prioritised client-centric approach, emphasising transparency, simplicity, and performance.

With a team of dedicated professionals and strategies designed to enhance

performance and preserve wealth through personalised management, strategic allocation and innovative, growth-driven frameworks — utilising a multi-strategy, global macro hedge fund framework. This approach is supported by a seasoned investment team boasting over 100 years of collective experience.

A significant milestone in the firm’s journey was the 2024 launch of the Century India Opportunity Fund PC, a strategic Fund offering global investors a unique gateway to tap into India’s dynamic growth story and thriving stock market.

Century Private Wealth demonstrates its pursuit of excellence through an open-architecture ecosystem, robust risk management and a continuous drive for bespoke, innovative financial solutions.

Guided by the principle of aligning its interests with those of its clients, the Firm is grounded by its focus on longterm wealth preservation.

As part of the Century Group, which encompasses a diverse portfolio including real estate, technology, and financial services, Century Private Wealth leverages a broad spectrum of expertise and resources.

This affiliation strengthens its ability to deliver comprehensive wealth management solutions, addressing the complex needs of its clientele.

In recognition of its exemplary workplace culture, Century Financial, the parent company, is honoured to be the first financial investment company in the region to be certified as Great Place to work. The company remains dedicated to empowering a better tomorrow, today.

With its innovative investment strategies and tailored wealth solutions, anchored in a legacy of purpose-driven success, Century Private Wealth continues to position itself as a leader in redefining excellence in the UAE’s wealth management sector.

Concentrix

POWERING TRANSFORMATION ACROSS THE MIDDLE EAST AND BEYOND

SECTOR: TECHNOLOGY | COUNTRY: US / EGYPT

Concentrix is a new breed of technology company — solution-focused, tech-powered, and intelligence-fuelled. It designs, builds, and runs enterprisewide technology and solutions that touch hearts and move markets. It helps the world’s leading organisations modernise technology, transform experiences, and solve their toughest business challenges and assists the world’s best brands by bringing together the power of deep human insights and advanced technology.

The entity creates experiences that go beyond wow and transforming businesses to grow — today, and into the future, conquering complexity, transforming operations, and modernising technology, to shape companies that are refreshingly simple to work, interact, and transact with.

In the Middle East, Concentrix operates from UAE, Jordan, Saudi Arabia, and Egypt with a collective force of over 23,600 gamechangers across 18 sites. The entity serves a broad spectrum of industries including government, banking, real estate, fintech, healthcare, crypto, travel, retail and e-commerce, media and communication, insurance, and telecom. Its regional services

encompass strategy and design, data, analytics, enterprise technology, and digital operations, tailored to drive success and innovation for the entity’s clients. In May 2025, Concentrix Corporation announced the launch of iX Hero, the latest product in its Intelligent Experience (IX) suite. iX Hero is an agentic AI-powered application that works together with a human in the loop to supercharge the way customer experience is delivered, from quick fixes to complex questions. Based on Concentrix’ experience handling billions of calls, chats and other contacts per year, the company designed iX Hero to target the most common areas that cause inefficient customer interactions and dissatisfied customers.

AMONG 28 PROVIDERS ASSESSED FOR THE 2025 REPORT, CONCENTRIX RANKED THIRD OVERALL FOR MARKET IMPACT AND FOURTH FOR VISION AND CAPABILITY, REINFORCING ITS STRONG POSITION AS ONE OF THE TOP-PERFORMING COMPANIES IN THE INDUSTRY.

In April 2025, the entity announced that leading research firm Everest Group had positioned the company as a Leader in its Trust and Safety Services PEAK Matrix Assessment 2025 for a fifth consecutive year, recognising its market impact and ability to deliver services successfully. The assessment evaluates trust and safety providers that offer services to protect online platforms from bad actors and harmful content.

Among 28 providers assessed for the 2025 report, Concentrix ranked third overall for market impact and fourth for vision and capability, reinforcing its strong position as one of the top-performing companies in the industry.

In the first quarter of fiscal 2025, Concentrix reported revenue of $2.3bn, reflecting a 1.3 per cent year-on-year decrease compared to $2.4bn in the same quarter of the previous year; however, revenue grew 1.3 per cent on a constant currency basis.

Operating income rose to $168.9m, or 7.1 per cent of revenue, up from $148.4m, or 6.2 per cent, in the prior year’s first quarter. Non-GAAP operating income was $321.5m, or 13.6 per cent of revenue, slightly above the $319.1m, or 13.3 per cent, recorded in the same period last year.

DAMAC Group

A DIVERSIFIED GLOBAL CONGLOMERATE

DAMAC Group is a private business conglomerate owned and managed by Dubaibased businessman Hussain Sajwani. Established in 1982, with beginnings in catering and logistics, it has grown exponentially to an impressive and diverse portfolio in various industries including property development and real estate, data centres, retail and fashion, hospitality, capital markets, and logistics. Today, DAMAC Group’s global footprint extends across Europe, North America, Asia, the Middle East, and North Africa, and is continuously seeking expansion opportunities into new markets.

To date, DAMAC Properties has delivered over 48,000 homes and has over

50,000 units in different stages of planning and development with projects in 20 cities around the world including Dubai, Jeddah, Riyadh, Beirut, Amman, Doha, Baghdad, Maldives, Toronto, Miami and London. To manage these homes, DAMAC Properties established its own management facilities company which is ISO 9001 certified.

DAMAC’s international projects include the 50-storey DAMAC Towers Nine Elms, a flagship project in central London, which is branded with

Italian fashion icon Versace. Further afield, DAMAC Properties launched a sea-facing project in the upscale neighbourhood of Surfside in Miami, Florida to be designed by Zaha Hadid Architects.

As a natural addition to the real estate company, DAMAC Properties founded its own hotel management company to manage all the hotel units that it developed. Today, the Company oversees eight hotel properties under the brands Radisson, Paramount, Rotana and DAMAC Maison. Currently, the company is building a luxurious hotel resort in the Maldives, which will be run and operated by Mandarin International.

As a market leader, DAMAC Properties has joined forces with globally recognisable lifestyle brands to bring distinguished living concepts. Projects include luxury apartments and villas with interiors by fashion-houses Versace Home, Fendi Casa, de GRISIGONO, and Cavalli and the uniquely conceptualised Paramount Hotels & Resorts, which delivers serviced living at its most opulent.

The DAMAC Group has also entered the data centre industry through EDGNEX Data Centers by DAMAC. EDGNEX currently has operations in 11 countries — UAE, KSA, Turkey, Thailand, Malaysia, Indonesia, Greece, Spain, Finland, Sweden, and the US, and has a projected capacity of over 4,000 MW.

The group acquired the Italian fashion group Roberto Cavalli in 2019 and went on to acquire the Swiss luxury jewellery brand de GRISIGONO with the aim to leverage these brands and innovate them for a younger clientele.

As a long-term investor, DAMAC Capital backs bold visionaries keen to build the future through innovation and technology. The group places a great emphasis on social responsibility. Under the Hussain Sajwani – DAMAC Foundation, the group has signed an MoU with Dubai’s Knowledge Fund to support its Dubai Schools project and has contributed significantly to initiatives by the Dubai Future Foundation, Dubai Cares, UAE Red Crescent Society among others.

DEWA

A CONTINUOUS SUCCESS STORY

SECTOR: ENERGY | COUNTRY: UAE

Dubai Electricity and Water Authority (DEWA) was established on January 1, 1992 by a decree from the late Sheikh Maktoum bin Rashid Al Maktoum, merging the Dubai Electricity Company and Dubai Water Department, both founded in 1959 by the late Sheikh Rashid bin Saeed Al Maktoum. Since then, DEWA has grown into one of the world’s leading utilities, delivering electricity and water to more than 1.27 million customer accounts in Dubai with high standards of efficiency, reliability and availability.

In April 2022, DEWA listed on the Dubai Financial Market, becoming its largest company with a valuation of Dhs124bn ($33.8bn). The IPO saw ine billion shares — 18 per cent of its capital — offered to investors.In 2024, DEWA reported full-year revenue of Dhs30.98bn, EBITDA of Dhs15.73bn, and net profit after tax of Dhs7.23bn.

That same year, electricity demand rose by 5.4 per cent and water demand by 5.1 per cent.

By 2024, DEWA’s installed generation capacity stood at 17,179MW, of which 3,060MW came from clean energy through Mohammed bin Rashid Al Maktoum Solar Park. Customer accounts grew 4.85 per cent year-onyear, reflecting the emirate’s continued expansion.

In May 2025, DEWA was added to the MSCI Emerging Markets Index, reinforcing its standing with global investors. DEWA’s growth is driven by rising demand in a city that served 3.864 million residents and over 4.7 million daytime users at the end of

2024 — figures projected to rise to 5.8 million and 7.8 million by 2040.

DEWA leads globally in 12 key performance indicators (KPIs), including electricity transmission and distribution losses which are just 2 per cent, compared to 6–7 per cent in Europe and the US, while water losses stand at 4.5 per cent versus 15 per cent in North America. Dubai also set a global record in lowest electricity customer minutes lost, with just 0.94 minutes per customer annually compared with 15 minutes in leading European companies.

DEWA continues to set global benchmarks for smart, sustainable utility leadership.

DP World LEVERAGING INNOVATION AND SUSTAINABILITY

SECTOR: LOGISTICS | COUNTRY: UAE

DP World stands as a cornerstone of global trade, with operations across 75 countries on six continents and a legacy built on innovation, resilience, and sustainable growth. In 2024, the company achieved a record revenue of $20bn, marking a 9.7 per cent increase year-on-year, and reported an adjusted EBITDA of $5.5bn — up 6.7 per cent. This performance was driven by enhanced operations in ports and terminals, strategic acquisitions, and targeted infrastructure investments.

DP World’s ports and terminals handled a record 88.3 million twenty-foot equivalent units (TEUs) in 2024, up 8.3 per cent year-on-year, reinforcing its position among the world’s top port operators. DP World allocated $2.2bn in capital expenditure across key markets including the UAE, India, the UK,

Senegal, and Saudi Arabia. For 2025, $2.5bn is earmarked for continued investment in strategic locations such as Jebel Ali, Tuna Tekra, London Gateway, Ndayane, and Jeddah.

The year also marked 40 years of Jebel Ali Free Zone (Jafza), a key engine of Dubai’s non-oil economy. In addition to Jafza, DP World operates free zones

SUSTAINABILITY REMAINS

CENTRAL TO DP WORLD’ S GROWTH STRATEGY. IN 2024, IT ISSUED A $100M BLUE BOND — THE FIRST BY A CORPORATE IN THE CEEMEA REGION — TO FUND MARITIME AND WATER SUSTAINABILITY PROJECTS.

globally — such as London Gateway Logistics Park (UK), Berbera Economic Zone (Somaliland), Posorja Economic Zone (Ecuador) and several in Africa — supporting trade ecosystems and logistics corridors across continents.

DP World’s logistics network expanded to over 200 freight forwarding locations worldwide and ventured into new verticals including chemicals and retail.

Sustainability remains central to DP World’s growth strategy. In 2024, it issued a $100m blue bond — the first by a corporate in the CEEMEA region — to fund maritime and water sustainability projects. The company also surpassed its 10.5 per cent Scope 1 and 2 emissions reduction target, with nearly 65 per cent of its electricity sourced from renewables and became the region’s first logistics player with SBTi-validated emissions targets.

EFG Holding

DRIVING FINANCIAL INNOVATION IN MENA AND BEYOND

SECTOR: FINANCE | COUNTRY: EGYPT

EFG Holding has firmly established itself as a leading financial institution in the Middle East and North Africa (MENA) region, boasting a diversified portfolio that encompasses investment banking, non-bank financial services, and commercial banking. In 2024, the group achieved record revenues of EGP24.4bn, marking a remarkable 66 per cent year-on-year (YoY) increase, and a net profit after tax and minority interest of EGP4.3bn, up 71 per cent from the previous year.

The investment bank arm, EFG Hermes, dominated the MENA equity capital markets ranking the #1 investment bank in the MENA equity and equity-related category for 2024 by the London Stock Exchange Group (LSEG) with nine initial public offerings (IPOs) and six secondary offerings in 2024. Notable transactions included the IPOs of Talabat, LuLu Retail, and Spinneys, as well as the landmark Aramco follow-on offering. These deals spanned major GCC exchanges, including Tadawul, ADX, DFM, and Boursa Kuwait,

highlighting the firm’s extensive regional reach and expertise.

EFG Finance, the group’s non-bank financial institutions (NBFI) platform, reported revenues of EGP4.8bn in 2024, a robust 60 per cent increase year-onyear (YoY). This growth was driven by subsidiaries such as Valu, a financial technology platform poised for listing on the EGX; Tanmeyah, a leading financial services provider for small businesses and entrepreneurs; and EFG Corp-Solutions, offering leasing and factoring services. The commercial bank, Bank NXT, significantly contributed to the group’s performance, providing integrated retail and corporate banking products and services in Egypt.

In Q1 2025, EFG Holding reported revenues of EGP5.6bn. EFG Finance started the year strong, with its revenues rising 23 per cent YoY to reach EGP1.3bn, supported by higher revenues generated by Tanmeyah, followed by Valu. Bank NXT delivered a steady performance, underscored by strong portfolio growth, with its revenues increasing 11 per cent YoY to EGP1.4bn in Q1.

These impressive figures bode well for EFG Holding, which continues to expand its business across emerging markets, with a strong presence in Egypt, the UAE, Saudi Arabia, Kuwait, Bahrain, Kenya, and Nigeria. The group’s diversified operations and strategic initiatives have solidified its position as the foremost trusted partner offering financial services in the MENA region.

IN Q1 2025, EFG HOLDING REPORTED REVENUES OF EGP5.6BN. EFG FINANCE STARTED THE YEAR STRONG, WITH ITS REVENUES RISING 23 PER CENT YOY TO REACH EGP1.3BN, SUPPORTED BY HIGHER REVENUES GENERATED BY TANMEYAH, FOLLOWED BY VALU. BANK NXT DELIVERED A STEADY PERFORMANCE, UNDERSCORED BY STRONG PORTFOLIO GROWTH, WITH ITS REVENUES INCREASING 11 PER CENT YOY TO EGP1.4BN IN Q1.

Emaar Properties

LEADING DUBAI’S REAL ESTATE SECTOR

SECTOR: REAL

Emaar Properties, the UAE’s leading master developer, recorded its strongest financial results to date in 2024 — reinforcing its standing as one of the region’s most valuable and influential real estate brands.

Founded in 1997 and listed on the Dubai Financial Market, Emaar has long played a pivotal role in shaping the modern Dubai skyline and lifestyle.

In 2024, the company posted annual revenue of Dhs35.5bn ($9.6bn), up 33 per cent year-on-year. Net profit attributable to shareholders climbed 16 per cent to Dhs13.5bn ($3.7bn), reflecting robust demand across residential, hospitality, and commercial divisions. The company also proposed a record Dhs2.7bn ($740m) dividend,

| COUNTRY: UAE

up 31 per cent on the previous year.

Emaar’s property sales surged to an all-time high of Dhs70bn ($19.1bn), a 72 per cent increase from 2023.

During the year, the group launched 62 new projects across popular master-planned communities including Dubai Hills Estate, Emaar Beachfront, Arabian Ranches, and Dubai Creek Harbour. These sales contributed to a strong backlog of Dhs90.9bn ($24.7bn), offering the company high revenue visibility moving forward.

Beyond residential sales, Emaar’s portfolio includes some of Dubai’s most iconic assets — including Burj Khalifa, The Dubai Mall, Dubai Opera, and the Address Hotels + Resorts brand. The group also maintains a presence across Egypt, Saudi Arabia, India, Pakistan, and Turkey, with a

growing international pipeline of projects. In hospitality, Emaar continued to expand its hotel and serviced residence portfolio, targeting high-end travellers with strong brand equity and quality experiences.

The company’s retail business, anchored by The Dubai Mall, saw robust performance in footfall and leasing, driven by tourism and economic growth.

Looking ahead, Emaar is doubling down on digital transformation, sustainable development, and strategic landbank utilisation to drive future growth. With investor confidence at a high, and Dubai’s real estate momentum showing no signs of slowing, Emaar is well-positioned to remain the region’s most admired and financially successful developer.

FROM TELECOM PIONEER TO GLOBAL TECH POWERHOUSE

Established in 1976 as Etisalat, e& has transformed from the UAE’s first telecom operator into one of the MENA region’s most iconic and fastest-growing global technology and investment groups.

Rebranded as e& in 2022, the company has undergone a bold shift to become a “techco”, expanding far beyond

traditional telecom into areas such as cloud computing, AI, cybersecurity, fintech, media, and enterprise solutions. This strategic evolution has earned e& global acclaim. In 2025, Brand Finance named it the “World’s Fastest Growing Brand”, awarding it a AAA rating and valuing the brand at $15.3bn — an eightfold rise in one year. Its brand

IN Q1 2025, E& REPORTED AN 18.7 PER CENT YEAR-ON-YEAR INCREASE IN REVENUE TO DHS 16.9BN, WITH NET PROFIT SURGING 129.9 PER CENT TO DHS5.4BN. ITS DIGITAL PLATFORMS ARE THRIVING — E& MONEY TRIPLED TRANSACTION VOLUME, STARZ ON REACHED 1.44 MILLION USERS, AND CAREEM SAW GROSS TRANSACTION VALUE GROWTH OF 177 PER CENT.

portfolio and investment value now exceed $20bn, placing e& among the top 10 telecom brands worldwide.

Operating in 38 markets across the Middle East, Asia, Africa, and Europe, e& serves over 194.8 million subscribers as of Q1 2025, including 15.3 million in the UAE alone. The company also supports over 300,000 enterprise and government clients with tailored digital and infrastructure solutions.

e&’s growth is driven by ambitious acquisitions, including a controlling stake in PPF Telecom’s assets in Central and Eastern Europe and an expanded 15 per cent stake in Vodafone. Through its e& enterprise arm, it also acquired Turkish cloud company GlassHouse to boost its cloud services footprint in the region.

In Q1 2025, e& reported an 18.7 per cent year-on-year increase in revenue to Dhs 16.9bn, with net profit surging 129.9 per cent to Dhs 5.4bn. Its digital platforms are thriving— e& money tripled transaction volume, STARZ ON reached 1.44 million users, and Careem saw gross transaction value growth of 177 per cent.

With a Dhs 1bn+ strategic partnership with AWS, a new Miami hub for global connectivity, and the launch of the Al Ain Innovation Centre with the UAE Cybersecurity Council, e& continues to cement its role as a future-focused digital enabler. Under the leadership of group CEO Hatem Dowidar, the company remains committed to innovation, regional impact, and global expansion.

Emirates

FLYING HIGH TO POWER DUBAI’S GROWTH

SECTOR: AVIATION | COUNTRY: UAE

Emirates Airline continues its impressive growth trajectory, posting record financial results and expanding its global footprint in 2024–25.

Headquartered in Dubai, Emirates now serves 148 cities across 80 countries, and offers the world’s largest inventory of international First Class private suites — averaging 26,800 suites weekly aboard its A380s and Boeing 777s.

In the 2024–25 fiscal year, Emirates achieved a 3 per cent increase in passenger revenue, reaching Dhs103.8bn, driven by strong demand and substantial investments in premium services, sponsorships, and customer experience.

Overall revenue surged to a record Dhs128bn, while net profit soared 20 per cent to Dhs21.2bn — reflecting a robust profit margin of 14.9 per cent. This success was fuelled by increased air travel demand, a rebound in cargo operations, lower fuel prices, and high customer satisfaction across all cabin classes.

Emirates Skywards loyalty programme surpassed 35 million members, and its strategic partnership with

flydubai achieved a record 5 million joint travellers in 2024 — marking a 36 per cent increase over the previous year.

To meet rising demand, Emirates expanded its capacity by 4 per cent, reaching 60 billion available tonne kilometres (ATKMs), with a healthy seat load factor of 78.9 per cent. The airline launched new routes to Bogotá and Madagascar, resumed services to Phnom Penh, Lagos, Adelaide, and Edinburgh, and enhanced services to 21 other destinations. Emirates also expanded its partnership network, offering customers seamless access to over 1,750 cities via 33 codeshare and 118 interline agreements.

Despite delays in new aircraft deliveries, Emirates committed to a $5bn retrofit programme, adding 99 aircraft for full cabin upgrades — bringing the total to 219. A landmark moment came with the arrival of A6-EXA, the first

Airbus A350 to join Emirates’ fleet in 16 years. By March 2025, four A350s had been delivered, with 61 more expected over the coming years.

The airline also prioritised customer experience on the ground, investing Dhs63mn to upgrade its Emirates Lounge offering and launching its premium Emirates World retail store in eight global cities. Additionally, Emirates became the world’s first Autism Certified Airline, aligning with Dubai’s goal to be the world’s most accessible travel hub.

In Africa, Emirates increased flight frequencies to key cities and launched service to Madagascar, reinforcing its focus on the continent’s emerging markets. With 161 weekly flights from 19 African countries and extended connectivity through five codeshare and 18 interline partners, Emirates now connects customers to over 210 destinations across Africa.

TO MEET RISING DEMAND, EMIRATES EXPANDED ITS CAPACITY BY 4 PER CENT, REACHING 60 BILLION AVAILABLE TONNE KILOMETRES (ATKMS), WITH A HEALTHY SEAT LOAD FACTOR OF 78.9 PER CENT.

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Holding Company (IHC) International

REPRESENTING A NEW GENERATION OF INVESTORS

SECTOR: DIVERSIFIED | COUNTRY: UAE

Since its founding in 1999, IHC has become one of the largest investment companies in the world. But IHC is far more than that — it is a forward-thinking, proactive investment leader, creating dynamic value networks that go beyond the traditional holding company model to represent a new generation of investors.

IHC, the global investment company focused on building dynamic value networks, has reported its financial results for the first quarter of 2025, achieving revenue of Dhs27.2bn — a 41.1 per cent increase compared to Dhs19.3bn in Q1 2024 — and a profit after tax of Dh4bn, with a net profit margin of 15.2 per cent. These results reflect the group’s continued momentum across

its diversified verticals and reinforce its commitment to delivering enhanced shareholder value.

Total assets stood at Dh416.6bn as of March 31, compared to Dh401.8bn at the end of 2024. The increase highlights the goup’s ability to scale its diversified portfolio through strategic partnerships and targeted investments. Real estate and construction assets witnessed a 4.9 per cent increase year-on-year, reaching Dh170.7bn.

At the beginning of 2025, IHC, ADQ, and Modon launched the Gridora Infrastructure Platform — a joint venture operating under Modon — to accelerate the delivery of strategic infrastructure projects across the UAE and globally.

On April 28, IHC, ADQ, and First Abu Dhabi Bank (FAB) announced plans to launch a new stablecoin backed by dirhams. The coin will be fully regulated by the Central Bank of the United Arab Emirates (CBUAE) and issued by the UAE’s largest bank, FAB (subject to regulatory approval).

The new stablecoin aims to revolutionise the ease of making payments and doing business both locally and globally, placing the UAE at the forefront of blockchain innovation and strengthening the country’s digital infrastructure.

Designed to enable seamless, secure, and verifiable payments across a wide range of everyday scenarios, the dirham-backed stablecoin will be used by individuals, businesses, and institutions. It will also support emerging digital use cases such as machine-to-machine transactions and AI-driven applications.

IHC continues to demonstrate its commitment to employee welfare. The company signed a memorandum of understanding with Lunate to explore enrolling employees in the Ghaf Benefits plan, enhancing support for its workforce.

The company also had an active presence at the 2025 World Economic Forum in Davos, where it led a delegation of key subsidiaries, fostering global dialogue and strategic partnerships.

In May, IHC announced plans to establish a new AI-driven reinsurance platform headquartered in the Abu Dhabi Global Market (ADGM). The platform, which is yet to be named, will provide critical underwriting capabilities supported by advanced AI technologies to accelerate growth in the Gulf region and support the evolution of regional capital markets.

TOTAL ASSETS STOOD AT DH416.6BN AS OF MARCH 31, COMPARED TO DH401.8BN AT THE END OF 2024. THE INCREASE HIGHLIGHTS THE GROUP’S ABILITY TO SCALE ITS DIVERSIFIED PORTFOLIO THROUGH STRATEGIC PARTNERSHIPS AND TARGETED INVESTMENTS.

Jetex

REDEFINING LUXURY IN PRIVATE AVIATION

SECTOR: AVIATION | COUNTRY: UAE

Recognised among the MENA region’s iconic companies, Jetex stands as a testament to visionary leadership and an unwavering pursuit of excellence in private aviation. Since its establishment by Adel Mardini in November 2005, Jetex’s trajectory has been a continuous narrative of innovation, remarkable global expansion, and a steadfast dedication to the highest industry standards. With its global headquarters proudly situated in Dubai, Jetex has not merely participated in the aviation industry; it has actively transformed it by seamlessly blending personalised service with an unyielding commitment to safety, thereby redefining luxury for the modern discerning traveller.

A pivotal moment in the Jetex story was the inauguration of its first flagship private terminal at Le Bourget, Paris. This seminal facility not only set a new benchmark for the company’s future direction but also pioneered many of the signature Jetex services that are now delivered with consistent excellence across its global network. Within a few

short years, Jetex’s impressive portfolio rapidly expanded to encompass 38 private terminals spanning Europe, the Middle East, Africa, Asia Pacific, and South America, solidifying its international footprint.

Mardini, the visionary behind Jetex, highlights a significant strategic evolution: “In 2020, we embarked on a global brand transformation, merging luxury hospitality with private aviation. We added new services and brand extensions, including lifestyle concierge, private jet charter and luxury retail. The strength of the brand had become a promise of a quality of life.”

Today, with its original founder still at the helm, Jetex has cemented its position as the world’s favored private aviation brand. Its ongoing focus remains on strategic global expansion, meticulously

balanced with a strong emphasis on fostering creativity and innovation. This dual approach is evident in the continuous introduction of new destinations and the adoption of cutting-edge technologies, all designed to further enhance its undisputed leadership in luxury travel.

Beyond its commercial endeavours, Jetex is deeply committed to corporate philanthropy. A core pillar of the founder’s vision, this commitment is pursued with a long-term perspective, focusing on supporting talents, enhancing the quality of life, and making a tangible positive impact on the communities it serves. From championing the youngest aviators to actively contributing to global efforts against AIDS and world hunger, Jetex consistently strives to make a profound difference on a global scale.

WE ADDED NEW SERVICES AND BRAND EXTENSIONS, INCLUDING LIFESTYLE CONCIERGE, PRIVATE JET CHARTER AND LUXURY RETAIL. THE STRENGTH OF THE BRAND HAD BECOME A PROMISE OF A QUALITY OF LIFE.”

Majid Al Futtaim

BUILDING A RETAIL LEGACY

SECTOR: RETAIL | COUNTRY: UAE

Majid Al Futtaim is a leading pioneer in shopping malls, communities, retail, and leisure across the Middle East, Africa, and Asia.

Majid Al Futtaim’s shopping malls have continued to thrive with leasing occupancy hitting 97 per cent and footfall remaining stable from record growth in 2023 across its 29 malls. The newly optimised hotels portfolio continued to perform well.

For over two decades, Majid Al Futtaim has been creating great moments — beginning with the launch of City Centre Deira in 1995, which transformed

the region’s retail, leisure, and entertainment landscape and redefined how people experience places and spaces.

In April, the entity announced a landmark Dh5bn investment to transform Mall of the Emirates into a next-generation lifestyle destination. Marking the mall’s 20th anniversary, the project represents a bold reimagining of a regional retail icon — building on the group’s enduring legacy of creating memorable moments and delivering world-class experiences. The “Mall of New Possibilities” vision will introduce new retail, dining, wellness, entertainment, and cultural offerings.

PHASES 1 AND 2 OF THE NEWLY LAUNCHED GHAF WOODS RESIDENTIAL DEVELOPMENT

SOLD OUT IN UNDER A WEEK, HIGHLIGHTING STRONG DEMAND FOR THE GROUP’S COMMUNITY-FOCUSED PROJECTS AND THE ENDURING POPULARITY OF TILAL AL GHAF.

Majid Al Futtaim reported a 3 per cent increase in EBITDA at Dh4.6 billion and a 1 per cent increase in revenue to Dh33.9bn on a constant currency basis. Net profit for the year rose by 18 per cent to Dh2.04bn before impairments, valuation gains, and UAE corporate income tax. Free cash flow increased by 270 per cent to Dh2.8bn, while net debt was reduced by Dh1bn, reaffirming the group’s BBB credit rating with a stable outlook.

Majid Al Futtaim – Properties delivered a 25 per cent increase in net revenue, driven by strong performance across malls and its residential real estate portfolio. Phases 1 and 2 of the newly launched Ghaf Woods residential development sold out in under a week, highlighting strong demand for the group’s community-focused projects and the enduring popularity of Tilal Al Ghaf.

Majid Al Futtaim – Retail launched an impactful turnaround programme in Q3 2024, while the Digital vertical accelerated growth compared to 2023 and achieved full-year EBITDA profitability. The group also launched Precision Media, its first digitally native, AI-enabled business. It achieved 13 per cent Emiratisation, earning the prestigious NAFIS award for the second consecutive year. For the 11th consecutive year, Majid Al Futtaim has received the Green Star designation from the Global Real Estate Sustainability Benchmark (GRESB), earning a score of 87 in the Standing Investments Benchmark and 96 in the Development Benchmark. Notably, the company was named ‘Region Sector Leader’ in the Non-Listed Residential, Asia category. It also retained its low-risk ESG rating rom Sustainalytics.

Investment Company Mubadala

FOCUSED ON THE CREATION OF NATIONAL CHAMPIONS

SECTOR: DIVERSIFIED | COUNTRY: UAE

In the UAE, Mubadala Investment Company has focused on the creation of national champions. Its role reflects Abu Dhabi’s broader vision to build competitive national industries, create high-value jobs, and position the UAE as a key player across strategic sectors.

Mubadala accounted for about 20 per cent of the almost $136.1bn spent by sovereign wealth funds worldwide in 2024, overtaking Saudi Arabia’s PIF amid a surge in spending from Gulf countries. Mubadala and its subsidiaries deployed $29.2bn in 2024, up from $17.5bn invested in 2023, based on a preliminary annual report from industry specialist Global SWF, which tracks the world’s sovereign investment funds.

In the pursuit of scaling their private credit and alternative investment

activities, Mubadala and Goldman Sachs announced a partnership aimed at deploying $1bn of long-term capital to invest in the growing Asia-Pacific credit market.

In a landmark move, Mubadala, through its asset management subsidiary Mubadala Capital, and Fortress management completed the acquisition of 90.01 per cent of Fortress’ equity previously held by SoftBank Group Corp.

In 2024, Mubadala joined a consortium led by Silver Lake for the take-private of Endeavor Group Holdings, a global sports and entertainment company.

Mubadala and Bpifrance, the French public investment bank, acquired a minority stake in SOCOTEC, a major French company operating in risk management, compliance, safety, health, and environment across the

IN THE PURSUIT OF SCALING THEIR PRIVATE CREDIT AND ALTERNATIVE INVESTMENT ACTIVITIES, MUBADALA AND GOLDMAN SACHS ANNOUNCED A PARTNERSHIP AIMED AT DEPLOYING $1BN OF LONGTERM CAPITAL TO INVEST IN THE GROWING ASIA-PACIFIC CREDIT MARKET.

building, real estate, infrastructure, and industry sectors.

The Dubai-based fintech startup Stake raised $14m in a Series A funding round led by MEVP (Middle East Venture Partners), a UAE venture capital firm, with participation from Abu Dhabi’s sovereign-backed Mubadala Investment Company and Wa’ed Ventures, a unit of Saudi Aramco.

Mubadala has also made its first renewable energy investment in Japan to accelerate corporate solar adoption. PAG REN I will operate across developed Asia-Pacific economies, with a strong focus on Japan. The platform will draw on PAG’s decades of experience in Japanese real estate and the technical expertise of its in-house team, PAG Renewables. It is positioned to support Japan’s goal of installing 108 gigawatts of solar capacity by 2030.

Examples of Mubadala’s local impact include:

Masdar, established as an early mover in 2006, is now a global leader in renewable energy with projects in more than 40 countries.

M42 , a global health champion powered by artificial intelligence, technology, and genomics, created in 2022 through the merger of G42 Healthcare and Mubadala Health.

Space42, a UAE-based space tech company integrating satellite communications, geospatial insights, and AI capabilities.

Emirates Global Aluminium (EGA), one of the world’s largest and most competitive aluminium producers, pioneering aluminium smelting using solar power.

Strata, an advanced manufacturer of aerospace components.

Omnicom Media Group (OMG)

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REGIONAL POWERHOUSE IN MARCOMM

SECTOR: MEDIA SERVICES | COUNTRY: UAE (REGIONAL HEADQUARTERS)

Omnicom Media Group Middle East and North Africa (OMG MENA), the regional arm of global leader Omnicom Media Group, stands as an iconic force in the Arab world’s advertising and marketing communications landscape. Headquartered in Dubai Media City, OMG MENA orchestrates a comprehensive network of award-winning agencies and specialised units, delivering impactful media and marketing solutions across the Gulf Cooperation Council, the Levant, and North Africa.

Under the leadership of CEO Elda Choucair, who has spearheaded the group’s growth and transformation since 2021, OMG MENA embodies innovation and strategic foresight. Choucair’s 19-year tenure has been marked by a proven track record in driving digital

and technological advancements, leading to consistent recognition for her agencies as top performers in the region.

OMG MENA’s diverse offerings contribute to its iconic status. Its portfolio boasts prominent agencies like OMD, PHD, and Hearts & Science, each providing strategic communication and media consultancy to leading brands. These are bolstered by specialised units such as Annalect for data and analytics, TRKKN as a Google Marketing Platform partner, Flywheel for e-commerce, Sparks & Honey for cultural insights, and Creo for influencer marketing. This integrated approach, combining global expertise with regional insights and an innovation-driven focus, allows OMG MENA to address the multifaceted needs of its clients. Beyond its core business, OMG MENA is a key player in

industry thought leadership and talent development. The group actively participates in and creates events, such as OMD Sense and PHD BrainScape, to help clients future-proof their strategies. Consistently recognised as a “Great Place to Work”, OMG MENA champions innovation, shared values, and high ethical standards. Its commitment to corporate social responsibility, diversity, equity, and inclusion, and environmental, social, and governance principles is evident through initiatives like signing the UN Women Empowerment Principles in 2023 and celebrating the 10th anniversary of its “Challenge for Good” fundraising expedition, which has raised nearly Dhs2m for charities. Employing more than 1,000 professionals, OMG MENA continues to shape the future of media and marketing in the region.

Public Investment Fund (PIF)

LEADING THE WORLD’S SOVEREIGN WEALTH FUND

SECTOR: DIVERSIFIED | COUNTRY: SAUDI ARABIA

Saudi Arabia’s Public Investment Fund (PIF) has evolved from a financial support vehicle for strategic projects into one of the world’s largest sovereign wealth funds.

In line with Saudi Vision 2030, PIF aims to build a diversified investment portfolio across multiple sectors both within Saudi Arabia and internationally.

The fund is rated Aa3 by Moody’s and A+ by Fitch, both with a stable outlook. It manages approximately $925bn in assets, has created over 1.1 million direct and indirect jobs globally, established 103 portfolio companies, and operates across 13 strategic sectors.

Between 2017 and 2024, PIF invested $84.7bn across Europe, contributing

$52bn to the continent’s GDP and creating over 254,000 jobs. Notably, its $8.6bn investment in France added $4.8bn to the French GDP and created 29,000 jobs.

PIF’s diverse portfolio includes King Abdullah Economic City (KAEC), Manara Minerals Investment Company, Riyadh Air, King Salman International Airport, and Gulf International Bank (GIB – KSA).

In early May, Saudi’s Crown Prince Mohammed bin Salman — who also serves as Prime Minister and chairman of the PIF Board — announced the launch of HUMAIN, a wholly owned PIF company. HUMAIN will operate and invest across the artificial intelligence (AI) value chain as a unified entity.

On March 10, PIF also announced the establishment of Al Waha Duty-Free

Company, the first Saudi-owned dutyfree operator. Fully owned by PIF, Al Waha aims to become a leader in travel retail and boost passenger spending within the Saudi economy.

On May 1, PIF priced a $1.25bn sukuk offering. The seven-year, dollar-denominated sukuk was more than 6.5 times oversubscribed, with orders exceeding $9bn. It will be listed on the London Stock Exchange’s International Securities Market as part of PIF’s broader international sukuk programme. Most recently, PIF opened a new subsidiary office in Paris, expanding its global footprint and strengthening ties with France — a priority international market. The new office reflects its focus on engaging closely with local partners, businesses, and institutional investors.

Qatar National Bank (QNB)

THE FINANCIAL PILLAR OF THE MEA REGION

SECTOR: FINANCE | COUNTRY: QATAR

Qatar National Bank (QNB), established in 1964 and headquartered in Doha, stands among the largest financial institutions in the Middle East and Africa, with operations spanning 28 countries across three continents.

In 2024, QNB achieved a net profit of QAR16.7bn, an 8 per cent increase from the previous year. Operating income for the year reached QAR41.3bn, supported by steady growth across a range of revenue sources. The bank’s loans and advances grew by 7 per cent to QAR911bn, while customer deposits increased by 3 per cent to QAR887bn.

As of March 31 this year, QNB’s total assets reached QAR1.324tn ($364bn), marking a 7 per cent increase from the previous year. This growth was

primarily driven by a 9 per cent rise in loans and advances, totaling QAR947bn, and a 6 per cent increase in customer deposits, which amounted to QAR930bn.

QNB also reported a net profit of QAR4.26bn, reflecting a 3 per cent increase compared to the same period in the previous year. The bank’s operating income for the quarter rose by 6

IN THE FIRST QUARTER OF 2025, QNB REPORTED A NET PROFIT OF QAR4.3BN, REFLECTING A 3 PER CENT INCREASE COMPARED TO THE SAME PERIOD IN THE PREVIOUS YEAR.

per cent to QAR11bn, demonstrating its ability to maintain growth across various revenue sources. QNB maintained a cost-to-income ratio of 22.7 per cent, one of the most efficient among large financial institutions in the region.

QNB’s capital adequacy ratio stood at 19.3 per cent, comfortably above regulatory requirements, reflecting the bank’s strong capital position. The ratio of nonperforming loans to gross loans was 2.8 per cent, indicating effective credit risk management.

This year, QNB is set to enhance its global presence by relocating its headquarters to the Lusail Plaza Towers, a landmark development in Qatar. This move symbolises the bank’s commitment to innovation and its role in shaping the future of banking in the region.

ROSHN

SAUDI ARABIA’S GIGA-DEVELOPER RESHAPING THE FUTURE OF URBAN LIVING

SECTOR: REAL ESTATE/CONSTRUCTION | COUNTRY: SAUDI ARABIA

ROSHN, a Public Investment Fund (PIF)–backed real estate giant, is fast becoming one of Saudi Arabia’s most impactful developers. Launched in 2020, ROSHN is central to the kingdom’s Vision 2030 ambition to increase homeownership, modernise urban planning, and create liveable, integrated communities across Saudi cities.

The company has an ambitious mandate: to deliver 395,000 residential units across 100 million sqm nationwide. Its projects are anchored in a new community development model that blends housing with retail, education, healthcare, parks, and social infrastructure.

ROSHN’s flagship project, Sedra, located north of Riyadh, is now in its fourth phase. It features thousands of homes, schools, and public spaces, and is designed with pedestrian-friendly, green-living principles. The developer’s

portfolio also includes Warefa in Riyadh, Alfulwa in Al Ahsa, and future developments planned for Jeddah, Mecca and the Eastern Province.

By its third anniversary in 2023, ROSHN had sold over 7,000 homes and signed contracts worth SAR37bn ($9.9bn), including a major SAR7.7bn ($2.06bn) partnership with China Harbour Engineering Company. The firm has also launched multiple community centres and infrastructure upgrades to accelerate development timelines.

ROSHN’s vision extends beyond housing. The company is championing community cohesion, sustainability, and quality of life through careful urban planning. All its projects integrate walkable neighbourhoods, open spaces, and solar-ready rooftops, with an emphasis on native landscaping to reduce water usage.

In 2024, the company received major recognition at Cityscape Global and was highlighted as a key contributor to Saudi Arabia’s urban transformation. The company is also advancing its digital capabilities, including the use of BIM (building information modelling) to streamline design and delivery across multiple projects.

As a PIF-backed entity, ROSHN benefits from sovereign-level funding, which gives it the capacity to build at scale while pursuing long-term social and economic goals. With housing demand in Saudi Arabia continuing to rise and the government prioritising public-private partnerships, ROSHN is set to play a dominant role in reshaping how communities are built across the kingdom.

With a robust pipeline, visionary leadership, and long-term national support, ROSHN is not just a developer — it’s a driver of a new Saudi lifestyle.

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Saudi Aramco

AN ENERGY TITAN ANCHORING MENA’S ECONOMY

SECTOR: ENERGY | COUNTRY: SAUDI ARABIA

Saudi Aramco remains the most influential energy company in the MENA region, driving not only Saudi Arabia’s economic engine but also shaping global oil markets. Headquartered in Dhahran, Aramco is the world’s largest oil producer by volume and one of the most valuable publicly traded companies.

In 2024, Aramco reported a net income of $106.2bn — a 12 per cent decline from the year before, attributed to lower crude oil prices and reduced sales volumes. Despite the dip, the company generated $135.7bn in operating cash flow and $85.3bn in free cash flow, maintaining strong financial fundamentals.

Aramco paid a base dividend of $21.1bn for Q4 2024, up 4.2 per cent year-on-year. However, it projected total dividends for 2025 to fall to $85.4bn, down from over $124bn in 2023 — in line with a performance-linked policy.

Production in 2024 averaged 12.7 million barrels of oil equivalent per day. Aramco manages more than 100 oil and gas fields, including the Ghawar Field — the world’s largest onshore oil field — and the Safaniya Field, the largest offshore field globally. The company is actively diversifying. Aramco aims to boost natural gas production by 60 per cent by 2030 and is advancing into liquefied natural gas (LNG) and lithium extraction. These efforts are supported by investments in artificial intelligence and digital oilfield technologies designed to optimise upstream performance and

reduce environmental impact. Internationally, Aramco is strengthening its downstream footprint through refineries and petrochemical complexes in China, South Korea and the United States. These global projects reinforce its long-term strategy of securing demand and value beyond crude exports. Aramco’s performance underpins Saudi Arabia’s Vision 2030 ambitions, contributing significantly to government revenues and funding national diversification initiatives. Its unmatched scale, strategic foresight and financial discipline continue to position the company as a cornerstone of both regional and global energy systems.

With resilient earnings, diversified investments, and a leading role in the energy transition, Saudi Aramco stands not only as an iconic MENA enterprise — but as a global force shaping the future of energy.

PRODUCTION IN 2024 AVERAGED 12.7 MILLION BARRELS OF OIL

EQUIVALENT PER DAY. ARAMCO MANAGES MORE THAN 100 OIL AND GAS FIELDS, INCLUDING THE GHAWAR FIELD — THE WORLD’S LARGEST ONSHORE OIL FIELD — AND THE SAFANIYA FIELD, THE LARGEST OFFSHORE FIELD GLOBALLY.

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Siom Marble

CRAFTING EXCELLENCE IN THE UAE AND BEYOND

Founded in 1990 in Sharjah, Siom Marble & Granite Factory has grown into one of the UAE’s most respected natural stone specialists, known for its meticulous craftsmanship, turnkey services, and deep-rooted family leadership.

The company has contributed to some of the most iconic architectural developments across the UAE — and is now expanding its reach across the region.

A second-generation family-run business, Siom is led by founder and chairman Maurice Broummana, managing director Dunia Daaboul, and deputy managing director Charl Broummana. Their hands-on approach and long-standing supplier relationships have given the company a reputation for trust, speed and attention to detail.

Siom’s fully integrated service spans sourcing, fabrication, installation and final handover.

and a water recycling plant — all operated by a team of over 600 employees.

The company is exploring AI integration to further improve efficiency and project coordination.

Over the past five years, Siom has delivered high-value packages for clients including Emaar, Dubai Holding, Aldar, Majid Al Futtaim and the governments of Sharjah and Abu Dhabi.

Signature projects include Marsa Al Arab, Saadiyat Lagoons, Madinat Jumeirah, and the Holy Quran Academy.

In 2024 alone, it executed work on over a dozen large-scale sites, with multi-million-dirham projects.

Siom also sources premium marble and quartzite directly from Italy, Greece, Turkey, and many other countries — bypassing middlemen to

SECTOR: REAL ESTATE/CONSTRUCTION | COUNTRY: UAE BEYOND EXECUTION, SIOM HAS EARNED MULTIPLE RECOGNITIONS, INCLUDING ISO 9001:2008 CERTIFICATION, MEMBERSHIP IN THE MARBLE INSTITUTE OF AMERICA, AND A CERTIFICATE OF APPRECIATION FROM ASGC FOR MARSA AL ARAB.

ensure quality control and cost-efficiency. Its in-house team regularly visits international quarries to handpick materials.

Beyond execution, Siom has earned multiple recognitions, including ISO 9001:2008 certification, membership in the Marble Institute of America, and a certificate of appreciation from Marsa Al Arab.

Its commitment to quality, sustainability and safe working environments is embedded in its QHSE policy and reflected in long-term client relationships. With a robust project pipeline and growing interest in Saudi Arabia, Siom Marble is poised to become a regional leader — exporting its expertise, precision, and heritage of excellence across the Gulf.

Its 120,000 sqft facility in Sharjah’s Emirates Industrial City features advanced CNC and waterjet machines, five-axis cutting tools, polishing lines,

Smart Zone

MADE IN UAE, TRUSTED GLOBALLY: SMART ZONE TURNS 15

SECTOR: DIVERSIFIED | COUNTRY: UAE

Few companies mirror the UAE’s rise as a global business hub as closely as Smart Zone.

Celebrating its 15-year milestone, the homegrown firm has become a key player in the country’s entrepreneurial landscape — trusted by over 35,000 businesses from more than 70 countries.

Founded in 2010, Smart Zone entered a fragmented and often complex regulatory environment. Starting a business in the UAE at the time was daunting, especially for foreign entrepreneurs. Smart Zone was created to change that — with a clear mission to simplify the business setup journey.

Today, Smart Zone is a full-spectrum consultancy offering end-to-end services across free zones, mainland, and

offshore jurisdictions. From company formation and corporate structuring to visa support, banking facilitation, and tax advisory, it has become a one-stop platform for local and international entrepreneurs. The company’s evolution has gone hand in hand with the UAE’s transformation. Smart Zone works across a wide range of industries, helping businesses launch and scale in sectors including technology, fintech, AI, healthcare, e-commerce, education, logistics, tourism, hospitality, media, and real estate. Its ability to tailor solutions to industry-specific needs has helped thousands of founders navigate their markets with clarity and speed.

By investing in technology and AI-powered platforms, the firm streamlined onboarding and service delivery

— keeping pace with a fast-moving, digital-first market.

What truly sets Smart Zone apart is its founder-first philosophy. It has never lost sight of its core purpose: to remove friction from the startup journey and help entrepreneurs launch with confidence. This client-centric approach has earned it a reputation for trust, clarity, and speed — three attributes that define success in the UAE’s competitive business environment.

As the UAE continues to attract global talent and investment, Smart Zone is well-positioned to support the next wave of growth. Its services don’t end at setup — they extend into longterm strategic support, making it a key enabler of economic participation in the region.

stc Group

POWERING MENA’S DIGITAL TRANSFORMATION

SECTOR: TELECOMMUNICATIONS, DIGITAL SERVICES | COUNTRY: SAUDI ARABIA

Headquartered in Riyadh, Saudi Arabia, stc Group stands as a dynamic and forward-thinking digital enabler, transforming the telecommunications and technology landscape across the Middle East, North Africa, and increasingly, Europe. Since its inception in 1998, stc has evolved beyond traditional telecom services into a fully integrated digital powerhouse, offering fixed-line and mobile services, cloud computing, IoT, cybersecurity, digital payments (via stc Bank), e-gaming (stc Play), and digital entertainment (stc TV).

Recognised as the most valuable telecom brand in the Middle East and among the top 10 globally by Brand Finance in 2024, stc’s vision is to enable sustainable growth through a connected, innovative digital world.

The year 2024 was transformative. stc posted record revenues of SAR75.893bn, up 5.7 per cent year-on-year. Gross profit rose 7.4 per cent to SAR37.3bn, while operating profit climbed 9.6 per cent to SAR14.426bn. Net profit surged 85.7 per cent to SAR 4.689bn, or 13 per cent excluding non-recurring items, demonstrating exceptional financial strength and strategic agility. Internationally, stc received approval to increase its voting rights in Telefónica to 9.97 per cent and completed the sale of a 51 per cent stake in its tower unit TAWAL to Saudi Arabia’s Public Investment Fund (PIF) in early 2025, forming a new regional

telecom infrastructure giant. Meanwhile, stc Bank launched full banking operations in 2025 after evolving from stc Pay, marking a major milestone in the group’s digital financial services journey.

The year’s first quarter continued the growth trajectory with revenues up 1.6 per cent to SAR19.210bn and net profit rising 11.05 per cent to SAR3.649bn. stc also became the first global telecom operator to achieve SAS-UP license certification to localise eSIM technology, in partnership with Thales. A new agreement with Ooredoo will create a ground fiber network linking Saudi Arabia and Oman.

Tahaluf

POWERING THE KINGDOM’S GLOBAL STAGE

SECTOR: EVENTS | COUNTRY: SAUDI ARABIA

Headquartered in Riyadh, Tahaluf has rapidly emerged as a force redefining Saudi Arabia’s global event footprint.

Tahaluf is a strategic joint venture between Informa, the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), and the Events Investment Fund (EIF), thereby bringing together a number of key stakeholders.

From tech to tourism, healthcare to real estate, Tahaluf’s portfolio bridges the Kingdom with the world. Its line-up includes the globally acclaimed LEAP — now the most attended tech event on the planet — as well as DeepFest, Global Health Exhibition, Black Hat Middle East & Africa, Cityscape Global, and CPHI Middle East.

More recently, Tahaluf expanded its reach with the announcement of Money20/20 Middle East, launching in Riyadh, and LEAP East, which will debut in Hong Kong in 2026.

Each Tahaluf event serves a strategic purpose. LEAP, for example, attracts over 215,000 attendees annually and is

a powerful showcase of the Kingdom’s tech ambitions, featuring thought leaders from TikTok, Sequoia, Formula E, and more. Events such as Money20/20 further underline Saudi Arabia’s rising profile as a global fintech powerhouse under Vision 2030.

Tahaluf is equally committed to developing local talent. Its Graduate Development Programme provides structured training and real-world exposure across its flagship events and corporate functions — nurturing the future leaders of Saudi Arabia’s event economy.

With additional events such as Najah Jeddah, EDGEX, Saudi Event Show,

HRSE KSA, Umrah & Ziyarah Forum, Talent World, and the Saudi Intermobility Expo, Tahaluf is more than an organiser: it’s increasingly a builder of ecosystems.

As Saudi Arabia accelerates towards a diversified, innovation-driven economy, Tahaluf stands at the centre: enabling global connections, catalysing knowledge exchange, and delivering world-class impact. Its ability to convene industries, policymakers, investors, and innovators under one roof has made it a vital player in the kingdom’s transformation into a global platform for knowledge, business and innovation.

FROM TECH TO TOURISM, HEALTHCARE TO REAL ESTATE, TAHALUF’ S PORTFOLIO BRIDGES THE KINGDOM WITH THE WORLD. ITS LINE- UP INCLUDES THE GLOBALLY ACCLAIMED LEAP — NOW THE MOST ATTENDED TECH EVENT ON THE PLANET — AS WELL AS DEEPFEST, GLOBAL HEALTH EXHIBITION, BLACK HAT MIDDLE EAST & AFRICA, CITYSCAPE GLOBAL, AND CPHI MIDDLE EAST.

Versuni TURNING HOUSES INTO HOMES

SECTOR: CONSUMER ELECTRONICS | REGION: MENA

Versuni, a global leader in domestic appliances, is dedicated to transforming houses into homes through innovative, sustainable, and consumer-centric products. It develops, manufactures, and markets Philips-branded home appliances under a trademark license from Royal Philips. Carrying forward Philips’ 130-year legacy through innovation, Versuni brings trusted, high-quality solutions tailored to the evolving needs of consumers. The company’s scale is significant, operating in over 100 countries with more than 6,000 employees, with global sales exceeding EUR3bn. This formidable market presence is supported by a diverse portfolio covering kitchen appliances, coffee machines, garment care, floor care and air care featuring globally recognised and beloved brands, including Philips, Saeco, Senseo, Gaggia, L’OR, Preethi, and Philips Walita.

For the MENA region, Philips stands as the main brand, anchoring Versuni’s very strong geographical footprint. The company holds a powerful position in the small domestic appliances market across MENA attributed to its wide array of product categories that effectively cater to diverse consumer needs. This regional focus underscores Versuni’s commitment to understanding and serving local markets, a commitment that Milena Elmasoglu, regional president of the Middle East, Turkey and Africa Region at Versuni, continues to champion across MENA.

At its core, Versuni’s purpose is to elevate the home experience, believing that a home is more than just a physical space it’s a hub of comfort, wellbeing, and personal expression. This vision drives the creation of smart, sustainable, and beautifully engineered appliances designed to enhance daily life. Versuni’s innovation

is underscored by its ownership of over 900 patents across its product categories. Sustainability is intrinsically woven into Versuni’s operations. Versuni is actively committed to reducing its environmental footprint, including efforts to incorporate more recycled materials into its products and developing circular business models that champion repair and reuse. This dedication extends to sustainable packaging solutions, utilising 100 per cent recycled and 100 per cent recyclable paper. Beyond product design, Versuni emphasises supply chain responsibility, partnering with suppliers who uphold high standards for working environments and employee welfare. Versuni’s focus on consumer needs and innovation, supported by a strong commitment to sustainability, strengthens its position as a forward-thinking and iconic company in the MENA region.

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Zain Group

PIONEERING TELECOM GROWTH AND DIGITAL TRANSFORMATION

SECTOR: TELECOMS | COUNTRY: KUWAIT

Zain, the pioneer of mobile telecommunications in the Middle East, began operations in 1983 in Kuwait as the region’s first mobile operator.

Since launching its expansion strategy in 2003, the company has grown rapidly. Today, Zain operates in eight markets across the Middle East and

Africa, delivering innovative technologies, enterprise solutions, and digital lifestyle communications to over 50.7 million active individual and business customers as of March 31, 2024, supported by a workforce of more than 7,900. The Zain brand lies at the core of the company’s identity — it represents a promise to customers, defines

IN Q1 2025, ZAIN GROUP RECORDED A 15 PER CENT RISE IN REVENUE TO KD536M ($1.74BN). EBITDA ALSO ROSE 15 PER CENT TO KD171M ($554M), REFLECTING AN EBITDA MARGIN OF 32 PER CENT.

the company’s vision, and drives its internal focus. Valued at $3.5bn, the brand saw a 14.5 per cent year-onyear increase according to the Brand Finance 2025 rankings, maintaining a AAA- brand rating.

In Q1 2025, Zain Group recorded a 15 per cent rise in revenue to KD536m ($1.74bn). EBITDA also rose 15 per cent to KD171m ($554m), reflecting an EBITDA margin of 32 per cent. Net income soared 66 per cent to KD48.5m ($157m), with earnings per share of 11 fils ($0.04). This growth was fuelled by robust performance across key markets, with revenue increases in Sudan (up 112 per cent), Iraq (up 13 per cent), Bahrain (up 8 per cent), Jordan (up 7 per cent), and Saudi Arabia (up 6 per cent). The customer base grew 20 per cent, aided by ongoing network restoration and expansion in Sudan and growth in other markets. Data revenue increased 6 per cent to $633m, accounting for 36 per cent of overall revenue. The group invested $242m in CAPEX during the quarter, representing 14 per cent of revenues, while Kuwait, Saudi Arabia, Bahrain, and Jordan continued expanding their 5G customer base.

Fintech services — including Bede in Kuwait and Bahrain, Tamam in Saudi Arabia, and Zain Cash — experienced 30 per cent revenue growth, with transaction values increasing 25 per cent to $1.7bn.

Zain Kuwait received the ISO 37301:2021 certification for Compliance Management Systems in April, becoming one of the first regional mobile operators to achieve this milestone. This recognition highlights the company’s strong commitment to regulatory compliance and integrity. It also marks Zain Kuwait’s seventh ISO certification, solidifying its position as the most ISO-certified telecom operator in the country.

BAT sees MENA region as key for its smokeless transformation

British American Tobacco is placing the Middle East at the centre of its global tobacco harm reduction strategy, introducing a range of its smokeless products, like VELO, with the aim of building a smokeless world

British American Tobacco (BAT) is accelerating its transition towards a smokeless world — and the Middle East and North Africa (MENA) region is playing a central role in that journey. As it drives transformational change with the introduction of its smokeless products with reduced risk profile compared to cigarettes, BAT sees significant potential to make Tobacco Harm Reduction (THR) a reality in the region, driven by science, regulation, and consumer readiness.

“With a 60-year heritage in the Middle East, our MENA cluster holds strategic importance for the firm at a global level and plays a crucial role in our transformation journey,” says Alexandre Ghanem, cluster manager for BAT in MENA.

“The opportunities in the MENA region are immense, and smokers are actively making a switch from smoking to less risky* products. This consumer demand is aligned with our ambition to accelerate our THR journey in the region by offering adult smokers a wide range of highquality, scientifically substantiated, reduced risk* alternative nicotine products compared to cigarettes.”

BACKED BY SCIENCE AND REGULATION

According to Ghanem, BAT’s innovation strategy is underpinned by world-class science and is focused on building a comprehensive portfolio of non-combustible nicotine products to meet the evolving preferences of adult consumers. “Aligned with our vision of creating ‘A Better Tomorrow’, we’re driving innovation through cutting-edge works led by over 1,750 R&D specialists at our global innovation centres around the world. By using our 9-step risk assessment framework, we are looking at the emissions, exposure, risk, and ultimately the harm of our smokeless products to establish the weight of evidence to scientifically substantiate their relative risk profiles compared to cigarette smoking.”

CHANGING PERCEPTIONS THROUGH EDUCATION

According to Ghanem, “misperceptions around nicotine and smokeless products remain a significant obstacle not only in the region but globally, with many inaccurately believing that all smokeless alternatives are just as harmful or even more harmful than traditional tobacco. A global Ipsos survey of 27,000 smokers across 28 countries found that 74 per cent believe vaping is at least as harmful as smoking”. This disconnect persists, despite clear endorsements from respected public health authorities such as the NHS UK, which stated that while “nicotine vaping is not risk-free, it is less harmful than smoking.”

A SMOKELESS MIDDLE EAST

BAT’s commitment to the region is clear – it is to create A Better Tomorrow by building A Smokeless World. BAT MENA aims to do this not only through its smokeless product offerings but also in its ongoing efforts to develop local talent in alignment with government visions, as Ghanem described.

Speaking about the MENA cluster, he emphasises, “As a global company, committed to contributing to the economic growth and talent development within the Middle East & North Africa, the Group chose Dubai as the location for our regional headquarters covering “Asia Pacific Middle East and Africa – West” regions, recognising the city’s strategic importance and its status as a leading hub for innovation and business.”

The company invests more than £300m annually in research and development. It recently introduced tobacco-free oral nicotine pouches under the VELO brand in the UAE – marking a key milestone in BAT’s journey in the MENA region.

BAT’s operational growth in the GCC aligns with rising consumer demand of the smokeless products, as more adult smokers are found to be actively seeking to switch to less harmful alternatives. The local research from Kantar showed that 7.8 per cent of UAE consumers currently use non-combustible products— while a much sizable pool of 83 per cent of the respondents are open to making the switch to these products from smoking. Together, these efforts and results reflect a broader transformation – one where innovation, collaboration, and science converge to shape a future beyond smoking, driven by shared visions among key stakeholders to ensure a better future for all.

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The SME Story

A DEDICATED HUB FOR THE REGIONAL STARTUP AND SME ECOSYSTEM

Healthcare: Making it borderless and personal

Danish Ahmed, CEO and founder of Healthtrip, shares how the fast-scaling health travel platform is transforming medical tourism through AI, empathy, and strategic partnerships across Dubai, Saudi Arabia, and Africa’s $11bn market

BY NEESHA SALIAN

What is Healthtrip’s long-term vision, and how has the company scaled rapidly over the past three years? Share key milestones that illustrate this growth. At Healthtrip, our long-term vision is to become the most trusted health travel platform in the world — bridging the gap between need and access for customers seeking quality care across borders. We believe healthcare should be as seamless and humane as it is clinical, and our mission is to redefine how patients experience care abroad.

In recent years, we’ve invested heavily in AI technology and global expansion. Our operations cover a network of 1,500 hospitals and wellness retreats across 10 countries, serving over 35,000 customers each year. This growth is powered by a relentless focus on trust, technology, and strategic alignment.

Some of our defining milestones since our inception include: Integrating AI-based multilingual assistance to enhance our platform’s scalability. Launching technology for channel

25

Danish Ahmed, CEO and founder, Healthtrip

partners to instantly launch their own health travel website.

Partnership with the Dubai Health Authority through the DXH platform to support UAE’s medical tourism goals. Launch of HealinHaram.com, driving medical and wellness tourism to Saudi Arabia.

And most recently, joining forces with Satguru Travel to unlock Africa’s $11bn outbound medical tourism potential.

Each of these has brought us closer to our purpose: making global healthcare personal and truly borderless.

Give us an overview of Healthtrip’s core offerings and the unique value it brings to the medical tourism and wellness sector in the region?

Healthtrip is a full-stack, tech-enabled healthcare travel platform. We offer patients a curated, end-to-end experience which starts with the most important step of finding the right doctor and treatment across our vast global network of medical and wellness providers. This core function requires us to acquire deep knowledge about diseases, treatments available, doctor reviews, hospital capabilities, care reputation and more. Once patients or their caregivers have decided their preference for

treatment, we manage end-to-end requirements including visas, accommodations, translators, recovery, and follow-ups.

What truly differentiates Healthtrip is our commitment to individual needs and empathy thereon. In a region like the GCC, where patients often seek both quality and comfort, our hybrid model, tech-powered, humane care creates a unique supportive journey. We’re not just facilitators; we’re their partners in healing.

At ATM, you announced a strategic partnership with Satguru Travel Group to tap into Africa’s health tourism market and channel that demand to the UAE and the wider region. Could you elaborate on your roadmap and objectives for this initiative?

Our partnership with Satguru Travel Group is a strategic convergence of complementary strengths.

Satguru’s unparalleled reach across over 50 countries in Africa aligns perfectly with our healthcare delivery ecosystem in the UAE, India, Türkiye, Saudi Arabia and other geographies.

Our shared objective is to simplify access to world-class care for African patients. Through this partnership, we aim to:

Establish dedicated helpdesks within Satguru group’s network to assist patients locally.

Create awareness around health treatment through health camps and digital campaigns.

Bring global AI healthtech and developments to the customers in Africa

In essence, we see this as a bridge — not just between continents, but between need and possibility.

Your initiative on the HealinHaram.com platform aims to guide Hajj pilgrims with accessible medical support in Mecca and Medina. What makes this platform innovative and unique?

HealinHaram.com is one of the most meaningful initiatives we’ve undertaken, born from the belief that healing of the body and soul should coexist in harmony. Every year, millions travel to Mecca and Medina for their spiritual wellbeing, and often the same people travel elsewhere for their

WITH HEALTHTRIP’S EXTENSIVE NETWORK, INTERNATIONAL PATIENTS CAN EXPLORE DUBAI’S TOP-TIER HOSPITALS AND WELLNESS CENTERS WITH CURATED PACKAGES, TRANSPARENT PRICING, AND 24X7 DIGITAL ASSISTANCE

physical wellbeing. With world-class hospitals like Saudi German, King’s College London and Fakeeh now available in the Holy Cities, we created Heal in Haram as a special initiative to address this need.

What makes the platform truly innovative is its ability to talk to customers across multiple languages and offer them treatments, health checks and chronic care management near the holy cities. By embedding care within the emotional context of pilgrimage, we’re not just addressing medical needs — we’re enabling peace of mind. Our aspiration is to serve over a million pilgrims annually through this platform.

Healthtrip has recently joined Dubai Health Authority’s DXH platform to contribute to the UAE’s medical tourism goals. How does your participation enhance Dubai’s health tourism ecosystem?

Dubai has always demonstrated excellence, innovation, and has provided patient-first healthcare. Joining the DXH platform by Dubai Health Authority allows us to contribute to this vision in a meaningful way.

With Healthtrip’s extensive network, international patients can explore Dubai’s toptier hospitals and wellness centers with curated packages, transparent pricing, and 24x7 digital assistance. Beyond listings and logistics, we bring our core strength of multilingual digital engagement and an expansive referral network across Africa, Asia, and the CIS regions.

We’re working closely with the DHA to position Dubai as a trusted and tech-forward health travel destination. It’s not just about attracting patients; it’s about elevating their entire care journey.

Strategically, how does Healthtrip plan to sustain its competitive advantage while scaling across new markets in the Middle East and Africa within the next five years?

Our strategic north star remains clear: patient trust. Everything we do, every partnership, every product feature is measured against that value.

Over the next three–five years, we’re investing in:

Regional hubs in Africa and the Middle East for faster on-ground response.

Predictive AI to better match patients with care pathways.

Localised digital platforms that respect cultural nuances and build trust.

Broader wellness offerings — from disease/condition management to fertility and aesthetic care to spiritual and executive health programmes.

But technology alone won’t win. What will sustain us is our ability to stay deeply human in our approach — listening, adapting, and delivering with empathy. That’s what keeps us ahead, and that’s what keeps our patients coming back.

“WHAT MAKES THE PLATFORM TRULY INNOVATIVE IS ITS ABILITY TO TALK

CUSTOMERS

ACROSS MULTIPLE LANGUAGES AND OFFER THEM TREATMENTS, HEALTH CHECKS AND CHRONIC CARE MANAGEMENT NEAR THE HOLY CITIES. BY EMBEDDING CARE WITHIN THE EMOTIONAL CONTEXT OF PILGRIMAGE, WE’RE NOT JUST ADDRESSING MEDICAL NEEDS — WE’RE ENABLING PEACE OF MIND.”