Gulf Business - May 2025

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

32 How US tariffs are reshaping investment strategy

The recent tariffs will impact strategic sectors and global markets going forward. As a result, investment strategies are evolving, with a focus on diversification and adaptation to navigate the changing economic landscape

Group CFO Dr Karim Bennis shares how strategic monetisation, cash focus, and financial discipline are accelerating e&’s evolution and expansion globally

Fairmont’s focus: CEO Omer Acar on prioritising sustainability, enhancing guest experiences, and leveraging the brand’s historic positioning p.56

The super SUV: Blending speed, everyday usability, and understated style, the powerful Porsche Cayenne Turbo GT is the complete package p.58

“The exhibitions and conferences sector is a vital engine of the UAE’s economy. It plays a crucial role in attracting investment, enabling knowledge exchange, and creating high-value opportunities across a wide range of industries.”

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai

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

63

The SME Story

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

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

Group marketing manager Joelle AlBeaino joelle.albeaino@motivate.ae

HEAD OFFICE: Media One Tower, Dubai Media City, PO Box 2331, Dubai, UAE, Tel: +971 4 427 3000, Fax: +971 4 428 2260, motivate@motivate.ae DUBAI MEDIA CITY: SD 2-94, 2nd Floor, Building 2, Dubai, UAE, Tel: +971 4 390 3550, Fax: +971 4 390 4845 ABU DHABI: PO Box 43072, UAE, Tel: +971 2 657 3490, Fax: +971 2 677 0124, motivate-adh@motivate.ae SAUDI ARABIA: Regus Offices No. 455 - 456, 4th Floor, Hamad Tower, King Fahad Road, Al Olaya, Riyadh, KSA, Tel: +966 11 834 3595 / +966 11 834 3596, motivate@motivate.ae LONDON: Acre House, 11/15 William Road, London NW1 3ER, UK, motivateuk@motivate.ae Follow us on social media: Linkedin: Gulf Business Facebook: GulfBusines X: @GulfBusiness Instagram: @GulfBusiness

Cover: Freddie N Colinares

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

Gareth van Zyl, group editor

The Brief

The UAE’s 27 CEPA agreements and counting

The UAE’s CEPA agreements are aimed at lowering trade barriers with key global partners

BY NILUFER NAJEEB

Trade agreements are moving to the forefront of global policy discussions — especially following US President Donald Trump’s recent announcement of blanket tariffs on over 190 countries and regions.

Amid this backdrop, the UAE has pressed ahead with its Comprehensive Economic Partnership Agreements (CEPAs), which aim to lower trade barriers with key global partners and drive its economic diversification strategy.

This week, the UAE signed its 27th CEPA with the Republic of the Congo. Talks have also been confirmed with the European Union (EU) — the UAE’s second-largest trading partner — to explore a potential agreement.

Launched in September 2021, the CEPA programme underscores the UAE’s intent to strengthen its regional and international economic footprint. By 2031, the UAE aims to grow the total value of its

non-oil foreign trade in goods to Dhs4tn and boost non-oil exports to Dhs800bn.

CEPA agreements are designed to eliminate or reduce tariffs and customs duties, remove technical barriers to trade, enhance market access for UAE exporters, and accelerate investment into priority sectors, according to the Observer Research Foundation (ORF) Middle East.

To date, the UAE has initiated CEPA discussions with 27 countries. Eight agreements are already in force, while 14 are currently undergoing technical or ratification procedures.

In 2025 alone, the UAE signed six new agreements — with Malaysia, New Zealand, Kenya, Ukraine, the Central African Republic, and the Republic of the Congo — expanding its global trade network and creating new opportunities for its private sector across dynamic, fast-growing economies.

Additionally, the UAE has concluded CEPA negotiations with the five member states of the Eurasian Economic Union (EAEU) — Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia — with signing expected soon. Talks are also in their final stages with Japan and other nations, with deals likely before the end of 2025. By advancing these deep partnerships across continents, the UAE is reinforcing its

global trade position and paving the way for sustainable economic growth. These agreements align with the “We the UAE 2031” vision, aiming to reduce trade barriers, attract foreign investment, and support the country’s long-term non-oil trade goals.

Here is a list of all the UAE’s CEPA agreements and the status thereof as well as the estimated trade benefits:

UAE CEPA AGREEMENTS IN FORCE

INDIA

Signed: Feb 2022 | In force:May 2022

Non-oil trade grew 20.5 per cent, with UAE exports to India surging 75 per cent by end-2024.

ISRAEL

Signed: May 2022 | In force: April 2023

Non-oil trade reached $2.49bn in 2022 — up 90 per cent YoY. Target of $10bn by 2030.

INDONESIA

Signed:July2022| In force:September2023

Goal: Raise bilateral non-oil trade from $4.08bn to $10bn in five years.

TURKEY

Signed:March2023| Inforce:September2023

Non-oil trade hit $18.9bn, projected to reach $40bn in five years.

CAMBODIA

Signed:June 2023 | In force:January 2024

Aims to reach $1bn in non-oil trade by 2030.

GEORGIA

Signed:Oct 2023 | In force:Jun 2024

Expected to triple non-oil trade to $1.5bn; adds $3.9bn to UAE GDP by 2031.

COSTA RICA

Signed:April2024| In force:April2025

Non-oil trade grew 27.5 per cent YoY in 2024, topping $82.6m.

MAURITIUS

Signed:July2024| Inforce:April2025

Potential to add 1.2 per cent to UAE’s GDP and 1per cent to Mauritius’ economy by 2031.

OTHER CEPA SIGNINGS (PENDING RATIFICATION)

VIETNAM (October 2024)

Supports UAE’s $4tn non-oil trade goal by 2031.

SOUTH KOREA (May 2024)

Aligns with Korea’s Green New Deal targets.

CHILE (July 2024)

Expected to more than double trade to $750m by 2030.

AUSTRALIA (November 2024)

Aims to triple trade by 2032, with focus on renewables and manufacturing.

JORDAN (October 2024)

Non-oil trade hit $4.2bn in 2023; $2.7bn in H1 2024 alone (+36.8 per cent YoY).

SERBIA (Oct 2024)

Part of broader goal to hit $1tn in total trade by 2031.

COLOMBIA (Apr 2024)

Trade up 43 per cent in 2023 to $53.1m — double 2021 levels.

MOROCCO (Jul 2024)

Contributed to UAE’s record $710bn non-oil trade in 2023 (+12.6per cent YoY).

KENYA (January 2025)

Trade forecast to rise from $3.1bn (2024) to $7.2bn by 2032.

MALAYSIA (January 2025)

Focused on high-growth sectors and FDI.

NEW ZEALAND (January 2025)

UAE attracted $74.2m in FDI from New Zealand in 2021; invested $170.2m.

UKRAINE (February 2025)

Seeks to double trade. Trade hit $372.4m in 2024 despite the crisis.

CENTRAL AFRICAN REPUBLIC (March 2025)

Trade rose 75 per cent YoY to $252m in 2024.

REPUBLIC OF THE CONGO (April 2025)

Trade forecast to grow from $3.1bn to $7.2bn by 2032.

COMPLETED CEPA NEGOTIATIONS (PENDING SIGNING)

Russian Federation Armenia Kazakhstan Kyrgyzstan Belarus

Non-oil trade with EAEU bloc reached $13.7bn in H1 2024, up 29.6 per cent YoY.

Better brand testing with AI

Artificial intelligence delivers nuanced audience understanding and predictive capabilities, revolutionising brand measurement and empowering leaders

Brand leaders and chief marketing officers are dealing with a pretty challenging situation these days — one that continues to grow increasingly complex. There’s economic uncertainty paired with shifting consumer values alongside ever-more fragmented audiences. What keeps them up at night is making sure their brand truly resonates with their audience while being agile enough to continually adapt to this constantly moving landscape. It’s a lot to ask.

But leading brands understand that AI-powered brand testing enables leaders to cut through the noise and to respond to rapid market shifts. Of course, data has been integral to branding and marketing for many years, but AI is taking it to a new level, incorporating new tools that revolutionise how brand impact is measured and optimised. Today, AI is helping the smartest brand leaders reimagine what’s possible

– delivering real-time insights, nuanced audience understanding, and a level of prediction we have not seen before. Here, we’ll look at how it works, why it matters, and how it helps today’s brand leaders make faster, smarter decisions in a world that doesn’t sit still.

CHANGES IN BRAND MEASUREMENT

For a long time, brand impact was assessed using surveys or focus groups blended with sales performance analysis. This approach is vulnerable to bias, often suffers from insufficient sample sizes, and typically yields results too slowly. But beyond that, these methods failed to adequately capture the emotional and psychological dimensions of consumer-brand relationships. And without this data, it’s pretty difficult to assess brand health. This is where AI comes in.

WHAT EXACTLY CAN AI DO IN BRAND TESTING?

AI-powered brand testing employs advanced machine learning algorithms, natural language processing (NLP), and predictive analytics to provide real-time, data-driven insights. These are areas where it can have real impact:

Sentiment analysis: AI tools analyse vast amounts of customer feedback from social media, online reviews, and surveys, detecting sentiments and emotions associated with a brand. This provides a more authentic and dynamic picture of brand perception.

Visual recognition: New technology enables AI to scan images and videos across digital platforms, identifying brand logos and measuring visibility. This allows businesses to gauge the effectiveness of sponsorships, advertisements, and user-generated content.

Predictive analysis: AI can forecast brand performance by analysing historical data and identifying trends. This helps businesses anticipate shifts in consumer behaviour and adjust their branding strategies accordingly.

Automated A/B testing: AI-driven brand testing platforms enable companies to conduct rapid A/B testing at scale. By analysing customer interactions with different branding elements, AI identifies which variations resonate most with the target audience.

Segmentation: AI can segment audiences based on demographics, preferences, and behaviours, allowing brands to tailor messaging and positioning for maximum impact.

GET THE BEST RESULTS USING AI BRAND TRACKING

Adopting AI in brand tracking means you and your team can react faster to shifts in customer behaviours, and as we will discuss, getting it set up now will help future-proof your AI marketing strategy. It’s important to note, though, that AI isn’t perfect.

Keeping that in mind will be helpful when you start to find the right blend between AI-powered approaches and more traditional ones.

Here’s how you might start:

Clarity: As with all AI tools, what you get out is going to be linked to what you put in. Quality breeds quality. So, how well you structure your request is critical, and that means clearly defining your target audience and goals to help AI generate more focused insights that you can actually action.

Monitoring: Set your AI to notify you when results deviate from expectations. This approach will help determine when you should invest in resources like manual analysis or add in other surveys to help validate findings. As we mentioned before, it’s about finding the right blend rather than relying entirely on AI.

Integration: AI should be integrated with your existing tools and internal data. This will improve contextual accuracy by ensuring your AI marketing tools are integrated with internal data (which might include sales calls, social media interactions, website analytics, and so on) as a way of capturing more personalised AI insights that reflect your brand’s unique positioning.

Evaluation: AI models are constantly changing and updating, so it’s essential to confirm that you’re always using the most up-to-date version. Regularly check and update your AI tools to make sure they align with your marketing and business goals, giving you the most effective results.

Ecosystem: AI is going to get better and better, so if you build up your AI ecosystem now, you’ll be ready for when new upgrades come through.

Speed: In this world where speed and precision are so critical, an AI-enhanced approach directly addresses the sleepless nights of CMOs and brand leaders.

By building systems that respond to change in real time, you’re not just keeping up but you’re staying ahead.

UNDERSTANDING,

Jigar Saga r is an entrepreneur, investor and government advisor

THE BUSINESS IMPACT OF AI-POWERED BRAND TESTING

We’ve explored how you might approach building AIbased brand testing, but there’s an additional challenge in making the business case to non-technical stakeholders. To get that all-important buy-in, it’s essential to highlight the tangible ROI and demonstrate clearly how AI can drive smarter decisionmaking and boost brand performance.

As a starting point, it’s important to show how AI will optimise marketing spend. When you get data-backed, precisely targeted results, you reduce wasted time and energy while maximising return on investment. Stressing the pure efficiency of using AI is key. Businesses that can make better decisions based on more accurate insights can allocate budgets more efficiently.

It’s also vital to show the critical role AI plays in enhancing customer experience. By continuously analysing consumer sentiment, brands can refine their messaging and positioning to better align with audience expectations. When you make these efforts to strengthen brand affinity, you get higher customer satisfaction and loyalty. Competitive advantage is always going to resonate with business leaders. Demonstrating how AI-driven insights will provide a clearer understanding of market trends and competitor branding strategies will help you prove that AI can play a central role in differentiating your brand. Finally, the market is constantly changing, and so are consumers. Whether through world events or a social media trend, consumer opinion can change overnight. To this end, AI supports continuous, datadriven adjustments as consumer preferences change over time.

THE FUTURE OF AI IN BRAND TESTING

For brand leaders that want some clarity in the chaos, AI-powered testing offers more than just insight – it can bring real peace of mind. And it will only become more sophisticated as time passes. We are likely to see AI-generated brand personas, brand health monitoring that reports in real-time, and deeper integration with various technologies, including augmented reality. Implementing AIpowered brand testing provides immediate advantages and establishes a robust infrastructure for future technological advancements.

As we have seen, by leveraging AI-driven insights, businesses can quantify their brand’s impact like never before, ensuring that every marketing decision is data-driven and designed for maximum effectiveness. It’s a data-centric world, and the brands that adopt AI-powered brand testing secure a competitive edge, both now and in the future.

Digital GBS: The Middle East’s next leap in innovation and talent

As economic diversification accelerates across the Middle East, digital global business services (GBS) are emerging as a critical enabler of transformation

The Middle East is at the cusp of a new revolution in how businesses operate and grow.

Over the past few decades, we’ve seen the shared services model transform from a simple cost-saving measure into a strategic enabler of innovation and agility. Now, with the rise of digital gobal business services (GBS), the region has an unparalleled opportunity to take this model to the next level. The question is no longer, “Why shared services?” but rather, “Why here, and why now?”

FROM BACK OFFICE TO DIGITAL LEADER

Shared services have their roots in the 1980s as a means to centralise back-office functions like HR

and finance. Today, the game has changed entirely. Leading organisations are leveraging digital GBS to drive both efficiency and value creation by integrating governance, locations, and business practices across all shared services and outsourcing activities across the enterprise.

This development is highlighted in a 2025 report by SSON Analytics, which found that 84 per cent of global shared services leaders now see their operations as vital hubs for innovation, decision-making, and process automation.

The Middle East, with its ambitious digital transformation goals and expanding non-oil sectors, is primed to leapfrog traditional approaches. Countries

Getty Images/Malte Mueller

like Saudi Arabia are already integrating cuttingedge technologies like AI, robotic process automation (RPA), and blockchain into shared services as part of broader economic diversification efforts, as highlighted during the Saudi Shared Services Week 2025 event recently held in Riyadh.

It’s important to remember that Digital GBS implementation isn’t just about automating routine tasks; it’s about creating intelligent ecosystems where data flows seamlessly across departments, driving faster and more strategic decisions.

A WORK REVOLUTION FOR GEN Z AND MILLENNIALS

Yet, the shift isn’t purely technological. The newer generation of workers are demanding more than just efficient processes; they’re looking for meaningful work and opportunities to grow. Millennials and Gen Z now make up over 50 per cent of the workforce globally, and their expectations are shaping how organisations attract and retain talent.

This is where digital GBS implementation offers a unique edge. By automating low-value tasks, shared service hubs free up employees to focus on innovation and strategic contributions. Upskilling and crossfunctional opportunities become integral to the employee experience. This is in line with the national visions of countries such as the UAE and Saudi Arabia, which emphasise human capital development by promoting initiatives designed to create a future-ready workforce.

Clement Chan is a Shared Services leader and director at Deloitte Middle East

development programmes that foster leadership, creativity, and fulfilment. Otherwise, they risk losing out in a global labour market that prizes opportunity over mere stability.

AVOIDING COMMON PITFALLS

Still, not all attempts at GBS transformation succeed. Lessons from other regions underscore the risks of poor implementation. Research from Socitm highlighted that fragmented governance, lack of clear objectives, and misaligned management cultures are the leading causes of failure in shared services.

SHARED SERVICES HAVE THEIR ROOTS IN THE 1980S AS A MEANS TO CENTRALISE BACK-OFFICE FUNCTIONS LIKE HR AND FINANCE. TODAY, THE GAME HAS CHANGED ENTIRELY. LEADING ORGANISATIONS ARE LEVERAGING DIGITAL GBS TO DRIVE BOTH EFFICIENCY AND VALUE CREATION BY INTEGRATING GOVERNANCE, LOCATIONS, AND BUSINESS PRACTICES ACROSS ALL SHARED SERVICES AND OUTSOURCING ACTIVITIES ACROSS THE ENTERPRISE.

To compete for the best talent, organisations must pair technological advancements with robust

THE MOMENTUM BEHIND INITIATIVES LIKE SAUDI VISION 2030 HAS ALREADY PUT THE SCAFFOLDING IN PLACE. NOW IT’S UP TO ORGANISATIONS TO SEIZE THIS MOMENT TO INNOVATE, OPTIMISE, AND LEAD ON A GLOBAL STAGE

The Middle East has a chance to avoid such missteps by building on existing insights. Clear governance models, tailored approaches to diverse management styles, and an unwavering focus on measurable outcomes will be critical. Organisations must also invest in change management to ensure employees are on board with this transformation.

WHY HERE, WHY NOW?

The case for digital GBS in the Middle East is compelling because it aligns seamlessly with the region’s current trajectory. Economic diversification demands operational excellence, and global competition for top talent necessitates modernisation. The momentum behind initiatives like Saudi Vision 2030 has already put the scaffolding in place. Now it’s up to organisations to seize this moment to innovate, optimise, and lead on a global stage.

The Middle East is no stranger to turning ambition into reality. Just as it has pioneered advancements in urban architecture, clean energy, and digital governance, the region now has the opportunity to redefine what operational efficiency means. By combining cutting-edge technology with a people-centric approach, digital GBS can become a centerpiece of this vision.

The time to act is now. With bold leadership and thoughtful execution, the Middle East can not only catch up to global standards in shared services but set the benchmark for others to follow. After all, the future of work isn’t just about efficiency. It’s about creating systems that are as dynamic, resilient, and innovative as the people who power them.

Amira Sajwani is the founder and CEO of PRYPCO and MD - Sales & Development at DAMAC Properties

Why Dubai’s proptech vision is great news for the real estate sector

With property prices and rental yields on the rise, and technologies like AI and blockchain unlocking new investment models, the emirate is setting the pace for the future of real estate

Anyone who follows real estate will know that proptech is big business. The sector’s global market value is projected to surpass $89bn during the period 2024-32, representing an impressive compound annual growth rate (CAGR) of 11.9 per cent. As these figures suggest, cutting-edge innovations are having a hugely positive impact on the international property landscape.

This is especially true in Dubai. The emirate’s property prices are projected to rise by 5-8 per cent this year, and average rental yields are expected to approach the 7 per cent mark. Innovations connected to artificial intelligence (AI) and blockchain are already unlocking lucrative opportunities for local property investors and entrepreneurs, and related technologies look set to continue to fuel growth over the longer term. Against this backdrop, the UAE’s proptech industry stands to achieve a phenomenal 20 per cent CAGR from 2022-28.

As founder and CEO of PRYPCO, I am a passionate advocate for the transformative capabilities of proptech, and I am fortunate to live in an emirate whose leaders understand its true potential. Here’s why I believe our government’s proptech vision is great news for Dubai’s wider real estate sector.

EMBRACING INNOVATION WITH PROPTECH

Early adopters have already witnessed the myriad ways proptech is making the real estate sector more efficient. It has added value to existing practices through its ability to streamline complex processes, optimise property management systems and improve customer experiences.

The recently announced collaboration between the Dubai Integrated Economic Zones Authority (DIEZ) and the Dubai Land Department (DLD) supports

the emirate’s ambition to become a leading destination for property innovation, laying the foundations for further innovation and attracting top international talent. Ultimately, this partnership will ensure that budding entrepreneurs, startups and SMEs within the proptech sphere are able to operate in an environment conducive to their long-term growth and development.

Future advances in AI and blockchain will accelerate the pace of change within the industry and generate more diverse investment opportunities. The latest technologies are already facilitating cutting-edge fractional ownership platforms, allowing investors to purchase portions –or ‘blocks’ – of prime rental properties in Dubai for as little as Dhs500. And this is just the tip of the iceberg. From virtual valuations to augmented reality tours, similar innovations have the potential to revolutionise the real estate industry as we know it, changing how we engage with and invest in our built environment.

ENHANCING VISIBILITY

Dubai’s laser focus on technological innovation within the property sector (think the REES Initiative, the RDI Grant Initiative

and the Real Estate Sector Strategy 2033) is enabling talented entrepreneurs and tech experts to conduct research and develop disruptive technologies that will elevate our emirate’s position as a leading proptech hub.

Naturally, rapidly advancing capabilities combined with countless opportunities for investors are attracting significant attention from around the world, making Dubai the perfect launchpad for anyone who wishes to showcase proptech innovations to an international audience.

Dubai has also established itself as a gathering point for the global proptech community. Having spearheaded a diverse selection of real estate conferences and trade shows, policymakers are bringing together experts, industry leaders and investors who are leveraging innovations to reshape the future of real estate. These high-profile events help to cement strategic relationships, secure new investment opportunities and further strengthen Dubai’s status as an international hotspot for proptech innovation.

SUPPORTING ENTREPRENEURSHIP

The emirate’s future-focused approach, resourcefulness and innate entrepreneurial spirit have been instrumental in allowing our economy to flourish. The Dubai Economic Agenda (D33), for instance — which aims to double GDP and grow the foreign direct investment (FDI) pipeline to $177bn between 2023 and 2033 — is testament to our leaders’ vision, ambition and confidence.

With multiple incentives and support initiatives aimed at fostering the development of startups and SMEs, especially within the realms of technology and digital transformation, Dubai-based proptech entrepreneurs are working in a rich and stimulating environment while benefitting from the financial backing required to rewrite the future of real estate.

Forward-thinking policymaking and investment, coupled with private sector innovation, are enhancing flexibility, accessibility and profitability for property owners, buyers and investors across Dubai.

For these reasons, I am certain that our government’s ambitious proptech vision will continue to benefit Dubai’s real estate market for decades — if not generations — to come.

The power of the fractional model

What does the ‘Great Fractionalisation’ mean for the future of work

The way senior executives work is changing Rather than traditional full-time employment, C-suite professionals are beginning to favour fractional leadership positions, whereby they offer their expertise to multiple organisations on a self-employed basis. This ‘Great Fractionalisation’ trend of engaging with a part-time C-suite is gaining traction, as such temporary leadership positions have increased by 57 per cent since 2020. Moving the C-suite from the “payroll” to an “access-role” framework allows business owners to tap into the talents and experience of high-calibre CXOs on a flexible basis, rather than having to commit to a long-term employment contract. So, what does this new business model mean for the future of work?

FLEXIBILITY AND COST-EFFECTIVENESS

Many entrepreneurial and growing businesses neither need nor can afford full-time C-suite

executives. For larger organisations, it is becoming harder to find the skills and knowledge required to fulfil all the obligations of a functional C-suite with a fixed group of individuals.

With the current C-suite concept, organisations have little choice but to ask and expect more of their leaders, widening their remits to deliver organisational change to address emerging trends and to stay competitive. This places more and more pressure on senior executives to handle vast and complex agendas for transformation, causing many to become disillusioned with corporate life.

Alternatively, fractional leadership is an access economy business model. For entrepreneurial and growing businesses, it offers a solution by bringing C-suite skills into their organisations early in their lifecycle, whereas previously this has been widely unavailable and unaffordable. For mid-market corporates and substantial global organisations, it provides some answers by giving them access to the

Sara Daw is group CEO of The CFO Centre and The Liberti Group, and the author of Strategy and Leadership as Service

A CRITICAL SUCCESS FACTOR FOR FRACTIONAL LEADERSHIP IS THAT THE C-SUITE PROFESSIONALS ARE ALL SELF-EMPLOYED. THEIR MOTIVATION TO LEAVE SIGNIFICANT CORPORATE ROLES AND BECOME INDEPENDENT IS TO BREAK FREE FROM CORPORATE LIFE.

functional, emotional, and collective intelligence they need for transformation through dynamically accessing teams of C-suite portfolio professionals.

As time commitments can be flexed easily up and down to fit tight budgets, with clear priorities and outcomes agreed, it is a flexible and affordable way for organisations small and large to access the right skillsets and mindsets at the right time and in the right quantity to match the changing business agenda.

FULFILLMENT AND VALUE-DRIVEN WORK

A critical success factor for fractional leadership is that the C-suite professionals are all self-employed. Their motivation to leave significant corporate roles and become independent is to break free from corporate life. They seek work-life balance and flexibility, a variety of clients to work with, and want to “give back” and “make a difference” using their considerable skills and experience.

This transition to becoming self-employed and working in the C-suite Access Economy is a change in their state of mind, and a very different approach to working for one employer at a time and being employed. It allows these CXOs to choose with whom they want to work and which clients are a match for them, ensuring the amount of work they take on can fit with their lives. It can bring fulfilment through diversity and variety, with income rather than job security.

The freedom that this way of working brings means that these individuals are highly committed

and value driven. They are motivated by building long-term relationships with their clients and therefore put their hearts and minds into delivering what their client businesses require. They are strategic team players who are passionate about sharing their knowledge. Ultimately, they forge deep, value-adding relationships with organisations that fully respect and cherish their input.

FRESH INDUSTRY INSIGHTS FOR FUTURE GROWTH

Engaging with a fractional C-suite is also a bonus when it comes to keeping up to speed with industry changes, benchmarking, and networking. Often when CXOs join a corporation their knowledge and networks narrow and become internally focused on their employer.

Fractional CXOs in the access economy, on the other hand, will naturally have a much bigger network in their function from all their peers and their clients. This means they will bring broader industry and functional perspectives to their work and be on top of the latest trends.

This is indispensable when it comes to business growth. Startups and SMEs can benefit from the scalability and flexibility that fractional leaders and their wider knowledge provide. Large businesses, too, operating within an ever-more competitive marketplace, need to remain agile and consider where they may need additional expertise to take the business to the next level. Tapping into the talents of fractional leaders with fresh industry insights can be the edge organisations need to grow successfully.

FRACTIONAL LEADERSHIP FOR THE FUTURE

Ultimately, fractional leadership isn’t just a nice idea; it’s a practical, alternative vision of the future of work that breaks away from the constraints of the traditional employment model. This is a pathway for organisations to consistently have access to the dynamic and flexible leadership capabilities they need for growth, fuelled by a C-suite who love what they do, working with the people they like, earning the money they need.

Dubai’s growing role as a global sports, entertainment hub

Locally, Dubai’s sports industry contributes approximately $2.5bn annually to the Emirates’ economy while supporting 105,000 jobs

The world’s first free zone cluster dedicated to the sports and entertainment sectors was recently established within the DWTC Free Zone, creating a space for all businesses in these industries. And its location in the heart of Dubai’s central business district makes perfect business sense.

Why? Because Dubai has steadily established itself as a global powerhouse in the sports and

entertainment sectors. The city’s transformation through hosting major events, like Dubai Expo 2020, tournaments and e-sports competitions reflects its strategic positioning on the world stage. While infrastructure and policy incentives often get the spotlight, Dubai’s real edge lies in its ability to attract talent, and cultivate a vibrant, forward-thinking ecosystem that welcomes both emerging ventures and established players alike.

The so-called “Dubai Chocolate Effect” is not just a phenomenon of social media-driven popularity. It is the result of the concentration of aspiring, creative, and talented entrepreneurs in the social and business environment, created and nurtured by the UAE leadership.

A GLOBAL HUB: DUBAI

The sports and entertainment markets have shown remarkable resilience and growth. The global sports market is now worth nearly $500bn, while e-sports has evolved from a niche subculture to a over $1.3bn global phenomena with viewership rivalling traditional sporting events.

Locally, Dubai’s sports industry contributes approximately $2.5bn annually to the Emirates’ economy while supporting 105,000 jobs — 3.8 percent of Dubai’s total employment.

What makes Dubai particularly fertile ground for these industries is the region’s demographic advantage where over 60 per cent of the population is under 30 — digital natives who consume entertainment differently than previous generations.

The UAE has been also a pioneer in economic zones development, with over 40 free zones focusing on various industries, creating spaces where innovation can flourish.

Creating the first sports and entertainment cluster within the free zone environment organically complements aspirations of the Gulf nations to host mega events and supports the growth of sports industry in Dubai and across the region.

BEYOND STANDARD BUSINESS ADVANTAGES

When experts discuss Dubai’s advantages, they often mention the usual factors: strategic location, tax benefits, and world-class infrastructure. The UAE’s

ranking at 16th globally for ease of doing business translates to real savings for companies in the fastpaced entertainment world.

However, what’s often overlooked is the human element. Dubai has created a truly global city where ideas from different cultures don’t just coexist but actively cross-pollinate. Meetings in Dubai frequently feature perspectives from multiple continents shaping a single project, each bringing unique insights on how sports and entertainment resonate in their home markets. You can meet a person from literally any country in the world in Dubai.

Dubai’s pioneering regulatory framework and robust infrastructure have been crucial in shaping the emirate’s sports sector, with government support as an integral priority in Dubai’s vision to become the world’s best city to live and work in.

WHERE TECH MEETS TRADITION

Dubai effectively bridges traditional sports with emerging technologies. The region’s gaming market is booming, driven by high internet penetration rates and a culture that eagerly embraces innovations like VR, AR, and blockchain.

Local e-sports tournaments have grown from modest affairs to events that attract international sponsors. Sports medicine specialists are adapting their expertise to address the unique physical demands of e-sports athletes. Data analytics firms are finding new applications for measuring athletic performance.

These interconnections create a rich ecosystem where traditional categories begin to blur. A VR fitness application can simultaneously be a tech product, a sports tool, and entertainment content – and in Dubai, it can find support for each aspect of its development.

COLLABORATION: THE KEY TO GROWTH

Despite this progress, the full potential of Dubai’s sports and entertainment business sectors remains untapped. The key to further development is deeper collaboration, not just between businesses, but across the entire ecosystem including government entities, educational institutions, and community organisations.

This is where specialised zones and accelerators can make a difference, by bringing diverse stakeholders together. When sports tech startups connect with established federations and leagues, when healthcare researchers interact with performance coaches, when rights owners can network with investors, and sports and talent agencies can rub shoulders with the artists, sports stars and media personalities they seek to represent, the resulting innovations can be transformative.

The establishment of ISEZA as a dedicated cluster within the DWTC Free Zone represents a significant step in this direction, providing companies opportunities to share resources and build complementary services, working closely with key authorities such as the UAE Ministry of Sports, Dubai Sports Council, and UAE National Olympic Committee.

LOOKING FORWARD

Dubai has repeatedly demonstrated its capacity to reinvent itself and stay ahead of global trends. The city’s next chapter will be defined by how it nurtures creative industries like sports and entertainment. The foundations are already in place: world-class infrastructure, a supportive business environment, and a diverse population.

The new sports strategy for Dubai focuses on key areas including sports clubs, infrastructure for sports facilities, e-sports, sports tourism, and sports technology. This strategic approach, combined with plans to develop multipurpose arenas, community leisure and fitness facilities, cycling tracks, and other sports infrastructure, demonstrates Dubai’s commitment to long-term growth in the sector.

For young people especially, these sectors offer more than entertainment – they provide career pathways that didn’t exist a generation ago. From sports physiotherapy to game design, from event management to performance analytics, new professional opportunities are emerging that align with Dubai’s strategic vision of being a global destination for sports, entertainment, and tourism.

The future depends on how effectively connections are built – including between traditional sports and digital innovations, between global brands and local talents, and between commercial objectives and community benefits. As Dubai continues fostering these connections, it will solidify its position as a global hub for sports and entertainment.

SPORTS

WHILE E-SPORTS HAS EVOLVED FROM A NICHE SUBCULTURE TO A OVER $1.3BN GLOBAL PHENOMENA WITH VIEWERSHIP RIVALLING TRADITIONAL SPORTING EVENTS

Damir Valeev is the CEO at ISEZA

Trump tariffs: Why Gulf countries have less to worry about

Despite global market turmoil following Trump’s tariff announcement, Gulf countries face less direct impact, says EFG Holding’s group CEO Karim Awad

BY GARETH VAN ZYL

Gulf countries have less reason to panic over the impact of US President Donald Trump’s recently announced tariffs, says Karim Awad, group CEO of financial institution EFG Holding.

On April 2, Trump unveiled his “universal baseline tariff” as part of what he called ‘Liberation Day’. Initially, the plan was to initiate a flat 10 per cent import tax on all goods entering the US, with steeper rates for select countries such as China, where tariffs had been set at 34 per cent. Global markets reacted sharply, with more than $6tn wiped off US markets in just three trading days.

But amid falling US bond prices, Trump has softened his approach, moving to exempt laptops and electronic devices from China, as well as implementing a 90-day pause on much of his Reciprocal Tariff Policy. Subsequently, the market sell-off has eased.

Speaking to Gulf Business at the 19th EFG Hermes One-on-One Investor Conference in Dubai, just days after ‘Liberation Day’ on April 7, Awad said investor sentiment had been shaken by rising uncertainty.

However, Awad pointed out that GCC countries are currently facing only the baseline 10 per cent tariff — a fact he believes is being overlooked.

“I am not sure that the impact on the Gulf markets, with the exception of course of the movement in oil prices, warrants all that amount of panic, especially as the amount of tariffs that has been slapped on the Arab world is not, to be honest, that big,” he added.

“Naturally there is worry about oil prices and the impact on oil prices, which is a legitimate worry. At the end of the day, it takes time for people to digest, it takes time for companies to adjust to the impact

of these changes. And we’ll see where it goes from here.”

EFG HOLDING REMAINS UPBEAT

Despite the market ructions, EFG Holding remains optimistic.

Founded more than 40 years ago, the group is a financial powerhouse with operations in seven countries across MENA. Its investment banking arm, EFG Hermes, is widely regarded as the region’s leading player, offering services across advisory, asset management, brokerage, research, and private equity.

In 2024, the group posted record revenues of around $545m, up 66 per cent year-on-year. Net profit after tax and minority interest surged 71 per cent to $105.3m. Total assets reached EGP186.9bn by year-end. The firm also topped equity capital markets (ECM) league tables in the region.

EFG Hermes is working on seven initial public offerings (IPOs) across the GCC in 2025 worth up to $10bn, including five in Saudi Arabia, according to Mostafa Gad, global head of investment banking at EFG Hermes. The firm is also advising on around 10 M&A deals worth between $6bn and $8bn this year, he told Asharq News

Heading into 2025, the IPO pipeline remains “extremely healthy”, Awad said, with strong demand expected from global investors seeking exposure to one of the world’s most dynamic regions.

From April 7-10, EFG Hermes hosted its flagship One-on-One Investor Conference in Dubai, now in its 19th edition. Widely seen as one of MENA’s most influential investment gatherings, the event was held at the JW Marriott Hotel Marina and brought together 220 companies from 12 countries and 675 institutional investors from 252 global firms.

EFG Holding's group CEO Karim Awad addressing delegates at the 19th EFG Hermes One-on-One Investor Conference in Dubai

Attendees at the EFG Hermes One-on-One Investor Conference, which took place from April 7-10 at the JW Marriott Hotel Marina, Dubai

Karim Awad

Australia’s Oscar Piastri driving the McLaren MCL39 Mercedes on track during the F1 Grand Prix at the Bahrain International Circuit on April 13, 2025. Piastri went on to win that race, solidifying his position at the top of the championship table.

GULF BUSINESS TECH PANEL:

DUBAI’S KEY PLAYERS PAVE NEXT FRONTIER IN INNOVATION

THE SECOND GULF BUSINESS BREAKFAST BRIEFING OF 2025, HELD ON APRIL 23, FOCUSED ON INNOVATION AND EMERGING TECHNOLOGIES BY

The event brought together leading minds from telecoms, AI, cloud, and blockchain — fields rapidly becoming the foundation of the region’s economic future.

THE AGENDA OF THE EVENT WAS AS FOLLOWS:

PANEL DISCUSSION: Telecoms and Cloud – The Next Frontier

— The impact of 5G Advanced and the roadmap to 6G

— The shift from telco to techco – how telecom companies are evolving into digital service providers

— The rise of sovereign cloud and its role in data security and telecom innovation

Moderator: Neesha Salian, Editor, Gulf Business

Panellists:

Iwan Stella, head of strategy and commercial management for Ericsson Middle East and Africa; Cherian Varghese, senior vice president, AI and Cloud Infrastructure, EMEA, Oracle; Samar Mittal, vice president and MEA Head of Cloud & Network Services, Nokia

Sameer Jameel, chief technology architect, Huawei Middle East and Central Asia

Keynote – Mazen Nahawi, founder and group CEO, Carma

PANEL DISCUSSION: Artificial Intelligence – A Regional Powerhouse

— The UAE’s growing role as an AI innovation hub

— AI-driven transformation in finance, healthcare, logistics, and security

Moderator: Gareth van Zyl, group editor, Gulf Business

Panellists:

Vasudha Khandeparkar, AI, Analytics and Data Practice lead, Business Consulting, Grant Thornton UAE

Andreas Hassellof, CEO and founder of Ombori

Mark Dymock, operating partner at SC Ventures

Mazen Nahawi, founder and GCEO, Carma

PANEL DISCUSSION: Blockchain Evolution – From Pilots to Pioneers

— The UAE’s blockchain-friendly regulations and their role in attracting

NIDA SOHAIL

LEFT TO RIGHT: Neesha Salian (Moderator), Sameer Jameel (Huawei), Samar Mittal (Nokia), Iwan Stella (Ericsson) and Cherian Varghese (Oracle)

PANEL 2

PANEL1

LEFT TO RIGHT: Gareth van Zayl (Moderator), Mark Dymock (SC Ventures), Vasudha Khandeparkar (Grant Thornton UAE), Andreas Hassell (Ombori) and Mazen Nahawi (Carma)

global innovation

Moderator: Kokila Alagh, founder and managing partner of Karm Legal

Panellists:

Rifad Mahasneh, CEO of OKX MENA

Alice Liu, head of research at CoinMarketCap

Faisal Zaidi, president, Exscape Akos Erzse, director of Public Policy at BitOasis

Srinu Chowhan, chief marketing fficer, MultiBank.io

THE 5G LEGACY: STEPPING STONE TOWARDS EXPERIENCE MONETISATION

5G-Advanced (also known as 5.5G or 5G-A) is an evolutionary upgrade to 5G technology, defined under the 3GPP Release 18 standard. It serves as a transitional phase between 5G and future 6G networks, focusing on performance optimisation, enhanced spectral and energy efficiency, and expanded functionality.

“5G-A will always be part of the 5G legacy. What’s interesting is how 5G is shifting the paradigm — not just in terms of traffic monetisation, but now towards experience monetisation,” said Sameer Jameel, chief technology architect at

Huawei Middle East and Central Asia, during the ‘Telecoms & Cloud – The Next Frontier’ session at the Gulf Business Breakfast Briefing.

He added, “For applications like live streaming — think concerts or large gatherings — individuals still face challenges sharing videos in real time. Operators in the Middle East and other regions are already working on experience monetisation, ensuring individual customers get the right bandwidth and a seamless data-sharing experience.”

HOW TRUST AND REPUTATION ARE CHANGING IN THE AGE OF AI

Technology companies today are harnessing speed, processing power, and big data applications to unlock new levels of insight. These tools now shape public opinion and reputation at an unprecedented scale.

“Take synthetic data, for example — it’s built from millions of interview responses and used to create AI databases that predict opinion trends. But guess what? These are turning out to be some of the most inaccurate models in market research history,” said Mazen Nahawi, founder and group CEO of Carma. “The key issue? The quality of your data and the security around it.”

FLAWS IN AI

One of AI’s biggest flaws today is the lack of proper data verification. “Anyone can feed data into an LLM (large language model), and most platforms aren’t verifying the sources,” said Nahawi. “For instance, The New York Times is suing OpenAI for scraping content from its digital editions without permission.”

AI: DATA GAPS IN THE EMERGING WORLD

Most data used to train AI doesn’t represent the emerging world. Languages, histories, and perspectives from countries without strong digital infrastructure are often excluded. This positions AI as a tool of the powerful, reflecting their biases rather than global diversity.

DATA REINFORCEMENT WARS

In today’s AI-driven age, even Fortune 500 companies are reportedly using shadow marketing teams to influence data and discredit competitors. “There’s no digital police to take down false data,” Nahawi added. “So these companies manipulate AI to reinforce biased or misleading results.”

CRYPTO: THE NEXT INNOVATION WAVE

“Crypto is the next wave of innovation, and the UAE is leading the market in several areas,” said Alice Liu, head of research at CoinMarketCap. “Three key areas include tokenised real estate, tokenised gold, and stablecoins.”

According to the Dubai Land Department, tokenised real estate markets in Dubai are expected to grow by around 7.8 per cent annually over the next three years. “They are even issuing $1bn worth of bonds tied to this trend,” Liu said. “Dubai is becoming a global leader in these developments.”

LEFT TO RIGHT: Kokila Alagh (Moderator), Rifad Mahasneh (OKX MENA), Alice Liu (CoinMarketCap), Faisal Zaidi (Exscape), Akos Erzse (BitOasis) Srinu Chowhan (MultiBank.io)

BUILDING ON DATA

DR KARIM BENNIS SHARES HOW STRATEGIC MONETISATION, CASH FOCUS, AND FINANCIAL DISCIPLINE ARE ACCELERATING E&’S EVOLUTION AND EXPANSION GLOBALLY

When you sit across from Dr Karim Bennis, group chief financial officer (GCFO) of e&, there’s a quiet intensity that’s hard to miss — a precise, forward-focused energy that mirrors the company’s transformation under his financial stewardship.

We’re meeting at the e& Tower in Abu Dhabi, where sunlight spills through floor-to-ceiling windows and across a sleek, utilitarian office — the kind of room where billion-dirham decisions are regularly debated and signed. Bennis, a polyglot with an academic pedigree spanning MIT, HEC Paris, Sciences Po, INSEAD and Harvard, exudes the kind of intellectual fluency and cultural agility that defines a new era of financial leadership. This isn’t your spreadsheet-bound CFO; Bennis is part strategist, part catalyst — an influential force behind e&’s evolution from regional telecom operator to global tech powerhouse.

Once a regional telecom giant, e&’s now a global technology brand with its reach extending into fintech, AI, enterprise solutions, media, entertainment, and digital services. And while headlines often celebrate the brand’s meteoric rise, the narrative behind that success is as much about strategic financial orchestration as it is about opportune timing – and that’s precisely where Bennis’s influence shines.

“Our journey of growth has been powered by bold moves, smart strategy and an unwavering commitment to financial discipline,” Bennis says, his tone both assured and reflective. “By staying true to our strong foundations and a crystal-clear vision for the future, we’ve redefined what’s possible.”

BEYOND TELECOM:

EMBRACING THE TECHCO MINDSET

The true transformation, as Bennis articulates it, lies in e&’s strategic pivot from a traditional telco to a dynamic techco. This evolution demanded more than just a change in branding; it necessitated a fundamental rethinking of how value is generated and captured in the rapidly evolving digital age.

“Telcos bring something unmatched to the table: massive infrastructure, expansive networks, and access to millions of diverse customers,” Bennis explains, his hands gesturing to

emphasise the scale. “Meanwhile, techcos inject the innovation DNA — the agility, the rapid iteration, the bold thinking — that enables breakthrough products and hyperpersonalised solutions.”

For the GCFO, the convergence of these two worlds isn’t merely an interesting business case – it’s the blueprint for e&’s sustainable and future-proof growth.

Under his astute financial leadership, e& has strategically scaled its digital verticals, including the burgeoning e& enterprise and the customer-centric e& life, effectively leveraging a vast base of more than 190 million subscribers to unlock entirely new and diverse revenue streams.

RECORD RESULTS, RESILIENT STRATEGY

The financial figures themselves narrate a compelling story. In a rapid evolving market, the relentless pursuit of improvement has led to five consecutive years of record performance.

In the fiscal year (FY) 2024, e& delivered its highest-ever revenue, reaching an impressive Dhs59.2bn, with net profit reaching Dhs10.8bn. The group’s operating free cash flow stood strong at Dhs18.2bn — representing a significant 31 per cent of total revenue — a testament to their operational efficiency and financial resilience, providing ample capacity to fund ambitious investments while still delivering a healthy and sustainable dividend yield.

“It all comes down to timing, vision, and fearless execution — making the right moves, at the right moment,” Bennis emphasises, his gaze direct, underscoring the strategic agility that defines e&’s approach.

This long-term view is also embedded in the company’s shareholder value strategy, including its commitment to robust dividend payouts. For FY24, e& proposed a total dividend of Dhs0.83 per share, maintaining a progressive and reliable return to shareholders that reflects confidence in the business’ cash-generating ability in the future.

“We’ve always believed in creating tangible, consistent value for our shareholders,” Bennis says. “That’s why we’ve not only maintained but enhanced our dividend policy over time — backed by strong free cash flow, resilient performance, and an effective capital allocation framework.”

He also credits the close alignment with e& group CEO Hatem Dowidar as a pivotal component of the company’s success.

“Working with Hatem has been incredibly empowering,” says Bennis. “He has instilled a culture of ambition and trust across the organisation. We operate with a shared vision, and his leadership has allowed finance to take on a far more strategic, front-facing role. There’s clarity in our direction — and that accelerates execution.”

EXPANSION AT BREAKTHROUGH SPEED, GROUNDED IN VALUE

For Bennis, the pursuit of growth is intrinsically linked to the strategic identification and decisive capture of opportunities — always executed with discipline and a value-centric mindset. e&’s international expansion into the Central and Eastern European markets serves as a strong case in point.

The group’s acquired assets in Hungary, Serbia, Bulgaria, and Slovakia are demonstrating robust year-on-year growth of 7 per cent, with EBITDA margins consistently generating around a healthy 43 per cent.

“Our ability to move fast and seize the right opportunities has paid off,” Bennis notes, a hint of satisfaction in his voice. “But it’s never growth for growth’s sake — it’s about fit, performance, cash generation and value.”

This disciplined mindset is evident in e&’s major partnerships — from building the largest private 5G network in the energy and manufacturing sectors, to an over $1bn collaboration with Amazon Web Services (AWS) in the cloud space.

“At e&, we approach investment not just with capital — but with conviction, clarity, and purpose,” he elaborates. “We don’t just follow the trends. We look around corners.”

Bennis is also keen to highlight the role of operational efficiency and innovation in value creation. “Through it all, our rock-solid financial discipline, consistent performance, and transparent practices continue to earn the trust of our investors,” he says. “What truly sets us apart is our unique ability to blend strong financial outcomes with long-term value creation. Our evolution into a global tech powerhouse has propelled e&’s brand and investment value to a historic high — a staggering $20bn.” And that trust has financial expression. e&’s best-in-class credit ratings of AA- from S&P Global and Aa3 from Moody’s reflect its exceptional balance sheet strength, ensuring both stability and agility as the group explores bold frontiers.

“These ratings aren’t just symbols — they represent our capacity to invest boldly while protecting value. They reduce our cost of capital and give us unmatched financial flexibility,” he emphasises. As e& continues its trajectory of expansion and growth, both regionally and on the global stage, Bennis identifies key opportunities and challenges.

THE GROUP’S ACQUIRED ASSETS IN HUNGARY, SERBIA, BULGARIA, AND SLOVAKIA ARE DEMONSTRATING ROBUST YEAR-ONYEAR GROWTH OF 7 PER CENT, WITH EBITDA MARGINS CONSISTENTLY GENERATING AROUND A HEALTHY 43 PER CENT

“Our UAE core market remains a critical engine of cash flow and stability, underpinned by our market leadership and high customer loyalty. However, with high market penetration, long-term sustainable growth demands strategic diversification — both across geographies and business verticals. Expanding regionally and globally isn’t just an ambition — it’s a necessity. We’re committed to accelerating our geographic diversification and digital transformation to tap into new revenue streams and reduce over-reliance on mature markets.”

Navigating the complexities of diverse international markets requires both strategic foresight and operational agility. “In markets such as Egypt and Pakistan, where currency volatility and inflation pose challenges, our proactive regulatory engagement and tailored pricing strategies proved effective. In 2024, we successfully implemented price increases in both countries — a testament to our operational agility and local insight. Our broad international footprint and strong balance sheet allow us to absorb shocks and continue delivering organic, profitable growth across a diverse set of markets.”

The evolving global operating environment necessitates constant adaptation and vigilance. Bennis further explains: “The global operating environment continues to shift, but our resilient regulatory relationships and vigilance in risk monitoring ensure business continuity. We’re constantly adapting to evolving regulatory frameworks and geopolitical factors — a strategic capability that enables us to stay one step ahead of disruption. Our investments in AI, cybersecurity, and next-gen infrastructure are not just defensive plays — they are foundational to our future-readiness. Today, we have deployed more 1,100 AI use cases focused on efficiency gains, risk mitigation, and customer-centric innovation.

OUR ABILITY TO MOVE FAST AND SEIZE THE RIGHT OPPORTUNITIES HAS PAID OFF. BUT

“Maintaining a strong liquidity position and conservative leverage is key to our flexibility in navigating uncertainty, enabling us to fund growth, manage volatility, and respond quickly to market shifts. Our focus on reinvestment is equally disciplined. We’re doubling down on high-growth sectors like 5G, fibre, cloud, cybersecurity, and AI-powered services, which are reshaping the digital economy. At the same time, strategic monetisation plays — such as the $2.2bn Khazna sale — exemplify our ability to realise value and deleverage our balance sheet further.”

FINANCIAL LEADERSHIP IN A VOLATILE WORLD

Despite global headwinds, Bennis remains resolute in his belief that financial agility is the key to future-proofing the business.

“To stay ahead, finance must be its own disruptor,” he asserts. “That means challenging the status quo, anticipating risks before they emerge, and spotting opportunities where others see uncertainty.”

From strategic geographic diversification to robust hedging strategies and real-time data-driven planning, e& maintains stability in an unpredictable world. “As GCFO, my mandate is clear: ensure our financial strategy accelerates growth while safeguarding resilience,” Bennis adds. “That means channelling capital into high-impact areas like AI, fintech, cybersecurity and cross-border expansion, while securing the best terms for financing.”

He sees his role as more than a financial gatekeeper — it’s about enabling transformation.

“Change is never easy, especially at this scale. But with the right mindset, structure, and sense of priority, we can move at breakthrough speed — and deliver breakout value,” he says.

PEOPLE FIRST, ALWAYS

Despite the company’s digital acceleration, Bennis highlights the enduring importance of people.

“At the end of the day, our numbers reflect our people’s dedication — not the other way around,” he says. “Their energy, expertise, and day-to-day commitment are the real assets that drive sustainable growth.”

BENNIS BELIEFS

“I always tell my children: don’t be the best, be unique.”

“The objective is not to be number one in profit or dividend. Many things are not in our control — what matters is focus, commitment, and engagement.”

“I never walk into a meeting unprepared. Even if it’s just 20 minutes with my CEO or board — I anticipate every question and prepare my response in advance.”

“When you're motivated, you will go the extra mile beyond your limits.”

“Discretion is one of my values. It is critical to business success.”

WE ARE OPERATING IN A WORLD THAT IS VOLATILE, COMPLEX AND UNCERTAIN — SO WHILE WE DOUBLE DOWN ON CASH FLOW GENERATION AND CAPITAL ALLOCATION DISCIPLINE, WE ARE ALSO LASER-FOCUSED ON FORWARD INVESTMENTS THAT SUPPORT OUR TELECOM INFRASTRUCTURE AND DIGITAL EVOLUTION.”

He speaks passionately about empowering teams and fostering a culture of speed and transparency, without compromising on discipline. “True resilience means more than endurance — it’s about foresight, preparation, and the ability to adapt in real time,” he reflects.

THE EVOLVING CFO

As industries shift, the CFO role evolves. For Bennis, it’s about being a transformation partner.

“The CFO is no longer just the steward of financials but a key architect of business transformation,” he says. “From data analytics to real-time forecasting, technology is reshaping financial decision-making, requiring CFOs to be fluent in digital tools.”

He also highlights the growing relevance of ESG, DEI, and purposeful collaboration.

“Autonomy, flexibility, and independence are critical for CFOs to become unbiased and objective in their judgements,” he adds.

TODAY’S PRIORITIES, TOMORROW’S OPPORTUNITIES

At e&, the future is already in motion. The company’s financial strategy has always fused prudence with ambition, and 2025 will further amplify this blend.

“We are operating in a world that is volatile, complex and uncertain — so while we double down on cash flow generation and capital allocation discipline, we are also laser-focused on forward investments that support our telecom infrastructure and digital evolution,” says Bennis. “We don’t see these as opposing forces, but as complementary imperatives.”

With strong cash flows, premium credit ratings, and a reputation for delivering shareholder returns, e& is poised for the next era of value creation.

“Our strategy is simple: scale innovation, sustain performance, and serve shareholders,” Bennis says. “That’s how we continue to lead — not just in our sector, but across markets.” What ties it all together is our adaptability and strategic foresight. In a world of constant change, we’ve stayed ahead — not by reacting, but by anticipating and acting. With bold planning, sharp execution, and an eye for opportunity, we’ve delivered outstanding results — and we’re just getting started,” he concludes, with a confident smile.

10 LEADERSHIP INSIGHTS SHAPING E&’S SUCCESS STORY

Dr Karim Bennis shares 10 impactful leadership insights gleaned from his experience

01 RESULTS SPEAK LOUDER THAN WORDS

Bennis prioritises tangible achievements over self-promotion. “Our journey of growth has been powered by bold moves, smart strategy, and an unwavering commitment to financial discipline.” e&’s global expansion and brand valuation exemplify this results-driven approach.

02 CASH IS PARAMOUNT

Financial discipline underpins sustainable growth. “Only cash matters. If your business doesn’t generate cash, you’re off-track.” This principle guides e&’s strategic decisions.

03 TRUST AND EMPOWER

True delegation involves granting real authority. “Delegation is not about passing tasks. It’s about transferring responsibility and authority.” This fosters ownership and agility within e&.

04 FOCUS ON RESILIENCE

Empowered leadership and internal control are key in uncertain times. “By harnessing the power of data analytics and automation, we’ve driven operational efficiency and reallocated resources toward high-growth opportunities.” This focus fuels e&’s resilience. In a volatile world CFOs resilience starts with understanding macroeconomic forces.

05 PREPAREDNESS IS KEY

Navigating global expansion requires local insight and strategic foresight. “In markets such as Egypt and Pakistan, where currency volatility

and inflation pose challenges, our proactive regulatory engagement and tailored pricing strategies proved effective.” Preparedness turns pressure into performance. It is not a luxury, it’s a responsibility.

06 COMMUNICATE EFFECTIVELY

Modern CFOs are strategic communicators. “The CFO is no longer just the steward of financials but a key architect of business transformation.” Clear narratives drive understanding and alignment.

07 SUSTAINABLE GROWTH FOCUS

Balancing short-term goals with long-term investments is vital. “Our financial strategy is centered on striking the right balance — delivering on our short-term commitments while continuing to invest in emerging technologies that will drive long-term growth.”

08 CALCULATED BOLDNESS

Strategic risk-taking and proactive planning are crucial. “To stay ahead, finance must be its own disruptor.” e&’s strategic financial planning anticipates and navigates global shifts.

09 CHALLENGE THE STATUS QUO

A forward-thinking CFO questions comfort zones to unlock new value. It is not optional; it’s a strategic imperative while at the same time maintaining a legacy approach can be a silent risk. Challenging the status quo and bold leadership are key drivers of sustained growth.

into a narrative that’s engaging, relevant, and easy to understand is what sets great finance professionals apart. I’ve learned that numbers alone don’t move people — but stories do.” He highlights the power of tailored communication: “Every audience is different. Whether I’m presenting to the board, speaking at an investor conference, or engaging employees during a town hall, I tailor the message to suit the moment. In a world of shrinking attention spans and digital distractions, clear, concise, and compelling communication makes the difference.” He champions a philosophy of relentless improvement: “That’s why I lead with one simple mantra: reset the clock every single day. No matter how well we performed yesterday, we show up today with the mindset of earning it all over again. That philosophy keeps us sharp. It keeps us accountable. And most importantly, it keeps us hungry — not just for results, but for meaningful progress and lasting impact. I will leave you with the inspirational motto of Vacheron Constantin (the Swiss watchmaker): ‘Do better if possible and that is always possible’.”

GLOBAL MARKETS AT A CROSSROADS:

HOW US TARIFFS ARE RESHAPING

STRATEGY

TARIFFS ON STRATEGIC SECTORS ARE RESHAPING GLOBAL MARKETS. HERE, EXPERTS DISCUSS THEIR IMPACT ON INFLATION, SUPPLY CHAINS, AND GEOPOLITICAL ALLIANCES. INVESTMENT STRATEGIES ARE EVOLVING, WITH A FOCUS ON DIVERSIFICATION AND ADAPTATION TO NAVIGATE THE CHANGING ECONOMIC LANDSCAPE

CURATED BY NEESHA SALIAN

MANOJ MAHADEV

The ongoing situation remains fluid with US tariffs, particularly those related to China, showing diminishing effectiveness as market reactions to recent escalations have been muted. While the impact on risk sentiment appears limited, the potential for extending tariffs to other countries introduces significant risks to global economic stability, particularly regarding globalisation, cross-border capital flows and geopolitical uncertainty.

Considering these challenges, the market faces ongoing ambiguity, which complicates economic outlooks and investment strategies. Short-term effects of tariffs could include higher input costs, disrupted supply chains and inflationary pressures, potentially leading to a cyclical downturn or recession.

Given this environment, active management is critical. Defensive sectors such as utilities, healthcare and consumer staples are expected to outperform, benefiting from stable domestic demand and less sensitivity to global trade disruptions. In equity markets, we are now underweight on US sectors with high tariff exposure, like technology and materials, and focusing on small-cap, domestic-focused stocks. Additionally, investors may wish to increase allocations to short-term treasuries, investment-grade municipal bonds, and gold, which offer safe-haven protection in times of uncertainty.

Internationally, selective exposure to regions such as India, Vietnam, and Thailand, which benefit from supply chain shifts and domestic-driven economies, can present attractive opportunities. With volatility expected to persist, tactical strategies, such as global macro and market-neutral funds, can provide diversification and hedge against market dislocations.

In conclusion, while the tariff situation remains uncertain, a diversified and actively managed portfolio can help mitigate risk and capitalise on emerging opportunities.

Considering these challenges, the market faces ongoing ambiguity, which complicates economic outlooks and investment strategies . Short-term effects of tariffs could include higher input costs , disrupted supply chains and inflationary pressures, potentially leading to a cyclical downturn or recession.”

SUNIL GARG

CHIEF INVESTMENT OFFICER, LIGHTHOUSE CANTON

The recently announced Trump tariffs threaten to reverse globalisation, which has been a major force in global economic growth over many decades, especially post China’s entry into the WTO. We see two major areas of concern.

The first: Deficits are a result of consumption demand, rather than trade policies. So, any attempts to intervene in trade policy via tariffs, a form of taxation on consumers, will threaten consumption demand. While there are concerns that tariffs will be inflationary, and this may be true in the short-term, but that relies on the assumption that demand is inelastic, which it rarely is. Eventually, tariffs are and will be deflationary — and a threat not just for US economic growth, but with global implications.

Secondly, adding to the woes of weaker demand, will be weaker investment flows — businesses need policy certainty to have the confidence to invest for the long-term. A slowdown in investments has implications for the jobs market, which in turn threatens consumption as well.

Given our negative view on economic growth, and the US Federal Reserve likely to eventually cut rates aggressively, fixed income, in particular private credit, non-correlated, is attractive. Equally attractive are selected bonds. Growth equities have more risk than upside and we are of the view that any counter-trend rallies are selling opportunities. Outside of the US, we see China and India as attractively positioned, although for different reasons.

In summary, we see tariffs as a catalyst for a deeper global slowdown and investment opportunities need to be aligned with likely recessionary conditions.

NICOLO BOCCHIN

Since Donald’s Trump’s presidency, debt management has been a key focus. The pandemic pushed US debt to $29tn (135 per cent of GDP). About $13tn securities will mature by December 2026, amid rising deficit pressures, and all the efforts from the current administration seem to focus on facilitating the refinancing of that wall of maturities. Tariffs, DOGE, lower rates and a weaker dollar, are all part of the scheme. They combine with the need to challenge the increasing Chinese superpower and AI supremacy. Tariffs are central to the new administration’s strategy, highlighted by Liberation Day’s surprise hike; the temporary suspension simply postpones the global issue, while leaving only China under pressure.

Financial markets, grappling with these tensions, have been driven by uncertainty, with volatility spiking across asset classes.

GLOBAL HEAD OF FIXED INCOME, AZIMUT

This hasn’t had any major impact on our allocation, which still relies on the main source of protection: broad diversification among assets and geographies.

Specifically for fixed income, there are the pillars: subordinated debt, emerging markets and convertible bonds. Subordinated debt is peculiar for Europe, and sectors represented are mainly financials, utilities and communication, remotely exposed to tariffs or slowdowns. Emerging markets, with a bias for frontier debt and sukuk bonds, can benefit from a refocus of flows away from US. Convertibles tend to optimise returns while lowering volatility in balanced portfolios.

On the equity side, companies tied to domestic spending in both China and the US could still outperform. European assets may also continue to benefit, bolstered by anticipated government spending, especially in Germany.

ARJUN MITTAL

FOUNDER AND CHIEF INVESTMENT OFFICER, ABBEY ROAD INVESTMENT GROUP

US tariffs have shifted the narrative around US equity markets, with the uncertainty for company profits causing markets to possibly price in lower earnings and a reduced overall valuation for these earnings. The result could be a tough six to 12 months ahead.

In contrast, and for the first time in a while, the impact of tariffs could see other major markets de-couple from the US and form their own path. Europe is set to spend close to a trillion euros in the coming years on defence and infrastructure, which in theory should be good for European companies. China needs to push greater domestic consumption to offset the likelihood of slower exports to the US, so it’s worth keeping a watch on Chinese equities.

We don’t expect much from emerging markets in 2025 as tight liquidity conditions and tariffs will keep sentiment subdued and markets prone to bouts of panic. It is worth keeping bonds in mind, as long as credit spreads stay calm. Gold is proving itself to be a relatively stable asset. And if more central banks decide to diversify away from their US dollar holdings, gold seems likely to be a clear beneficiary.

Some may advocate for safe haven currencies like the Swiss Franc and Japanese Yen. And also crypto. We prefer to stay away given these investments are prone to outsized standard deviation movements when you least expect, and which can result in large losses unless probably hedged or risk managed.

To summarise, US equities overall will struggle but there will always be specific opportunities given the size of the economy, Europe and China have a chance to plot their own path, gold is good to have and bonds also worth a look as long as credit spreads are under control.

YVES BONZON

CHIEF INVESTMENT OFFICER, JULIUS BAER

US President Donald Trump’s approach to addressing US macroeconomic imbalances focuses on symptoms rather than root causes. The country’s persistent trade deficits are driven by a combination of factors, including the dollar’s reserve status and mercantilist policies abroad, but also domestic issues like loose fiscal policy and lack of industrial policy. Imposing punitive tariffs may kill the patient rather than cure the disease.

Should the suggested tariffs come into effect at some point, the estimated average tariff will jump to the 20 per cent range, the highest in a century. We tend to believe 10 per cent is the new floor, and the escalation with China is likely to continue. As a result, global growth prospects are damaged. The combined impact of the negative fiscal impulse, the cost to US households of more expensive imported goods, and the negative wealth effect of falling asset values has increased the probability of a US recession.

It is worth keeping bonds in mind, as long as credit spreads stay calm. Gold is proving itself to be a relatively stable asset.”

The only certainty we have right now is volatility. Diversifying portfolios away from the US into China and Europe, including Switzerland, but also gold, can provide protection. Caution doesn’t mean hiding cash, which carries its own risks, like currency debasement, capital controls, and financial repression. A well-diversified portfolio provides better protection against these risks and ensures that investors do not miss out on bear market rallies or even the first leg of the next equity bull cycle.

US President Donald Trump didn’t just reignite tariffs — he reignited a structural shift. What began as a negotiation tactic has morphed into something more enduring: a new era of protectionism, where economic policy is shaped not by global cooperation, but by national interest.

The message to investors? We’re no longer in the world of frictionless trade and global supply chains. We’re in a new regime — and portfolios must adapt.

Even with carve-outs and pauses, the effective tariff rate is now higher than at any point since the 1930s. Beyond the immediate earnings drag, markets are beginning to question the credibility of US institutions and the long-standing “safe haven” status of US assets. When trust wobbles, volatility spikes — and traditional anchors no longer hold.

How should investors navigate this? My recommendation: Use two “eyes”.

One for the short term: Hedge volatility. The playbook is no longer “buy the future”, but “own the fundamentals”. Focus on companies with domestic revenue, pricing power, and stable demand — waste management, telcos, insurance, and big-box retailers. These sectors may not trend on social media, but they’re resilient.

The other for the long term: Reduce US-centricity. While US dominance won’t disappear overnight, it will dilute and its role as the sole anchor of global markets is fading. Regional diversification is no longer optional — it’s essential. Europe, Japan, China, and India offer access to alternative growth engines and secular trends like AI, robotics, healthcare innovation, and rising EM consumption.

And then there’s gold. The precious metal is politically neutral, universally recognised, and entirely unlinked to any single country’s creditworthiness. That’s a major reason why it remains a core component of central bank reserves globally — and why it deserves consideration as a long-term strategic asset in portfolios navigating policy unpredictability.

It’s one thing to know what to do, but it is equally important to understand what not to do when markets get wild. Avoid the common traps: panic selling, market timing, overtrading, ignoring risk management, and neglecting longterm goals.

In a rewired world, portfolio resilience starts with a rewired mindset.

NICOLETA REMMLINGER

CHARU CHANANA

CHIEF INVESTMENT STRATEGIST, SAXO BANK

The message to investors? We’re no longer in the world of frictionless trade and global supply chains. We’re in a new regime — and portfolios must adapt.”

DIRECTOR, 4MOST

The recent economic uncertainties and trade disruptions have indirect effects that might challenge the banking sector in the UAE and wider Middle East region. It is expected that banks will further enhance compliance systems and review legal obligations with their corporate customers (especially from aluminum and manufacturing industries) and their suppliers.

The disruption in global markets also necessitated a re-evaluation of traditional asset allocation strategies. Investors have started to explore assets like gold, industrial metals, or high-quality equities. To that, we have seen that the Dubai gold rate for a 22K per gram was Dh381.5 on April 22, which was just over Dh10 higher than what it was on April 20.

As usual, the UAE turns each challenge into an opportunity. We are still seeing a high interest from global investors in UAE in industries such as consumer staples, healthcare, energy and AI implementation across sectors.

HOW GLOBAL RESIDENCE INVESTMENT IS RESHAPING FAMILY LEGACIES

AS GEOPOLITICAL UNCERTAINTY, RISING MOBILITY, AND GENERATIONAL WEALTH TRANSFER ACCELERATE, GLOBAL INVESTORS ARE INCREASINGLY SEEKING SECOND HOMES, RESIDENCY RIGHTS, AND NEW CITIZENSHIP OPPORTUNITIES TO SECURE THEIR FAMILIES’ FUTURES

WORDS GARETH VAN ZYL

Globally, over 100 countries offer some form of residence-by-investment (RBI) or citizenship-by-investment (CBI) programme, commonly referred to as “golden visas” or “golden passports”, according to Henley & Partners.

These programmes allow individuals to obtain residency or even citizenship in exchange for significant financial investments, typically in real estate, government bonds, or national development funds.

The number of individuals participating in these programmes is substantial. Each year, an estimated 50,000 people acquire citizenship through CBI programmes, according to Best Citizenships, a global brand and consulting platform for CBI and Golden visa assisting HNWI clients. In the European Union (EU) alone, more than 130,000 individuals have gained citizenship or residency through such initiatives, contributing over €21.4bn to EU economies, as per London School of Economics (LSE) data. These programmes have become significant sources of revenue for participating countries. For instance, Dominica’s citizenship programme generated approximately $1.2bn between 2017 and 2020, according to that country’s government data.

A view of Lisbon, Portugal: The Golden Visa programme in this southern European nation has become one of the world's better known, but experts say it's becoming harder to access, resulting in new destinations emerging

RESIDENCY EXPERTS GATHER IN DUBAI

From Lisbon to Tbilisi and Riga to Nicosia, new pathways are emerging: each offering a unique mix of access, affordability, and emotional reassurance. And many of these options were on show at the recent Mobility Elite Summit, held on April 10, at the Hilton Palm Jumeirah in Dubai.

The event, organised by Orbcom, brought together over 200 high-level delegates from more than 20 countries. The event focused on international relocation and global mobility, offering a platform for industry leaders to discuss trends, share insights, and forge strategic partnerships.

It further featured a diverse agenda, including discussions on citizenship and residency by investment, property, finance, wealth management, education, health, insurance, travel, lifestyle, business relocation, and tax optimisation.

The event also underscored Dubai’s role as a hub for global mobility discussions, highlighting the city’s strategic position in facilitating international business and relocation services.

Amid discussions with several of the participants, it was clear that today’s globally minded investors, particularly those from the GCC, are not simply chasing yields. They are carefully designing multi-generational safety nets.

“People want flexibility,” Rati Abashmadze, managing partner at PB Services Georgia and one of the exhibitors at the Mobility Elite Summit, told Gulf Business.

Headquartered in Tbilisi, PB Services Georgia offers legal, financial, and administrative support for individuals and businesses looking to establish or expand their presence in Georgia.

“No matter how long you stay in one place, things can change. Having different options in your portfolio is just smart planning.”

Across Europe and the Caucasus, real estate continues to dominate the route to residency, and with it, the promise of mobility across entire economic zones such as Schengen.

And while traditional migration trends often revolved around full relocation, today’s investors are far more pragmatic.

“A lot of our clients aren’t moving full-time,” notes Pavlou Fanos, strategic business developer at business advisory company Eurofast.

“They’re adding options, such as second homes, global access, and asset diversification. They are creating Plan Bs, not abandoning Plan As.”

From family-driven considerations like education and healthcare, to business-friendly tax structures, new residency programmes are increasingly

designed to accommodate mobile, entrepreneurial lifestyles.

As Fanos adds: “Even billionaires need a safe place for their families. If you live in a war-ridden country, it doesn’t matter how much money you have: you need a stable base.”

A key market that Fanos focuses on is Cyprus, which he says is well-known for its “private education institutions, good healthcare, and a strong quality of life.”

PORTUGAL’S SUCCESS, AND BOTTLENECKS

When talking about residence by investment programmes or global mobility, one of the best known locations is, of course, Portugal.

Portugal’s Golden Visa programme was launched in October 2012 to attract foreign investment and help the country recover from the 2008–2009 financial crisis. The programme grants residency to non-EU nationals who make qualifying investments.

As of early 2025, approximately 12,718 main applicants have obtained Golden Visas, bringing around 20,424 dependents with them, according to Global Citizen Solutions. The programme is said to have further attracted more than €7.5bn in foreign investment, helping to revitalise various sectors of the Portuguese economy.

PEOPLE WHO INVEST HERE FIND AN ALTERNATIVE MARKET WHERE THEY CAN BUY PROPERTY FOR MUCH LESS. IT’S CLOSE, JUST A THREE-HOUR FLIGHT FROM DUBAI, AND YOU CAN SPEND YOUR SUMMERS HERE.”

Initially, about 90 per cent of Golden Visa investments went into real estate, particularly in Lisbon and Porto, which led to concerns about housing affordability for locals. In response, the government reformed the programme in October 2023, removing real estate as an eligible investment option. Today, qualifying investments include a minimum of €500,000 into Portuguese investment or venture capital funds, a €500,000 donation to scientific research, a €250,000 contribution to cultural heritage projects, or the creation of at least 10 full-time jobs. The majority of applicants historically have come from China, followed by Brazil, the US, Turkey, and South Africa, according to Global Citizen Solutions.

But as of early 2025, there has been a significant processing backlog, with some estimates suggesting it could take years to clear existing applications.

“The Portuguese Golden Visa created a wave of investors over the last few years,” says Rahim Lakhani, CEO of TLG Global.

“But the programme became a victim of its own success. Government departments couldn’t handle the volume.”

According to Lakhani, more than 500,000 cases are currently backlogged, with approval times stretching beyond two and a half years.

“Institutions weren’t restructured properly to handle the online applications. The framework moved faster than the bureaucracy behind it,” he adds.

Portugal’s experience has become a case study for other countries looking to balance openness with operational reality.

ALTERNATIVE HORIZONS: GEORGIA, CYPRUS, AND LATVIA

As bottlenecks rise in traditional hotspots, newer markets are seizing the opportunity.

In Georgia, PB Services Georgia is helping international investors, particularly from the GCC, tap into affordable real estate options with strong upside.

“Georgia is business-friendly, open and low-tax” says Rati Abashmadze.

Cities such as Tblisi, Georgia, have become popular in recent years especially among UAE residents and citizens alike

Cyprus, which is positioned within the Mediterranean, has also become a destination that high net worth individuals (HNWIs) are increasingly seeking out to establish a second base near to Europe

“People who invest here find an alternative market where they can buy property for much less. It’s close, just a three-hour flight from Dubai, and you can spend your summers here,” he adds.

Beyond just investing, Georgia has opened its doors through simple visa-free access for UAE residents, streamlining both tourism and property purchases.

Meanwhile, Cyprus has also steadily strengthened its reputation as a stable Mediterranean hub, not only for its climate and culture but for its carefully structured residency incentives.

“Cyprus offers families peace of mind,” explains Pavlou Fanos of Eurofast. “We have English-speaking universities, private schools, a welcoming society, and strong legal protections. Families can build a real base here. And once Cyprus joins the Schengen zone, which we expect soon, it will be an even stronger proposition.”

In an unexpected twist, Latvia has also recently emerged as a fast-track alternative for investors looking for access to Europe.

“We had to sit down with the Latvian government and create a solution,” explains Lakhani of TLG Global.

“Even though the legal framework existed, no one was implementing it properly because of tough requirements: €10m investment and hiring 50 local employees. We fulfilled both.”

Through TLG Global, investors can now access Latvia’s residency-by-investment programme with a minimum ticket of €100,000, far lower than most other European markets.

“What’s important is that once you hold a Latvian residency card, you can work, travel, and live across all 29 Schengen countries,” Lakhani says. “And the card is issued in days, not months or years.”

Serene scenes from Riga, Latvia. Experts say that this northern European country is increasingly offering a fast-track to achieve residence by investment, especially when compared with the likes of Portugal

FAMILY LEGACY: THE NEW CURRENCY

While the technical benefits — such as mobility, tax optimisation, real estate yield — are clear, all three experts told Gulf Business that the emotional undercurrent is equally powerful.

“At the end of the day, it’s about family,” says Fanos.

“You can buy gold, you can buy stocks, but you can’t buy peace of mind easily. These programmes help people pass on stability to their children.”

Abashmadze echoes this sentiment: “We see many UAE residents who have lived there for 20, 25 years. They built businesses, made fortunes, but they still want a real home base for their kids. A property in Georgia, with visa-free movement, is part of building that future.”

For Lakhani, the personal element is even closer to home: “My son, who is just a year and a half, already holds three citizenships: Canadian, Portuguese, and Indian. Before he turned one, he was a global citizen. This is the kind of world we’re preparing families for.”

The client base itself is also changing.

Where once residency-by-investment was the domain of ultra-high-net-worth

individuals, today’s clients range from successful entrepreneurs to upper-middle-class families thinking strategically.

“It’s not just billionaires anymore,” says Fanos. “A lot of our clients are professional families, business owners, they’re smart about diversifying their lives just like they diversify their portfolios.”

And expectations are rising, too.

“Clients want full service,” says Lakhani. “They want legal advice, real estate options, tax guidance: all in one place. You have to be transparent, fast, and provide a real ecosystem of support.”

A NEW ERA OF GLOBAL CITIZENS

Looking ahead, all signs point to further growth in mobility-driven investment markets.

With programmes becoming more sophisticated, processing times improving in emerging destinations, and demand from regions like the GCC surging, second residencies are shifting from “luxury” to “essential”.

“The world is becoming smaller, but also more volatile,” says Abashmadze. “Having options isn’t a luxury anymore. It’s a necessity.”

And as investors move forward, they are doing so with sharper expectations: not just for access, but for legacy, belonging, and peace of mind.

In a world of shifting borders, the true passport today may not be a stamp; it may be the security of knowing your family has a home, anywhere the future takes them.

Sir Andrew Likierman on making better choices in the age of AI

THE PROFESSOR

OF MANAGEMENT

PRACTICE IN ACCOUNTING AT LONDON BUSINESS SCHOOL AND AUTHOR UNPACKS THE SIX ELEMENTS OF GOOD JUDGEMENT

BY NEESHA SALIAN

In a time where artificial intelligence is reshaping the modern workplace and decision-making seems increasingly driven by data, judgment — a deeply human quality — remains as crucial as ever.

In his latest book, Judgement at Work: Making Better Choices, Sir Andrew Likierman, professor of Management Practice in Accounting at London Business School (LBS), offers a clear, actionable framework to develop and sharpen this elusive skill.

Drawing on years of leadership experience, from his tenure as dean of LBS to serving on the board of the Bank of England, he explores how sound judgment is built, how it differs from decision-making, and why it is more essential —and teachable — than many realise.

In this interview, Sir Likierman unpacks the six elements of good judgment, the dangers of overconfidence, and why, even in a

world powered by AI, the responsibility to judge wisely will always lie with us.

QIn your latest book, Judgement at Work: Making Better Choices how do you define ‘good judgment’, and what distinguishes it from decision-making or problem-solving?

I have defined judgment as the combination of personal qualities with relevant knowledge and experience to form opinions and take decisions.

Note that judgment is not just about decision-taking. It is involved in forming an opinion or taking a view.

To illustrate other differences between judgment and decision-making: Judgment is a personal quality, decisionmaking is the process of taking action. We say we want people with judgment, not with

decision-making. We talk about people exercising judgment but taking decisions.

Of course, the two are connected — judgment is usually required for decision-making. But not always. Decisions may be based on a computer-generated formula or when we use our instincts.

You outline a six-part framework for developing sound judgment. Could you briefly explain these six elements and how they interrelate?

The six elements in making a judgment are:

01. What relevant knowledge and experience do I have?

02. How aware am I of what is going on when I make this judgment?

03. Who and what do I trust? This applies to both the people and the data sources for my information.

04. What do I feel and believe? This includes any biases I have and the emotions when I am making a judgment

05. How do I make the choice? For example, have I considered the right options.

06. For decisions, how feasible is delivery?

These six elements make up the framework for exercising sound judgment.

What common pitfalls do leaders face in exercising judgment, and how can they avoid them?

The most obvious are when leaders are unaware of their personal biases in making difficult choices. When I interviewed Nobel prize-winner Daniel Kahneman, he pointed to overconfidence in leaders as being the most dangerous bias because it stopped them from listening to others and learning from their mistakes. But good judgment can be a casualty when there are problems with other elements of judgment where there are problems, such as inexperience, lack of awareness in understanding the context of a particular choice, trusting the wrong people or being dominated by emotions.

The great advantage of recognising judgment as a process is that leaders can avoid making mistakes and also can (and must) learn from when things go right and wrong.

How can organisations cultivate an environment that promotes and enhances good judgment among their teams?

By giving clear signals that judgment is

THE GREAT ADVANTAGE OF RECOGNISING JUDGMENT AS A PROCESS IS THAT LEADERS CAN AVOID MAKING MISTAKES AND ALSO CAN (AND MUST) LEARN FROM WHEN THINGS GO RIGHT AND WRONG.”

important. One way of doing so is to include judgment as a criterion in selecting new employees. Another is having it as a measure of success in annual appraisals. A third is when we review what went right or wrong in a particular choice that we consider the role of judgment and in doing so give a clear message that judgment is important.

Do you think success is a good measure of judgement? How can one measure good judgement?

What we are doing in exercising judgment is stacking the cards in our favour of getting the outcome we want. But while good judgment is important to success, success is not necessarily a sign that there has been good judgment. Success without judgment can come when everyone in an industry or country is doing well — gaining wealth as a result of a general rise in house prices is a good example. Success may also be based on luck — competitors going out of business, the government giving an unexpected subsidy, other currencies moving in our favour.

The opposite applies to failure. For example, failure may be as a result of bad luck (think about starting a business just before Covid). But with failure there is an additional factor that a deliberate decision may have been taken to take a risk which did not come off. Taking a 5 per cent chance, the 5 per cent may happen. In this case we were presumably prepared to accept this chance of failure. Bad judgment is when we don’t understand the risks or fail to take them into account.

However, having acknowledged that judgment is not a magic bullet, the chances of success will be enhanced by good

HUMANS HAVE TO PROGRAMME AI, TRAIN DATA THE DATA USED BY IT, MONITOR THE DATA QUALITY THAT GOES INTO IT AND INTERPRET THE RESULTS WHICH IT PROVIDES

judgment, such as on big decisions or at when the number of good judgments outweigh the number of poor ones.

Finally, we can indeed measure good judgment — it’s whether we have approached the choice we have to make on a systematic basis to give ourselves the best chance of getting that outcome.

What advice would you give to an individual that is facing the aftermath of misjudgement or a poor decision?

The same advice as when anything has gone wrong — after putting it right, learn from your mistakes. As an example, if you have a tendency to do insufficient preparation, spend more time on preparing for your next important task or activity. Or if your misjudgment is the result of inexperience, next time make sure you get more relevant experience yourself or find someone who has the experience you lack.

The workplace is rapidly changing with the adoption of AI tools and technology. Do you think this impacts the way leaders approach judgement today compared to a decade ago? Yes. AI has the power to give us new and amazing tools to help us make our judgments. Just think about how Waze has helped us in getting us to our destinations and how ChatGPT provides a wealth of information instantly.

However, we need to be very clear — while AI can help us in our judgments, we cannot outsource judgment to a machine. Humans have to programme AI, train the data used by it, monitor the data quality that goes into it and interpret the results which it provides.

AI doesn’t have many things that are an essential part of being human, such as consciousness, intentionality, the capacity for abstract thinking, a sense of context, or conscience and ethics. Perhaps most significantly, if judgment is always context-specific, there are limitations on how AI can be programmed if the required outcome cannot be specified.

So while AI will be able to do more and more and as it takes over many tasks now done by humans, judgment is one of the things that will remain the province of the human being.

For someone just starting their career, what’s the one piece of advice from JudgementatWork would you encourage them to focus on to build a strong foundation for decision-making?

Be systematic in using a process to make your judgments when faced with difficult choices.

It will improve your chances of getting what you want. It will also enable you to learn for the future as you learn more about yourself, including your biases (such as a tendency to over optimism or over pessimism) and the role of your feelings and beliefs in making difficult choices.

Reflecting on your tenure as dean of London Business School and director of the Bank of England, how did your understanding of judgment evolve, and how has it influenced your approach to leadership?

My experience in a wide variety of executive and non-executive roles has been very important in demonstrating and then reinforcing how important good judgment is for those in leadership positions. It has also shown me why bad judgment can have such bad results. But most of all my experience has shown me that all of us have the ability to improve our judgment.

In my book I offer a comprehensive guide to how to improve each aspect of judgment and I hope that everyone reading it will find something useful for themselves.

Sir Andrew Likierman

Navigating leadership transitions

AUTHOR AND LEADERSHIP EXPERT TY WIGGINS SHARES HIS PERSPECTIVES ON SUCCESSFUL LEADERSHIP TRANSITIONS, THE CHALLENGES EXECUTIVES FACE WHEN STEPPING INTO NEW ROLES, AND HOW ORGANISATIONS CAN ENSURE A SMOOTHER PATH TO EFFECTIVENESS FOR THEIR LEADERS

BY NEESHA SALIAN

In today’s fast-paced business environment, leadership transitions are critical moments that can define the future of an organisation. Ty Wiggins, global lead of the CEO & Executive Transition Practice at Russell Reynolds Associates, specialises in guiding CEOs, boards, and senior leaders through these pivotal periods. With over a decade of experience in executive coaching, leadership development, and academic research, Wiggins brings a unique blend of practical expertise and insights to the table.

His book, ‘The New CEO’, published last year pulls back the curtain on what it really takes to thrive in your first year as a CEO. Drawing from fresh research and unfiltered insights from top global leaders, it’s a mustread playbook for first-timers and seasoned executives alike.

Wiggins, who was in Dubai for the Emirates Airline Festival of Literature, caught up with Gulf Business to share his perspectives on successful leadership transitions, the challenges executives face when stepping into new roles, and how organisations can ensure a smoother path to effectiveness for their leaders.  Here’s what he had to say:

Tell us a bit about your role at Russell Reynolds Associates and what inspired you to specialise in leadership transitions. I lead the firm’s CEO & Executive Transition Practice, which means I work with CEOs, boards, and senior leaders to ensure successful transitions into new roles. My focus is on helping leaders navigate the complexities of onboarding, accelerating their path to effectiveness, and driving transformational change within their organisations.

QYour book, The New CEO, aligns closely with your work and research. What inspired you to write it, and what readers can expect from it?

The New CEO was published in May last year. It’s really focused on that critical transition period for CEOs and senior executives — the first 12 to 18 months in the role. That’s when they face some of the most unique and high-stakes challenges, and the book is designed to support them through that.

It’s a collection of stories, experiences, and coaching advice that I’ve used with clients over the years. I’ve had the opportunity to work with over 60 CEOs as they’ve gone through their transition, along with a large number of senior executives. On top of that, I conducted qualitative research with another 35 CEOs and included insights from some featured CEOs — like those from PepsiCo, Verizon and UPS.

You hold a PhD in leadership transitions, which is quite a niche yet incredibly relevant area. Tell us more about what drew you to this subject and what you discovered through your research. It’s definitely not a very common academic area, but it’s a very common and critical challenge for organisations. Leadership transitions happen all the time — whether it’s a change in role, a restructure, an M&A, someone returning from paternity leave or a career break. Despite how frequent they are, these moments are high-risk, and I noticed that really capable individuals can stumble during these periods. That’s what drew me in.

My PhD focused specifically on the factors that either inhibit or promote success during leadership transitions. I wanted to understand what really makes the difference — and whether we could build something practical to help organisations and individuals navigate it better.

There are a few standout variables that consistently influence the ease or difficulty of a transition, especially at the CEO level. One is what I call “the ghost”— which refers to what happens with the outgoing CEO. If they stay involved or their shadow still lingers over the organisation, it can make it

ONE OF THE BIGGEST REASONS PEOPLE FAIL IN TRANSITION IS THAT THEY DON’T SHIFT THEIR MINDSET AND BEHAVIOURS TO MATCH THE DEMANDS OF THE NEW LEVEL.”

much harder for the incoming CEO to step in effectively.

Another key factor is whether the new CEO comes from inside or outside the organisation. Internal hires and external ones face very different sets of expectations and challenges. And lastly, the overall state of the organisation matters: is it performing well or underperforming? That significantly shapes the pressure and complexity of the transition.

From an individual’s perspective, one of the biggest reasons people fail in transition is that they don’t shift their mindset and behaviours to match the demands of the new level. When we’re under pressure, we tend to fall back on what’s worked for us in the past — but what got you here won’t necessarily get you there.

So things like communication style, presence, interpersonal skills, and even cognitive load become crucial. You need to evolve across all of these dimensions to really succeed in a leadership transition.

Many CEOs and senior leaders are deeply ambitious — not just about business growth, but also personal growth. What advice do you offer those who are striving to balance both as they prepare for or step into the CEO role? How can they navigate this dual path effectively?

The aspiration to become CEO, especially if you’re C-suite, is not only natural, it’s essential. But it’s important to understand that being in the C-suite and being the CEO are two very different experiences. While you’re in the C-suite, you’re still executing the current CEO’s vision. That means you need to show your ability to support the existing leadership, even if things aren’t exactly how you’d do them. At the same time, knowing when and how to challenge constructively is equally important.

For leaders with CEO ambitions, I always stress the importance of investing in their personal growth just as much as the business side. Building a network is key — especially one beyond your current domain. For instance, CFOs often have strong

curiosity, and a readiness to listen, learn, and adapt. Growth — personal and business — can happen in tandem, but it requires discipline, patience, and a long-term mindset.

How do you see the role of the CEO evolving over the next few years?

Ty Wiggins

relationships with other CFOs, but if you’re aspiring to be CEO, start expanding your network to include COOs, CMOs, and other CEOs. When the time comes to present your succession plan or vision to the board, having that wider perspective can really set you apart.

Another important point is that becoming CEO is not just about being ready for the role — it’s about being prepared for the reality of the role. That’s a big theme in my book. Many people underestimate the shock of becoming CEO. The scrutiny, the expectations — it’s all very different from what they imagined, even if they’ve sat in on board meetings for years.

One of the biggest regrets I hear from new CEOs is not moving quickly enough on building or adjusting their executive team. Another is underestimating how long change takes. CEOs are, by nature, action-oriented — they want to make a mark quickly. But what I often see is they set aggressive targets early on that are hard to achieve, and in doing so, create unnecessary friction and stress.

That pace can also lead to early mistakes. We’re now seeing more CEOs being removed in their second year, which is telling. The first year is often about making moves that look good; the second year reveals whether they were good. That’s when boards start asking the harder questions. So my advice is: pace yourself. Build relationships and communicate effectively with the board, your team, and the wider organisation from the very beginning.

Ultimately, successful CEOs are the ones who balance that ambition with humility,

I think there are a few big shifts we’re going to see. For one, depending on what happens economically, we may find CEOs needing to be more fiscally oriented again. We’ve been through cycles like this before, and it’s something that can return based on macro conditions. But broadly speaking, the role of a CEO is definitely moving away from the old-school command-andcontrol model. While remnants of that still exist, the momentum is clearly toward a more people-centric leadership style — one that emphasises engagement and building strong cultures, not just issuing directives or motivating through authority.

If we look five or ten years ahead, I believe the biggest conversations around CEOs won’t just be about revenue or operational decisions. It’ll be about culture — how well a CEO has built it or, in some cases, failed to. We’re already seeing this. When organisations end up in the spotlight for the wrong reasons, media and stakeholders are increasingly pointing fingers at culture as the root cause. It’s not just about what went wrong — it’s about the environment that allowed it to happen.

So, for any executive aspiring to be a CEO in the next three to five years, you absolutely need a culture toolkit. You need to know how to assess culture, how to measure it, how to shift and sustain it. If you’re going to have your finger on the pulse of anything in the organisation, let it be culture.

Of course, none of this exists in isolation. Communication, resilience, agility — these are fundamental to leading effectively in today’s volatile environment. And perhaps most critically, it’s about choosing the right people. Building the right team around you is vital, not just internally but externally too. The role of CEO is an incredibly lonely one. That’s something people don’t often talk about. The most successful leaders I know all have what we call a “kitchen cabinet” — a trusted circle they can lean on. Ideally, you should start putting that support network in place before you take on the role, so you’re not building the plane while flying it.

DIGITAL PAYMENTS

PayPal accelerates Middle East expansion

BY NEESHA SALIAN

International digital payments giant PayPal is making a strategic move to deepen its presence in one of the world’s fastest-growing markets. Here, Suzan Kereere, president of Global Markets at PayPal, shares how the company’s new regional hub in Dubai fits into its global strategy, how it’s tapping into the region’s booming e-commerce and fintech sectors, and why building partnerships and driving financial inclusion are at the heart of PayPal’s vision for the future.

From empowering startups to supporting large enterprises in cross-border trade, Kereere outlines how PayPal plans to help shape a more connected, inclusive digital economy across the Middle East and beyond.

Why is now the right time for PayPal to expand into the Middle East, and how does the new Dubai office fit into your broader global markets strategy? The Middle East is undergoing an

extraordinary digital transformation. Governments are investing in infrastructure, fintech innovation is booming, and consumers are embracing digital experiences faster than ever before.

Our new regional hub in Dubai isn’t just symbolic, it’s strategic. It places us closer to our customers and partners, enabling us to co-create in real-time, accelerate innovation, and tailor our offerings to the region’s unique needs.

This office anchors our Global Markets strategy by extending our reach to over 80 countries from one of the world’s most dynamic crossroads.

With 1.9 billion people and a $200bn digital payments market, how is PayPal positioning itself to tap into the region’s

SUZAN KEREERE , PRESIDENT OF GLOBAL MARKETS AT PAYPAL, SHARES HOW THE COMPANY’S NEW REGIONAL HUB IN DUBAI FITS INTO ITS GLOBAL STRATEGY

Pic: Supplied

Suzan Kereere (pictured middle) at the launch of PayPal’s Dubai office

FOR SMES AND STARTUPS, WE SIMPLIFY THE COMPLEXITIES OF COMMERCE, WHETHER IT’S SETTLING IN MULTIPLE CURRENCIES, FINDING NEW CUSTOMERS, OR LEVERAGING THE POWER OF NEW TECHNOLOGIES.”

THIS OFFICE ANCHORS OUR GLOBAL MARKETS STRATEGY BY EXTENDING OUR REACH TO OVER 80 COUNTRIES FROM ONE OF THE WORLD’S MOST DYNAMIC CROSSROADS

immense potential — particularly in fast-growing sectors like e-commerce and fintech?

We see this region as a leading force in shaping the future of digital commerce. PayPal’s strength lies in its global scale combined with a diverse and adaptable suite of products.

We’re doubling down on partnerships in fintech, commerce, and financial services

to ensure seamless connectivity into the global digital economy.

Whether it’s enabling a frictionless checkout for businesses or supporting gig economy workers with fast payouts, PayPal is well positioned to help drive the next wave of economic growth in the region.

Tell us more about PayPal’s approach to working with local partners and fintech innovators, including your investments in BNPL platforms and other regional startups.

Partnership is our superpower. We collaborate with banks, fintechs, telecommunications providers, and other commerce players. It’s about creating a network effect for the benefit of our shared customers. That spirit of collaboration is central to our strategy for the Middle East and Africa, and our global business at-large.

Through PayPal Ventures, we’ve invested in some of the region’s most promising fintechs including Tabby in the UAE. These investments allow us to learn from local innovators and amplify their reach using our infrastructure.

What is PayPal doing to support both large enterprises and small businesses in the region, especially those looking to grow through cross-border trade and digital transformation?

Our aim is to level the playing field. For large enterprises, we offer sophisticated global commerce capabilities, helping them scale into new markets with minimal integration effort.

For SMEs and startups, we simplify the complexities of commerce, whether it’s settling in multiple currencies, finding new customers, or leveraging the power of new technologies. Our partnership with Ignyte, for example, is about giving thousands of startups the tools to go global from day one.

In a region where financial inclusion and trust are critical, how is PayPal helping bridge the gap for underserved communities while building a secure, inclusive digital payments ecosystem?

Financial inclusion is one of the most powerful drivers of equitable growth. Through our work with partners like TerraPay, we’re enabling wallet-to-wallet transfers that can help bring millions into the digital economy, especially those outside the formal banking sector. Our commitment is twofold: accessibility and protection.

We are building an ecosystem where every transaction, regardless of size or origin, is backed by the trust with which PayPal is synonymous. Inclusion isn’t a metric for us. It’s a mindset that shapes everything we will build in the region.

Suzan Kereere

EMSTEEL’s group CEO on rethinking steel, building materials, sustainability and innovation

ENGINEER SAEED GHUMRAN AL REMEITHI DISCUSSES HOW EMSTEEL IS LEVERAGING AI, GREEN HYDROGEN, CARBON CAPTURE, AND SMART MANUFACTURING TO DECARBONISE OPERATIONS, IMPROVE EFFICIENCIES, AND EXPAND ITS GLOBAL FOOTPRINT

BY NEESHA SALIAN

As the UAE accelerates toward its industrial and sustainability goals under initiatives like Operation 300bn, Engineer Saeed Ghumran Al Remeithi, group CEO of EMSTEEL, is leading the charge in transforming the steel and building materials sector.

In this interview, Al Remeithi discusses how the company is leveraging AI, green hydrogen, carbon capture, and smart manufacturing to decarbonise operations, improve efficiencies, and expand its global footprint — while positioning Abu Dhabi as a hub for low-carbon industrial innovation.

Innovation is a term that’s frequently used in many sectors today. What does it

mean in the context of industries such as steel and building materials in the UAE, a nation now renowned for its unique blend of policies, vision, and resources that allow companies to scale innovation for global impact?

The UAE is a hub for innovation due to its forward-thinking regulatory framework and supportive ecosystem, which includes a commitment to sustainable development. For us, being part of this ecosystem allows us to develop scalable, exportable innovations, helping us address challenges and create solutions that can have a global impact.

The UAE’s vision enables us to innovate with purpose, focusing on tangible needs rather than simply changing for the sake of change.

With shares of 10 per cent in Abu Dhabi’s manufacturing activity output and 60 per cent in the UAE’s steel market, we are proud to be a pillar of the country’s industrial sector. We have launched a range of all-encompassing and strategic initiatives to support national Emiratisation goals and drive the future of the UAE’s critical manufacturing sector in line with the national Operation 300bn strategy, reinforcing the UAE’s position globally as a leader in advanced industries.

Additionally, we see innovation as a strategic differentiator that enables us to future-proof our business against market disruptions, global supply chain challenges, and shifting regulatory landscapes.

Through smart manufacturing, AI-powered automation, and sustainable steel production, we are setting a benchmark for the region’s industrial transformation.

Tell us more about EMSTEEL’s approach to innovation and how it has translated into growth.

Between 2020 and 2024, our innovation and investment expenditure at EMSTEEL grew by 127 per cent. This significant growth reflects our focus on integrating innovation into our operations, particularly in sectors like steel and building materials that play such a key role in modern infrastructure and urbanisation.

This commitment to innovation is not only advancing our industrial capabilities but also ensuring that we’re contributing to sustainability and economic development on a larger scale. One key driver of our growth is our focus on digitalisation and advanced manufacturing techniques. By adopting predictive maintenance using AI, IoT-based real-time monitoring, and process automation, we have significantly improved operational efficiency, reduced downtime, and optimised resource consumption.

Furthermore, our expanding global footprint — with exports reaching over 70 countries — is a direct result of our commitment to product innovation and high-performance, low-carbon steel solutions.

WITH SHARES OF 10 PER CENT IN ABU DHABI’S MANUFACTURING ACTIVITY OUTPUT AND 60 PER CENT IN THE UAE’S STEEL MARKET, WE ARE PROUD TO BE A PILLAR OF THE COUNTRY’S INDUSTRIAL SECTOR.”

Our continuous investment in R&D, strategic partnerships, and green technologies is ensuring long-term sustainability and resilience in an evolving industrial landscape.

Steel and cement are critical sectors, but they also face major challenges, particularly when it comes to emissions. What are the environmental impacts of these industries, and how are you addressing them?

Both steel and cement production are significant contributors to global CO₂ emissions, with steel accounting for 7-9 per cent of direct emissions from fossil fuels and cement production accounting for another 7-8 per cent. These industries face increasing pressure to transition to more sustainable, low-emission alternatives.

We are committed to reducing emissions while maintaining competitiveness. For instance, by 2030, we aim to reduce our greenhouse gas emissions by 40 per cent from 2019 levels, with the ultimate goal of achieving netzero emissions by 2050. This focus on clear targets and emissions reductions is essential for driving longterm sustainability.

integrated into your operations to address these challenges?

One key innovation is carbon capture technology. We are the first steelmaker in the world to capture a portion of our CO₂ emissions, which allows us to operate with a carbon intensity 45 per cent lower than the global average.

Additionally, we partnered with Masdar to launch our pilot project, the first-of-itskind in MENA, which uses green hydrogen to extract iron from iron ore, a key step in steelmaking. The pilot project is now fully operational and has successfully commenced the production of green steel.

Engineer Saeed

Ghumran Al Remeithi

In addition to carbon capture technologies and green hydrogen steelmaking, we are implementing closed-loop water recycling systems, waste heat recovery initiatives, and alternative raw materials to further enhance our environmental performance.

Our sustainability agenda aligns with Abu Dhabi’s Industrial Strategy, which emphasises industrial decarbonisation, energy efficiency, and responsible resource management to establish the UAE as a leader in low-carbon industrial production.

Can you share some specific examples of how innovation is being

With a capacity of 2.1 MW, the pilot project can produce 368 tonnes of green hydrogen a year, enabling the production of up to 5,000 tonnes of green steel annually. The groundbreaking project will abate up to 3,680 tonnes of CO₂ per annum — equivalent to the carbon sequestration of approximately 168,000 trees and the carbon emissions of approximately 800 passenger vehicles.

The green hydrogen pilot project is a direct reflection of Abu Dhabi’s Low Carbon Hydrogen Policy, which aims to establish hydrogen as a critical clean energy source. This policy plays a vital role in ensuring economic growth, sustainability, and energy security, further strengthening the UAE’s position as a leader in the global hydrogen economy.

We have already signed an MoU with leading Abu Dhabi-based developer Modon, reflecting a strategic alliance to affirm them as the first real estate developer to use low-carbon steel in the UAE.

The group has also made significant strides in advancing our ambitious LowCarbon Iron Supply Chain project. A comprehensive feasibility study is currently underway for this transformative initiative, with the goal of positioning Abu

Dhabi as a global leader in sustainable steel production.

Beyond emissions reduction, we are also exploring AI-driven efficiency models, blockchain for supply chain transparency, and advanced material science innovations to further enhance our sustainability efforts.

Besides environmental impact, how does innovation contribute to operational efficiency or product improvement?

Innovation isn’t just about reducing emissions; it’s also about making our day-to-day operations more efficient and effective.

For example, we use high-tensile steel, which reduces overall steel consumption by 18-24 per cent, contributing to more sustainable and efficient construction practices.

Additionally, we’ve integrated AI into our safety protocols, using smart cameras to detect missing protective equipment and unsafe behaviour, which has significantly reduced worker accidents and enhanced safety standards across our operations.

We have also announced the launch of our Asset Enhancement Programme — a strategic initiative with a CapEx of approximately Dhs625m.

Phase 1 of the enhancement programme will focus on upgrading our production capabilities. This includes the introduction of a new generation of high-strength rebars and advanced heavy-section products, significantly expanding our product portfolio to cater to evolving market demands for sustainable construction.

Phase 2 of the enhancement programme ensures the production of high-carbon and special alloy billets required for the new product range.

The GCC market currently relies on imports for VA-grade wire rod products, with demand expected to grow at a CAGR of 7-10 per cent over the next decade.

By overcoming existing mill limitations and expanding our product portfolio, we are poised to enhance innovation for key sectors including infrastructure, energy, industrial applications, petrochemicals, and automotive components.

Beyond production, digital twins and predictive analytics are playing a crucial role in our operations, allowing us to minimise maintenance costs, optimise logistics, and reduce waste generation.

WEALTH MANAGEMENT

Dubai’s rise as an investment haven for NRIs

KUNAL SUMAYA, HEAD OF GLOBAL NRI AT JULIUS BAER, DISCUSSES THE KEY TRENDS SHAPING WEALTH MANAGEMENT FOR NONRESIDENT INDIANS, DUBAI’S ATTRACTIVENESS FOR HIGH-NETWORTH INDIVIDUALS, AND THE EVOLVING NEEDS OF THE NEXT GENERATION OF INVESTORS

BY NEESHA SALIAN

QWhat makes the UAE, particularly Dubai, such an attractive destination for wealthy Indians, and how has this influenced Julius Baer’s strategy in the region?

The trend of wealthy Indians globalising their lives has been accelerating for years, driven by factors such as business expansion, education for their children, and access to international markets. The COVID-19 pandemic further reinforced this shift, prompting more individuals to explore residency and investment opportunities abroad.

According to the Global Wealth Migration Review Report (2020) by New World Wealth, nearly 2 per cent of India’s highnet-worth individuals (HNWIs) relocated in 2020 alone. Henley’s Private Wealth Migration Report 2024 further highlighted

this movement, noting that the UAE recorded the highest net inflow of millionaires globally in 2024, with 6,700 HNWIs making it their home — many of them affluent Indians.

Dubai is an important financial hub offering proximity to India, a favourable tax regime, investor-friendly regulations, and an ease of doing business that continues to attract global wealth. Additionally, UAE’s Golden Visa programme has been a significant driver for migrating millionaires, providing long-term residency options for investors, professionals, and entrepreneurs.

Recognising Dubai’s strategic importance early on, Julius Baer has long maintained a strong global NRI presence in the region since 2011. This year, we have further strengthened our team by adding several experienced bankers to better serve

our expanding client base. Through our Global India platform, we enable NRIs (non-resident Indians) to invest seamlessly in both high-growth international markets and opportunities back home in India, reinforcing our commitment to their global wealth ambitions.

What are some of the prominent investment trends among NRIs, especially in the UAE, and are there specific asset classes that are becoming more popular?

NRIs in the UAE are increasingly diversifying their portfolios beyond traditional real estate, with a growing preference for financial assets, alternative investments, global equities, private equity, venture capital, and structured solutions.

There is also a rising interest in cryptocurrencies, albeit as a small allocation within broader portfolios. Additionally, with global interest rates on the rise, fixedincome investments are becoming increasingly attractive.

At Julius Baer, we recognise these evolving investment patterns and provide tailored wealth management solutions to help NRIs build globally diversified portfolios.

How does Julius Baer support Indian clients with cross-border wealth structuring, particularly when managing wealth between India, the UAE, and other countries like the US?

Our Global India franchise, combined with Julius Baer’s extensive global presence, offers a uniquely integrated approach to onshore and offshore wealth management. We are among the few banks that enable NRIs to seamlessly manage their wealth across multiple jurisdictions.

According to Knight Frank’s flagship study, The Wealth Report 2024, the number of ultra-rich Indians will rise by 50.1 per cent to 19,908 in 2028 from 13,263 in 2023. A significant proportion of this growing wealth base has financial interests spanning multiple countries, including the UAE, India, and the United States.

Managing wealth across geographies requires deep local expertise in investment regulations and estate planning.

INDIANS ALREADY ACCOUNT FOR OVER 30

PER

CENT OF DUBAI’S STARTUP ECOSYSTEM, A NUMBER SET TO GROW WITH THE UAE’S GOLDEN VISA PROGRAMME, WHICH OFFERS

100,000 LONG-TERM RESIDENCY PERMITS.”

Our in-house wealth planning specialists help clients navigate these complexities by structuring their wealth for long-term security and growth.

With Julius Baer planning to expand its teams in Dubai and Singapore, what does this mean for the growing base of affluent Indians in the UAE, and how does it align with your broader strategy for global NRIs?

Dubai and Singapore have firmly established themselves as the top destinations for ultra HNWIs (UNHWIs) looking to relocate, thanks to their proximity to India, cultural ties, and strong financial ecosystems. Singapore, known for its stability and focus on long-term asset preservation and succession planning, has become a preferred hub for Indian UHNWIs setting up family offices.

With its strategic position between Europe and Asia, the UAE has become a crucial investment gateway, offering legal stability and investor-friendly regulations similar to Singapore and Hong Kong. It has also emerged as a key hub for family offices, reinforcing its position as a global wealth centre.

Indians already account for over 30 per cent of Dubai’s startup ecosystem, a number set to grow with the UAE’s Golden Visa programme, which offers 100,000 long-term residency permits. Over the next three years, family offices and HNWIs are expected to contribute $500bn to the UAE economy, driving significant financial growth.

Recognising these trends, we have been actively expanding our teams in Dubai and Singapore by strategically hiring experienced relationship managers and senior investment advisory and wealth planning experts. Strengthening our presence in these twin financial hubs is a key part of our strategy in the coming years.

The next generation of affluent Indians has different expectations. What are they looking for from their private banker?

The previous generation of wealthy Indians,

particularly patriarchs, traditionally focused on physical assets like real estate, resulting in portfolios heavily weighted toward tangible investments. In contrast, the next generation — millennials and Gen Z — is taking a more diversified and dynamic approach, actively seeking exposure to private equity, venture capital, and even cryptocurrencies. Many are establishing and leading their own family offices, taking direct responsibility for investment decisions.

This generation is digital-first, impactdriven, and globally oriented in its investment approach. Beyond returns, they prioritise comprehensive financial planning, asset structuring, and estate planning aligned with their personal and professional ambitions.

At Julius Baer, we recognise this fundamental shift and integrate these evolving preferences into our advisory model.

Can you explain the concept of offshore-onshore connectivity for UAE-based Indians and how Julius Baer helps facilitate this connection? Non-resident Indians (NRIs) have been an integral part of the UAE’s success story since the late 1970s, with many rising to become highly successful High-net-worth Individuals.

At Julius Baer, our Global India franchise is uniquely positioned to support this

community. Unlike many wealth managers, we don’t just have a strong network of Relationship Managers across NRI hubs like Dubai—we also have dedicated India Connectivity Desks both onshore in India and offshore.

Our integrated RM model fosters close collaboration between onshore India and offshore teams across our four hubs Hong Kong, Singapore, Dubai and Zurich, providing clients with a seamless banking experience — an advantage that sets us apart.

Additionally, we offer access to multiple booking centres, including India, and a compelling product platform. This includes proprietary research from Julius Baer’s global research desk and exclusive inhouse India-focused funds, allowing clients to capitalise on India’s high-growth market while maintaining global diversification.

What are some of the biggest challenges affluent individuals face in wealth management, and how can private banks help?

Affluent individuals today navigate a highly globalised world — running businesses in one country while their children study or work in another. This lifestyle presents significant challenges in managing wealth across jurisdictions.

Another critical challenge is ensuring a smooth multigenerational wealth transfer. Families are increasingly seeking structured strategies to safeguard and transition their wealth while maintaining long-term financial security.

At the same time, identifying high-quality investment opportunities that strike the right balance between risk and reward remains a top priority in an ever-changing economic landscape.

As one of the largest wealth managers, we address these challenges by offering tailored investment solutions, multi-jurisdictional wealth structuring, and exclusive private market opportunities.

Research shows that up to 70 per cent of heirs change their wealth advisors after inheriting wealth; our personalised approach helps clients optimise their wealth potential, navigate regulatory complexities, and implement long-term succession planning strategies — ensuring financial security and prosperity across generations.

Kunal Sumaya

UAE sets new standards for next-generation oral products

The UAE has become the first country in the GCC to introduce a regulatory framework for tobacco-free oral products, setting new benchmarks for product quality, safety, and labelling

In this interview, Alexandre Ghanem, cluster head of Middle East & North Africa (MENA) at BAT, discusses the significance of the new rules, how they align with global harm reduction efforts, and BAT’s plans to launch a new portfolio in the UAE.

What are BAT’s plans for the UAE with this new regulatory framework in mind?

The UAE’s decision to issue the regulatory requirements for tobacco-free oral nicotine pouches goes hand-in-hand with the transformation that we, as BAT, are currently undergoing. BAT has invested heavily in science-backed research and development under our vision of creating ‘A Better Tomorrow’ by building a smokeless world – a commitment driven by our aim to reduce the health impact of our business.

As a policy approach, Tobacco Harm Reduction (THR) encourages adult consumers who would otherwise continue to smoke to switch to alternative forms of tobacco and nicotine products that have reduced-risk profiles in comparison to cigarettes. Adult smokers and nicotine users in the region, particularly those in the UAE, are progressive and forward-thinking and are open to exploring innovative alternatives to smoking. The publication of the UAE standard provides access to high-quality alternatives for these adult smokers and nicotine users, which is precisely why BAT plans to introduce a new portfolio of tobacco-free oral nicotine pouches under the brand VELO in the market, in line with our THR ambitions.

How significant is regulating tobaccofree oral nicotine pouches to tobacco

harm reduction in the UAE?

The UAE has consistently been at the forefront of regulatory innovation and progress across various industries. The pioneering decision by the Ministry of Industry and Advanced Technology (MoIAT) to issue a technical standard for tobacco-free oral nicotine pouches is yet another indication of the country’s commitment to implement clear and comprehensive quality and safety standards, and a reflection of the UAE’s unwavering dedication to public health. It is widely accepted that most of the harm associated with smoking is caused by inhaling the smoke produced by the burning of tobacco – not nicotine itself. Because tobacco-free oral nicotine pouches are smokeless – as they do not contain tobacco – the weight of evidence to date shows that they have a reducedrisk profile to combustible tobacco products, assuming a complete switch from cigarette smoking.

How effective has the launch of BAT’s tobacco-free nicotine pouches been elsewhere? Can that success be replicated in the UAE ?

Currently, our tobacco-free nicotine pouches are available in more than 40 countries around the world. Globally, we are witnessing strong volume growth with 7.4 million adult consumers using our products. Our VELO products are developed under robust product stewardship, and are shown to have substantially (more than 90–99 per cent) reduced levels of a number of toxic chemicals² compared to the level included

in cigarette smoke. Speaking more generally about the product category itself, oral nicotine pouches have delivered significant public health benefits, contributing to a noticeable decline in smoking rates globally. The leading public health benefits of Tobacco Harm Reduction were realised in Sweden, where smoking has been largely replaced by oral nicotine products over the last 70 years.

This approach has led to Sweden having the lowest smoking rate in Europe, which in turn has resulted in the lowest lung cancer mortality – 29.1 deaths in 100,000 people relative to the EU average of 66.7 deaths in 100,000 people as of 2020.

According to official data from Sweden’s public health agency, the smoking rate among Swedish nationals stood at 5.3 per cent in 2024. This makes Sweden the closest in the EU to reach WHO’s globally recognised benchmark of 5 per cent that qualifies countries as ‘smoke-free’. The milestone puts Sweden approximately 15 years ahead of the EU target to create a tobacco-free generation by 2040, and has positioned the nation as a leader in the lowest incidence of tobacco-related disease on the European continent.

Where do tobacco-free oral nicotine pouches fall on the risk continuum in comparison to combustible cigarettes?

Globally leading regulatory entities and research bodies, including the US FDA, have recognised that it is the other chemical compounds in tobacco, and in the smoke created by burning tobacco, that directly and primarily cause smokingrelated diseases, not the nicotine.

In 2008, the World Health Organisation (WHO) recommended the reduction of nine chemicals (‘toxicants’) in cigarette smoke. In our VELO products, these nine toxicants, which are believed to be the primary cause of smoking-related diseases, are reduced by more than 99 per cent.

While individuals usually choose to continue smoking because they are addicted to the nicotine in tobacco smoke, it is important to note here that nicotine, in itself, is not a carcinogen. According to a report by the Royal College of Physicians in London, the main culprit is smoke.

As such, if nicotine could be delivered in an effective and acceptable manner to smokers without combustion, most, if not all, of the harm of smoking could probably be avoided.

Lifestyle

Spectre-cular and stunning

Introducing Rolls-Royce Motor Cars’ new high-performance, all-electric, ultra-luxe coupe; it possibly is the British brand’s most dynamic creation yet p.61

“Hosting thousands of guests every day, with a footprint that extends across our in 30 countries, we know that we have a unique opportunity and responsibility to leave the world in a better place than we found it.”

OMER ACAR, CEO, Fairmont Hotels & Resorts

TECHNOGYM CONNECTED DUMBBELLS

These weights redefine home strength training by consolidating 12 dumbbell sets into a single, space-saving design. With a weight range of two to 24 kg in two kg increments, these dumbbells offer versatility for various exercises. The integrated sensor technology elevates workouts by analysing each movement and tracking performance metrics. This data seamlessly integrates with the Technogym AI Coach through its app. AI Coach leverages your performance data to curate training plans, suggesting optimal weights and exercises tailored to your fitness goals. The price: Dhs16,000.

ANANDA: THE HIMALAYAN HAVEN OF WELLNESS

AASHICA KHANNA, DIRECTOR OF ANANDA IN THE HIMALAYAS, SHARES HOW THE DESTINATION HAS BECOME THE GOLD STANDARD FOR HOLISTIC WELLNESS

BY NEESHA SALIAN

Tucked away in the forested foothills of the Himalayas, overlooking the River Ganges and the scenic town of Rishikesh, lies a destination that has redefined the meaning of wellness for the world. Ananda in the Himalayas, the legendary wellness retreat, has just entered its 25th year — quietly and purposefully continuing a tradition of healing that is as ancient as the mountains that cradle it.

But to call Ananda a spa is to miss the point entirely.

A VISION BEYOND ITS TIME

“When we started out, there were only a few places globally doing anything close

to what we envisioned,” says Aashica Khanna, director of Ananda and daughter of founder Ashok Khanna. “There was the Golden Door in the US, Chiva-Som in Southeast Asia, and some basic, clinical Ayurvedic centres in India. We wanted to bring Indian traditional sciences together under one roof with the best global wellness practices — and make it transformative.”

Since its inception in the restored palace estate of the Maharaja of Tehri-Garhwal, Ananda has done just that. The retreat was founded on a singular idea: to combine Ayurveda, yoga, and Vedanta with international wellness therapies, offering a 360-degree approach to wellbeing that touches mind, body, and spirit.

FROM BOUTIQUE RETREAT TO GLOBAL WELLNESS LEADER

In 2024, Ananda underwent a digital transformation, launching a 360-degree wellness management system that enables personalised, evidence-based programmes.

“What has really changed is the depth and focus of what we offer,” Khanna explains.

“Today, our programmes are immersive. People stay for two weeks, sometimes two months. Through diagnostics and consistent follow-ups, we’ve become more than just a retreat — we’re a partner in our clients’ wellness journeys.”

This shift is reflected in the numbers: 80 per cent of guests now opt for long-duration stays of 10 nights or more, compared to just 20–30 per cent a decade ago. And they come from everywhere — historically, the US, UK, Germany, Russia, and the GCC have been Ananda’s top markets.

Aashica Khanna

Khanna also notes that guest behaviour is changing. “We used to see mostly women coming in for weight management. Now we’re seeing guests seeking holistic programmes, mindfulness, and even help with chronic or mental health issues. It’s a real evolution.”

Even Indian guests are rediscovering wellness. From just 20 per cent of Ananda’s guest profile in earlier years, domestic travellers now make up 40 per cent — a shift Khanna calls “thrilling.”

ROOTED IN PERSONALISATION

What sets Ananda apart isn’t just the setting or the therapies. It’s the way every guest’s journey is uniquely tailored. “We speak to guests before they even book,” Khanna shares. “Our doctors review their medical history, do Ayurvedic assessments, and guide them into the most appropriate programme. We even send a seven-day preparatory diet before they arrive.”

Guests are assigned personalised itineraries built around ayurveda, yoga, traditional Chinese medicine, physiotherapy, or emotional healing. “This means that at any time, we could be managing 100 to 150 unique schedules,” she says. That includes customised meals. “When we

began, Ayurvedic cuisine wasn’t something people associated with luxury,” says Khanna. “We changed that. We applied Ayurvedic principles to global cuisines — today, anyone who claims to do Ayurvedic fine dining likely came through our kitchens.”

LEADING WITH PURPOSE AND PEOPLE

Behind its seamless operations is a team of 350, including seven Ayurvedic doctors, eight senior yoga experts from the Bihar School of Yoga, and professionals trained in emotional healing, physiotherapy, and Chinese medicine. But technical skills alone don’t make the cut.

“Empathy is a hiring criterion,” Khanna says. “You can’t teach that. In wellness, people come with emotional issues. We need to be sensitive to that.”

LUXURY SPACES TO ENHANCE THE EXPERIENCE

Ananda is not only deepening its wellness offerings but also enhancing its luxurious accommodations. The internationally acclaimed retreat has introduced new luxury accommodations along with elegant upgrades to several of its signature suites.

“We used to see mostly women coming in for weight management. Now we’re seeing guests seeking holistic programmes, mindfulness, and even help with chronic or mental health issues. It’s a real evolution.”

Delhi-based designer Deepa Sama spearheaded the six-month transformation, ensuring a seamless blend of the retreat’s natural surroundings into its design.

With these enhancements, the 100-acre estate now features 64 rooms, three villas, and eight suites, including new Deluxe Suites offering sweeping views and private balconies, and a new Garden Suite with a secluded outdoor deck. The Ananda Suite and the historic Viceregal Suite have also been refined, emphasising the integration of indoor and outdoor living. These upgrades cater to a growing desire for more spacious and luxurious accommodations, enhancing the sense of tranquility and connection with nature.

ANCIENT WISDOM, MODERN RELEVANCE

Over the years, Ananda has introduced cutting-edge programmes such as fertility treatments based on Ayurvedic principles, deep detoxification therapies like panchakarma, and new initiatives focused on chronic lifestyle diseases and women’s health.

Looking ahead, the retreat is evolving further. “The next chapter,” says Khanna, “is about deepening ancient wisdom, validating it through research, and expanding year-round care via digital wellness platforms.”

Indeed, Ananda’s role has expanded far beyond the Himalayan retreat. “Ayurveda and yoga are not meant to be one-time fixes,” she adds. “They’re meant to be lived. We just facilitate that journey.”

And in that journey lies the secret of Ananda’s enduring relevance — not just as a wellness destination, but as a way of life.

LEADING FAIRMONT FORWARD

CEO OMER ACAR OUTLINES HOW FAIRMONT IS NAVIGATING EXPANSION ACROSS KEY GLOBAL MARKETS — INCLUDING THE MIDDLE EAST — PRIORITISING SUSTAINABILITY, ENHANCING PERSONALISED GUEST EXPERIENCES, AND LEVERAGING ITS HISTORIC POSITIONING TO REMAIN COMPETITIVE IN TODAY’S EVOLVING HOSPITALITY LANDSCAPE

BY NEESHA SALIAN

Fairmont has a long legacy of luxury hospitality. How do you see the brand evolving in today’s competitive landscape, particularly in the Middle East?

At Fairmont, we have been creating special moments for our guests since 1907. We count some of the most storied addresses in the world within our portfolio of hotels, each at the vibrant heart of its community and destination. For decades, we have been the place where history-defining moments happen – the signing of the United Nations Charter in San Francisco, John Lennon and Yoko Ono’s ‘bed in for peace’ in Montreal, Truman Capote’s Black and White Ball in New York City. Our hotels are at the social epicentre of every destination, and this continues to be at the core of our brand strategy. A Fairmont lobby is one of my favourite places to be. You never know who will pass by next — a couple in black tie

headed to a gala or celebrating a milestone anniversary, colleagues grabbing a drink after a day of meetings, a family with young children returning after a day of adventure. This energy and life, and sense of local connection, it’s our sweet spot. It’s why a traveller wants to stay in a Fairmont hotel, why developers keep building with us.

Fairmont has several new openings and developments in the pipeline. Tell us about the most anticipated projects and what guests can expect from these properties?  Fairmont has an exceptionally strong pipeline, with30 properties in development, which is significant considering our current portfolio numbers 92 hotels in 30 countries. 2025 is a pivotal year of growth for the brand; it’s particularly exciting when we can introduce Fairmont into new destinations. In February, we opened our first

property along the southern coast of Spain, Fairmont La Hacienda Costa Del Sol. Boasting 153 rooms with stunning Mediterranean views and 158 chic Andalucian-style suites and villas, this property has something for everyone, from two 18-hole golf courses and a full golf academy, to a glamorous beach club, to a spa that is truly unique as it’s the only one in the region with sea-view facilities, including hammams, a Turkish bath, a hydrotherapy pool, and even a snow fountain. We also recently unveiled Fairmont Golden Prague, the first Fairmont in the Czech Republic, a heritage-listed landmark in the heart of Old Town at the gate of the prestigious Parížská Boulevard and on the banks of the Vltava River. The design and artworks throughout the hotel really bring to life one of our brand pillars, capturing the essence of the local culture and community.

We are continuing to see tremendous opportunities across India. We opened Fairmont Mumbai in April and will soon debut Fairmont Udaipur Palace, both of which offer curated locally- and globallyinspired dining experiences, extensive spaces for special events and celebrations, and indulgent Fairmont Spas. Fairmont developments in India are also under way in Agra, and our most recent signing, an exciting new luxury resort on the pristine beaches of Goa.

This year marks a number of major milestones as we celebrate several openings in Asia. Fairmont Tokyo, opening on July 1 as Fairmont’s first hotel in Japan, is nestled in a prime spot along Tokyo Bay, offering breathtaking views of Rainbow Bridge to the east and Tokyo Tower to the west. It’s the perfect blend of the city’s lively energy and the peaceful calm of the waterfront, making it an ideal retreat in the heart of Tokyo.  We round out the year opening the doors at Fairmont Bangkok Sukhumvit and Fairmont Hanoi in late 2025, introducing

The view of the bay from the Gold Suite at Fairmont Tokyo

The Madeleine de Proust pâtisserie and tea lounge at Fairmont Mumbai

“We continue with brand programmes like Bee Sustainable, through which we build habitats for critical pollinator bees and harvest our own honey from on-property honeybee hives.”

the Fairmont brand into Thailand and Vietnam. Fairmont Bangkok Sukhumvit brings a new level of comfort and style to the capital’s central business district, attracting both leisure guests with a full suite of exclusive amenities, but also business travellers as the country’s first fully integrated luxury MICE (meetings, incentives, conferences and exhibitions) hotel. Fairmont Hanoi is located in the centre of Vietnam’s dynamic capital city; only a short walk to Hoan Kiem Lake and the Old Quarter, the 241-room urban resort takes inspiration from the culture and history of Thang Long.

And looking further ahead, we have several developments in Saudi Arabia that are going to be truly special. Up first, Fairmont The Red Sea will be located on an untouched coastline surrounded by islands, ancient archaeological sites, and stunning natural beauty. With 200 rooms and dining concepts that include overwater restaurants, this development in particular is an incredible opportunity to connect luxury with sustainability in one of the most remarkable destinations in the world.

With sustainability becoming a key focus in luxury hospitality, how is Fairmont integrating eco-conscious practices?   We are very proud of our longstanding work in sustainability — more than three decades ago, we made history as one of the first luxury hotel brands to launch a comprehensive environmental programme, our Green Partnership Guide, and today we are equally focused on making a positive, meaningful impact.

Hosting thousands of guests every day, with a footprint that extends across our in 30 countries, we know that we have a unique opportunity and responsibility to leave the world in a better place than we found it.

Fairmont is part of Accor, which has some of the most ambitious sustainability commitments across the industry. Group-wide

programmes range from the elimination of single-use plastics in the guest experience, to major work in the reduction of carbon emissions, including Fairmont Royal York’s history-making status as our first Zero Carbon Building. Tackling food waste is another priority, supported by tools like Orbisk, a smart camera that tracks food waste, and Chef’s Eye, which helps us analyze waste trends and adopt more sustainable practices.

For Fairmont, we’ve been particularly focused on the measurement and validation of our efforts, including the transition to a market-leading platform for data, analytics and reporting. We are also thrilled to share that we are on track for 100 per cent of our Fairmont properties worldwide to receive sustainability certification by a trusted third-party such as Green Key, Green Key Global or Green Globe. This year, we are exploring certification by Audubon for all our Fairmont managed golf courses, and special sustainability accreditation for our events teams with the Events Industry Council.

We continue with brand programmes like Bee Sustainable, through which we build habitats for critical pollinator bees and harvest our own honey from on-property honeybee hives. Many of our hotels are also leading the way with unique green

initiatives. For example, Fairmont Orchid, Fairmont Kea Lani and Fairmont Mayakoba all are active in the reforestation of their local coral reefs. Fairmont Singapore grows fresh produce sustainably through its very own aquaponics farm; Fairmont Jakarta implemented a careful food segregation system to repurpose surplus food and minimise organic waste; and Fairmont Makati made a significant investment in an onsite water bottling plant, eliminating the usage of 380,000 plastic water bottles per year. These efforts reflect our shared mission to demonstrate that luxury and environmental responsibility can coexist seamlessly.

As CEO, what is your long-term vision for Fairmont, and how do you see the brand continuing to innovate and set trends within the luxury hotel industry?

Fairmont is a heritage brand, which dates back more than 115 years. It has played a role in the most special moments in people’s lives. From the world-changing, like safely welcoming home the Apollo 11 astronauts from their history-making trek to the moon, to those smaller more intimate occasions which are most meaningful to those celebrating, suCh as a milestone birthday or anniversary — we have been there. Now, it’s up to us to create new moments, new ways for our guests to celebrate with us, new experiences, new chapters in the Fairmont history book. This starts with the launch of our new brand campaign this May.

And it continues with a spirit of innovation and fun. Whether we are exploring groundbreaking new AI technologies or never-before-seen digital solutions for our important events clients, making new strides in eco-conscious operations or holistic wellbeing practices, or unveiling unexpected brand partnerships, there are many more milestone moments to come.

Growth obviously remains a priority, but we will do so thoughtfully and intentionally. With Fairmont, one of our greatest strengths is being a connector; this is key to our development strategy. With every new signing and development project, we make sure it is located at the heart of the destination, with the same connection to local culture and community, which upholds the tradition set by The Plaza, The Savoy, and which has been carried forward with the newest additions to our portfolio, such as Fairmont Doha, Cape Grace, and Fairmont Golden Prague.

Omer Acar

PORSCHE CAYENNE TURBO GT: A SUPER SUV IN EVERY SENSE

BLENDING BLISTERING SPEED, EVERYDAY USABILITY, AND UNDERSTATED STYLE, THIS SUPER SUV PROVES PORSCHE’S EVOLUTION IS COMPLETE — AND IF YOU HAD TO OWN JUST ONE CAR, THIS MIGHT BE IT

BY SHIVAUM PUNJABI

When Porsche launched the original Cayenne, enthusiasts screamed betrayal. Fast forward two decades, and it’s those same purists who might be left speechless behind the wheel

of the 2025 Porsche Cayenne Turbo GT. This isn’t just an SUV— it’s the answer to your “one car garage” dilemma.

THE LOOKS OF IT

The Cayenne Turbo GT wears its

performance with quiet confidence. While other super SUVs scream for attention, this one whispers — until it doesn’t.

The test car arrived in an elegant Arctic Grey, accented with massive 22-inch gold rims, radiating a quiet, confident strength.

Aerodynamic refinements, like a reshaped front fascia and a prominent rear spoiler, don’t just flirt with speed — they demand it.

The widened body and twin centre exhausts, more jetfighter than SUV, round off its brutish elegance. It might sound like too much on paper, but in person, every design choice just works.

ALL ABOUT PERFORMANCE

Beneath the sculpted hood sits a twinturbo 4.0-litre V8 unleashing 659 hp and 850 Nm of torque — numbers that catapult it from 0-100 km/h in just 3.3 seconds — a figure that rivals supercars comfortably nestled within six-figure price brackets. It sounds as furious as

While other super SUVs scream for attention, this one whispers — until it doesn’t. The test car arrived in an elegant Arctic Grey, accented with massive 22-inch gold rims, radiating a quiet, confident strength.

it feels, with a titanium exhaust system delivering a mechanical symphony of pops, crackles, and deep-throated growls.

Cruising on the highway is smooth and civilised, thanks to Porsche’s suite of driver aids. But head for the twisties — like my go-to B-road two hours from Dubai — and you’ll unleash the GT’s true potential.

Switch to Sport Plus and it sharpens up like a scalpel. Rear-axle steering, adaptive air suspension, and Porsche Dynamic Chassis Control all work in harmony to defy physics.

Despite its 2,200 kg heft, it dances through corners like a car half its size. Braking? Brutal and precise, thanks to those carbon-ceramic stoppers.

INSIDE STORY

Inside, it’s part race car, part luxury lounge. Racetex material lines the seats and dash, giving it that motorsport edge, while the latest infotainment system blends tech with easeof-use. The Turbo GT is a strict four-seater, with individual rear seats for added comfort and exclusivity.

Every surface feels high-quality, and despite the fingerprint-prone piano black center console, it’s an interior that delivers both form and function.

THE VERDICT

However, exclusivity comes at a cost

DESPITE ITS 2,200 KG HEFT, IT DANCES THROUGH CORNERS LIKE A CAR HALF ITS SIZE BRAKING? BRUTAL AND PRECISE, THANKS TO THOSE CARBON-CERAMIC STOPPERS

— the Turbo GT starts at an eye-watering Dhs850,000, swiftly escalating with Porsche’s enticing but pricey options list. Yet, in a market saturated with performance SUVs from Lamborghini, Aston Martin, and Bentley, the Cayenne Turbo GT justifies its hefty price tag by seamlessly merging supercar performance with everyday practicality.

Ultimately, the 2025 Porsche Cayenne Turbo GT isn’t merely an SUV. It’s a defiant statement of Porsche’s capability to redefine categories, blending luxury, practicality, and blistering performance into one irresistible package.

ROLLS-ROYCE BLACK BADGE SPECTRE: BOLD AND BEAUTIFUL

WHEN ROLLS-ROYCE UNVEILS A NEW MODEL, YOU EXPECT THEATRE. BUT WITH THE GLOBAL LAUNCH OF THE ALL-ELECTRIC SPECTRE BLACK BADGE, THE BRITISH MARQUE DELIVERED NOT JUST A PERFORMANCE — BUT A SPECTACLE. FROM RUNWAY UNVEILINGS TO RACETRACK TESTING, THE BRAND MADE IT CLEAR: THIS IS ITS MOST POWERFUL, MOST DYNAMIC ROLLS-ROYCE TO DATE

BY SHIVAUM PUNJABI

When Rolls-Royce launches a car, no stone is left unturned to ensure it makes a statement. We were told to prepare for a formal evening with a surprise awaiting us a few months ago. We were informed that a chauffeured Rolls-Royce would be sent to pick us up. After reaching our destination, we were made to hand over our phones to a waiting concierge — a sign that Rolls-Royce was taking this seriously.

THE LOOKS OF IT

When it comes to its exterior, the Spectre Black Badge commands serious presence on the road. The discerning eye will notice a few telltale signs that this is indeed a Black Badge.

We were then made to sit at the end of a runway — yes, you read that correctly — a runway. Rolls-Royce had chosen to launch the new model at the runway of SkyDive Dubai, overlooking the beautiful skyline of Dubai Marina and JBR. The most powerful Rolls-Royce, the Spectre Black Badge, was unveiled amid an impressive laser and light show.

Come April, just two months after the global launch of the car, we were driving the car at the racetrack at Dubai Autodrome. Here’s what we thought about it.

The Spectre Black Badge debuts globally in an eye-catching Vapour Violet paint, inspired by the vibrant neon glow of iconic 1980s and 1990s nightclubs. Complementing this is an Iced Black bonnet, offering a dramatic contrast. Buyers can select from Rolls-Royce’s extensive palette of 44,000 ready-to-wear shades or collaborate with designers to create a completely bespoke hue.

Enhancing its sleek silhouette, the Spectre introduces a new ‘waft’ coachline — placed along the lower body to accentuate

its shape and assert its authority. Bold 23-inch forged aluminium wheels add to its character, available in polished or fullblack finishes.

True to Black Badge form, the mirror-polished brightwork across the car is darkened. This signature finish extends to the Pantheon Grille, Spirit of Ecstasy, double ‘R’ badges, door handles, window surrounds, and bumpers.

Adding a layer of visual drama, RollsRoyce has introduced an Illuminated Grille backplate in striking colours like Tailored Purple, Charles Blue, Chartreuse, Forge Yellow, and Turchese. Clients can either match this to the exterior or create a bold contrast.

INSIDE STORY

Step inside, and the Spectre Black Badge continues to dazzle. Illuminated Black Badge treadplates in ten complementary shades greet you. The dashboard fascia features an abstract Spirit of Ecstasy pattern with over 5,500 illuminated stars, set against a piano black background and subtly incorporating the Infinity symbol, synonymous with the Black Badge range.

A technical fibre finish surrounds this display — carbon and fine metal threads woven into a diamond pattern over black Bolivar wood.

Each panel is sandblasted, lacquered, and polished to perfection.

The Infinity motif is also stitched into the leather ‘Waterfall’ section between the rear seats. The instrument dials can be customised with five different themes — Vivid Grellow, Neon Nights, Cyan Fire, Ultraviolet, and Synth Wave — all coordinated through

the SPIRIT digital operating system. This system also offers remote charging, location services, and access to Rolls-Royce’s exclusive digital platform, Whispers.

Still, nothing quite compares to the feel of the carpets. They’re impossibly plush — better than anything you’ll find in even the most luxurious settings. You truly have to experience it to understand.

ALL ABOUT PERFORMANCE

1076N m OF TORQUE AND 650 HORSEPOWER

So, what’s all the hype about? The new Spectre Black Badge delivers a monstrous 1076Nm of torque and 650 horsepower — thanks to a 102kWh battery — making it the most powerful production Rolls-Royce ever. It does 0–100 km/h in just 4.3 seconds. This power is channelled through a dual-motor AWD system with torque vectoring and rear-wheel steer.

With a range of 460 km, the car is well suited to UAE roads — and range anxiety

won’t be a concern, as all owners have access to home charging.

To handle the added performance, RollsRoyce has tuned the chassis for sharper handling. Steering feel is weightier, and body roll is noticeably reduced. On the track, the Spectre was composed and capable—something you’d never expect to say about a Rolls-Royce.

Two new modes join the Black Badge experience: Infinity Mode gives the driver access to full power — ideal for overtaking or track driving — while Spirited Mode functions as a Rolls-Royce-style launch control.

THE VERDICT

What are you waiting for? Buy it. The Black Badge Spectre is everything a Rolls-Royce should be — fast, refined, luxurious, bold, and dripping with character. Prices start at Dhs2.5m.

The SME Story

A DEDICATED HUB FOR THE REGIONAL STARTUP AND SME ECOSYSTEM

25

From coding queen to cafe creator: Ania Kubow’s Dubai dream

Ania Kubow, well-known YouTube coding educator and founder of Homebrew, blends her tech roots with a deep appreciation for the city’s 90s culture

BY NEESHA SALIAN

What inspired you to create Homebrew, and how does it reflect your vision for the Dubai community?

Being a remote software engineer in Dubai could feel quite isolating. Seeking connection, I often worked from cafes and met so many interesting and creative individuals. This sparked my love for cafés and the community they foster. My aim with Homebrew is to build these little pockets of community across Dubai, welcoming everyone. It’s my way of giving back based on my own experiences of finding connection.

As a YouTube coding sensation and the world’s most subscribed female fullstack coder, how did your background in tech influence your decision to open a cafe in Dubai?

Coders are famously coffee lovers, and I’m no exception. There’s nothing better than a delicious coffee while working on a project. My tech background, focused on building and connecting things online, naturally extended to wanting to build a physical space for connection. I’m incredibly fortunate to have a talented barista team that

Ania Kubow, founder, Homebrew

embodies Homebrew’s spirit: great coffee and a welcoming attitude for everyone.

Homebrew is described as a “love letter to the Dubai you grew up in”. Could you elaborate on how the café captures this personal connection and focus on community?

Having grown up in Dubai, I wanted to celebrate the laidback and accepting attitude of Dubai in the 90s. My experiences at Jebel Ali Primary School, JESS, and Dubai College exposed me to so many cultures, and I try to emulate that inclusivity in Homebrew’s values. For the menu, I collaborated with another Dubaibred head chef Saba Rahbar, to curate a menu that is a nod to old Dubai, featuring items like Chips Oman, za’atar, labneh, and a tribute to the old Al Reef bakery.

Homebrew’s menu reimagines nostalgic Dubai flavours with modern twists. Could you highlight a few standout items and share the inspiration behind them?

Head chef Saba created the Al Reef Labneh Sourdough Bagel, which reminisces about early morning stops at Al Reef Lebanese Bakery. It’s filled with Lebanese-style labneh, zaatar, fresh mint, local tomatoes, and cucumber. The creamy, sour, and herby flavour combination, paired with the freshness of the vegetables, takes us back to old Dubai days. She decided to modernise it by serving it in a bagel made with organic flour grown in Sharjah. Chef Saba also designed the Smoked Turkey Sandwich, which is our take on a BLT, but we use oak-smoked turkey breast from Carnistore. This brings

back memories of chef Saba’s days at the Dubai Water Ski Club, grabbing a BLT after wakeboarding in the creek. She wanted to recreate that feeling of comfort and satisfaction, but with a slightly more elevated twist. She really made a conscious effort to use as much locally sourced and often organic produce and suppliers as possible. This truly makes the flavours stand out — they’re fresh and taste like they should. Supporting local farms and small businesses has been integral to how chef Saba has been working for the past decade, and while it’s more time-consuming to find the right suppliers, she believes it’s absolutely worth it.

HEAD CHEF SABA CREATED THE AL REEF LABNEH SOURDOUGH BAGEL, WHICH REMINISCES ABOUT EARLY MORNING STOPS AT AL REEF LEBANESE BAKERY. IT’S FILLED WITH LEBANESE-STYLE LABNEH, ZAATAR, FRESH MINT, LOCAL TOMATOES, AND CUCUMBER

Recently named one of the ‘Top 10 Coffee Shops in the UAE’ by a leading radio channel, how does this recognition impact you and the team, and what’s next for Homebrew?

My team was thrilled to receive this recognition. Honestly, I can’t take the credit; they are truly incredible, and I feel so lucky to have their talent. Each member excels while staying true to Homebrew’s values. We currently have two locations: a small shop in Azizi Riviera and a café in Amaya Mall, Liwan.

Our next step is our large flagship café, for which we are currently scouting locations. Think large, open-plan spaces with nooks for creatives and much more.

“SHE [CHEF SABA] REALLY MADE A CONSCIOUS EFFORT TO USE AS MUCH LOCALLY SOURCED AND OFTEN ORGANIC PRODUCE AND SUPPLIERS AS POSSIBLE. THIS TRULY MAKES THE FLAVOURS STAND OUT – THEY’RE FRESH AND TASTE AS THEY SHOULD. SUPPORTING LOCAL FARMS AND SMALL

BUSINESSES HAS BEEN INTEGRAL TO HOW CHEF SABA HAS BEEN WORKING AS A CHEF FOR THE PAST DECADE, AND WHILE IT’S MORE TIME-CONSUMING TO FIND THE RIGHT SUPPLIERS, SHE BELIEVES IT’S ABSOLUTELY WORTH IT.”

Focused on wellbeing

Co-founder Joe Hanney shares how Recovery On Demand is making consistent, personalised recovery accessible

BY NEESHA SALIAN

Launched to close a gap in the UAE’s wellness space, Recovery On Demand delivers high-performance recovery tools — think ice baths, infrared saunas, and hyperbaric chambers — directly to your doorstep, gym, or office. No traffic, no queues, no compromise.

Here, we speak to co-founder Joe Hanney to uncover how the business is transforming recovery into a lifestyle and why education and convenience are at the core of the model.

What inspired you to launch Recovery On Demand, and how does it address a gap in the UAE’s wellness market?

Recovery On Demand was born from a disconnect in the wellness industry — while recovery tools have advanced, accessibility hasn’t. In a city where everything is ondemand, recovery still requires travel, wait times, and rigid scheduling. With worsening traffic and busier lives, this outdated model no longer fits.

Research shows that frequent recovery use is key, yet traditional services make

consistency difficult. We bridge this gap by delivering elite recovery directly to clients — whether at home, work, or the gym — eliminating barriers to regular use.

Whether it’s ice baths, infrared saunas, hyperbaric oxygen chambers, or red light therapy, we make recovery as easy as ordering food or booking a ride.

By redefining access, we don’t just make recovery convenient — we make it effective. True recovery isn’t a one-off session; it’s a lifestyle integration.

How does the Recovery On Demand model work, and what sets it apart from traditional recovery and wellness services?

Traditional recovery services require scheduling, travel, and wait times — adding stress instead of relieving it. We’ve flipped the model. Instead of people going to recovery, we bring recovery to them. We deliver, set up, and maintain everything — so all they have to do is use it.

Beyond convenience, education is key. Unlike one-size-fits-all wellness centres, we tailor recovery to individual goals

Hanney, co-founder, Recovery On Demand

— be it performance, detoxification, stress relief, or metabolic health. With more than 32 years of experience in biohacking and recovery, we’ve worked with elite athletes like Usain Bolt and Tai ‘BamBam’ Tuivasa. We empower clients with knowledge, helping them optimise results and take control of their health.

Privacy and hygiene also set us apart. Many don’t want to share cold plunges or saunas with strangers. Our service ensures a personal, sanitised setup every time. Plus, unlike buying equipment that requires maintenance, with rentals, we take care of everything — from servicing and repairs to upgrades — so clients never have to deal with downtime.

How has the demand for at-home recovery and wellness services evolved in the UAE, and what trends are driving this shift?

When we launched, we were first to market with this model. The rapid shift since then — competitors now replicating our rental approach — validates the demand. People prefer flexibility over ownership.

Choice paralysis is a major trend. With so many recovery tools available, people struggle to choose. Rentals allow a trial-first approach before committing to a purchase. Unlike home gym equipment, which often goes unused, recovery is low effort but high

Joe

The SME Story / Interview

reward — no grinding through workouts, just consistent use with tangible benefits.

The corporate sector is also shifting. Major brands now approach us to manage rental verticals, recognising that consumers value access over ownership. This aligns with the UAE’s broader shift towards subscription-based convenience, seen in everything from car rentals to IV therapy.

The hospitality industry is catching on, too. Luxury hotels like The Ritz-Carlton Abu Dhabi already offer private wellness suites, and guests are renting ice baths and hyperbaric chambers for in-room recovery. Holiday home operators are also leveraging recovery tools to attract bookings — one saw a major difference in guest interest after adding an infrared sauna.

Dubai is also becoming a training hub for elite athletes. Fighters prepping for highstakes competitions in Saudi Arabia rent our recovery equipment to maintain peak performance. The demand for accessible, high-performance recovery is only growing.

What challenges have you faced as an SME in the health and wellness sector, and how have you navigated them?

Our biggest challenge wasn’t convincing people of recovery’s importance — it was mastering logistics. Importing, warehousing, and deliveries were all new territory, but we knew operational efficiency was key to accessibility. We started lean — managing

stock ourselves, handling setups firsthand, even riding along for installations. This hands-on approach ensured a seamless client experience from day one. Rather than overstocking, we prioritised early adopters, refining our service through real feedback before scaling.

Demand continues to outpace supply. We currently have a waiting list of 24 people — six just last month — for hyperbaric chambers. Constant reinvestment in stock is essential to keeping up. Staying true to our client-first philosophy has built trust, fueling our rapid growth.

While we’re developing tech-driven solutions, we’re focused on making them seamless and client-first. More importantly, we cut through marketing hype to ensure every tool we provide delivers real benefits.

Take red light therapy. Many brands exaggerate power claims, leading people to believe higher intensity means better results — it doesn’t. We conduct third-party testing to verify manufacturer claims, ensuring:

No exaggerated power ratings

Optimal LED angles for maximum absorption

Minimal flicker and EMF exposure to avoid headaches and eye strain

Every product we offer is vetted for efficacy and safety, ensuring clients get the best results without misinformation. Our approach is rooted in science, not sales hype, and that’s what makes our service truly stand out.

What strategies have been most effective in scaling Recovery On Demand, and do you have plans for regional expansion?

One of our biggest growth drivers has been customer service and word of mouth. With 22 five-star Google reviews and counting, we make it a priority to reward loyal customers for their referrals. By focusing on precision recovery solutions rather than a one-size-fits-all approach, we’ve built a strong foundation in Dubai.

As for regional expansion, we’re not in a rush to move beyond the UAE just yet. There’s still significant opportunity here, and we’d rather refine and perfect our model before looking further afield. That said, you never know what the future holds.

What advice would you give to aspiring entrepreneurs looking to start an SME in the UAE’s wellness industry?

First, deeply understand your niche — whether it’s recovery, longevity, or performance optimisation. The UAE’s wellness market is competitive, so differentiation is key. Second, for the lucky few, success might come from a get-rich-quick scheme, but those stories are rare. What you see on social media — the highlight reels of entrepreneurs — can trick you into thinking it’s easy. It’s not. For every successful rental we’ve done, we’ve probably made several mistakes. The reality? Building something that lasts takes time, effort, and a ridiculous amount of persistence.

REALIZE MORE WITH EFG HOLDING

At EFG Holding Group, we realize more for clients looking to us as a gateway to compelling MENA Markets’ equities; for investors who want to deploy impact capital into renewables, healthcare, and education; for individuals who need lifestyle enabling solutions; for businesses looking to unlock their full potential; for shareholders who require confidence in our growth strategies; for communities that need viable change to drive integrated sustainable development; and for people seeking to unlock their full growth potential, empowering them to fulfill their career aspirations.