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BEYOND THE BALANCE SHEET:
Mashreq's CFO on ethical finance and solid controls
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GENAI: WHO’S IN CONTROL? Why CXOs should shape the next wave
009 | 2025
THE PRISM PRINCIPLE
BEST-SELLING
AUTHOR LAURA DAY ON MAKING CHANGES THAT STICK P.20
AMBITION ACCELERATED
FROM DUBAI, JETEX IS REDRAWING THE AVIATION MAP. CEO ADEL MARDINI ON EXPANDING TO SAUDI'S RED SEA AND BEYOND
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SKY’S THE LIMIT: JETEX’S NEXT STAGE OF EXPANSION
CEO and founder Adel Mardini shares the private aviation company’s ambitious plans
A CRITICAL CONUNDRUM
How CHROs can balance efficiency with human dignity in the AI era
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YOU CANNOT FIX A BROKEN SYSTEM BY USING THE SAME BROKEN TOOLS. AND YET PSYCHOLOGISTS AND THERAPISTS OFTEN TELL US SIMPLY TO WORK HARDER, WITHOUT ADDRESSING THE FACT THAT WE NEED TO CHANGE THE SYSTEM.”
LAURA DAY, NEW YORK TIMES-BESTSELLING AUTHOR
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HOW CFOS SHOULD DRIVE TRANSPARENCY, INTEGRITY AND ACCOUNTABILITY
A strong internal control framework relies on five key pillars: control environment, risk assessment, control activities, information and communication, and monitoring
Shaped by past global corporate reporting shortfalls, regulatory expectations on governance and financial integrity have become significantly more stringent than they were previously.
Companies are strengthening their internal control frameworks as investors, regulatory bodies, and rating agencies demand reduced risks, transparency, and accountability.
After the Sarbanes-Oxley Act (SOX) (2002) was introduced in the US, following Enron’s collapse, many countries, including Canada, India, the UK, and EU nations, introduced regulations to strengthen the internal controls on financial reporting of listed companies.
New regulations have also been issued in the UAE following the UAE’s Securities and Commodities Authority (SCA) establishing Internal Control on Financial
Reporting (ICFR) as mandatory for all UAE-listed companies in 2024.
In 2024, the requirements were limited to performing a self-assessment of ICFR and addressing identified gaps. Auditors were requested to provide an opinion, which was not made publicly.
From 2025 onwards, the SCA requirements are that the company’s external auditor must provide an opinion on the effectiveness of the overall internal control and risk management system (going even beyond ICFR), and this opinion must be publicly disclosed.
THE EVOLVING EXPECTATIONS AROUND FINANCIAL REPORTING GOVERNANCE
As financial reporting became more complex and need for compliance with financial accounting standards grew, companies started shifting from traditional financial checks to more digitalised, integrated, and continuous internal control systems such as continuous controls monitoring (CCM).
These systems produce real-time results and reduce human error, ensuring accuracy, greater time and cost-efficiency. This transformation reflects a new mindset in governance and risk management.
Most, if not all, internal control systems are based on the COSO framework, a global benchmark that emphasises risk management, continuous monitoring, and process automation through technology. SOX mandates internal control documentation and independent control assessments and has set a standard for accountability and transparency in the US, and various countries in the MENA region.
Furthermore, IFRS highlights consistent and reliable financial reporting, compelling organisations to align their internal controls with international standards to ensure data integrity for
adequate external reporting. As previously mentioned, the UAE’s SCA has expanded ICFR requirements to all listed companies, mandating independent audits and covering operational, IT, and compliance risks. This regulation does require adherence to the COSO framework but emphasises that internal controls must align with global standards, improving transparency, risk management, and strengthening stakeholder trust.
Additionally, SOX requires audit committees, boards, and external auditors to regularly request evidence of operational control effectiveness and risk assessments. This ensures controls are properly embedded and consistently maintained, supporting the financial integrity of institutions. I expect it will not be different in the UAE.
KEY PILLARS OF A STRONG INTERNAL CONTROL FRAMEWORK
According to the COSO framework, a strong internal control framework relies on five key pillars: control environment, risk assessment, control activities, information and communication, and monitoring. Effective leadership establishes the ‘tone at the top’, creating a strong control environment, solidifying ethical standards, structure, and accountability. Conducting regular risk assessments maintains effective internal financial monitoring.
Control activities set policies and structures to mitigate identified risks. Clear communication among finance, audit, risk teams, and external stakeholders ensures transparency in the reporting process.
Lastly, ongoing monitoring of all control activities and internal assessments are crucial for enhancing operational effectiveness. These pillars create a robust control environment, promoting accurate and transparent financial monitoring.
THE ROLE OF TECHNOLOGY: ENABLING REAL-TIME FINANCIAL GOVERNANCE
Automation, data analytics, and AI-driven monitoring tools have fundamentally transformed internal control processes, enhancing accuracy in control data and reducing manual errors. As a CFO, these technological developments are indispensable. CCM systems audit transactions in real-time, rapidly identifying anomalies and ensuring the accuracy of financial records.
In comparison to periodic reviews, they use real-time monitoring and automated reconciliations to maintain financial integrity and transparency. More organisations are already implementing CCM solutions to improve operational efficiency, minimise manual errors and recovery costs, effectively manage risks, and comply with increasing regulations.
CFOS EVOLVING RESPONSIBILITY: BUILDING RESILIENCE AND TRUST
The CFO is instrumental in promoting a culture of accountability and risk awareness throughout the
TODAY, INTERNAL CONTROL FRAMEWORKS ARE MORE THAN A TICK-OF-THE-BOX ON REGULATORY COMPLIANCE. ROBUST INTERNAL CONTROLS UNDERPIN NOT JUST COMPLIANCE, BUT LONG-TERM VALUE CREATION, ETHICAL DECISION-MAKING, AND SUSTAINED STAKEHOLDER TRUST.
organisation. They are responsible for overseeing all key systems, processes, and internal controls as well as ensuring financial integrity.
By embodying an ethical mindset and leadership role in championing these actions, they set the ‘tone at the top’, cultivating an environment that emphasises strengthening internal controls, maintaining accuracy and efficiency.
Today, internal control frameworks are more than a tick-of-the-box on regulatory compliance. Robust internal controls underpin not just compliance, but long-term value creation, ethical decision-making, and sustained stakeholder trust.
The establishment of a proper ICFR framework, as now prescribed in the UAE by SCA, is a positive step in further professionalising companies.
Based on my experience, it helps organisations ensure controls on financial reporting are implemented and function effectively, limiting the risk of reporting errors.
As a CFO, I believe ICFR is a highly effective ‘tool’ to ensure financial reporting is correct and of stakeholder quality. Although experience teaches us that it takes a couple of years to get it optimally embedded within a company.
There are various pitfalls in implementing ICFR, for example, identifying too many separate controls. Yet, I believe firmly that the mandatory implementation of ICFR for listed companies is an important step in setting the foundation for the UAE to fulfill its vision of becoming the world’s top financial hub. L
The writer is the group CFO at Mashreq.
WHY REGIONAL CXOS MUST LEAD
THE NEXT WAVE OF GENAI TRANSFORMATION
With agentic RAG, you’re not just enabling smarter automation — you’re building an enterprise that is resilient, adaptable, and primed for the future of work
enerative AI (GenAI) has rapidly moved from proof-of-concept to boardroom priority across the Middle East. While initial enthusiasm was anchored in the impressive capabilities of large language models (LLMs), enterprises are quickly learning that true competitive advantage demands more than just deploying the latest AI models.
The real value emerges when GenAI systems can access, understand, and act upon an organisation’s unique, constantly evolving data — and that is where retrieval-augmented generation (RAG), and now agentic RAG, becomes mission-critical.
WHY STANDARD LLMS FALL SHORT IN THE ENTERPRISE
LLMs are trained on vast but static datasets, limiting their knowledge to information available at the time of training. In regulated or fast-moving sectors, these limitations manifest as outdated or incomplete responses, raising both compliance risks and operational frustrations. For Middle Eastern enterprises facing evolving
regulations and dynamic market conditions, these gaps are not just technical shortcomings — they can directly impact revenue and reputation.
RAG: TRANSFORMING LLMS INTO KNOWLEDGE POWERHOUSES
RAG bridges this critical gap by connecting AI models directly to diverse, real-time enterprise data. This not only keeps outputs current and reliable, but also boosts performance on tasks that require domain-specific knowledge or regional context.
Additionally, RAG frameworks eliminate the need for continuous and expensive re-training of core models, streamlining scalability and reducing time-to-value as business use cases and data sources evolve.
The market appetite reflects these benefits: global RAG spend is projected
to soar from $1.2bn in 2024 to over $67bn in 2034, expanding at a compound annual growth rate of nearly 50 per cent.
AGENTIC RAG: THE NEXT EVOLUTION — FROM ANSWERS TO AUTONOMOUS ACTION
With agentic RAG, enterprises are empowered to move beyond information retrieval to intelligent action. Rather than responding passively to user prompts with static outputs, agentic AI systems can autonomously plan, negotiate, execute, and optimise tasks — all while grounded in the latest organisational knowledge.
Imagine AI assistants dynamically managing supply chain schedules, automatically resolving customer queries, or orchestrating employee onboarding — all with minimal human intervention but maximum compliance, consistency, and strategic alignment. For CXOs, this represents not just a step-change in productivity but a true leap in enterprise agility and innovation capacity.
Agentic systems also introduce new dimensions of responsibility. Their autonomy and proactivity require strong frameworks for governance, transparency, and trust — especially as Middle Eastern governments advance national AI strategies and data protection laws.
A STRATEGIC PLAYBOOK FOR MIDDLE EAST CXOS
Embracing agentic RAG is as much a leadership mandate as it is a technology upgrade. Consider the following strategic actions:
Build a unified data and infrastructure foundation
Advance past silos by investing in robust, cloud-native data architectures. Standardised governance and privacy-first practices ensure that GenAI systems remain compliant with local regulations (such as GDPR and PDPLs) and are equipped for regional growth.
Prioritise AI governance from day one
Autonomous systems raise new questions of accountability. Establish ethical guidelines, audit trails, human oversight, and scenario-testing as non-negotiables. Transparency and responsible AI are essential to align with both stakeholder expectations and regulatory mandates.
Develop true workforce-AI synergy
The Middle East is witnessing exponential growth in demand for AI and ML skills. To fully harness agentic RAG, invest in upskilling programmes and nurture talent capable of translating business needs into AI outcomes. Encourage a culture of collaboration between human and machine.
Start with impactful pilots
Adopt a “test-and-learn” mindset. Initiate agentic RAG pilots in high-value domains — such as automated customer support, dynamic supply chain adjustments, or
internal policy management. Use clear KPIs and ROI metrics to guide rapid iteration and scaling.
Tie GenAI to tangible business outcomes
Anchor every AI initiative in measurable value. Whether it’s reducing decision latency, enhancing the customer journey, or driving cost efficiencies, agentic RAG works best when it’s solving real business problems for real people.
CALL TO ACTION: LEAD THE EVOLUTION, DON’T WATCH FROM THE SIDELINES
For Middle East CXOs, the status quo is no longer enough. Leading organisations are already transitioning from generic LLM deployments to bespoke, agentic RAG-powered ecosystems where intelligence is grounded, decisions are automated, and opportunities scale with data.
The challenge is not just to keep pace, but to set the pace. Elevate GenAI discussions from IT operations to foundational business strategy. With agentic RAG, you’re not just enabling smarter automation — you’re building an enterprise that is resilient, adaptable, and primed for the future of work.
Now is the time for Middle East business leaders to champion this evolution: secure your data, empower your teams, govern your AI, and reap the rewards of truly intelligent, actionoriented enterprise systems. L
THE
REAL VALUE EMERGES WHEN GENAI SYSTEMS CAN ACCESS, UNDERSTAND, AND ACT UPON AN ORGANISATION’S UNIQUE, CONSTANTLY EVOLVING DATA — AND THAT IS WHERE RETRIEVAL-AUGMENTED GENERATION (RAG), AND NOW AGENTIC RAG, BECOMES MISSION-CRITICAL.
The writer is the MD Gulf at Dell Technologies.
SOULWARE VERSUS SOFTWARE
THE CHRO’S AI DILEMMA
As AI and automation reshape businesses, CHROs face a critical conundrum — how to embrace digital transformation without sacrificing human dignity and trust
As automation and Gen-AI reshape businesses as we know it, today, the chief human resources officer (CHRO) is at a critical crossroads. The CEO doesn not have the option to discard AI and the question is how to adapt it without compromising the social, cultural, and ethical fabric of organisations.
The World Economic Forum estimates that over 83 million jobs globally will be lost by 2030 due to automation, whereas only 69 million new roles may be created in the new areas. While CEOs view AI as the new engine of operational efficiency and ROI, the CHRO must act as the conscience keeper, managing the disruptive transition from human intelligence (HI) to artificial intelligence (AI) with foresight and empathy. Many GCC countries have enacted nationalisation programmes like
Aramco in Saudi has reduced the need for human oversight in hazardous zones by deploying AI to manage predictive maintenance and safety systems in oil fields
Saudisation, Emiratisation, and Kuwaitisation for a while now. Together with a high penchant for automation and AI, the stakes are pretty high now for many jobs. The shift toward digitisation might offer immense bottomline benefits, but if deployed without strategic guardrails, it could risk not just job displacement but social imbalance and institutional distrust. The challenge for the CHRO isn’t mere arithmetic like optimising headcounts on a spreadsheet, but humanistic, where cultural context has to be preserve, and dignity in an era of code and computation be protected.
Digital transformation has become the buzzword for the Gulf economies in their Vision 2030. Progressive governments are embracing AI with a vengeance by building smart cities and moving to e-governance to future-proof their economies for a post-oil era. Examples aplenty: Saudi Arabia’s NEOM project is being designed as an AIfirst city. Oman, Qatar, and Bahrain are following closely behind, with investments in public-private partnerships to build tech capabilities. The UAE has launched the world’s first Ministry of Artificial Intelligence.
Sectors like banking, logistics, retail, and oil and gas are seeing increased pace of automation and entry-level and/or repetitive jobs in customer service, data entry, warehouse operations, and administrative support will see humans being replaced by agentic AI platforms, robotic process automation, and virtual assistants. Emirates NBD in the UAE has over 85 per cent of their customer service queries handled by AI-powered chatbots. Aramco in Saudi has reduced the need for human oversight in hazardous zones by deploying AI to manage predictive maintenance and safety systems in oil fields. Qatar’s Ooredoo has drastically cut down human employees in tech-support functions by adopting AI for network operations.
Indeed, such changes might boost efficiency, but raise fundamental questions for HR: How can CHROs support affected employees, align with national employment mandates, and sustain the long-term wellbeing of the organisation?
HR leaders cannot afford to be silent spectators without conscience while AI wreaks havoc in the job market. They need to take moral and ethical responsibility for the displacement of human capital when the GCC has a large expatriate workforce, increasing nationalisation and complex socio-cultural dynamics.
HERE’S HOW CHROS IN THE GCC KEEP AN ETHICAL CHECK ON THEIR ‘HUMANE’ ROLE
Forecast workforce requirements proactively HR heads must invest in skills adjacencies mapping by identifying roles that are at risk and guiding those employees to upskill or reskill to areas of rising demand. In Saudi Arabia, stc has launched internal platforms to help employees track emerging job clusters and allow them access specialised training in areas in cybersecurity, Pic:
cloud services, and data science. In the UAE, du has initiated a platform for the “Future Skills”, which helps map current competencies to evolving job roles across IT, sales, and customer service. Such tools are necessary to guide ethical workforce planning and are no more just HR dashboards.
Communicate with radical candour
In the age of digital leaks and rumour mills, transparency is a moral necessity. The best CHROs no longer hide behind euphemistic “rightsizing” or “synergistic realignment”. They communicate early, clearly and truthfully in order to build trust during the anxiety times. The language matters more now than in normal times. Don’t cloak layoffs under “realignment” or “optimisation”. HR leaders in firms with diverse workforces like Etihad Airways and First Abu Dhabi Bank are adopting transparent, empathetic communication strategies. Early and honest messaging during changes in structures can help maintain morale and trust.
Implement tiered redeployment
Instead of adopting blunt-force layoffs, leading companies are instituting tiered transitions. This includes job-sharing models, internal gig assignments, and
SECTORS LIKE BANKING, LOGISTICS, RETAIL, AND OIL AND GAS ARE SEEING INCREASED PACE OF AUTOMATION AND ENTRYLEVEL AND/OR REPETITIVE JOBS IN CUSTOMER SERVICE, DATA ENTRY, WAREHOUSE OPERATIONS, AND ADMINISTRATIVE SUPPORT WILL SEE HUMANS BEING REPLACED BY AGENTIC AI PLATFORMS, ROBOTIC PROCESS AUTOMATION, AND VIRTUAL ASSISTANTS.
IN THE ALGORITHMIC GOLD RUSH, CHROS MUST EVOLVE INTO ETHICTECTS, ARCHITECTS OF ETHICAL TRANSFORMATION. AS AI SURGES THROUGH JOB ROLES, HR MUST BE THE SOULWARE FIREWALL, GUARDING THE HUMAN SPIRIT FROM BECOMING CORPORATE COLLATERAL. FORGET VANILLA TRANSFORMATION; THIS IS HUMACHINERY 2.0, WHERE CODE MEETS CONSCIENCE, AND HEADCOUNT ISN’T JUST A NUMBER BUT A NARRATIVE.
phased exits with severance packages tied to reskilling outcomes. It’s not just ethical; it’s reputational insurance. Oman’s Public Authority for Manpower Register, in collaboration with private firms, is supporting redeployment through gig internal job markets where employees can take up short-term assignments in other departments. Other companies in the region are also exploring cross-sector secondments, where displaced workers in hospitality are trained and deployed in retail, logistics, or digital services.
Redesign with human-in-the-loo
Rather than retrenching employees en masse, some CHROs are championing augmented intelligence over AI. This hybrid approach where machines handle repetitive heavy work while humans focus on empathy, judgment, and creativity, is proving both humane and effective. For instance, AI is scanning loan documents in Bahrain’s financial services sector, but humans are still making the final decision, based on context and other history. Such a model preserves human judgment, and at the same time, improves productivity. Even within HR, AI can automate payroll, benefits processing, and resume screening, which frees HR professionals to focus on culture-building, employee wellbeing, and strategic planning.
Provide emotional outplacement and psychosocial support
In regions where professional identity is closely tied to socio-economic standing, job loss can be traumatic. Sacking at scale without psychological scaffolding is institutional cruelty. CHROs must offer more than severance. In a region deeply shaped by tradition, dignity in transition is non-negotiable. Forward-thinking HR teams must provide:
Career counselling sessions in collaboration with local universities.
Mental health support via employee assistance programmes.
Rather than retrenching employees en masse, some CHROs are championing augmented intelligence over AI
Outplacement platforms such as RiseSmart or local equivalents to support re-entry into the job market.
Why not look at a region-wide ethical playbook for automation? Something of a ‘Conscientious Automation Charter’, covering fair practices, rights of displaced workers, and frameworks for inclusive digital growth. Such a charter could include mandatory impact assessments before deploying jobreplacing technologies, commitments to upskilling budgets proportional to automation spends, standardised ethical severance frameworks that go beyond legal minimums and annual automation transparency reports akin to ESG disclosures.
Governments too should get involved because of the social impact. National HR development authorities (like Bahrain’s Tamkeen or Saudi’s HRDF) must work in tandem with private enterprises to ensure automation enhances economic inclusion.
The CHRO’s role in the GCC shouldn’t be limited to compliance or culture; it should be strategic for fair transformation. AI can write code, optimise logistics, and conduct basic interviews, but it cannot inspire, empathise, or suffer.
In the algorithmic gold rush, CHROs must evolve into ethictects, architects of ethical transformation. As AI surges through job roles, HR must be the Soulware firewall, guarding the human spirit from becoming corporate collateral. Forget vanilla transformation; this is Humachinery 2.0, where code meets conscience, and headcount isn’t just a number but a narrative. Let AI handle the grunt, but let humans bring the gruntle. Or as one futurist CEO quipped, “In the AI age, the rarest skill is real empathy.”
CHROs must lead the charge, not just to upskill the workforce, but to “upsoul” the workplace. What’s at stake isn’t just jobs, but identity. L
Dr M Muneer is a Fortune-500 advisor, startup investor and co-founder of the non-profit Medici Institute for Innovation.
ACCOUNTING’S EVOLUTION: TECH, TRUST AND FUTURE LEADERSHIP
Why trust, technology, and inclusion make accounting a solid career for an AI-powered future
When I began my career nearly 34 years ago, corporate failures like the rogue trading scandal at Barings Bank in 1995 and later at Enron in 2001 (a key catalyst for the Sarbanes-Oxley Act of 2002) had global ripple effects on the accounting profession. This elevated the profile of the profession which had been built on human judgment, trust and stewardship, to empowering the enforcement of strict oversight and controls to safeguard financial reporting and restore investor confidence. Quality and trust continued to be non-negotiable, but there was a major shift from pure record keeping to a more strategic position.
Since then the profession developed rigorous standards driving global consistency in both audit and accounting standards, increasingly focused on improving transparency and maintaining the trust of internal and external stakeholders.
Today, the fundamentals of trust and compliance remain, but the profession faces a new, more complex environment. The current landscape is shaped by digital disruption, shifting regulatory expectations and growing demands from stakeholders, including increased environmental and social accountability. To stay relevant, we need to maintain the trust of all stakeholders and deliver value through innovation and an inclusive approach.
TECHNOLOGY IS REDEFINING THE PROFESSION
Artificial intelligence (AI), automation and data analytics are enhancing our capabilities but also presenting new risks. AI can streamline audits, flag exceptions and provide predictive insights. But these tools also raise critical concerns. It is therefore imperative we ensure the integrity of AI-generated data, protect client confidentiality and most important, equip our teams to manage these challenges responsibly. Cybersecurity is now core to risk
management. As more firms digitise, the potential for data breaches increases. A single lapse can erode the very trust that forms the foundation of our work. Ensuring technological competence and vigilance is not optional, but essential.
PUBLIC EXPECTATIONS AND THE COMPETITIVE LANDSCAPE ARE CHANGING
Private equity and other investors are also changing the playing field. Some are backing smaller accounting firms with aggressive growth models powered by tech investment. These challengers aim to increase efficiency and scale, putting pressure on larger firms to move faster and become more agile. Yet, brand trust and global consistency remain differentiators. Multinational clients rely on the assurance that their auditors and advisors meet the same high standards consistently, whether in Dubai, London, or Singapore.
Over the past decade, accounting firms have increasingly provided assurance on sustainability-related disclosures. While momentum in some markets, such as the US, has slowed, the subject remains a global megatrend. In regions like Europe and the UAE, demand for such assurance and reporting is growing steadily. Companies with international footprints cannot afford to ignore it.
Furthermore, the profession must be prepared to adapt to evolving regulatory landscapes. For instance, recent global tax reforms and the introduction of corporate tax in the UAE underscore the need for technical expertise, integrity and agile response. Multidisciplinary firms that integrate audit, advisory and tax are best placed to deliver seamless support across borders.
THE PROFESSION IS ADAPTING TO A MORE FLEXIBLE AND INCLUSIVE WORKFORCE
Studies show that companies with more women in management see significantly higher returns on equity. It is also the right thing to do, but is the accounting profession taking notice? When I started my career, there were very few women in leadership. Today, in our global firm, women make up nearly half of all staff and close to 30 per cent of leadership. In the UAE, almost 50 per cent of our team is female and we have already exceeded our target of having more than 25 per cent female representation at manager level and above by the end of 2025. We also know there is much still to do. Flexibility has proven to be
Woman at work
RECENT GLOBAL TAX REFORMS AND THE INTRODUCTION OF CORPORATE TAX IN THE UAE UNDERSCORE THE NEED FOR TECHNICAL EXPERTISE, INTEGRITY AND AGILE RESPONSE.
the most effective way to support our professionals. That means flexibility in work hours, location, and schedule — without compromising client service. It also means a cultural shift: evaluating people on outcomes, not time spent in the office. The UAE public sector has led the way here, with women making up 66 per cent of government employees and 30 per cent of leadership. The private sector must follow suit.
THE FUTURE OF THE PROFESSION
The UAE public sector has led the way here, with women making up 66% of government employees and 30% of leadership. The private sector must follow suit
From my personal experience — whether in auditing or advisory — accounting has opened fascinating worlds to me as a professional and given me countless opportunities to engage with a variety of issues facing businesses. On the advisory side, it has allowed me to provide advice that has influenced senior managers’ decision making, which is satisfying. The accounting profession remains vital to the functioning of capital markets and economic resilience. But to continue playing this role, we must continue to remain agile and adapt to an everchanging environment. That means continuously embracing technology with integrity, offering assurance beyond numbers, and building workplaces where diverse professionals can thrive. The future of accounting is not just about accuracy, but also about leadership. From its early foundations our profession has always balanced high standards of service, rigour and human judgement with the tools of our time. If accounting is to stay indispensable, its future will depend on our ability to lead not just audits but conversations that shape economies. L
Emilio Pera is CEO of KPMG Lower Gulf and deputy CEO of KPMG Middle East.
RETHINKING BUSINESS INCORPORATION
From the earliest stages of development, founders of startups must consider how to structure, scale and optimise their operations with international competitiveness in mind
W
e are living in times where global expansion has never been easier. It was often thought that international expansion is complicated, but new growth models and strategies are emerging that mean the reverse is true. The traditional location-bound approach to business incorporation is fast becoming obsolete.
Today entrepreneurs face a different reality — one that demands a global mindset from day one.
With the right set of tools and a willingness to adopt a new mindset, building a global workforce can actually be the competitive advantage that sets your business up for long-term success.
THE NEW PARADIGM: INCORPORATION BEYOND BORDERS
Globalisation, digital transformation and evolving consumer expectations have reshaped the business landscape. Startups no longer serve just their immediate regions; they serve global communities. From the earliest stages of development, founders of startups must consider how to structure, scale and optimise their operations with international competitiveness in mind.
The shift from local to global is no longer optional – it is essential for survival and growth.
In the past, business incorporation was mostly a function of geography - i.e., business founders incorporated businesses in their home markets, where their suppliers or customers were, or where the regulation seemed familiar. While your market, supply chain, or team might still be a local concern, limiting where you start your business can affect your ability to tap into talented people, capital, and markets around the world.
Rather than simply setting up in domestic markets, founders are increasingly choosing to incorporate in places that offer greater convenience, flexibility, funding opportunities, efficiency, or access to global markets. In reality, it’s about embracing the idea that the best business decisions shouldn’t be constrained by location — and that founders should feel empowered to think globally from the start.
FREE ZONES: THE SMART LAUNCHPAD FOR GLOBAL-MINDED ENTREPRENEURS
One of the most effective tools founders can use to achieve global readiness is incorporating in a free zone.
The UAE, and particularly Dubai, has become a beacon for such zones. These zones contribute to approximately 40 per cent of the country’s total exports, including re-exports. Dubai’s free zones alone account for 60per cent of the city’s total goods exports, showcasing the crucial role they play in driving trade and economic growth.
FREE ZONE BENEFITS
Many free zones offer favourable tax regimes, including tax benefits and 100 per cent repatriation of profits. For startups, this can be a game-changer. Free zones also offer ease of incorporation and compliance and typically involve less red tape than mainland. Furthermore, the regulatory frameworks within free zones are often tailored to encourage innovation and agility. This allows startups to operate with a level of flexibility not always possible in more rigid regulatory environments. CFOs understand that incorporation isn’t just a legal formality — it’s a strategic financial decision. The right strategy for expansion can enhance cash flow, reduce compliance
burdens, and strengthen credibility in the eyes of investors.
THE FINANCIAL ADVANTAGES OF THINKING GLOBAL FROM DAY ONE
A founder with a global mindset must consider:
Market access: Will this structure allow me to trade or expand internationally with ease?
Agility: Does the environment enable flexibility, or will an attempt to scale be weighed down by complex and rigid administrative processes?
Capital efficiency: How does investment support long term value creation? Is the business setup aligned with financing goals?
Cost structure: Will operational costs and taxes allow me to scale sustainably?
For CFOs, these questions should be approached not just from a cost-saving perspective, but with a bigger picture in mind.
Thinking global means building the foundations to scale internationally when the time is right. From the earliest stages, founders and CFOs should be aligned on choosing a location that supports their business vision, growth trajectory, and financial strategy.
Free zones embed global thinking into their setup to gain faster access to markets, partners, and capital. They’re not just building for today; they’re building for what’s next. L
FROM DUBAI TO THE WORLD
JETEX’S NEXT STAGE OF EXPANSION
GROWING FROM A SINGLE TERMINAL IN DUBAI TO A NETWORK OF ALMOST 40 GLOBAL LOCATIONS, JETEX CEO AND FOUNDER ADEL MARDINI IS NOW STEERING THE COMPANY INTO ITS MOST AMBITIOUS PHASE YET. FROM NEW HUBS IN SAUDI ARABIA’S RED SEA TO EVTOL PASSENGER SERVICES AND A PUSH INTO ASIA’S EMERGING PRIVATE AVIATION MARKETS, MARDINI TELLS US ALL.
WORDS GARETH VAN ZYL
PHOTOS AHMED ABDELWAHAB
BUILDING A NEW AVIATION EMPIRE
Adel Mardini’s voice is calm, measured, but his plans are anything but modest. “In 2025, we are entering the next level of our expansion,” says the founder and CEO of private aviation firm Jetex, speaking to Gulf Business in the company’s flagship VIP terminal at Dubai’s Al Maktoum International Airport (DWC).
“We are looking at a much larger global footprint, deeper infrastructure investment, and new technology in every part of the customer journey.”
Jetex today operates 37 locations worldwide, but by the end of next year this figure will grow to 75 locations. This comes amid a changing passenger profile. Before Covid-19, Jetex’s typical private jet passengers were ultra-high-net-worth individuals from sectors like oil and gas, alongside government officials — most aged between 50 and 80. Since the pandemic, that profile has shifted. Today, the average passenger is between 25 and 55, with a growing presence from the crypto, fashion, tech, and celebrity worlds. Many have migrated from first and business class on commercial airlines into private aviation, attracted by the speed and privacy.
Added to this, new deals, including partnerships in Asia and Latin America, have created footholds in markets traditionally dominated by local operators. Mardini’s backstory has been told before, but it still underscores the drive behind Jetex’s expansion.
Born in Damascus, Syria, he moved to Dubai in the early 2000s, starting Jetex in 2005 with a single location. The vision was always global.
“I saw that business aviation needed more than just technical support: it needed hospitality, branding, and a consistent global experience,” he recalls.
From those early days, Jetex expanded cautiously, prioritising brand standards over speed. “I’ve seen companies grow too fast and lose control. We’ve grown with a clear plan, and that’s why we can now accelerate.”
SAUDI ARABIA AND THE RED SEA
At the heart of Jetex’s next stage is Saudi Arabia. The kingdom’s tourism and aviation ambitions align closely with Jetex’s high-end service model. The Red Sea Project, a vast luxury tourism development on the west coast, is an early win.
Jetex is set to be the exclusive FBO (fixed-base operator) provider for Red Sea International Airport.
“That means we’ll be there from the very first flight, shaping the experience for every VIP and private passenger who arrives.”
This presence will extend beyond the Red Sea. Jetex is actively evaluating opportunities in Riyadh, Jeddah, and NEOM, positioning itself to capture a growing share of the kingdom’s private aviation market. “Saudi Arabia is investing heavily in infrastructure and tourism. The private jet sector will naturally follow,” he says.
Operationally, Jetex’s Saudi facilities will mirror its Dubai flagship, with lounges, crew rest areas, concierge services, and on-site customs clearance.
“Our model is to replicate the same feel everywhere,” Mardini explains. “If you land in the Red Sea or Riyadh, it must feel like Jetex Dubai.”
ASIA AND BEYOND
While Saudi Arabia is a major focus, Mardini is equally bullish on Asia.
“Markets like Indonesia, Thailand, and Vietnam are at the start of their private aviation journey,” he says. “There’s huge potential to build the infrastructure before demand spikes.”
Negotiations are under way for new facilities in Southeast Asia. Southeast Asia’s business jet market is forecast to grow at a compound annual rate of approximately 15.5 per cent between 2025 and 2030, according to Mordor Intelligence.
In parallel, Jetex is exploring secondary markets in Africa and Latin America, where business aviation demand is growing faster than commercial aviation capacity. “These markets are fragmented, but that’s an opportunity,” Mardini says. “Our brand stands out immediately.”
WE’RE TALKING TO AIRCRAFT MANUFACTURERS, OPERATORS, AND FUEL SUPPLIERS TO ENSURE SAF BECOMES STANDARD, NOT OPTIONAL. THE UAE IS A NATURAL LEADER IN THIS SPACE: IT’S COMMITTED TO INNOVATION, AND THE INFRASTRUCTURE IS ALREADY HERE.”
SUSTAINABILITY IN THE SKIES
For Mardini, expansion isn’t just about geography. “The future of our business also depends on sustainable aviation,” he says. “We’re investing heavily in SAF (sustainable aviation fuel) availability across our network.”
37 Jetex locations worldwide 10+ new countries entered since 2020
First-ever eVTOL-integrated terminal plan in the GCC BY THE NUMBERS
Double-digit annual growth in passenger movements 100% SAF availability at key UAE terminals
Jetex was one of the first private aviation companies in the UAE to make SAF available at scale, and Mardini sees adoption accelerating. “We’re talking to aircraft manufacturers, operators, and fuel suppliers to ensure SAF becomes standard, not optional. The UAE is a natural leader in this space: it’s committed to innovation, and the infrastructure is already here.”
He is candid about the challenges: cost, availability, and certification processes still hinder widespread use. “But the demand from our clients is growing. Many are corporate customers who have their own net-zero commitments. They expect us to provide the fuel options that help them deliver on those goals.”
THE EVTOL ERA
One of Jetex’s most forward-looking moves is its partnership with Joby Aviation and Archer in the eVTOL (electric vertical take-off and landing) sector. “This is the future of short-range passenger transport,” Mardini says. “We’ll be their infrastructure partner on the ground, making sure the client journey is seamless.”
FUTURE FOCUS — ADEL MARDINI’S FORECAST
Network size: 75+ locations globally
Sustainability: SAF at all major terminals
Technology: Fully integrated digital passenger journey
Innovation: Operational eVTOL connections in multiple cities
FROM THE MOMENT A CLIENT CALLS, OUR SYSTEM KICKS IN. WE CAN ARRANGE PERMITS, FUEL, CATERING, CREW REST — EVERYTHING — ANYWHERE IN THE WORLD WITHIN HOURS.” THIS SPEED IS BACKED BY INVESTMENT IN TECHNOLOGY. JETEX’S PROPRIETARY PLATFORM TRACKS FLIGHTS, CREW SCHEDULES, AND FUEL SUPPLY IN REAL TIME.”
ADEL MARDINI CAREER
TIMELINE
Early 2000s
Moves from Damascus, Syria, to Dubai, UAE, working in aviation services and building industry contacts.
The vision is ambitious: a passenger could board an eVTOL in a city centre, fly directly to a Jetex terminal, and connect to a private jet within minutes. On arrival, the process works in reverse. “We’ll handle everything — passenger greeting, luggage, security, and handover between eVTOL and jet,” Mardini explains.
Test flights in the UAE took place in recent months, with Dubai and Abu Dhabi identified as early launch sites. “It’s not just about being part of the eVTOL story,” Mardini says. “It’s about redefining what ‘door-to-door’ travel means for our clients.”
OPERATIONAL EDGE
Behind the luxury lounges and polished service is a highly tuned operational machine. Jetex’s global network is supported by centralised flight operations in Dubai, where a 24/7 team coordinates everything from flight plans to ground handling.
“From the moment a client calls, our system kicks in,” Mardini says. “We can arrange permits, fuel, catering, crew rest — everything — anywhere in the world within hours.”
This speed is backed by investment in technology. Jetex’s proprietary platform tracks flights, crew schedules, and fuel supply in real time, allowing for rapid adjustments if weather, traffic, or client needs change. “Technology is not replacing our people,” Mardini stresses. “It’s making them faster and more accurate.”
LOOKING AHEAD
The next five years will test Jetex’s ability to scale without compromising its high-touch service model. For Mardini, that balance is the point. “If we can grow and still have our customers feel like we’re their personal aviation team, then we’ve succeeded,” he says.
With a dedicated focus on expansion, Jetex’s growth is not slowing. “We’ve built a foundation,” Mardini says. “Now it’s time to build the future.” L
2005
Starts Jetex Flight Support in Dubai with a vision to combine technical excellence with luxury hospitality for private aviation clients.
2009
Oversees Jetex’s first international expansion, entering new markets in Europe and North Africa.
2015
Opens Jetex Dubai South flagship terminal — now one of the largest and most luxurious FBO facilities in the world.
2018–2019
Expands aggressively into Latin America and Europe, adding terminals in Mexico, France, Morocco, and Spain.
2020
Despite global aviation downturn, grows network to over 30 locations and diversifies services to include trip planning, fuelling, and ground handling.
2024
Wins exclusive contract as FBO partner for Red Sea International Airport in Saudi Arabia.
2025
Launches major Asia expansion plans and prepares to integrate eVTOL passenger transport into Jetex terminals.
TURNING HABITS INTO PATTERNS
A PRACTICAL PATH TO LASTING CHANGE
Change doesn’t come from working harder. It comes from breaking habits, testing the unfamiliar, and creating lasting patterns. In her latest book, The Prism, author Laura Day shows how small shifts spark transformation
The Prism is my passion for many reasons, one of which is a change in the field of psychology that I have seen over the last four decades – a mistaken change, in my view.
My caveat is that, contrary to the most popular current advice, you cannot find within yourself the change that you need — or, if you are a company, you cannot find it within the old paradigm. You cannot fix a broken system by using the same broken tools. And yet psychologists and therapists often tell us simply to work harder, without addressing the fact that we need to change the system.
Alternatively, we’re told, yes, change the system but by using “new” ideas that may sound appealing but instead
only dig us in deeper. That’s when you find yourself “changing things” but wondering why you are not getting results. We acknowledge the need for outside help, which is why there is now a large culture of outside consults, coaches, and therapists. But we often hire those whose approach “resonates with us”, and these are usually people who, though often with the best of intentions, will simply entrench us deeper into the problem.
When a company hires me, they are often desperate enough to “try anything”. So I have the advantage of coming in at that sweet spot where what once worked, who they thought they were, what they thought they meant to their market, their ability to sense the pulse of a position — all that has already failed them. Anyone who has ever invested a lot in a position knows that it is often only in retrospect that you can see how a decision that should have been logical and evidencebased was instead made emotionally, how it ignored the evidence, or how you simply didn’t see it because you weren’t looking in that direction, since that wasn’t your previous habit or belief.
The special sauce is this: do something that doesn’t resonate with you. Do something you don’t even agree with (providing it’s not unsafe). And then notice the results. Using the right tools brings results quickly, so it doesn’t take long to verify a change.
Because we are a system — within a system within a system — small changes create big results, like the single domino that knocks down the long line of dominos behind it.
And habits are reinforced through repetition. If you employ certain intuitive and structural or behavioral tools, then once you identify the change you want, that change will contextualise and guide your process
THE PRISM AT WORK
Using The Prism, you would then go to the area in the book that covers that change and pick one question or assertion to employ. If you are part of a community, company, relationship, or family, see if you can engage those you are connected with in that one
INTUITION WORKS BEST IN THE ABSENCE OF INFORMATION, BECAUSE EVEN THE MOST CREATIVE MIND WANTS AN IMMEDIATE FEEDBACK LOOP, AND THAT ISN’T AVAILABLE WHEN YOU ARE PREDICTING OR USING YOUR ABILITIES TO GATHER DATA BEYOND YOUR IMMEDIATE SENSES.
small change as well. But remember: the change has to be something outside of both your experience and your proclivities.
COUNTING ON INTUITION
Intuition is another powerful way of getting a flash of insight that is outside your quotidian habitual perceptions. Intuition, too, requires a clear goal or target; otherwise, it is just more data in an indiscernible mix. It also requires documentation and a kind of timeline that starts in the future with the goal achieved and then allows the experience of “landmarks”, which you view along the path from that goal back to the present moment. You document your perceptions, because they will seem like fantasy until they are proven in the world. But then, over time, when you get the first couple of confirmations that you have accurately predicted the timeline, that enables both your linear planning and the subconscious programming that previously blinded you to use intuition and prediction more consistently in the future.
Many decades ago, I did a one-day workshop with a tech company that had a very odd rule. They orchestrated every interface between departments (hardware, software, marketing, and so on), the result being that often the left hand didn’t know what the right hand was doing. That created some difficulties, but it turned out to be ideal for intuitive problem-solving, because each department had a kind of “beginner’s mind” about the other departments’ problems, untainted by information. Intuition works best in the absence of information, because even the most creative mind wants an immediate feedback loop, and that isn’t available when you are predicting or using your abilities to gather data beyond your immediate senses. In the workshop I mentioned, the various departments were stunned by how much they “knew”, in a verifiable way, about things that, professionally, they knew nothing about. And it became a very helpful process for problem-solving.
I do this process with people who think they aren’t “intuitive”, and in an hour many are reporting data that can be verified, and which they had no “normal” way of knowing. In fact, anyone successful in life, love, or business is already using this intuitive process without being consciously aware of it.
The downside is that the same lack of awareness can make it feel inexplicable when decision-making suddenly goes wrong. I often see this with traders who, a couple years after an unrelated life event — an illness, a divorce — suddenly lose their acuity. What we have to realise as humans, as systems within a system, is that nothing in us is “unrelated”.
TO TROUBLESHOOT YOUR SYSTEM:
01 Know your goals. When things go wrong, use this as a directional signal to go outside your system and find the small change that you can safely take for a “test drive”, to assess its efficacy. Then, if it proves itself, you can use it consistently.
02 Any system — whether people, companies, or a family — needs three qualities: strength, flexibility, and resilience. When strength fails, you can be flexible and adapt. And when that fails, you use the methods mentioned above to bounce back. This approach allows appropriate risk-taking, maximum growth, and the great blessing of being able to use energy and attention to grow instead of getting stuck addressing inflexible, habitual, and repetitive missteps.
Adaptive solutions are everywhere. And when you have the expanded information that intuition gives you — along with a system, like The Prism, to create change — you may be surprised to find how much real enjoyment you rediscover in the experience of achievement. L
The writer is a New York Times bestselling author of The Prism: Seven Steps to Heal Your Past and Transform Your Future, Practical Intuition for Success, How to Rule the World from Your Couch and other books.
Laura Day (left) with Demi Moore
BOOKS WE LOVE
ETHICAL LEADERSHIP: YOUR GUIDE TO LEADING WITH PURPOSE
IN A WORLD WHERE EVERY DECISION IS UNDER SCRUTINY, LEADERSHIP ISN’T JUST ABOUT STRATEGY, IT’S ABOUT ETHICS . THESE FOUR BOOKS SHOW HOW TO LEAD RESPONSIBLY, BALANCE POWER WITH PURPOSE, AND NAVIGATE THE GREY AREAS OF MODERN BUSINESS
Curated by Neesha Salian
BUSINESS ETHICS NOW
BY ANDREW GHILLYER
Ghillyer’s book is packed with realworld examples that make tricky ethical dilemmas way easier to get your head around. He doesn’t just toss theory at you, he gives clear frameworks and practical tips for navigating everything from conflicts of interest to “grey area” decisions.
The best part? It’s readable. No dry textbook vibes here. Anyone who cares about workplace culture will appreciate the focus on transparency, integrity, and doing the right thing without killing your career. Think of it as a guide to making smart moves, keeping your conscience clean, and staying on top of your game. If you want to survive and thrive in a world where ethics matter as much as results, this book is a good reference point.
THE RESPONSIBLE LEADER
BY TIM RICHARDSON
Richardson’s book is a reality check for leaders who want to do right in a world that feels increasingly complex. He emphasises accountability, integrity, and trust as
the foundation of effective leadership. Through practical examples, he shows that ethical leadership isn’t optional: your decisions ripple across employees, communities, and stakeholders. Readers will relate to his focus on responsibility amid uncertainty, a baseline for modern careers, and his actionable guidance proves ethics can be integrated into highstakes decision-making.
MORAL LEADERSHIP
BY DEBORAH L RHODE
Rhode’s Moral Leadership blends theory with practical examples, perfect for readers who like a challenge. She explores moral reasoning and judgment in leadership, highlighting situations
where ethics collide with organisational pressures. Her honesty about how even good leaders can make questionable choices under stress makes this book especially valuable for readers navigating early leadership roles. It’s a reminder that ethical leadership isn’t about having all the answers; it’s about continuous reflection and learning.
ETHICS, THE HEART OF LEADERSHIP
BY JOANNE B CIULLA
Ciulla dives into the philosophical dimensions of leadership without losing readability. She explores character, values, and moral responsibility, showing that ethics shapes leadership beyond KPIs and profits. Readers seeking purpose-
driven careers will find her insights especially relevant: leadership is not just about climbing the ladder but practicing integrity and creating lasting impact. Ciulla frames ethics as the core engine behind influence and long-term success, making the book a reflective, thoughtprovoking read. L
