fi nancemiddleeast.comJuly 2025 | 3 When I graduated high school, the fi rst thing I asked my parents for wasn’t a car or a trip—it was a Kylie Lip Kit. And once I got my hands on one, the teenager in me was ecstatic. For the next three months, I strutted around feeling bougie until it hit me—Kylie Jenner, someone my age, was on her way to becoming a billionaire. Fast forward to 2025. I’m walking through Sephora and spot beauty brands by Selena Gomez and Rihanna lining the shelves. I did what any journalist with a nose for patterns would do: I scribbled a headline idea and started digging. What I uncovered was fascinating, and it’s all in the story inside. Industry insiders broke down why celebrities keep turning to beauty and what drives these brand empires. Speaking of billionaires, this month’s issue is all about the world’s wealthiest and where they’re heading. According to the latest Henley Private Wealth Migration Report 2025, the UAE is expected to welcome a net infl ow of 9,800 millionaires this year, more than any other country. The US comes in second with 7,500, while the UK, surprisingly, is on track to lose 16,500 millionaires. So, what’s drawing all this wealth to the UAE? The answer lies in its no-income-tax regime, robust golden visa programme and a regulatory environment that’s increasingly geared toward asset protection and succession planning. In this issue, we explore these trends, from celebrity beauty brands to wealth migration and their implications for business, investment and culture in the Middle East. I hope it sparks your curiosity the way it did mine. I hope you enjoy the magazine. Nivetha Dayanand Editor GLOBAL WEALTH FLIGHT An unprecedented 142,000 millionaires, nearly 0.2% of HNWIs, are expected to move globally in 2025, marking the highest migration ever recorded SOUTHEAST ASIA SHIFT Thailand (+450) leaps ahead as Southeast Asia’s new wealth hub, outpacing Singapore’s lowest infl ow in a decade and attracting millionaires from China, Korea and Vietnam UK WEALTH EXODUS Britain faces record millionaire departures amid tax reforms and economic uncertainty, marking the highest net outfl ow globally in 2025 SAUDI WEALTH RISE Saudi Arabia is set to gain +2,400 millionaires this year, driven by returning nationals and increased foreign investment into Riyadh and Jeddah INSIDE 2025’S HNWI MIGRATION SURGE EDITOR’S LETTER FME_July2025_00_Editors letter_13649169.indd 3FME_July2025_00_Editors letter_13649169.indd 330/06/2025 21:2030/06/2025 21:20fi nancemiddleeast.com4 | July 2025 24 16 28 34 TAKING BACK CONTROL: A CFO’S PLAYBOOK FOR MEDIA INTEGRITY Mohamed Kharbash on rebuilding fi nance at Rotana Media Services DIGITAL CURRENCY AT A CROSSROADS Dr Ahmed Allam on how the UAE is shaping the future of money REDEFINING FINANCIAL SERVICES IN THE GCC How Bahrain is driving sustainable fi nancial services growth through agile regulation and innovation BETWEEN SPEED AND SCRUTINY How fi nancial leaders are confronting the realities of AI in decision-making 24 34 28 16fi nancemiddleeast.comJuly 2025 | 5 48 42 50 52 PAYCHEQUE TO PAYCHEQUE Around 68% of UAE employees now plan to save some or most of their bonus FROM FAME TO FORTUNE How Selena Gomez, Kylie Jenner and Rihanna created companies investors can no longer ignore NEXT IN LINE UAE family businesses face $1 trillion succession test amid generational wealth shift WEALTH REIMAGINED Why off shore capital is coming home, and how AI will reshape wealth management 42 5052 48fi nancemiddleeast.com6 | July 2025 PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Web: www.itp.com Offices in Abu Dhabi, Dubai, London, Mumbai, Riyadh & Geneva ITP MEDIA GROUP CEO: Ali Akawi Managing Director: Martin Chambers Head of Business and Technology: Thomas Shambler EDITORIAL Editor: Nivetha Dayanand Tel: +971 4 444 3887 email: nivetha.dayanand@itp.com Project Editor: Heather Cichowski Tel: +971 4 444 3271 email: heather.cichowski@itp.com Associate Project Editor: Beatriz Valero Tel: +971 4 444 3413 email: beatriz.valero@itp.com Commercial Editor: Angitha Pradeep Tel: +971 4 444 3278 email: angitha.pradeep@itp.com ART Art Director: Amjad Ayche Art Editor: Tofi q Memon ADVERTISING Group Publishing Director: Natasha Pendleton Tel: +971 4 444 3248 email: natasha.pendleton@itp.com Senior Commercial Manager: Ines Ben Rejeb Tel: +971 4 444 3223 email: ines.benrejeb@itp.com PHOTOGRAPHY Senior Video Editor: Liju Cheruvathur MARKETING Head of Events: Eleanor Ashton email: eleanor.ashton@itp.com Events Manager: Beverly Stanforth Associate Events Manager: Vrinali Nazareth Associate Events Manager: Maria Trishina Events Executive: Ella Johnson Events Sales Executive: Jan Mokoala Events Sales Assistant: Joyce Salonga Events Administrative Assistant: Bobbie Rosario PRODUCTION & DISTRIBUTION Senior Production & Distribution Manager: Balasubramanian P Production Manager: Anand Sundaram Distribution Coordinator: Avinash Pereira Circulation Executive: Rajesh Pillai ITP GROUP CEO: Ali Akawi CFO: Toby Jay Spencer-Davies The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. 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PUBLISHED BY AND © 2025 ITP MEDIA GROUP FZ-LLC. 6 | July 2025 To fl ip through previous editions of Finance Middle East magazine, visit fi nancemiddleeast.com/magazine/ 6 | June 2025March 2025 7law-middleeast.com INTERVIEW ATTENDANCE IS LIMITED SCAN TO SECURE YOUR PLACE The Middle East is experiencing a resurgence in mergers and acquisitions (M&A) activity, marked by strong deal volume and value, particularly in the region’s key economic centres. As geopolitical tensions, market forces, and technological change continue to have a profound impact on dealmaking in a region undergoing economic diversifi cation, questions abound on what key factors will shape its trajectory moving forward. Join us for an event with the market leaders and M&A lawyers behind the region’s biggest deals. During panel discussions, hosted by Law Middle East editor Aishah Hussain, the speakers will delve into the latest trends, opportunities, and challenges driving corporate activity across the region. The UAE, as the region's busiest market, will feature prominently in discussions. The speakers, who will be announced in due course, will delve into the primary drivers of deal fl ow and highlight which sectors are experiencing the most signifi cant M&A activity. They will also explore the unique complexities of executing M&A in the Middle East, along with the key opportunities for strategic growth and consolidation, while addressing how regulatory changes are impacting deal structuring. Further, they will discuss current trends in deal fi nancing, with a particular focus on the GCC where sovereign wealth funds wield increasing infl uence, and forecast how M&A and corporate activity will fare in the years ahead. This event will off er plentiful discussion and opportunities for networking. It is aimed at lawyers both in private practice and in-house, as well as fi nance professionals. SPONSORSHIP David Bentley david.bentley@itp.com EDITORIAL Aishah Hussain aishah.hussain@itp.com CONTACT SEPTEMBER 2025 DUBAI LME_Jul2025_21_M&A Forum Event_13655470.indd 7LME_Jul2025_21_M&A Forum Event_13655470.indd 707/07/2025 17:0307/07/2025 17:03fi nancemiddleeast.com8 | July 2025 ONLINE Labubu dolls have created quite a stir worldwide as teenagers and businessmen alike scramble to get their hands on these feisty creations. Understanding and strategically managing the tax impacts at each stage of the transaction can optimise the after-tax returns and improve the IRR. Financial planners warn that what you negotiate, how you manage it, and whether you leverage the right allowances often matter more than your base salary. IKEA shows us what’s possible when you go beyond transactions to design experiences. It teaches us that context matters and curation creates clarity. WHAT’S TRENDING ONLINE www.f inancemiddleeast .com The Labubu phenomenon Tax impact on internal rate of return Maximise your salary in a tax-free market Banks should think like IKEA WHAT OUR READERS THINK... Dubai launches blockchain property certifi cate MENA M&A activity reaches $46 billion in Q1 2025 “This is incredible news! Tokenising real estate can truly streamline property transactions and make investments more accessible to a broader audience.” - Stephan K. of Scancruit “Remarkable M&A activity across MENA driven by sovereign funds aligning capital with national diversifi cation goals.” - Cleo Nicolaidou-Bartram, Independent Advisor FME_July2025_8-9_Online DPS_13647864.indd 8FME_July2025_8-9_Online DPS_13647864.indd 830/06/2025 21:2330/06/2025 21:23fi nancemiddleeast.comApril 2025 | 9 TECHNOLOGY Cross-border fl ows, SME confi dence and digital inclusion are rapidly reshaping the payments landscape in West Arabia. Against national reform agendas and rising fi ntech innovation, infrastructure to support digital payments is expanding fast. At the centre of this shift is Mastercard, whose evolving regional role now includes digital ecosystem design, cybersecurity resilience and multi-stakeholder partnerships aimed at scaling access across fi nancial and social sectors. “West Arabia is a dynamic region that is home to countries as diverse as Saudi Arabia, Egypt, Bahrain, Iraq, Jordan and Lebanon. While the whole region is transforming, each of these markets is at a diff erent stage of digital maturity and is pursuing its own priorities,” said Adam Jones, Division President, West Arabia, Mastercard. ADAM JONES: SAUDI ARABIA IS AN EMERGING ECONOMIC FORCE, DRIVEN BY ITS VISION 2030 PROGRAMME fi nancemiddleeast.comJuly 2025 | 9 ONLINE FME_July2025_8-9_Online DPS_13647864.indd 9FME_July2025_8-9_Online DPS_13647864.indd 930/06/2025 21:2330/06/2025 21:23Next >