< Previousfi nancemiddleeast.com10 | October 2025 ONLINE The offi ce is the fi rm’s latest addition to its global footprint and strengthens its access to regional investors. Adams Street manages $62 billion in assets, deploys across primary, secondary, growth equity and co-investment strategies. The off ering, open to select institutional investors, aims to broaden Presight’s international investor base, increase free fl oat and improve liquidity ahead of potential inclusion in the FTSE Emerging Market Index. The facility carries a tenor of up to 10 years and will fund Khazna’s planned expansion of data centre operations across the MENA region. The fi nancing ranks among the largest ever arranged for a regional digital infrastructure project. ADGM strengthened its position as the largest international fi nancial centre (IFC) in the MENA region during the fi rst half of 2025, issuing 1,869 new licences and reaching 11,128 active licences. WHAT’S TRENDING ONLINE w w w.f inancemiddleeast .com Adams Street opens office in Abu Dhabi G42 sells 2% stake in Presight AI Khazna secures $2.62 billion financing ADGM becomes MENA’s largest IFC WHAT OUR READERS THINK... How much should I save in my twenties?How to stop being broke? “Approaching fi nancial decisions through a lens of realism and gender equity—grounded in self-respect and mutual respect—can lead to more meaningful and sustainable outcomes.” - Renata Nigmatullina, Misk Foundation “Defi nitely worth reading.” - Halima Faizan Mandavia, Co Founder & Creative Head at FAM Advisory FME_Oct2025_8-9_Online dps_13710039.indd 10FME_Oct2025_8-9_Online dps_13710039.indd 1003/10/2025 21:1903/10/2025 21:19fi nancemiddleeast.comOctober 2025 | 11 TECHNOLOGY The global race to apply AI in fi nance is gaining momentum, and Abu Dhabi wants to be at the forefront. Presight, part of the G42 ecosystem, is developing sovereign AI infrastructure that aligns with regulatory demands and national security priorities. Through its partnerships with the Central Bank of the UAE and international institutions, the company is seeking to build fi nance tools that can meet global standards while serving the particular needs of emerging markets. “Our partnerships across the G42 ecosystem, and with global leaders like Microsoft and Dow Jones Factiva, are all about co-developing fi nance-specifi c AI capabilities that are practical, trusted and sovereign by design,” said Thomas Pramotedham, CEO, Presight. THOMAS PRAMOTEDHAM: EXPLAINABILITY IS THE DEFINING PRIORITY IN THE IMMEDIATE FUTURE fi nancemiddleeast.comOctober 2025 | 11 ONLINE FME_Oct2025_8-9_Online dps_13710039.indd 11FME_Oct2025_8-9_Online dps_13710039.indd 1103/10/2025 21:1903/10/2025 21:19NEWS fi nancemiddleeast.com12 | October 2025 Saudi Arabia has set out a package of reforms this year to expand housing supply and stabilise property prices in Riyadh, the Kingdom’s fastest-growing city. Measures include amendments to the Idle Land Tax law, the introduction of a vacant property levy, capped-price land allocations and new rules permitting foreign ownership in designated zones. Alrajhi Capital said the steps are expected to ease price pressures in the capital, where demand for residential property has outpaced supply. In A pril, the government raised the white-land tax on undeveloped plots within urban areas to as much as 10% of value, up from 2.5%. The levy was also extended to vacant buildings, with fees of up to 5% of estimated rental value. Regulations setting out the scope and application of the new charges are expected within a year. In July, the Cabinet approved Royal Decree No. M/14, the 2025 Real Estate Ownership Law by Non-Saudis. The law, which will come into force 180 days after publication, allows non-Saudi individuals and legal entities to own real estate or related rights in areas designated by the Council of Ministers. Outside those areas, restrictions on ownership will remain. Implementing regulations are expected by early 2026 and will specify ownership ceilings, registration procedures and applicable fees. The reforms also cover subsidised land in North Riyadh. Between 10,000 and 40,000 plots are expected to be off ered annually to Saudi nationals at a capped price of SAR 1,500 per square metre. The initiative is intended to make entry more aff ordable for citizens. The changes are set to have knock-on eff ects in mor tgage f inance, construc tion and building materials, as developers with large land bank s adjus t s t rat e gies. Authorities also expect the vacant property fee to bring under-utilised buildings back into circulation, further supporting supply. Outstanding issues include the location of foreign ownership zones, the level of charges on vacant properties and whether complementary measures such as pricing caps or rental limits will follow. The government has launched consultations on the Istitlaa platform to fi nalise regulations. SAUDI ARABIA PUSHES REAL ESTATE REFORMS WITH LAND TAX AND FOREIGN OWNERSHIP Idle land levy, vacant property fee and capped land plots target Riyadh’s housing supply gap SAR 1,500 per square metre will be the capped price for 10,000 to 40,000 plots offered annually to Saudi nationals FME_Oct2025_10-14_News_13709998.indd 12FME_Oct2025_10-14_News_13709998.indd 1203/10/2025 21:2003/10/2025 21:20fi nancemiddleeast.comOctober 2025 | 13 NEWS Revolut has received in-principle approval from the Central Bank of the UAE for two licences that will allow it to launch services in the country. The licences cover Stored Value Facilities (SVF ) and Retail Payment Services (Category II), both of which are mandatory for digital wallet and prepaid account operations. The approvals mean Revolut can now progress towards full licensing, which is required before it begins off ering services such as payments and money storage to retail customers in the UAE. The company said the move provides the regulatory framework to safeguard customer funds, comply with anti-money-laundering requirements and meet domestic data-hosting rules. Ambareen Musa, Revolut’s Chief Executive Offi cer for the Gulf region, said the approval marked an important step in the company’s regional expansion plans. Revolut intends to expand hiring in the UAE with a remote-fi rst model. The company said it will leverage the country’s digital adoption levels and supportive regulatory environment as it builds its presence in the Gulf. The UK-headquartered digital bank already operates in a number of markets outside Europe, including Australia, Brazil, India, Japan, New Zealand, Singapore, the US and Mexico. Its stated ambition is to rank among the top three fi nancial applications in every market it enters. The UAE entry places Revolut alongside other international fi ntech fi rms moving into the Gulf. The region’s payments sector has grown rapidly in recent years, supported by regulatory reforms and rising digital demand. The UAE is one of the world’s largest remittance markets, with annual outfl ows valued at more than $50 billion, making it a signifi cant hub for digital payments providers. In addition to consumer payments, the two licences create scope for Revolut to broaden its services in the UAE. Stored Value Facilities licences are required for companies that issue prepaid accounts and digital wallets, w h ile t h e R e tail Pa y m ent Ser v ic es Category II licence covers the processing of payment transactions. Industry analysts say Revolut’s approvals highlight the continuing growth of the Gulf fi ntech market. REVOLUT GAINS UAE APPROVAL FOR DIGITAL WALLET AND RETAIL PAYMENT SERVICES In-principle licences from Central Bank allow fi ntech to prepare for UAE launch $50 B in annual outflows makes the UAE one of the world’s largest remittance markets FME_Oct2025_10-14_News_13709998.indd 13FME_Oct2025_10-14_News_13709998.indd 1303/10/2025 21:2003/10/2025 21:20NEWS fi nancemiddleeast.com14 | October 2025 Abu Dhabi National Oil Company (ADNOC) has transferred its equity holdings in several listed subsidiaries to XRG, its wholly owned investment arm. The aff ected entities include ADNOC Distribution, ADNOC Gas, ADNOC Logistics & Services and ADNOC Drilling. The transfer of ADNOC Drilling remains subject to regulatory approval. ADNOC confi rmed it remains the ultimate owner ADNOC confi rmed it remains the ultimate owner through its complete ownership of XRG. The company through its complete ownership of XRG. The company said the move will not aff ect the day-to-day operations said the move will not aff ect the day-to-day operations of the subsidiaries, their management teams of the subsidiaries, their management teams or strategic priorities. Dividend policies already in or strategic priorities. Dividend policies already in place will remain unchanged.place will remain unchanged. The transfers of ADNOC Distribution, ADNOC Gas The transfers of ADNOC Distribution, ADNOC Gas and ADNOC Logistics & Services were completed and ADNOC Logistics & Services were completed through off -market transactions on the Abu Dhabi through off -market transactions on the Abu Dhabi Securities Exchange. ADNOC said the consolidation Securities Exchange. ADNOC said the consolidation refl ects its broader plan to manage assets more refl ects its broader plan to manage assets more effi ciently and enhance capital deployment.effi ciently and enhance capital deployment. The decision to transfer the stakes is part of The decision to transfer the stakes is part of ADNOC’s strategy to channel its holdings in listed ADNOC’s strategy to channel its holdings in listed and non-listed assets through XRG. The approach is and non-listed assets through XRG. The approach is intended to improve oversight of portfolio companies, intended to improve oversight of portfolio companies, streamline capital allocation and support more streamline capital allocation and support more predictable dividend fl ows.predictable dividend fl ows. ADNOC noted that its existing stake in ADNOC noted that its existing stake in Fertiglobe is already held through XRG. Fertiglobe is already held through XRG. The company added that once the proposed The company added that once the proposed Borouge Group International (BGI) transaction Borouge Group International (BGI) transaction closes and receives regulatory approvals, its full closes and receives regulatory approvals, its full interest in that venture will also be transferred interest in that venture will also be transferred to XRG. BGI is set to combine Borealis AG, to XRG. BGI is set to combine Borealis AG, Borouge and NOVA Chemicals into a single Borouge and NOVA Chemicals into a single global entity.global entity. The restructuring refl ects ADNOC’s continued The restructuring refl ects ADNOC’s continued steps to expand its investment framework and align steps to expand its investment framework and align with its long-term growth strategy. The company has with its long-term growth strategy. The company has been pursuing a dual approach of listing subsidiaries been pursuing a dual approach of listing subsidiaries on the local exchange while also consolidating on the local exchange while also consolidating ownership structures to optimise returns for ownership structures to optimise returns for shareholders and the Abu Dhabi economy.shareholders and the Abu Dhabi economy. XRG, created to centralise ADNOC’s holdings, XRG, created to centralise ADNOC’s holdings, acts as the vehicle for managing both domestic acts as the vehicle for managing both domestic and international investments. By transferring the and international investments. By transferring the stakes into XRG, ADNOC said it aims to reinforce its stakes into XRG, ADNOC said it aims to reinforce its ability to generate stable income while maintaining ability to generate stable income while maintaining strategic control of operating companies.strategic control of operating companies. The oil and gas group stressed that the listed The oil and gas group stressed that the listed units will continue to operate independently within units will continue to operate independently within their existing governance structures.their existing governance structures. ADNOC SHIFTS STAKES IN FOUR LISTED UNITS TO INVESTMENT ARM XRG Distribution, Gas, Logistics & Services and Drilling moved to portfolio unit, operations unchanged 100% ownership of XRG allows ADNOC to retain control of the listed companies FME_Oct2025_10-14_News_13709998.indd 14FME_Oct2025_10-14_News_13709998.indd 1403/10/2025 21:2003/10/2025 21:20fi nancemiddleeast.comOctober 2025 | 15 NEWS Permira and Blackstone will acquire a minority stake worth about $525 million in Property Finder, the Dubai-based real estate classifi eds platform. The private equity fi rms announced the deal in a joint statement, confi rming that early investor General Atlantic has sold part of its holding, but will remain a signifi cant minority shareholder. The valuation of Property Finder was not disclosed. The transaction, which is subject to regulatory approvals, is expected to provide the company with access to the global networks and resources of the three private equity fi rms. Permira noted that the deal represents its fi rst investment in the Middle East, following the opening of its Dubai offi ce earlier this year. Property Finder, founded nearly two decades ago, is one of the region’s leading online property portals, competing with Bayut and Dubizzle. In 2024, the company secured $90 million in debt fi nancing from Francisco Partners, which enabled it to buy out its fi rst institutional investor. Since then, it has broadened its regional presence and identifi ed Saudi Arabia and Türkiye as key growth markets. The investment comes at a time of sustained activity in Dubai’s property sector. Knight Frank data shows residential prices in the emirate rose nearly 70% in the four years to December 2024. Fitch Ratings projected in May 2025 that prices could decline by double digits in the second half of this year and into 2026. Private equity fi rms have been increasing their exposure to the Gulf, seeking proximity to sovereign wealth funds and participation in a growing number of regional transactions. Blackstone and Permira have both recently expanded their presence in Dubai, citing deal fl ow in the Middle East as a driver of growth. Property Finder’s latest investment round adds to a trend of global private equity backing for Middle Eastern technology and platform companies. The involvement of Permira and Blackstone provides the fi rm with a stronger base from which to pursue its expansion plans and invest in new technology. The company said it will continue to focus on enhancing its platform for consumers and real estate professionals, while leveraging its new investors’ expertise to support regional expansion and product development. PERMIRA AND BLACKSTONE TAKE $525 MILLION MINORITY STAKE IN DUBAI’S PROPERTY FINDER The deal marks Permira’s fi rst Middle East investment; General Atlantic retains minority holding $90 M in debt financing was secured from Francisco Partners in 2024 FME_Oct2025_10-14_News_13709998.indd 15FME_Oct2025_10-14_News_13709998.indd 1503/10/2025 21:2103/10/2025 21:21NEWS fi nancemiddleeast.com16 | October 2025 Startup funding in the Middle East and North Africa dropped to $337.5 million in August, spread across 47 deals, according to data from Wamda and Digital Digest. The fi gure represents a 57% decline from July’s record $783 million, but remains 74% higher than August 2024. Saudi Arabia led with 19 transactions totalling $166 million, while the UAE followed with 11 rounds raising $154 million. Egypt secured $14.7 million from eight deals, continuing to trail regional peers. Morocco retained a place in the top four, while Iraq recorded just one deal valued at $1.5 million after ranking third in July. By sector, proptech raised $96 million from four deals, leading activity. Fintech brought in $68.3 million from fi ve transactions, rebounding after weaker months. Construction technology was supported by MYCRANE’s $50 million raise, while gaming ventures attracted $12.6 million in capital, largely from Saudi investors. Later-stage companies accounted for most of the capital. Three Series B rounds delivered $112 million, while another three Series A transactions raised $82 million. Debt fi nancing contributed $60 million, or 18% of the total. Early-stage fi rms, numbering 31, secured only $22 million. Business-to-business models continued to attract greater investment than consumer-focused ventures. B2B startups raised $180 million across 32 deals, while B2C fi rms generated $116.9 million from nine deals. Hybrid models accounted for the balance. Male-founded companies received $263.5 million across 41 deals. Female-founded startups saw a rare increase, raising $72.3 million from two transactions in Saudi Arabia, involving Gathern and Phys. Mixed-gender founding teams secured $1.6 million. Although August showed a pullback, funding momentum across the region remains strong. In the fi rst half of 2025, MENA startups raised $2.1 billion through 334 deals, up 134% year-on-year. Debt fi nancing has played a larger role in overall funding structures. MAGNiTT reported that the fi rst half of 2025 was the strongest since 2022, with $1.5 billion raised through 310 transactions, a 92% increase from the prior year. Saudi Arabia and the UAE together accounted for 85% of capital and deal volume. Fintech was a standout, tripling to $596 million during the six-month period. $96 M raised from four proptech deals, leading the activity MENA STARTUP FUNDING FALLS TO $337 MILLION IN AUGUST SLOWDOWN Saudi Arabia and the UAE dominate capital fl ows as proptech and fi ntech lead activity FME_Oct2025_10-14_News_13709998.indd 16FME_Oct2025_10-14_News_13709998.indd 1603/10/2025 21:2103/10/2025 21:21fi nancemiddleeast.comOctober 2025 | 17 IN FOCUS GOLD SURGES PAST $3,600 AS RATE-CUT HOPES SHAKE MARKETS Gold has broken through fresh records above $3,600 an ounce, drawing investors into one of the most powerful rallies in decades. The surge refl ects a confl uence of central bank buying, expectations of Federal Reserve rate cuts, geopolitical tensions and the metal’s appeal as a hedge against weakening confi dence in US assets. Analysts and traders are now asking whether the momentum could push prices as high as $5,000 an ounce, a level fl agged by Goldman Sachs if investors lose faith in Fed independence. That would echo the 1970s, when infl ation and political interference triggered a steep dollar decline and a rush into bullion. FME_Oct2025_15_In focus_13705441.indd 17FME_Oct2025_15_In focus_13705441.indd 1703/10/2025 21:2103/10/2025 21:21PARTNER CONTENT fi nancemiddleeast.com18 | October 2025 Saud Swar of Mastercard Saudi Arabia, Bahrain, Jordan and the wider Levant are in the middle of a payments and fi ntech transformation. The shift is driven by governments setting ambitious digital goals, by regulators opening the way for new entrants, and by banks and technology fi rms investing in infrastructure. For Mastercard, one of the sector’s most infl uential players, the task is to advance innovation and anchor it in inclusion. “We are committed to reshaping the way our world is designed, coded and constructed by harnessing the power of our innovations, technology and networks to unlock new possibilities for everyone,” said Saud Swar, Mastercard’s Country Manager for Saudi Arabia, Bahrain, Jordan and the Levant. His remit covers some of the most dynamic but unevenly developed markets in the Middle East. The company’s approach is to expand digital ecosystems in large economies such as Saudi Arabia, while at the same time extending services to underbanked communities in Jordan and Iraq. BUILDING ECOSYSTEMS ACROSS THE REGION Mastercard has sought to position itself as a partner to governments and regulators. In Saudi Arabia, the company’s Gateway technology underpins compliance with national requirements that all domestic transactions be routed through the local payment network, mada. It also collaborated with Saudi Payments on sarie, the real-time payments system, and last year launched technology infrastructure enabling e-commerce transactions to be processed locally. These investments refl ect Riyadh’s wider strategy. Saudi Arabia aims to become a global fi ntech hub under Vision 2030, with the sector already comprising over 200 fi rms that employ thousands of people. Mastercard is aligned with that momentum. “We are working with Fintech Saudi to accelerate the growth of the Kingdom’s fi ntech industry and advance meaningful collaboration in this space,” Swar said. Elsewhere in the Gulf, the company has entered strategic partnerships to deepen the digital economy. In Bahrain, it teamed with The BENEFIT Company, operator of the national electronic payment system, to co-create new solutions. Across the region, it worked with MyFatoorah, providing a Mastercard- powered platform to more than 75,000 merchants. 75,000 merchants use a Mastercard-powered platform through the company’s partnership with MyFatoorah INCLUSION THROUGH INNOVATION Mastercard’s strategy in the Gulf and Levant links digital infrastructure and fi ntech partnerships to expand access to fi nance Jordan illustrates a diff erent angle. With public transport still dominated by cash, Mastercard worked with Amman’s municipality and Network International to roll out the capital’s fi rst transit payment ecosystem. That kind of project highlights the breadth of the company’s work, enabling everyday services as much as advanced corporate payments. CLOSING THE INCLUSION GAP The biggest challenge remains the region’s low level of fi nancial inclusion. The Middle East and North Africa have the lowest proportion of adults with an account anywhere in the world, at 48%. Swar sees that as both a barrier and an opportunity. “The most pressing challenge the region faces is a lack of fi nancial inclusion. To level the playing fi eld for countries and communities of all sizes to benefi t from future growth and opportunity, we must ensure everyone is included through easier access to digital fi nancial services,” he noted. Mastercard has tied its strategy to measurable targets. In 2020, the company pledged to bring one billion people and 50 million small and medium enterprises into the digital economy by 2025. By this year, it had already reached more than 960 million individuals and 65 million businesses, exceeding the second part of the target. FME_Oct2025_22-23_MASTERCARD_13714109.indd 18FME_Oct2025_22-23_MASTERCARD_13714109.indd 1803/10/2025 21:3303/10/2025 21:33PARTNER CONTENT fi nancemiddleeast.comOctober 2025 | 19 AI allows us to protect the over 150 billion transactions that we switch on our network every year from cybercrime and fraud That scale translates into regional programmes. In Saudi Arabia, Mastercard has partnered with Monsha’at, the small business authority, to deliver SME products via its Mazaya platform and worked with fi ntech fi rm SiFi to equip businesses with digital tools. With Saudi Awwal Bank, it introduced a SME credit card, while with Alraedah Finance, it launched a “SME in a Box” payment solution. In Bahrain, Mastercard signed a landmark collaboration with Tamkeen to pilot its Strive programme for SME readiness, the fi rst implementation of the initiative in the Middle East. In Jordan, it partnered with Zain Cash and Gate to Pay to expand commercial cards and teamed with Jordan Ahli Bank to issue new products aimed at SMEs. These measures are intended to bring small enterprises into the formal economy, cutting costs and creating opportunities to scale. Globally, Mastercard says its digital connectivity initiatives range from wage digitisation and social disbursements to gig-worker platforms and mobile money. TECHNOLOGY, SECURITY AND AI Digital transformation is also about safety and resilience. Mastercard has made tokenisation central to its model, replacing account numbers with digital tokens to reduce fraud. A third of its value-added services are already powered by artifi cial intelligence. “AI allows us to protect the over 150 billion transactions that we switch on our network every year from cybercrime and fraud,” Swar noted. The company has invested in acquisitions to build capability, including Brighterion, RiskRecon, NuData and Recorded Future. Regionally, its partnership with Network International last year brought Brighterion’s AI-driven cybersecurity to 60,000 merchants. In May, it launched the Mastercard Cyber Resilience Center in Riyadh to provide real-time risk assessment and threat intelligence, with Riyad Bank as its fi rst partner. AI also drives Mastercard’s data analytics. Swar argues that the technology’s ability to identify patterns and inform decision-making can extend credit and services to underserved groups. The company is now piloting agentic AI, which Swar describes as enabling merchants to off er consistent, personalised benefits such as rewards, delivery options and discounts. “We have launched Mastercard Agent Pay that uses agentic AI to deliver smarter, more secure and more personal payment experiences,” he said. PAYMENT COMPANIES TAKE ON A BIGGER ROLE Swar has worked in financial services for 17 years and says the role of payments companies has changed profoundly. “I have seen the role of payment companies evolve from enabling people and businesses to pay and get paid to driving fi nancial inclusion. Financial ecosystem players are increasingly embracing advanced technology to expand their reach and provide access to essential services to underserved segments,” he said. That shift, he argues, has broader eff ects, empowering people to participate in the formal economy and supporting sustainable development. Mastercard’s global programmes illustrate the scale. Its Start Path initiative has supported more than 475 fi ntech startups across 60 countries, helping them raise $25 billion in post-programme capital. The aim is to connect local innovators with global networks, while creating the conditions for new entrants to thrive in markets such as Saudi Arabia. A REGIONAL STRATEGY WITH GLOBAL STAKES Saudi Arabia and the UAE have set net-zero targets, while other Gulf countries are embedding sustainability into their economic plans. These goals reinforce the need for a fi nancial sector that can mobilise resources effi ciently and equitably. For Mastercard, that means framing sustainability and inclusion as long-term value drivers. The fi gures highlight both progress and gaps. The region is home to some of the most advanced fi nancial infrastructure in the world, yet millions remain excluded from formal systems. Funding for fi ntech is growing fast, but regulatory and cultural challenges remain. Mastercard is positioning itself at the centre of that transformation by combining technology, policy collaboration and market access. “Inclusion is the key to sustainable growth in the region,” Swar said. The test will be whether the momentum of Vision 2030 and similar initiatives can deliver systems that are both innovative and inclusive. For Mastercard, the opportunity is to show that payments companies are central to building the fi nancial architecture of the future. FME_Oct2025_22-23_MASTERCARD_13714109.indd 19FME_Oct2025_22-23_MASTERCARD_13714109.indd 1903/10/2025 21:3403/10/2025 21:34Next >