fi nancemiddleeast.comDecember 2025 | 3 As 2025 draws to a close, the Gulf region refl ects on a year marked by turbulence, opportunity, and strategic purpose. Success in the GCC, as elsewhere, is rarely linear; it comes through hard-fought battles, measured risks, and the inevitable highs and lows in between. This dynamic proved no diff erent. Shifts in U.S. trade policy and a focus on deals created signifi cant opportunities for Gulf sovereign wealth funds, local AI ventures, and energy exports. In an era of rebalancing, the GCC continues to navigate a delicate balance between partnership and pragmatism – loyal ally, opportunistic investor – a hallmark of its foreign policy approach. Markets in the Gulf are shaped directly by state involvement, with governments guiding private-sector growth through incentives and strategic support. In 2025, policy and regulation worked hand in hand: AI governance and CBDC frameworks took shape, AML measures curbed illicit fl ows, cross-border stock market listings gained momentum, and ethical investing – whether green, religious, or just socially conscious – became a defi ning theme for a new generation of investors and their consumer base. Yet the Gulf is not homogeneous. The UAE and KSA continue to lead in fi nancial development and innovation, while Kuwait and Oman advance diversifi cation eff orts. Bahrain and Qatar are carving their own paths, managing both public debt obligations and reliance on hydrocarbons. As we close the year, this edition refl ects on the challenges faced by the GCC and those opportunities shaping fi nancial marekts in 2026. This year reminds us that collaboration between the state and private sector is fundamental to growth, profi t, and innovation for Gulf investors. Angus Anderson Editor MANAGING NEOM IN KSA A blip by western consultancies or the start of a wider retreat of investment in The Line? OMAN’S MINERAL INVESTMENTS Proactive regulation and PPPs are encouraging mineral manufacturing in Oman’s Dhofar region. ABU DHABI’S CREATIVE CAPITAL Family wealth meets creative capital as Sotheby’s and Christie’s look to cash in on collections as a strategic store of value for executives. THREE CAPITAL FLOWS TO WATCH OUT FOR EDITOR’S LETTER FME_Dec2025_3_Editor Letter_13766730.indd 3FME_Dec2025_3_Editor Letter_13766730.indd 308/12/2025 09:4308/12/2025 09:43fi nancemiddleeast.com4 | December 2025 24 12 32 34 FROM SME TO MARKET COMPETITOR RAKBANK CEO Raheel Ahmed tells his entrepreneurial story transforming a SME into one of the UAE’s mainstream retail banks WHAT’S HAPPENING IN THE REGION From Saudi Arabia’s PMI to the UAE’s giant transport overhaul, these are the key headlines you need to know HOW TO CHOOSE THE BEST FINANCIAL ADVISOR Finding a reputable advisor is essential. These are the top tips to identify regulated fi nancial advisors in the UAE RESELL WINS Love Luxury founders Adam and Emily Abraham refl ect on how trust and transparency are integral to building luxury resale business 12 34 24 32 FME_Dec2025_4-5_Contents_13766731.indd 4FME_Dec2025_4-5_Contents_13766731.indd 408/12/2025 09:4408/12/2025 09:44fi nancemiddleeast.comDecember 2025 | 5 48 46 52 54 MEET THE ENTREPRENEUR: MOHAMED SAID The Pixonal founder discusses bootstrapping, resilience and why real clients matter more than early fundraising WHAT THE GEN Z WANT FROM THEIR BANKS Gen Z wants banking that’s fast, personalised, value-driven and mobile-fi rst without the delays of in-person banking BEHIND THE WHEEL Choosing a car insurance policy in the UAE isn’t just about price, it’s about coverage, breadth and post-accident ease IS SILVER THE NEW GOLD? Gold often dominates the spotlight, but some analysts believe silver may be positioned to outperform it 5254 46 48 FME_Dec2025_4-5_Contents_13766731.indd 5FME_Dec2025_4-5_Contents_13766731.indd 508/12/2025 09:4408/12/2025 09:44fi nancemiddleeast.com6 | December 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 Group Editor: Thomas Mackie Editor: Angus Anderson Tel: +971 4 444 3147 email: angus.anderson@itp.com Project Editor: Heather Cichowski Tel: +971 4 444 3271 email: heather.cichowski@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 Commercial Manager: Neha Ghosh Tel: +971 4 444 3257 email: neha.ghosh@itp.com PHOTOGRAPHY Senior Video Editor: Liju Cheruvathur MARKETING Head of Events: Eleanor Ashton email: eleanor.ashton@itp.com Senior Events Manager: Kate Galaktionova Events Manager: Gavin Moeketsi Associate Events Manager: Vrinali Nazareth Associate Events Manager: Maria Trishina Events Sales Executive: Jan Mokoala Events Sales Assistant: Joyce Salonga Events Coordinator: 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 | December 2025 To fl ip through previous editions of Finance Middle East magazine, visit fi nancemiddleeast.com/magazine/ 6 | December 2025 FME_Dec2025_6_Flannel_13766732.indd 6FME_Dec2025_6_Flannel_13766732.indd 608/12/2025 09:4408/12/2025 09:44fi nancemiddleeast.com8 | December 2025 ONLINE Dubai-based developer Binghatti Holding listed its debut $500 million green sukuk on Nasdaq Dubai. The sukuk was oversubscribed 4.3 times, drawing more than $2.1 billion in orders from regional and international investors. Talabat reported impressive fi nancial results for the fi rst nine months of 2025, with a 64% year-on-year increase in net income, which climbed to $341 million from $208 million in the prior year. Quarterly revenues surged to $1 billion, up from $772 million. The fi rst nine months of 2025 witnessed a 23% rise in M&A deals with $69.1 billion from a total of 649 deals. Cross-border transactions hit a fi ve-year high, driven primarily by the UAE and Saudi Arabia. Saudi real estate thrives with new foreign ownership rules and billions in developments. The landscape is underpinned by $440 billion in committed projects, with a further $1.55 trillion earmarked for potential long-term investments. WHAT’S TRENDING ONLINE w w w.f inancemiddleeast .com Binghatti Lists $500 Million Green Sukuk Talabat’s Revenue Grows 31% in Q3 2025 UAE and Saudi Propel MENA M&A Deals Saudi Real Estate Booms With Reforms WHAT OUR READERS THINK... On the UAE Retail Sukuk “You are always an inspiration Karim Bennis.” - Sweta Chipra, Chief Financial Offi cer at Trafalgar Luxury Group “This is a strong move. Retail Sukuk will encourage more structured, long-term savings and investment behaviour in the UAE.” - Kiran Krishna, Finance Director at Fagerhult Group On e& Group CFO Karim Bennis’ November cover story FME_Dec2025_8-9_Online DPS_13766284.indd 8FME_Dec2025_8-9_Online DPS_13766284.indd 808/12/2025 09:4508/12/2025 09:45fi nancemiddleeast.comDecember 2025 | 9 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.comDecember 2025 | 9 ONLINE FME_Dec2025_8-9_Online DPS_13766284.indd 9FME_Dec2025_8-9_Online DPS_13766284.indd 908/12/2025 09:4608/12/2025 09:46Next >