fi nancemiddleeast.comJanuary 2026 | 3 A new year begins with new year resolutions but only if you need them. In the GCC, resolutions are more about continuity than anything else. GCC Oxford Economics forecasts an average 4.4% growth rate for the GCC, supported by easing interest rates in the U.S., ongoing diversifi cation and deregulation across Gulf economies, and heightened political uncertainty in North America and Europe. Together, these forces are sustaining global demand for GCC-linked growth markets from equities and real estate to aviation, AI infrastructure, and green energy. For investors, this backdrop calls for balance. AI is set to dominate state-backed investment across the region, but its concentration as the headline asset class brings risks alongside opportunity. Shoring up capital exposure to non-AI assets may therefore prove a more resilient strategy, where the GCC IPO outlook off ers reason for optimism, as local champions increasingly consider public listings. Binghatti Holding and Etihad Airways are among those widely rumoured to be eyeing announcements this year. For regulators, the next phase of growth for the GCC lies in digital markets. The blockchain ecosystem is expected to mature further across the GCC, particularly in the UAE. Think diversifi cation, but online. Non-Fungible Tokens (NFTs), an unconventional intersection of art and fi nance, illustrate how blockchain is opening new markets: some purpose-built, others speculative. For Khaleeji governments, capitalising on these domestic pillars of diversifi cation will be essential. Gulf governments are steadily orienting their future trade relationships further east, particularly toward Asia, through to the end of 2026. Diversifi cation is no longer an ambition but a policy framework defi ned by targeted regulation on tech, deeper foreign-state investor partnerships, and multi-vector trade relationships across the global economy. Angus Anderson Editor Finance Middle East IPO REBOOT MENA IPO market set for rebound in value, not quantity, this year as GCC countries lead the way; Abu Dhabi’s Etihad Airways and Dubai’s Binghatti Holding are rumoured to go public. AI BOOM OR BUST AI bubble fears persist as Europe’s banks cut jobs amid automation. GCC investors should stay diversifi ed to manage tech-driven volatility. BORROW TO SPEND Higher issuance of fi xed income maturities is expected to surge until 2030 led by KSA bonds and sukuk. UAE issuance remains driven by corporate debt. THREE DEVELOPING FINANCIAL DEVELOPMENTS IN THE GCC EDITOR’S LETTER FME_Jan2026_3_Editors letter_13813451.indd 3FME_Jan2026_3_Editors letter_13813451.indd 309/01/2026 15:4109/01/2026 15:41fi nancemiddleeast.com4 | January 2026 26 12 32 34 DAMAN INVESTMENTS: THREE DECADES OF LEADERSHIP AND INNOVATION Ahmed Khizer Khan, the CEO of Daman Investments, discusses the Group’s position for the next decade of fi nancial opportunity S&P 2026 BANKING REPORT SHOWS STABLE OUTLOOK Sustained oil prices could hamper otherwise strong liquidity, funding, and capital buff ers this year, especially in the Kingdom of Saudi Arabia MADE BY AI: NEAR’S VISION FOR THE FUTURE OF WEB3 GOVERNANCE Illia Polusukhin, the CEO and Founder of NEAR Protocol and NEAR AI, talks AI and blockchain integration at Abu Dhabi Finance Week 2025 TOKENISED CREDIT MARKETS AND THE UAE’S REGULATORY EDGE Rico van der Veen, Co-Founder and CEO of Semi-Liquid, explores scale and tokenised assets at Abu Dhabi Finance Week 2025 12 32 3426 FME_Jan2026_4-5_Contents_13813217.indd 4FME_Jan2026_4-5_Contents_13813217.indd 409/01/2026 16:1309/01/2026 16:13fi nancemiddleeast.comJanuary 2026 | 5 40 38 46 48 FEMALE LEADERS ARE REWRITING THE GCC GROWTH STORY Kholoud Moussa, Partner and Head of Impact Plan at KPMG Middle East, talks inclusion as a key catalyst for diversifi cation in the GCC A.R.M HOLDING: CULTURAL CAPITAL AS THE INVESTMENT PORTFOLIO His Excellency Mohammad Saeed Al-Shehhi, the CEO of A.R.M Holding, talks investment in Art Dubai, local talent, and ESG-aligned growth in the UAE ARTON CAPITAL’S PASSPORT INDEX PUTS UAE IN FIRST PLACE Armand Arton, Founder and CEO of Arton Capital, refl ects on the UAE’s journey to fi rst place and Arton Capital’s collaboration with the UAE Ministry of Foreign Aff airs HOW CAN MENA BANKS WIN TECH-SAVVY CUSTOMERS WITH AI? Ahmed Ghandour, Regional Vice President at Backbase, emphasises the importance of agentic AI for customer loyalty rather than onboarding 3848 4640 FME_Jan2026_4-5_Contents_13813217.indd 5FME_Jan2026_4-5_Contents_13813217.indd 509/01/2026 16:3509/01/2026 16:35fi nancemiddleeast.com6 | January 2026 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 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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FME_Jan2026_06_Flannel_13811142.indd 6FME_Jan2026_06_Flannel_13811142.indd 609/01/2026 15:4909/01/2026 15:49Stay ahead with ITP Media’s flagship technology hub, featuring five powerhouse brands: ARABIAN COMPUTER NEWS, EDGE, COMMSMEA, CHANNEL and CHARGED. From breaking tech news to deep-dive insights, we bring you the latest innovations shaping the region.BIG MAP fi nancemiddleeast.com8 | January 2026 Macroeconomic Trends and Risks in the GCC for 2026 AROUND THE GULF KUWAIT Growth is projected to gain momentum next year and reforms are part of the reason why Fitch projects an uptick to 2.7% compared with a forecast of 1.7% in 2025. Kuwait’s approval of the Finance and Liquidity Law is paving the way for greater bank lending. Key Macroeconomic Risk: Any reversal in credit ratings is due to risk appetite refl ected by aggressive growth in higher-risk markets, particularly Türkiye, Bahrain, and Egypt. SAUDI ARABIA The latest budget will refocus spending on AI and logistics planning in the Saudi market Riyadh’s 80,000-unit housing stock, the construction of 600 kilometres of new roads, and Humain’s plan to deploy data centres powered by U.S.-made Nvidia chips in early 2026 represent monumental stepping stones for the Kingdom. Key Macroeconomic Risk: Uncertainty in KSA’s public spending commitments remain clouded in obscurity following NEOM’s public fall-out. Certainty on spending will help clarify labour market hiring for public sector hiring. FME_Jan2026_8-9_GCC Map_13796136.indd 8FME_Jan2026_8-9_GCC Map_13796136.indd 809/01/2026 15:4609/01/2026 15:46BIG MAP fi nancemiddleeast.comJanuary 2026 | 9 UAE Crypto will defi ne Emirati fi nance in 2026 Think paying using crypto or using AI to select your groceries. By 2026, payment experiences will feel even more personal. Digital ID wallets will make it easier to log in, prove your age or confi rm your identity across government, banking, and travel services. Key Macroeconomic Risk: Crypto regulation is a welcome move for the market, but ongoing volatility is yet to settle. Whether analysts are right on crypto’s newly found deleveraged risk will be telling. OMAN Growth is also forecast a noticeable uptick in 2026 as the State Council predicts a 0.8% percentage uptick from 2025 The IMF praised Muscat’s structural reforms ahead of 2026: the modernisation of the tax system, operation of the Future Fund in mobilising private capital, and ongoing initiatives to develop renewables particularly green hydrogen. Key Macroeconomic Risk: Investments in green hydrogen and mineral manufacturing will depend on the success of the 11th Five-Year Development Plan (2026-2030). QATAR Islamic fi ntech continues to dominate Qatari fi nancial markets The Qatar Fintech Hub (QFTH) founded by Qatar Development Bank created the QFC Digital Assets Lab. Together, the central bank launched a regulatory sandbox for promising fi ntech solutions. Key Macroeconomic Risk: Islamic banks must maintain compliance via products and practises to maintain customer trust and banking reputation. FME_Jan2026_8-9_GCC Map_13796136.indd 9FME_Jan2026_8-9_GCC Map_13796136.indd 909/01/2026 15:4609/01/2026 15:46Next >