fi nancemiddleeast.comFebruary 2026 | 3 EDITOR’S LETTER The most defi ning moments in leadership rarely feel comfortable at the time. Promotions bring uncertainty, expanded responsibility, and the quiet question of whether the move is the right one. Few shifts illustrate this better than the move from CFO to CEO, a transition that demands broader vision, greater responsibility, and a redefi nition of leadership itself. This month, I spoke with Tobias Maier, the Regional CEO of the DHL Group for the Middle East and Africa, who refl ects on his journey from CFO to CEO. Maier’s story is one of change, having left his native Germany to relocate to Dubai following a short but formative stint in South Africa. Each move shaped not only his leadership style, but his understanding of people, purpose, and progress. Maier’s transition follows a broader evolution taking place in the C-Suite today. The CFO role extends far beyond budgeting and balance sheets. As business models increasingly centre on digital technology, sustainability, and long-term value creation, leaders are becoming natural successors to the CEO. Our Power List reveals that evolution with 30 of the most established CFOs in the GCC. Standout leaders include Ali Siddiqi of ADNOC Distribution, Norman Tambach of Mashreq, Erdi Kursunoglu of Zahid Group, Rodrigo Torres of EDGE and Rajaa Khoder of Merit Incentives. Beyond the boardroom, Azza Al-Habsi – Ominvest GCC Economist – talks us through the new fi nancial centre in Oman: IFC Oman. Ultimately momentum must come from within. And often, the most natural step forward is the one that feels like a risk. Angus Anderson Editor Finance Middle East IFC OMAN SETS UP SHOP Oman enters the global fi nance arena, targeting selective high- growth sectors with a independent regulatory framework. DIFC’S NEXT STAGE OF GROWTH Zabeel District expansion includes AED 100B investment to triple footfall by 2040, reinforcing DIFC’s top-tier global ranking. KSA REENERGISES THE PRIVATE SECTOR NEOM’s restructuring and looser foreign investment rules boost confi dence as Saudi Arabia reenergises private sector markets. THREE REGIONAL FINANCIAL SHIFTS TO WATCH THIS MONTHfi nancemiddleeast.com4 | February 2026 20 12 24 30 AI LOVES LAWYERS, NOT BILLABLE HOURS Matteo Grassani, General Counsel of Zahid Group, unpacks his recent interview with the co-founder of the AI-powered law fi rm, Covenant.co, which has enormous potential for the GCC legal system UAE TO LEAD 2026 FINANCIAL WATCHDOG UNDER H.E. HAMID AL-ZAABI The presidency of the Middle East Financial Action Task Force (MENAFATF) is a golden opportunity to double down on AML and CTF as EU-UAE FTA talks progress TOBIAS MAIER ON MOVING FROM CFO TO CEO Tobias Maier, the Regional CEO of the DHL Group, opens up about his transition from CFO to CEO, the SSA and MENA markets, and the future of blockchain payments for the Group ANALYSING BYD’S RIDE TO THE TOP AS TESLA PUSHES THE BRAKES BYD’s global sales overtook Tesla in 2025 for the fi rst time as GCC EV regulation, Chinese industrial policy, and capital allocation support Chinese EVs both globally and in the GCC 12 24 30 20 FME_Feb2026_4-5_Contents_13814330.indd 4FME_Feb2026_4-5_Contents_13814330.indd 430/01/2026 13:4730/01/2026 13:47fi nancemiddleeast.comFebruary 2026 | 5 34 32 50 54 THE TOP 30 GCC CFOS REVEALED Meet the fi nancial leaders shaping boardroom decisions, investment priorities, and long-term growth strategies across the six economies in the Gulf HOW GCC CFOS ARE REWRITING THE RULES OF VALUE CREATION Kush Ahuja, Head of Middle East and Africa at ACCA, outlines the changing role of the CFO from steward to strategist WHAT MAKES ROTANA’S STRATEGY UNIQUE IN A CROWDED MARKET? Mohamed Kharbash, the CFO of Rotana Media Services, explains why infrastructure and tech is overlooked yet critical for digital growth at the media giant IFC OMAN SETS UP SHOP IN MUSCAT Azza Al-Habsi, GCC Economist at Ominvest, analyses the establishment of the Sultanate’s fi rst fi nancial centre as Oman carves out a niche by targetting high growth sectors 5034 3254 FME_Feb2026_4-5_Contents_13814330.indd 5FME_Feb2026_4-5_Contents_13814330.indd 530/01/2026 13:4730/01/2026 13:47fi nancemiddleeast.com6 | February 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 Publishing Executive: Vanessa Helou 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_Feb2026_6_Flannel_13814331.indd 6FME_Feb2026_6_Flannel_13814331.indd 630/01/2026 13:4530/01/2026 13:45BIG MAP fi nancemiddleeast.com8 | February 2026 GCC Macro Developments in Q1 2026 AROUND THE GULF SAUDI ARABIA Minerals are the new oil Expenditure on mineral exploration is surging in the Kingdom as 2024 numbers exceed 2025 targets, with the Future Minerals Forum making headlines last month. The Kingdom has advanced from 104th (2013) to 23rd place (2024) citing Fraser Institute’s 2024 Annual Survey of Mining Companies. Success in the sector will depend on collaboration, like the success seen across the Saudi oil industry under Aramco, as Riyadh looks to establish a commodities exchange in emerging minerals. Venture capital and advanced tech are two other sectors worth keeping an eye on in KSA this year. FME_Feb2026_8-9_Map_13824516.indd 8FME_Feb2026_8-9_Map_13824516.indd 830/01/2026 13:4430/01/2026 13:44BIG MAP fi nancemiddleeast.comFebruary 2026 | 9 UAE What is Davos? Welcome to the World Economic Forum 2026 Up to 100 Emirati offi cials attended Davos this year but Davos has been running on hot air for several decades now. The “Spirit of Dialogue,” the theme of WEF 2026, aligns with the UAE’s message on economic cooperation bridging east and west. Energy security is one of those pillars as the Emirates uses global platforms to position itself as a leader in renewable energy in addition to LNG: a key energy input for Europe. It comes as UAE energy giant, Masdar, revealed the issuance of almost $3B worth of green bonds at Abu Dhabi Sustainability Week 2026. OMAN IFC Oman sets up shop in Muscat Oman, the dark horse of the GCC, fi nally fi nds its own niche as an alternative fi nancial centre targeting niche sectors in the country. The Centre will operate under a fully independent legal system, focussed on diff erentiation rather than a one-size-fi ts all model. The Sultanate is betting on cost effi ciency, geopolitical neutrality, quality of life, and strategic location to meet Vision 2040. IFC Oman is expected to open shop by the end of 2026 but only time will tell if IFC Oman can really fi nd its niche in high-growth sectors. FME_Feb2026_8-9_Map_13824516.indd 9FME_Feb2026_8-9_Map_13824516.indd 930/01/2026 13:4430/01/2026 13:44Next >