fi nancemiddleeast.comMarch 2026 | 3 EDITOR’S LETTER Islamic fi nance enters 2026 with renewed momentum as sukuk markets evolve well beyond sovereign sponsorship. Once concentrated in Southeast Asia and select Islamic markets, sukuk has matured into a globally recognised asset class — attracting regional liquidity, international institutional capital and ESG-focused investors alike. Today, sukuk are strategic tools for balance sheet optimisation and diversifi ed fi nancing. Few illustrate this shift better than Ibrahim Al-Mheiri, CEO and Head of Mashreq Al Islami, who features on this month’s cover. Al-Mheiri highlights the growing integration of corporate and retail sukuk, positioning the bank among the select institutions connecting both institutional investors and consumers to Shariah-compliant capital markets. Speed and agility, he argues, are critical to maintaining a competitive edge — and central to Mashreq’s comparative advantage in the sukuk space. Meanwhile, developers on the other side of the capital markets are taking note. Binghatti Holding, Aldar and Sobha Realty are increasingly issuing Shariah- and ESG-aligned instruments as sukuk issuance moves fi rmly into the mainstream. Dr Mohamed Damak, Managing Director of Islamic Finance at S&P Global Ratings, maintains a constructive outlook for UAE sukuk in 2026 as structured issuance deepens. Henry Faun, Partner at Knight Frank’s Middle East Private Offi ce, points to regulatory shifts in Saudi Arabia that are driving renewed cross-border property investment fl ows among UAE-based family offi ces. The shift comes as UK tax reforms and cost-of-living pressures redirect British capital toward the UAE and KSA, with some UK investors increasingly viewing Saudi Arabia as a potential alternative to the UAE. This month’s Power List recognises the UAE’s corporate and real estate issuers redefi ning capital markets — aligning long-term investment strategies with ethical principles and the GCC’s broader diversifi cation ambitions. 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. EMERGING MARKET INTEREST Issuance is expanding into new jurisdictions and frontier markets, beyond the GCC and South (-east) Asia, with growing interest across Africa and CIS. THREE REGIONAL FINANCIAL SHIFTS TO WATCH THIS MONTH FME_Mar2026_3_Editor Letter_13858201.indd 3FME_Mar2026_3_Editor Letter_13858201.indd 317/03/2026 12:3217/03/2026 12:32fi nancemiddleeast.com4 | March 2026 24 12 30 32 MASHREQ AL ISLAMI’S APPROACH TO ISLAMIC BANKING IS ABOUT PRECISION MORE THAN ANYTHING ELSE CEO Ibrahim Al-Mheiri highlights Mashreq Al Islami’s market-leading approach to Sharia-compliant banking solutions MUBADALA VENTURE AND TWG GIANT ACQUIRES CLEAR CHANNEL OUTDOOR FOR $6.2B Mubadala Capital and TWG Global buy Clear Channel Outdoor in an all-cash $6.2B deal, valuing shares at a 71% premium A RESILIENT YEAR FOR SUKUK AND GROWTH ON THE HORIZON Dr. Mohamed Damak, S&P Global Ratings, forecasts continued expansion for the GCC sukuk market in 2026 UAE FAMILY OFFICES EYE KSA IN REGIONAL REALLOCATION Henry Faun, Knight Frank Partner Middle East, explains shifting capital fl ows as UAE family offi ces target KSA and UK opportunities 12 32 30 24 FME_Mar2026_4-5_Contents_13858202.indd 4FME_Mar2026_4-5_Contents_13858202.indd 417/03/2026 12:3517/03/2026 12:35fi nancemiddleeast.comMarch 2026 | 5 48 36 54 56 ABDALLAH ABU-SHEIKH ON TRANSFORMING ISLAMIC FINANCE FOR SCALE Emirati entrepreneur Abdallah Abu-Sheikh explains why trust, technology, and infrastructure must evolve together for SME access to Islamic fi nance TOP 10 UAE SUKUK ISSUERS IN 2026 Spotlighting UAE leaders driving larger, structured, and Sharia-compliant sukuk fi nancing INTERNATIONAL EXPANSION BECOMES PRESIGHT AI’S CORE GROWTH ENGINE CFO Ram Meyoor refl ects on the drivers behind Presight’s 36.9% revenue growth in 2025 “CISCO GOING TO BE AT THE CORE” OF HUMAIN AND G42 AI INFRASTRUCTURE SVP Guy Diedrich discusses the fi rm’s GCC and Africa operations, highlighting collaboration with HUMAIN and G42 5456 3648 FME_Mar2026_4-5_Contents_13858202.indd 5FME_Mar2026_4-5_Contents_13858202.indd 517/03/2026 12:3617/03/2026 12:36fi nancemiddleeast.com6 | March 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_Mar2026_6_Flannel_13858203.indd 6FME_Mar2026_6_Flannel_13858203.indd 617/03/2026 12:3717/03/2026 12:37Stay 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 | March 2026 GCC Sukuk Market Enters 2026 with Strong Fundamentals AROUND THE GULF SAUDI ARABIA As the GCC’s largest oil exporter, Saudi Arabia remains central to regional and global sukuk markets. However, lower oil prices combined with elevated fi scal spending under Vision 2030 are increasing fi nancing requirements, driving higher issuance rather than oil-derived revenue alone According to S&P Global Ratings, KSA and the UAE are forecast to increase issuance in 2026, refl ecting structural funding needs, supportive refi nancing conditions, and deep domestic Islamic banking systems. In 2025, KSA was the second-largest contributor of global sukuk issuance, totalling $72.5B, including $38B in foreign currency. Looking ahead to 2026, Saudi banks are expected to increase their share of sukuk issuance as private sector expansion, project fi nance demand, and capital optimisation drive greater funding needs to meet Vision 2030 targets. FME_Mar2026_8-9_Map_13852708.indd 8FME_Mar2026_8-9_Map_13852708.indd 817/03/2026 12:3717/03/2026 12:37BIG MAP fi nancemiddleeast.comMarch 2026 | 9 UAE The UAE’s debt capital markets saw record sukuk issuance (2025), with a noticeable uptick in corporate issuers. Debt capital markets amounted to $226B with sukuk outstanding exceeding $70B: representing 22% of the UAE DCM by the end of FY25. In 2026, the UAE central government is supporting measures to enhance retail-led sukuk in line with Vision 2030 by corporate issuers. Emirates NBD issued a government-backed Islamic treasury sukuk (T-Sukuk) to encourage household participation, with reduced entry barriers. T-Sukuk is still government-backed yet the barriers to entry are far lower than traditional sukuk structures issued by the UAE Ministry of Finance. There is a gradual move to integrate ESG and sustainability criteria into sukuk structures, linking Shariah- compliant investment principles with sustainable development objectives, as green sukuk becomes mainstream. OMAN Oman’s Islamic fi nance industry is set for double-digit growth in 2026, supported by favourable economic conditions, stronger sovereign credit metrics, and sustained demand for Sharia-compliant products. Total assets reached $36B in 2025 and could approach $45B in 2026, refl ecting solid expansion. Islamic banking represents roughly two-thirds of total assets, with sukuk accounting for 32%, while the sector’s share of total banking assets rose to 20% by the end of FY25, Oman’s upgrade to ‘BBB-’ has further strengthened sukuk demand. However, growth remains constrained by the underdeveloped Omani riyal sukuk market, a concentrated issuer base, and evolving regulatory and liquidity frameworks. The Sultanate will require continued regulator y enhancements, market diversifi cation, and innovative fi nancing solutions to fully unlock the growth potential of the Islamic fi nance sector throughout the GCC. FME_Mar2026_8-9_Map_13852708.indd 9FME_Mar2026_8-9_Map_13852708.indd 917/03/2026 12:3717/03/2026 12:37Next >