fi nancemiddleeast.comApril 2026 | 3 EDITOR’S LETTER Resilience is often confl ated with saving face in this part of the world, yet the UAE’s defence and fi nancial backbone is doing anything but that. Today, Emirati pilots patrol the skies, keeping the nation’s airspace and infrastructure secure as the confl ict surpasses the one-month mark. The UAE has been disproportionately targeted within the GCC yet trade fl ows, commerce, and banks continue to operate albeit remotely as the war drags on without any concrete steps for a off -ramp. For those in uniform, navigating this shifting world order presents an opportunity if anything. Few are better placed to speak to this than Rodrigo Torres, Group CFO and President of the EDGE Group, joining us from Abu Dhabi. From Iran to Ukraine, confl ict is increasingly shaping global realities, accelerating the need for a homegrown defence industry. Unlike many GCC states, the UAE is actively building its own defence industry. Torres’ role extends far beyond traditional fi nance, encompassing national sovereignty, R&D and strategic risk. For him, risk is the ultimate KPI: a theme he explores in depth in this edition. On the ground, resilience across business is just as important as it in the skies. This month’s Special Feature highlights the role of SMEs amid ongoing disruption, with insights from CIPS Middle East on supply chain pressures, Swiss-Belhotel on sustaining hospitality operations, and ACCA on cash fl ow and working capital strategies. Together, UAE institutions and international partners are supporting SMEs through an increasingly complex environment. Analysts are also assessing the impact of the partial closure of the Strait of Hormuz with Razan Hilal, Market Analyst, outlining three scenarios based on market data. The base case points to prolonged disruption, rising oil prices, and mounting cost-push infl ation across the global economy. For April, we spotlight those confronting adversity—on the ground and in the skies—because resilience is measured across every front. DEFENCE INDUSTRY Risk is proving to be essential for the growth of the UAE defence industry as the EDGE Group expands its strategic partnerships in over 100 countries FAMILY OFFICES Introductions to corporate service providers and private bankers in Hong Kong and Singapore totalled just four enquiries out of a thousand members SME SUPPLY DISRUPTION SMEs are exploring nearshoring and regional sourcing strategies to reduce dependency on long, complex supply chains exposed to geopolitical risk FINANCIAL RESILIENCE AT WAR Angus Anderson Editor Finance Middle East FME_Apr2026_3_Editors letter_13884425.indd 3FME_Apr2026_3_Editors letter_13884425.indd 308/04/2026 09:2608/04/2026 09:26fi nancemiddleeast.com4 | April 2026 24 12 32 34 EDGE GROUP’S RODRIGO TORRES ON EMBRACING RISK IN DEFENCE The Group CFO and President of the EDGE Group, Rodrigo Torres, reveals why risk is the key to unlocking growth in defence fi nance as the UAE bolsters it’s defence sector at home DAR GLOBAL FY25 REVENUE TOPS $539M AMID KSA EXPANSION Dar Global more than doubled revenue to $539M in FY25, driven by strong demand for luxury developments across KSA, Oman, and South Asia WHY THE UAE’S SOVEREIGN CREDIT REVIEW MATTERS DURING WAR John Hensel, Senior VP Middle East Markets Demeter Tactical Investments, explains why the UAE’s credit fundamentals outweigh short-term geopolitical risks PRE-WAR SLOWDOWN TRENDS ACCELERATE IN DUBAI REAL ESTATE S&P’s latest report details a limited fi nancial hit, assuming a short-term end to the confl ict, as the war accelerates the pre-war slowdown across capital markets 12 34 3224 FME_Apr2026_4-5_Contents_13884314.indd 4FME_Apr2026_4-5_Contents_13884314.indd 408/04/2026 09:2508/04/2026 09:25fi nancemiddleeast.comApril 2026 | 5 48 36 50 52 THREE SCENARIOS FOR MARKETS IN FY26 There are three possible scenarios for FY26 as the closure of the Strait of Hormuz risks stagfl ation, writes Razan Hilal, Market Analyst, Forex.com GCC STAKEHOLDERS MAINTAIN RESILIENCE AT A TIME OF WAR A Special Feature showcasing those fi nancial institutions, C-suite leaders, and international fi rms supporting UAE SMEs at a time of war HOW THE IRGC BYPASSES GLOBAL FINANCE IN THE IRAN WAR Billions linked to IRGC networks have fl owed through crypto, raising new questions for UAE regulators, as Abu Dhabi tightens crypto compliance for sanctioned entities WHY SAUDI ARABIA WILL ACCELERATE LOCALISATION POST-WAR Riyadh will only accelerate localisation, both locally and abroad, in any post-war scenario says Imad Al-Abdulqader, Saudi Partner at the Albright Stonebridge Group 5052 3648 FME_Apr2026_4-5_Contents_13884314.indd 5FME_Apr2026_4-5_Contents_13884314.indd 508/04/2026 09:2508/04/2026 09:25fi nancemiddleeast.com6 | April 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. The opinions and views contained in this publication are not necessarily those of the publishers. Readers are advised to seek specialist advice before acting on information contained in this publication which is provided for general use and may not be appropriate for the reader’s particular circumstances. The ownership of trademarks is acknowledged. No part of this publication or any part of the contents thereof may be reproduced, stored in a retrieval system or transmitted in any form without the permission of the publishers in writing. An exemption is hereby granted for extracts used for the purpose of fair review. To fl ip through previous editions of Finance Middle East magazine, visit fi nancemiddleeast.com/magazine/ PUBLISHED BY AND © 2026 ITP MEDIA GROUP FZ-LLC. BIG MAP fi nancemiddleeast.com8 | April 2026 GCC MARKETS RESPOND TO EXTERNAL SHOCKS GUARDING THE GCC BAHRAIN The Kingdom of Bahrain is the most exposed to the war citing physical geography. Bahrain’s energy sector is largely owned by international investors – unlike the Saudi, Emirati, and Qatari energy sector – which exposes the industry to the impacts of investor confi dence and capital divestment at times of volatility. Manama sold selected BAPCO assets to major global investment fi rms, including BlackRock, in recent years. Unlike KSA and the UAE, the island is forced to reroute any exports via the Kingdom opening producers to transit fees since producers rely on Hormuz for export. Higher transport costs, shipment delays, and rising prices for essential imported goods are real. Authorities maintain that strategic reserves are suffi cient for now, but prolonged disruption could test these assurances. SAUDI ARABIA The Kingdom is maintaining resilience irrespective of the shock to fi nancial markets since the offi cial closure of the Strait of Hormuz. Contingency planning, with the East-West oil pipeline to Yanbu, is off setting the supply side cut-off in the Strait of Hormuz. The system allows Aramco to bypass the Persian Gulf where 20% of world oil trades, instead exporting via the Suez Canal or Bab el-Mandeb. In doing so, 7M bpd of crude can be transported overland whilst up to 4.5M bpd can be exported via sea. Amin Nasser, Aramco CEO, said that exports via Yanbu are meeting the “majority” of its customers’ requirements. Aramco equities are up whilst the Tadawul is fairing comparatively well contrary to other GCC equity markets since the onset of the war. FME_Apr2026_8-9_Map_13876931.indd 8FME_Apr2026_8-9_Map_13876931.indd 808/04/2026 09:2408/04/2026 09:24BIG MAP fi nancemiddleeast.comApril 2026 | 9 UAE The Emirates is facing an uphill battle on energy exports and equity markets despite the country’s robust response and diversifi ed income sources. UAE energy operations remain operational although severely disrupted citing attacks on refi neries and supply side bottlenecks in the Strait of Hormuz. The UAE has access to alternative routes (ADCOP), carrying crude from inland fi elds to the Gulf of Oman via Fujairah yet attacks on Fujairah have limited exports from the port. However, the UAE has been disproportionately targeted throughout this war citing missile and UAV daily attacks. QATAR Like Bahrain, Doha is severely impacted by the ongoing war given the high percentage of energy output relative to GDP. Qatari LNG exports have collapsed with potential GDP drops of up to 14% across both Qatar and Bahrain if energy exports are blocked for more than two months (Goldman Sachs). State energy company – QatarEnergy – declared force majeure on contracts as hydrocarbon revenues make up 80-90% of government income contrary to the UAE’s share of oil-to government-revenue ratio (55-65%). Qatar’s geography also exposes it to this crisis since the Strait of Hormuz is Doha’s primary export route into Asia, Africa, and Europe. FME_Apr2026_8-9_Map_13876931.indd 9FME_Apr2026_8-9_Map_13876931.indd 908/04/2026 09:2408/04/2026 09:24Next >