fi nancemiddleeast.comJune-July 2026 | 3 EDITOR’S LETTER Against the backdrop of geopolitical headwinds, the UAE’s response to the Iran confl ict underscored one of its greatest economic strengths: resilience. While geopolitical tensions tested supply chains and investor sentiment across the region, the country’s fi nancial infrastructure continued to function with speed, confi dence and coordination, reinforcing its reputation as a safe haven for capital. That theme of resilience extends beyond physical infrastructure and into the digital guardrails that underpin modern commerce. As Division President for East Arabia at Mastercard, Mark Elliott sits at the intersection of the payment rails that keep commerce moving during periods of disruption. Building a more secure payments ecosystem remains a strategic imperative as governments and businesses across the region accelerate their digital transformation agendas. Secure payment rails are also reshaping how the GCC approaches fi nancial crime. Disruption to trade routes and rising cross-border capital fl ows are creating opportunities for illicit actors to exploit uncertainty, making it diffi cult to distinguish between licit and illicit fl ows. This challenge arrives as several GCC countries approach FATF mutual evaluations later this year. These themes were echoed during my conversations at Arabian Business’ The Briefi ng, where C-suite leaders from the Sharjah FDI Offi ce, 8 Clouds, Cornell Partners and Klay Capital discussed how businesses and investors can navigate an increasingly complex geopolitical environment while identifying the opportunities that emerge from periods of disruption. Their perspectives highlighted a common thread: resilience is no longer simply about weathering uncertainty, but about building the capabilities to thrive through it. DIGITAL PAYMENTS ENTER SYRIA Mastercard and Visa permit the use of payments in post-war Syria as UAE seeks FDi opportunities with the new regime GCC-UAE RAILS GCC railway moves ahead as KSA tenders key UAE-Kuwait link whilst Etihad Rail prepares for FY26 launch with pre-launch trials NEW ADGM OFFICE OPENINGS Blue Owl Capital arrives in ADGM as investment continues to fl ow into Abu Dhabi despite geopolitical headwinds THREE GUARDRAILS WORTH WATCHING Angus Anderson Editor Finance Middle East FME_Jun2026_3_Editors letter_13935733.indd 3FME_Jun2026_3_Editors letter_13935733.indd 330/06/2026 15:1830/06/2026 15:18fi nancemiddleeast.com4 | June-July 2026 22 30 12 34 COVER STORY Mastercard’s East Arabia President, Mark Elliott, on the payment provider’s guardrails that keep governments, banks, and private sector fi rms running across the GCC AJMAN BANK TALKS UNITY & RESILIENCE Ajman Bank’s CEO, Mustafa Al Khalfawi, discusses the visionary leadership and clear vision of a nation where innovation thrives, opportunity fl ourishes, and ambition encouraged AML IS AN PRIME OPPORTUNITY FOR THE GCC The ongoing Iran war provides opportunities for the GCC as sanctions, crypto and hawala blur fl ows, testing AML ahead of FATF scrutiny, writes Dickon Johnstone, CEO, Themis DIFC INTRODUCES FLEXIBLE RELIEF PLAN FOR RETAIL AND FINANCIAL FIRMS DIFC unveils a further temporary relief package, easing costs and boosting business resilience amid economic challenges 30 12 34 22 FME_Jun2026_4-5_Contents_13924091.indd 4FME_Jun2026_4-5_Contents_13924091.indd 430/06/2026 15:1730/06/2026 15:17fi nancemiddleeast.comJune-July 2026 | 5 44 40 50 52 UAE JOBS MARKET ACTIVE, DRIVEN BY REPLACEMENT HIRING Bayt.com CFO, Nauman Mian, says hiring activity remains active yet uncertainty, wage pressure and AI disruption are redefi ning Dubai’s labour market in FY26 GCC TAX REGIMES AS A COMPETITIVE EDGE, NOT A COMPLIANCE BURDEN GCC fi scal regimes raises questions about operational decision making where tax can be a strategic asset for CFOs writes Basit Hussain, Partner Tax Operate Leader, Deloitte Middle East SPECIALITY LENDING IS CENTRAL IN A RECALIBRATED ART MARKET A generational wealth transfer and broadening tastes are reshaping what art leads and where liquidity concentrates says Folarin Oyeleye, Head of EMEA Lending Solutions, J.P. Morgan NFTS DIDN’T FAIL ART, SPECULATIVE BUYERS DID No one cared what the actual NFT was, yet they just cared about the numbers behind it according to Hugo Nathan, Founding Partner, Beaumont Nathan 44 52 4050 FME_Jun2026_4-5_Contents_13924091.indd 5FME_Jun2026_4-5_Contents_13924091.indd 530/06/2026 15:1830/06/2026 15:18fi nancemiddleeast.com6 | June-July 2026 PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Web: www.itp.com Offices in Abu Dhabi, Dubai, Geneva, London, Mumbai & Riyadh ITP MEDIA GROUP CEO: Ali Akawi CFO: Toby Jay Spencer-Davies Managing Director: Martin Chambers Deputy Managing Director: Holly Sands 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 Group Video Editor: Bharat Tahiliani Videographer: Sumeet Katira Videographer: Karan Sumadari 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 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 The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. 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FME_Jun2026_6_Flannel_13924127.indd 6FME_Jun2026_6_Flannel_13924127.indd 630/06/2026 15:1730/06/2026 15:17BIG MAP fi nancemiddleeast.com8 | June-July 2026 SAUDI ARABIA The Kingdom is maintaining a growth forecast of 1.4% (IMF FY26) owing to alternative supply routes for energy exports. The East-West oil pipeline facilitates energy exports via the Port of Yanbu on the Red Sea. The Tadawul, the Saudi Stock Exchange, recorded a 53% fall in Q1 FY26 profi ts citing weaker trading and increased operating costs yet market capitalisation – the total value of all shares for listed companies – almost exceeded $10T by the end of March FY26. GCC MARKETS RESPOND TO EXTERNAL SHOCKS GUARDING THE GCC KUWAIT, BAHRAIN AND QATAR All three economies are forecast to contract in FY26 because of the lack of alternative export pipelines that avoid the Strait of Hormuz. Kuwait is forecast to contract by 0.6%, Bahrain 0.5%, and Qatar up to 8.6%. The closure of Hormuz and the rise in commodity prices, citing supply-side bottlenecks, will aff ect each of these economies signifi cantly in FY26. FME_Jun2026_8-9_Map_13904833.indd 8FME_Jun2026_8-9_Map_13904833.indd 830/06/2026 15:1630/06/2026 15:16BIG MAP fi nancemiddleeast.comJune-July 2026 | 9 UAE The Emirates is also maintaining a strong economic performance in FY26, owing to alternative export routes and strong private sector fundamentals. The IMF is forecasting a strong growth rate of 3.1%, marking a decline of 1.9% YoY, although exceeding all other GCC economies except Oman. Investor residency requirements, tied to property value thresholds, have been removed whilst the CBUAE – alongside other GCC central banks – step up liquidity support for borrowers. The UAE also announced its formal departure from OPEC(+), aligning independent fi scal policy aligning with the Trump administration, to monetise oil production by scrapping quota restrictions. OMAN Oman marks the strongest performance, forecast by the IMF, with a projection of 3.5% in FY26 owing to strong export potential, geopolitical positioning, and market reforms. Muscat’s base line GDP per capita is far smaller than Riyadh and Abu Dhabi, with a GDP per capita of $45,700 versus $78,810 (KSA) and $87,770 (UAE) citing IMF FY26 data. Oman is located on the Gulf of Oman and Arabian Sea, able to export energy without disruption. FME_Jun2026_8-9_Map_13904833.indd 9FME_Jun2026_8-9_Map_13904833.indd 930/06/2026 15:1630/06/2026 15:16Next >