< Previousfi nancemiddleeast.com10 | June-July 2026 ONLINE “Really no one cared what the actual NFT was; they only cared about the numbers behind it,” according to Hugo Nathan, Founding Partner, Beaumont Nathan. Middle East tops global AI index and the UAE ranks second, signalling strong investor confi dence and rapid shift to AI- driven research across investment services. “We can’t stand still,” says Basmah El Bittar, Director of Alserkal Avenue, as the Avenue’s SMEs navigate the fi nancial fallout of the Iran war. Qatar is overhauling how cross-border tax relief is accessed, with substantial impacts for global business, says Hany El- Naggar, Partner and Tax Compliance Leader, Middle East. WHAT’S TRENDING ONLINE w w w.f inancemiddleeast .com NFTs Didn’t Fail Art – Speculative Buyers Did Middle East Ranks First, UAE Ranks Second What Qatar WHT Reform Means for Business KEY MISCONCEPTIONS OF GCC ART COLLECTING Collecting Art Requires Ownership “NFTs didn’t fail, speculation did. “Really no one cared what the actual NFT was; they only cared about the numbers behind it” - Hugo Nathan, Founding Partner, Beaumont Nathan “As I’ve become deeply embedded in the local scene, my collecting has shifted. I spend time in studios, follow artists’ processes, and build relationships. That emotional connection often matters more to me than the object itself.” - Lateefa bin Hamoodah, Cultural Strategist, Patron and Regional Advisor, Beaumont Nathan NFTs Failed Art Alserkal SMEs: “We Can’t Stand Still” FME_Jun2026_10_Trending_13912160.indd 10FME_Jun2026_10_Trending_13912160.indd 1030/06/2026 15:1530/06/2026 15:15PARTNER CONTENT fi nancemiddleeast.comJune-July 2026 | 11 Dubai Holding Real Estate, one of Dubai’s largest integrated master developers, has partnered with Commercial Bank of Dubai (CBD) to launch a new home fi nancing programme for eligible customers purchasing properties across Nakheel, Meraas, and Dubai Properties. The programme is available to UAE Nationals and UAE residents, purchasing (qualifi ed) off -plan and completed villas and apartments across Dubai Holding Real Estate’s portfolio. The programme aims to provide a smoother transparent route to ownership, with preferential rates, attractive fee structures, faster digital onboarding, dedicated relationship management and access to selected premium banking benefi ts. For instance, the programme off ers conventional and Islamic fi nancing solutions. It includes digital pre-approval supported by automated eligibility assessment, helping customers gain upfront clarity on their borrowing capacity and move through the fi nancing journey more effi ciently. A key feature of the programme is access to fi nancing from the 30% construction stage once customers have met the 50% payment threshold. This gives eligible buyers earlier visibility of their fi nancing options and greater certainty when planning their property purchase. For salaried customers, digital pre-approval will provide clarity on borrowing capacity and reduced turnaround times. A key feature is access to fi nancing from the 30% construction stage DUBAI HOLDING REAL ESTATE AND COMMERCIAL BANK OF DUBAI (CBD) LAUNCH HOME FINANCING The partnership will speed up approvals whilst providing fl exible options, including Islamic fi nancing, for UAE buyers across selective real estate developers Self-employed buyers, including entrepreneurs and SME customers, benefit from simplified documentation requirements and fl exible eligibility frameworks designed to improve accessibility. Eligible customers will also be able to access CBD’s premium banking privileges. Khalid Al Malik, Chief Executive Offi cer, Dubai Holding Real Estate, said: “Enabling access to home ownership at the right point in the purchase journey is a priority for Dubai Holding Real Estate. Our partnership with CBD responds directly to that need by unlocking earlier and more structured access to home fi nancing. By leveraging the scale and diversity of our residential portfolio, we are giving buyers greater confi dence to plan and move forward, reinforcing Dubai Holding Real Estate’s role in shaping accessible, high-quality communities across Dubai’s leading destinations.” Dr. Bernd van Linder, Chief Executive Offi cer, CBD, said: “Customers today want more than fi nancing. They want clarity, effi ciency and trusted guidance throughout the property ownership journey. Through our partnership with Dubai Holding Real Estate, we are simplifying access to home fi nancing with faster digital pre-approvals, dedicated mortgage expertise and a more effi cient onboarding process. This refl ects CBD’s commitment to supporting customers while contributing to the sustainable growth of Dubai’s real estate market.” FME_Jun2026_11_CBD_13947234_converted 11FME_Jun2026_11_CBD_13947234_converted 1130/06/2026 15:3830/06/2026 15:38NEWS fi nancemiddleeast.com12 | June-July 2026 The Dubai International Financial Centre (DIFC) introduced a temporary economic package aimed at supporting its business and retail community as the Iran war hampers investor confi dence and global supply chains. The initiative, eff ective immediately, is designed to alleviate short-term operational and fi nancial pressures faced by companies operating within the DIFC. His Excellency Arif Amiri, Chief Executive Offi cer of DIFC Authority, emphasised the Centre’s commitment to its stakeholders: “At DIFC, we stand alongside our clients, partners and employees with a clear commitment to provide support and reassurance when it is needed most. The package of temporary relief measures we are introducing refl ects a thoughtful and proactive approach to easing immediate pressures.” His remarks highlight DIFC’s broader strategy of maintaining resilience and stability within its fi nancial ecosystem despite the geopolitical backdrop. Relief measures include flexible payment arrangements tailored particularly for retail and trade: the most aff ected by recent economic conditions. Firms will also benefi t from instalment plans for licence renewal fees, helping to ease cash fl ow constraints. DIFC is also introducing grace periods for selected administrative payments, including those related to lease contracts, the Registrar of Companies, the Data Protection Department, and employee registration under DEWS. These cover obligations related to leases, company registration processes, data protection compliance, and employee enrolment in the Centre’s Workplace Provident Fund. The Dubai Financial Services Authority (DFSA) is also introducing temporary regulatory facilities. These measures are intended to streamline licensing procedures for new fi rms seeking to establish themselves within DIFC, while also off ering regulatory fl exibility and support to existing entities operating under its framework. Together, these initiatives represent a coordinated and comprehensive response aimed at sustaining business continuity, encouraging new market entrants whilst reinforcing confi dence in DIFC’s financial environment. By addressing both operational and regulatory challenges, the Centre is positioning itself as a resilient hub capable of adapting to evolving economic realities. Earlier this year, DIFC further demonstrated its global standing by securing 7th place among the world’s top fi nancial centres in the Global Financial Centres Index (GFCI), 7TH place ranking for Dubai (GFCI) DIFC INTRODUCES FLEXIBLE RELIEF PLAN FOR RETAIL AND FINANCIAL FIRMS DIFC unveils temporary relief package, easing costs and boosting business resilience amid economic challenges FME_Jun2026_12-18_News_13897033.indd 12FME_Jun2026_12-18_News_13897033.indd 1230/06/2026 15:2530/06/2026 15:25fi nancemiddleeast.comJune-July 2026 | 13 NEWS The Central Bank of Bahrain (CBB) has initiated a loan deferral and liquidity support programme aimed at bolstering the economy and fi nancial sector because of the Iran war. The measures came into eff ect at the end of Q1. The package provides a three month deferral of domestic loan instalments and credit card payments. Retail banks and fi nancing companies are set to off er customers the option to defer loan instalments and credit card payments, encompassing both principal and interest, for three months. This deferral option is available to both individuals and corporate entities. Financial institutions will possess the fl exibility to postpone the classifi cation of loans for aff ected customers, with the total value of domestic loans standing at BHD 11.3B. For a duration of six months, the CBB will provide retail banks with unlimited Bahraini dinar liquidity against eligible collateral, with current eligibility set at BHD 7.0B. Reserve requirements will be reduced from 5.0% to 3.5%. This reduction will provide licensees with much-needed liquidity to implement the measures under the LD and LSP Guidelines. Licensees will also have the option to avail a repo liquidity facility from the CBB for a period of three (3) months to ensure smooth implementation of the LD and LSP Guidelines. The minimum Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) will also decrease from 100% to 80%: measures expected to enhance liquidity within various economic sectors. The CBB will closely monitor ongoing developments and remains prepared to implement further measures as necessary to protect monetary and fi nancial stability while ensuring the continuity of fi nancial services throughout Bahrain. Moody’s also downgraded the credit rating in mid-April citing the disruption of aluminium and energy exports because of the closure of the Strait of Hormuz. “The disruption of maritime shipping through the Strait of Hormuz and air travel around the Gulf is aff ecting Bahrain’s hydrocarbon and aluminium exports because of the inability to reroute trade, as well as the tourism sector,” said Moody’s. However, the fi nancial agency noted that it may revise the downgrade if the confl ict ends in the short term, citing the immediate reopening of the Strait for the resumption of exports. Moody’s also downgraded Iraq whilst maintaining Jordan’s credit rating. Bahrain had renewed eff orts to implement fi scal reforms at the end of FY25, citing a weak fi scal position and high debt-to-GDP ratio. 1.5% decrease in CBB reserve requirement CBB INITIATES LOAN DEFERRAL AND LIQUIDITY SUPPORT PACKAGE The CBB has initiated a loan deferral and liquidity support programme for Bahraini businesses in the Kingdom FME_Jun2026_12-18_News_13897033.indd 13FME_Jun2026_12-18_News_13897033.indd 1330/06/2026 15:2530/06/2026 15:25NEWS fi nancemiddleeast.com14 | June-July 2026 Mohamed Alabbar, the founder of Emaar Properties, is poised to invest up to $18B in Syria, focusing on various projects as the nation endeavours to revitalise its economy. The investment strategy includes assessing opportunities up to $7B along the Syrian coast and up to $11B in the capital, Damascus, and its periphery. The comments were made by Alabbar at the Damascus presidential palace earlier this week. Reports by Sky News Arabia indicate that construction activities could commence within six months, facilitated through partnerships with local investors. The investment comes as the Syrian government aims to rejuvenate investor confi dence in a post- confl ict environment. Regulatory changes have opened the door for increased foreign investment, particularly following the EU and U.S. decisions to remove its sanctions programme in May and July last year. Both decisions allowed Syria’s Central Bank to pursue a sovereign credit rating: essential for accessing international capital markets. Alabbar expressed optimism regarding the real estate sector in key cities like Latakia and Damascus, noting the absence of signifi cant property developments in these areas despite the historic and geographical importance of Syria in West Asia. The sector presents promising growth potential, with aspirations to increase visitor numbers to 8M within fi ve years. Historical data indicates that Syria attracted 8.5M tourists at its peak in 2010; however, the civil war after the Arab Spring led to a dramatic decline in tourism. Alabbar also noted the signifi cance of Syria’s role in food security. The UAE imports 90% of food imports from abroad, owing to climatic conditions according to the Ministry of Climate Change and Environment. The offi cial visit this week aims to explore collaborative opportunities in sectors such as energy, agriculture, tourism, and aviation. France’s TotalEnergies and its partners have formally engaged with the Syrian Petroleum Company regarding off shore exploration in the Mediterranean. Pre-war, Syria was a notable producer of oil and gas, generating substantial barrels per day. Syria’s Ministry of Energy is seeking over $30B to rehabilitate its oil, gas, electricity, and water sectors, signalling a robust demand for foreign investments in the country’s recovery. $18B investment in Syria EMAAR TO INVEST UP TO $18B IN SYRIA’S REAL ESTATE MARKET Mohamed Alabbar is poised to invest up to $18B in Syria’s property markets as the UAE eyes up investment opportunities in post-war Syria FME_Jun2026_12-18_News_13897033.indd 14FME_Jun2026_12-18_News_13897033.indd 1430/06/2026 15:2530/06/2026 15:25fi nancemiddleeast.comJune-July 2026 | 15 NEWS The World Bank Group and International Monetary Fund are hosting their 2029 Annual Meetings in Abu Dhabi: a decision confi rmed by a vote from their Boards of Governors. The announcement came as the UAE delegation, led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Aff airs, concluded a series of high-level engagements at the Spring Meetings of the IMF and World Bank in Washington, where policymakers assessed the global outlook and explored coordinated responses to rising uncertainty in trade, infl ation and fi nancial markets. Al Hussaini said the UAE’s “participation reinforces the UAE’s position as a global fi nancial hub and a trusted partner in advancing economic stability and development,” he said. “We will continue expanding cooperation with international institutions to address evolving global economic challenges.” This marks the fi rst time since 2003 that the meetings will occur in the UAE, underscoring the country’s accelerated performance in global fi nancial discussions. The Annual Meetings serve as a pivotal platform for central bankers, fi nance ministers, private sector leaders, and various stakeholders to deliberate on critical issues impacting the global economy. Topics of focus typically include fi nancial stability, job creation, and poverty alleviation. The meetings are generally conducted biennially at the World Bank and IMF headquarters in Washington, D.C., with one session hosted by a member country every third year. Scheduled for October 2026 in Bangkok, Thailand, the subsequent Annual Meetings will feature an offi cial signing ceremony, formalising Abu Dhabi’s role as the host for 2029. Both institutions have expressed strong anticipation for the event, viewing it as an opportunity to foster international cooperation and dialogue. The selection builds on the country’s strong track record of convening major global platforms, including Expo 2020 Dubai and COP28. H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Aff airs “The UAE’s selection to host this global event refl ects the prominent position it has attained in the fi nancial and economic spheres, driven by its pioneering economic model, balanced fi scal and monetary policies, and a stable, growth-oriented economic environment. This milestone further reinforces the UAE’s pivotal role as a global platform for fi nancial and economic dialogue. 2003 UAE last held Spring Meetings UAE SELECTED TO HOLD 2029 ANNUAL MEETINGS IN ABU DHABI IMF and World Bank confi rm Abu Dhabi as 2029 host, highlighting the UAE’s rising role in global economic leadership and cooperation FME_Jun2026_12-18_News_13897033.indd 15FME_Jun2026_12-18_News_13897033.indd 1530/06/2026 15:2530/06/2026 15:25NEWS fi nancemiddleeast.com16 | June-July 2026 The UAE Federal Tax Authority introduced signifi cant reforms to the tax system last month in a move designed to ease compliance and encourage businesses to correct previous errors. Offi cials, noticeably Sara Al Habshi – Executive Director of Tax Compliance at the Federal Tax Authority – said in an interview that everyone can benefi t from SMEs to multinational fi rms, as reforms touch on violations of record keeping, late payment of penalties, and errors spanning deduction to tax returns (DubaiEye). The FTA reduced the violation concerning failure of submitting records for submitting tax records from Dh 20,000 to Dh 5,000 whilst provisions of tax records, when there are changes in business operations, is now just Dh 1,000. Repetition of this violation is now just Dh 5,000, down from Dh 10,000. The reforms became eff ective 14 April 2026. The latest measures form part of the UAE’s broader strategy to create a more business-friendly tax environment while maintaining high standards of transparency and regulatory compliance. By reducing administrative penalties, the FTA is signalling a preference for voluntary disclosure and timely correction of mistakes rather than imposing punitive costs that may discourage smaller businesses from regularising their tax aff airs. This approach is particularly relevant for SMEs, many of which face resource constraints and may lack dedicated in-house tax teams. Lower penalties could therefore improve compliance rates by making remediation more aff ordable and less burdensome. For larger corporates and multinational groups, the reforms provide greater certainty as companies continue adapting to the UAE’s evolving tax framework, including corporate tax implementation and transfer pricing requirements. Businesses operating across multiple jurisdictions often require extensive documentation and internal controls, meaning reduced fi nes for procedural breaches may lessen the fi nancial impact of inadvertent administrative errors. The move may also support the UAE’s competitiveness as a regional headquarters destination by aligning tax administration with international best practice focused on cooperation and risk-based enforcement. The revisions are expected to prompt many companies to reassess historical fi lings, documentation processes and internal governance frameworks. Over time, reforms may strengthen trust between taxpayers and regulators. 15,000 AED decrease in violation for late tax records Sara Al Habshi, Executive Director of Tax Compliance at the Federal Tax Authority, says all companies will benefi t from UAE tax reform to violations UAE FTA TAX PENALTY REFORM WILL BENEFIT ALL COMPANIES FME_Jun2026_12-18_News_13897033.indd 16FME_Jun2026_12-18_News_13897033.indd 1630/06/2026 15:2530/06/2026 15:25fi nancemiddleeast.comJune-July 2026 | 17 NEWS Barings, one of the world’s leading alternative investment managers, is moving forward with a new offi ce in Abu Dhabi. This strategic expansion underscores Barings’ commitment to the Middle East and its confi dence in the region’s long-term growth, resilience, and investment opportunities. The Abu Dhabi offi ce follows the successful launch of Barings’ Dubai offi ce in 2024, refl ecting the fi rm’s ambition to deepen relationships with institutional investors, sovereign wealth funds, and family offi ces across the Gulf. Mike Freno, Chairman and CEO of Barings, said, “The opening of our Abu Dhabi offi ce reaffi rms Barings’ commitment to the Middle East and our belief in the region’s growth trajectory. Being on the ground enables us to better serve our clients and partner with them to unlock opportunities across global credit markets.” Waleed Zamel, Managing Director, Head of Middle East, Global Client Group at Barings, added, “This expansion marks an important milestone in our strategy to build a strong presence in the region and reaffi rms our commitment to our trusted partners. Abu Dhabi is a key fi nancial hub and a growth pillar of Barings’ Middle East strategy, and having a local offi ce allows us to engage more closely with clients and deliver tailored investment solutions that meet their evolving needs.” The new offi ce will operate within ADGM, the international fi nancial centre of Abu Dhabi, providing Barings with proximity to leading regional investors and a robust regulatory environment. The fi rm continues to see strong appetite for strategies in public credit, private credit, and real estate among Middle Eastern investors. Barings’ move follows multiple offi ce openings in Abu Dhabi, with Bain Capital, a leading global private investment fi rm, announcing plans to open an offi ce on 16 April. The Bain Capital Abu Dhabi expansion targets digital infrastructure and fi ntech, alongside other priority sectors: healthcare and aviation. US-based Bain Capital has $215B in AUM. Singapore headquartered Hillhouse Investment Management also announced the opening of an offi ce in Abu Dhabi. Hillhouse owns over $100B in assets worldwide and is known for its hedge fund and private equity investments and has also moved into real estate and private credit. ADGM reported a 36% rise in AUM in FY25. 36% rise in AUM, ADGM (FY25) BARINGS OPENS OFFICE IN ABU DHABI, JOINING BAIN CAPITAL AND HILLHOUSE IN APRIL Q1 witnesses a string of investment fi rms opening offi ces in ADGM as UAE fundamentals off set the headwinds of the Iran war FME_Jun2026_12-18_News_13897033.indd 17FME_Jun2026_12-18_News_13897033.indd 1730/06/2026 15:2530/06/2026 15:25NEWS fi nancemiddleeast.com18 | June-July 2026 44% increase in workforce hiring (Q1 FY26) Company registrations at the Abu Dhabi Global Market f inancial free zone experienced a notable rise in March despite a backdrop of increased Iranian strikes across the GCC during the month. Abu Dhabi Media Offi ce reported a 5% YoY increase in new active licences, with total active licences surpassing 13,300 following the registration of 961 companies in the fi rst quarter of 2026. ADGM also recorded a remarkable 56% YoY surge in assets under management, with asset managers that have established themselves in ADGM this year holding over $4.4T. The number of asset and fund managers rose to 179 in the quarter, representing a 24% annual increase, while the total number of funds managed from ADGM reached 263: a 43% YoY rise. His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “ADGM’s performance in the fi rst quarter of 2026 refl ects the scale, pace, and growing global relevance of Abu Dhabi’s fi nancial ecosystem. Surpassing 13,000 active licences and recording 57% growth in assets under management marks another major milestone in ADGM’s growth trajectory and reinforces its position among the world’s fastest-growing international fi nancial centres.” Global and regional asset managers and fi nancial institutions, including Capital Group, Man Group, Barings, Bain Capital, Hillhouse Investment and Grow Investment Group, joined the centre during Q1. In parallel, fi rms such as Rokos Capital Management, Polygreen Holdings, and Hashed have also announced their establishment in ADGM, further diversifying the centre’s asset management landscape across hedge funds, alternative investments and digital assets. The workforce within the fi nancial centre continued to expand, marking a 44% increase in the fi rst quarter. The number of asset and fund managers increased to 179, up 24 % from 144 in Q1 2025. The total number of funds managed out of ADGM also reached 263, marking a 43% increase from 184 in the same period last year. DIFC also announced the establishment of 775 new companies between January and March, a surge of 62% compared to the same period in 2025. The CBUAE emergency measures, in response to the Iran confl ict, totalled AED 6.2B, supporting UAE SMEs. ADGM FINANCIALS SEE POSITIVE BOOST IN Q1 FY26 DESPITE THE IRAN WAR ADGM AUM sees signifi cant growth in Q1 as Barings, Bain Capital, and Hillhouse Investment relocate to ADGM FME_Jun2026_12-18_News_13897033.indd 18FME_Jun2026_12-18_News_13897033.indd 1830/06/2026 15:2530/06/2026 15:25Next >