AUGUST 2026 • VOL.3 • ISSUE 06 TRUST IN TRADE CEO Ziad Melhem on charting the GCC’s next phase of CFI’s digital investing In p a rt n e rs h ip w it h C F I FME_Aug2026_00_Cover_13957121.indd 1FME_Aug2026_00_Cover_13957121.indd 117/08/2026 15:3617/08/2026 15:36fi nancemiddleeast.comAugust 2026 | 3 EDITOR’S LETTER Trust is a two-sided coin. Some people are naturally cautious, whereas others can be naive. When someone deceives you, trusting that person can be diffi cult to mend. Like people, transactions can only benefi t investors if trust is built overtime with tangible assurances. CFI Financial Group’s, Ziad Melhem, breaks down the meaning of trust in trading for August. As CEO, Melhem prides the fi rm in following the rules assuring investors that transactions are carried out in accordance with regulation. In fact, CFI is one of the most regulated trading platforms globally: a stark achievement for a sector that is often criticised for profi teering. Guardrails in the era of artifi cial intellgience also require trust. Trust in giving agents control over your fi nancial details can be sketchy if fraud is involved. I spent time in Paris last month speaking with those executives, at Visa, who are breaking down the barriers in digitalisation across the CEMEA region. Trusting the process of change is crucial in times of transformation especially in the Gulf. Sarah Al-Shawwaf speaks to that sentiment as a Saudi woman growing up in the Kingdom where going to unversity, the cinema and working was prohibited. Vision 2030, ten years on, has changed the reality of Saudis in the Kingdom beyond perception. Workforce inclusion isn’t just driving non-oil growth but building greater cohesion between the population and leadership in the Kingdom as women choose their own futures whilst staying aligned to cultural norms. Trust in trading, trust in payments, and trust in the leadership requires assurances that participation will deliver tangible change for participants without consequence. Without trust, any transaction — like any relationship — is destined to fail. RISK DRIVING VOLATILITY Tensions in Hormuz and the Bab el-Mandeb are driving oil price volatility, insurance premiums, and equity markets GCC SWFS STRATEGISE Despite uncertainty, institutional capital continue to prioritise private sector growth whilst the PIF and LÍMAD diversify expenditure AI ADOPTION IN SERVICES Banks, brokers, payment providers continue to show off their latest AI adaptation for trading, fraud detection, and analysis THREE FINANCIAL TRENDS IN THE GULF Angus Anderson Editor Finance Middle East FME_Aug2026_3_Editor Letter_13957645.indd 3FME_Aug2026_3_Editor Letter_13957645.indd 319/08/2026 17:0519/08/2026 17:05fi nancemiddleeast.com4 | August 2026 22 34 12 36 TRUST IN TRADE Ziad Melhem, CEO of CFI Financial Group, is charting the direction for the GCC’s next phase of digital investing VISA REENGAGEMENT WITH THE SYRIAN CENTRAL BANK AFTER A 15-YEAR HIATUS Leila Serhan, Senior Vice President and Group Country Manager for the North Africa, Levant and Pakistan (NALP) region, on incentives, compliance, and the future of Visa’s presence in Syria BEYOND RETIREMENT: A MODEL FOR LIFETIME SAVINGS IN THE GCC Lamiaa Chaabi, Middle East MASS CIO, BlackRock & Muirinn O’Neill, Director of Government Aff airs & Public Policy, BlackRock analyse a savings model for the expatriate labour force in the GCC FITCH CONFIRMS SAUDI ARABIA’S ‘A+’ RATING WITH STABLE OUTLOOK Fitch’s stable rating confi rms the Kingdom’s resilience despite the Iran war although any blockade in the Bab el-Mandeb and Strait of Hormuz poses an infl ationary risk in the medium term 34 12 36 22 FME_Aug2026_4-5_Contents_13957646.indd 4FME_Aug2026_4-5_Contents_13957646.indd 419/08/2026 17:4619/08/2026 17:46fi nancemiddleeast.comAugust 2026 | 5 42 40 48 52 THE NEW PORTFOLIO PLAYBOOK FOR GCC ULTRA-WEALTHY INVESTORS Vipul Kapur, Managing Director, Head of Private Banking at Mashreq unlocks the most compelling asset class investment opportunities for UHNWIs in the GCC REVOLUT’S UAE STRATEGY: LICENSING, LOCALISATION AND LONG-TERM GROWTH Ambareen Musa, GCC CEO of Revolut, on the fi rm’s regional strategy, the future of cross-border fi nance, and how the fi ntech plans to compete in the GCC’s evolving digital banking market MULTIBANK FOUNDER: TRUST WILL DEFINE THE GULF’S FINANCIAL FUTURE MultiBank’s founder explains why trust, fi nancial infrastructure and digital innovation will shape the GCC’s rise as a global capital hub despite the confl ict in FY26 VISION 2030 IS AS PERSONAL AS IT IS ECONOMIC Sarah Al-Shawwaf, Saudi Partner, Albright-Stonebridge Group on why Saudi Arabia’s transformation is deeply personal as it is structural for the Kingdom’s workforce 52 48 42 40 FME_Aug2026_4-5_Contents_13957646.indd 5FME_Aug2026_4-5_Contents_13957646.indd 519/08/2026 18:0719/08/2026 18:07fi nancemiddleeast.com6 | August 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 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. 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. FME_Aug2026_6_Flannel_13957647.indd 6FME_Aug2026_6_Flannel_13957647.indd 617/07/2026 10:0517/07/2026 10:05BIG MAP fi nancemiddleeast.com8 | August 2026 SAUDI ARABIA The Kingdom is less aff ected than Qatar and Kuwait although renewed confl ict in Yemen threatens the upwards trajectory of Vision 2030 if tensions severely disrupt production and confi dence in the medium term. Diversifi ed export routes, linking the Gulf to the Red Sea, continue to support exports while non- oil growth continues to expand. The Riyad Bank PMI – where numbers above 50 indicate expansion – rose to 53.3, up from 52.8 in May, peaking at its highest level in four months. Growth is forecast to reach 1.7% (FY26) before expanding 5.5% (FY27). OMAN STANDS APART AS IMF CUTS GCC GROWTH FORECASTS IMF DOWNGRADES GLOBAL GROWTH, REVISES GCC OUTLOOK QATAR AND KUWAIT Both GCC states are forecast to be most aff ected from the macroeconomic eff ects of the Iran war because of physical geography, lack of alternative export routes, and the size of the non-oil sector. The IMF said the three producers most aff ected by the disruptions include Iraq, Kuwait, and Qatar. Qatar and Kuwait are forecast to face sharp contractions in FY26 followed by “double-digit expansions” in FY27. However, the confl ict looms large and could “extend commodity price volatility, further threaten supply chains, raise prices, and weigh on fi nancial conditions” says the IMF. FME_Aug2026_8-9_Map_13957652.indd 8FME_Aug2026_8-9_Map_13957652.indd 817/07/2026 10:0617/07/2026 10:06BIG MAP fi nancemiddleeast.comAugust 2026 | 9 UAE The International Monetary Fund cut its 2026 growth forecast for the MENA region (1.2% to 0.7%) although the UAE was not included in the latest projections. To date, growth is forecast to reach 3.1% (April 2026 estimates). The UAE has used alternative routes to bypass the Strait of Hormuz and meet export commitments, including a 380km pipeline from the Habshan to Fujairah port. DP World announced the construction of a new port in Fujairah, refocussing overland and maritime trade via the eastern coast than through Jebel Ali. Sustained growth will depend on the UAE’s construction of alternative export routes and the trajectory of the Iran war in the latest round of escalation in and around the Strait of Hormuz. OMAN The Sultanate stood out in the IMF’s latest 2026 Article IV consultation, citing a revised growth (3.6% to 3.7%, FY26). The Fund noted that disruption is confi ned to infl ationary pressures and selected non-hydrocarbon sectors. Fiscal reforms and higher oil revenues will support a tighter fi scal discipline, expanding the fi scal surplus to 4.2% (FY26). The banking sector also remains resilient with comfortable capital and liquidity ratios, strong asset quality and sustained profi tability although reform momentum will determine the trajectory of the Sultanate in FY27-30. BAHRAIN The Kingdom’s economy is projected to shrink by 0.5% (FY26), owing to a downward revision from earlier projections in April because of the ongoing confl ict, higher borrowing costs, and increased logistics costs. S&P Global Ratings affi rmed Bahrain’s ‘B/B’ long- and short-term foreign and local currency sovereign credit ratings, leaving the kingdom well below higher-rated Gulf peers such as Saudi Arabia (A+/A-1) and the UAE (AA/A-1+). S&P said Bahrain’s credit profi le continues to rely on the expectation of extraordinary support from GCC neighbours. While the agency expects economic conditions to improve in FY27, the pace of recovery will depend on sustained regional fi scal support and the lasting economic eff ects of the Iran confl ict. FME_Aug2026_8-9_Map_13957652.indd 9FME_Aug2026_8-9_Map_13957652.indd 917/07/2026 10:0617/07/2026 10:06Next >