3 S ome covers are moments in time, whereas others represent legacies. Legacies embody achievements dispersed across new ventures, new markets and new geographies. One of those is Ali Siddiqi and his career as CFO of ADNOC Distribution. Siddiqi’s career spans the energy value chain – upstream through downstream – across three continents and three decades. Yet throughout that journey, the foundational philosophy underpinning his success has remained as steadfast as his results. Oft en perceived as a numbers role, Siddiqi’s profi le demonstrates why the most successful CFOs balance numbers with strategy, acting as a trusted partner to the CEO. Gone are the days when numbers alone did the talking. Siddiqi outlines how he is bringing a competitive edge and personal philosophy to ADNOC Distribution’s Finance function, particularly as the UAE energy fi rm expands beyond the GCC into new markets and non-fuel retail. His career arrives at a pivotal moment for the UAE as the country accelerates diversifi cation across sectors, not just energy verticals. ADNOC Distribution’s journey is emblematic of the Emirates: diversifi cation, expansion and multivector diplomacy. That same strategy is visible across the wider UAE corporate and investment landscape. In Africa, the UAE is ramping up investment in sustainable fi nance rather than primary industries. Equitane’s CEO, Gagan Gupta, refl ects on Abu Dhabi’s growing role in green fi nancing, while I analyse L’imad’s acquisition of AD Ports in this issue. Headlines looked at the acquisition on the surface, without paying suffi cient attention to the trends behind it. L’imad’s decision to acquire the remaining equity in AD Ports speaks to the UAE’s broader strategy around infrastructure, logistics, capital and connectivity – and the growing importance of controlling the networks through which trade and investment fl ow. With ADNOC Distribution’s mission in full swing, I also refl ect on one of my favourite covers of the year: EDGE Group’s Group CFO and President, Rodrigo Torres. In April, I spoke with Torres about the rise of defence fi nance in a multipolar world, as Abu Dhabi fi nances a homegrown GCC defence sector – the fi rst of its kind in the region. Fast forward several months and the headlines have caught onto those trends. EDGE is not just building defence; it is exporting it, with new partners including Indra in Spain, Leonardo in Italy, and partners across Brazil and Ecuador. Expansion is the connective tissue running through this issue; legacy is what it leaves behind. On the cover Ali Siddiqi Creative Direction: Angitha Pradeep Photography: Ajith Narendra Paint Partner: Asian Paints Berger Location: ITP Media Group studios Angus Anderson Editor Editor’s Letter Legacies, Not MomentsCONTENTS5 P. 22 Cover Story ADNOC Distribution’s Ali Siddiqi on balancing stewardship with strategy as the CFO of the UAE’s leading energy fi rm P. 12 News ADIB appoints new Chief AI Offi cer as Part of Vision 2035 framework with Pedro Uria-Recio set to drive the bank’s AI transformation P. 30 L’imad’s AD Ports The Iran war only accelerated the case for L’imad’s acqusition of AD Ports as the logistics giant opted for expansion before February 2026 P. 36 EDGE Group Fast forward fi ve months and EDGE is proving that its model extends beyond weapons exports as the UAE fi rm accelerates expansion abroad P. 38 Equitane analysis The UAE’s next chapter in Africa is defi ned by a $110B investment story in green sustainable fi nance says Gagan Gupta P. 50 CTO analysis Financial resilience is a foundations problem as UAE banks must build cybersecurity says Janne Hirvimies, CTO, QuantumGate P. 48 Khazna’s KSA CEO The KSA CEO, Haifa Al-Muhanna, outlines a commercially viable fi ntech model ahead of Money 20/20 in the Kingdom this September P. 54 Saudi Women Vision 2030 is as personal as it is economic for Saudi businesswomen like Sarah Al-Shawwaf, Saudi Partner, Albright-Stonebridge Group6 To fl ip through previous editions of Finance Middle East magazine, visit fi nancemiddleeast.com/magazine/ PO Box 500024, Dubai, United Arab Emirates Tel +971 4 444 3000 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 +971 4 444 3147; angus.anderson@itp.com Commercial Editor Angitha Pradeep +971 4 444 3278; angitha.pradeep@itp.com ART Art Director Amjad Ayche amjad.ayche@itp.com Art Editor Tofiq Memon tofiq.memon@itp.com ADVERTISING Group Commercial Director Natasha Pendleton +971 4 444 3248; natasha.pendleton@itp.com Commercial Manager Neha Ghosh +971 4 444 3257; neha.ghosh@itp.com PHOTOGRAPHY Group Video Editor Bharat Tahiliani Videographer Sumeet Katira MARKETING Head of Events Eleanor Ashton 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 Circulation Executive Rajesh Pillai Distribution Coordinator Avinash Pereira www.financemiddleeast.com NOTICE: The publishers regret that they cannot accept liability for errors 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 readers’ 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. PUBLISHED BY AND © 2026 ITP MEDIA GROUP FZ-LLC. MAP OF THE MONTH Sovereign wealth mapped out Six funds and six strategies as the GCC marks a new phase of Gulf capital deployment. UNDERSTATED CONFIDENCE IN KIA Kuwait’s Investment Authority remains the quiet giant of GCC sovereign wealth. August brought reports that Goldman Sachs was in talks to manage as much as $10B AUM for the KIA, potentially expanding its exposure to private markets. KIA’s advantage is scale and a long investment horizon. With assets estimated at around $1T, the world’s oldest sovereign wealth fund continues to operate primarily as a globally diversifi ed institutional investor. SAUDIA ARABIA’S PIF Saudi Arabia’s PIF is entering a more selective phase. Its $55B acquisition of Electronic Arts closed in early August, reinforcing its push into global gaming and entertainment, while August brought a leadership shake-up at $50B New Murabba amid delays and cost overruns. PIF also moved towards fi nancial independence for LIV Golf, aft er investing more than $5B in the league. The signals point to a sovereign investor still pursuing global scale, but with greater scrutiny of capital allocation and execution in every allocation. Expect more private sector investment and less mega- projects in the run up to 2030. BAHRAIN’S MUMTALAKAT For Mumtalakat, August highlighted co- investment and regional partnerships rather than mega-deals. The sovereign fund strengthened its investment relationship with Saudi Arabia’s PIF through a strategic partnership designed to identify opportunities across both markets. Mumtalakat also reported a record BHD 592.7M profi t for FY25, underscoring improving portfolio performance. With a smaller capital base than its Gulf peers, Bahrain’s strategy is increasingly about using sovereign capital to attract partners, diversify the domestic economy and tap the wider GCC investment network. Words by Angus Anderson 9 UAE CONSOLIDATION Abu Dhabi’s sovereign capital story was dominated by L’imad’s move to take AD Ports Group private. The vehicle, representing Abu Dhabi government interests through ADQ, launched a conditional off er of AED 6.25 per share for the remaining shares, valuing the ports operator at more than AED 31B. The deal follows the creation of L’imad as Abu Dhabi consolidates elements of its investment architecture. Meanwhile, Mubadala continued its international push, with signifi cant exposure to US assets and new European investments. Abu Dhabi is combining global deployment with strategic consolidation at home. QATAR’S INVESTMENT AUTHORITY QIA used August to reinforce both its domestic and international investment strategy. It announced an investment in Lesha Bank’s Qatar Equity Fund, supporting the development of Qatar’s capital markets, while its broader portfolio continued targeting global infrastructure, technology and energy opportunities. Earlier in the summer, QIA committed €432M to RWE’s €4B capital raise, increasing its exposure to Europe’s energy infrastructure. The strategy refl ects Qatar’s ability to deploy sovereign capital across two fronts: strengthening the domestic fi nancial ecosystem while pursuing large-scale international opportunities. THE SULTANATE’S DOMESTIC BASE Oman Investment Authority is combining portfolio returns with domestic economic development. OIA reported strong 2025 investment performance and continued expanding its international portfolio, while its domestic mandate remains focused on diversifi cation and attracting private investment. Its model contrasts with the mega-acquisitions pursued by PIF and Abu Dhabi: sovereign capital is being used to build new industries and strengthen Oman’s economy while generating returns abroad. OIA’s portfolios span national development, future generations and Future Fund Oman, giving it a direct role in the Sultanate’s economic diversifi cation strategy.Next >