How Dr. (CA) Ankur Aggarwal is reshaping cross-border real estate AN ITP MEDIA GROUP PUBLICATION SEPTEMBER 2026 • VOL.3 • ISSUE 07 In P ar tn er sh ip w it h B N W D ev el op m en ts INSTITUTIONAL PLAYBOOK FME_Sep2026_00_Cover_13984181.indd 1FME_Sep2026_00_Cover_13984181.indd 117/09/2026 17:4817/09/2026 17:483 T he Gulf is entering its busiest stretch of the year. Capital, C-suite and investors converge on the region for a packed calendar of conferences, dealmaking and new launches. But beneath the familiar rush is a deeper synergy where global capital, brands and consumers meet. Our cover story with BNW Developments examines one strand of that convergence. Branded residences have moved from a niche luxury product into a signifi cant part of the Gulf’s property market as developers compete on real estate addresses and designer titles. Lamborghini is one of BNW’s residencies yet brand name isn't everything. Returns and commercial performance on handover are becoming the real ROI for investors in the Gulf. Italy’s Missoni is a designer on-the-rise in Dubai for Khaleejis, but for other real estate giants and even sovereign-backed investment fi rms, such as Mumtalakat-backed BlueFive Capital, luxury cars are also getting traction. BlueFive acquired a 30% market stake in the fi rm earlier this month. The acquisition had less to do with commercial performance and more about exclusivity. That tension - between exclusivity and performance - will be the deciding factor for investors in branded residencies for the years to come. Familiar questions come up like any maturing asset class: where is demand, how much of the premium is attributable to the brand and how durable is it? The ROI factor is also playing out on Gulf roads. Chinese carmakers are gaining ground across the GCC, bringing new technology and aggressive pricing into markets historically dominated by Japanese, European and American names. Chery’s expansion off ers a useful lens on how quickly the region’s consumer landscape is changing as Europe shields its homegrown brands despite the competitive edge of Chinese EVs on Khaleeji roads. The Gulf’s event season is more than a succession of conferences; it has become an important mechanism for connecting capital, policymakers and businesses. As the region seeks to close FY26 on a positive note, the conversations taking place now will help shape where investment and opportunity fl ow next. Angus Anderson Editor Editor’s Letter ROI IS THE REAL DEAL FME_Sep2026_3_Editors letter_13988496.indd 3FME_Sep2026_3_Editors letter_13988496.indd 318/09/2026 13:3618/09/2026 13:36CONTENTS FME_Sep2026_4-5_Contents_13988487.indd 4FME_Sep2026_4-5_Contents_13988487.indd 418/09/2026 13:3618/09/2026 13:365 P. 22 Institutional Playbook Dr. (CA) Ankur Aggarwal on reshaping cross-border real estate fi nance in the UAE P. 12 Red Sea Global Goes Fully Renewable Red Sea Global is now fully renewable as Acwa launches a $1.8B off -grid utilities project P. 30 Investor’s Insight: Why Branded Residences Must Move Beyond the Logo Luxury branding no longer guarantees a premium as investors scrutinise operations and contracts P. 34 Dickon Johnstone, CEO of Themis, on the GCC’s Next AML Test The Iran war provides opportunities for the GCC as sanctions, crypto and hawala blur P. 40 Why Cybersecurity is the Solution to AI-led Fraud Charles Lobo, Visa’s Regional Risk Offi cer for Central Europe, Middle East and Africa, on AI-led fraud P. 50 How Businesses Can Scale Without Losing Their Identity One person cannot be replicated across multiple markets or business units says Sadek El-Assaad, Zeder Group P. 46 Inside Chery UAE’s Next Phase of Growth Chinese brands are transforming the UAE’s automotive sector says Zaher Sabbagh, Chery UAE P. 54 The Engine Behind Islamic Finance’s Growth The UAE Treasury is becoming a strategic engine of liquidity says Ebrahim Qayed, Emirates Islamic FME_Sep2026_4-5_Contents_13988487.indd 5FME_Sep2026_4-5_Contents_13988487.indd 518/09/2026 13:3618/09/2026 13:366 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 Publishing 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 Production Manager Anand Sundaram 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. FME_Sept2026_06_Flannel_13981444.indd 6FME_Sept2026_06_Flannel_13981444.indd 618/09/2026 13:4718/09/2026 13:47MAP 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 FME_Sept2026_08-09_Map of the Month_13982639.indd 8FME_Sept2026_08-09_Map of the Month_13982639.indd 818/09/2026 13:4618/09/2026 13:469 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. FME_Sept2026_08-09_Map of the Month_13982639.indd 9FME_Sept2026_08-09_Map of the Month_13982639.indd 918/09/2026 13:4618/09/2026 13:46Next >