EDITORS LETTER3 The Business of Adaptation apital is always moving. But where it moves and why is always another story. At moments of change, the direction of capital can tell investors as much about the future of Gulf fi nance as the investments themselves. October's edition puts this thesis to the test: will Gulf investors actually pool capital into Syria? I sat down with Arada’s CIO following the fi rm’s $7B pledge to develop ‘New Damascus’ at the heart of one of the oldest cities in the Arab world. After years of isolation, Syria is entering a new phase of reconstruction and regional reintegration. For Gulf investors, the opportunity is signifi cant, but so too are the uncertainties. Syria's investment story will be decided less by the size of the cheques announced than by what gets built. Security, certainty and bankable projects will determine whether Gulf commitments become a reconstruction boom or another list of unfulfi lled promises in a post-war economy. Adaptation runs through this edition both in Syria and in emerging emirates, such as Sharjah, where policymakers, investors and executives will convene this October to consider how economies can remain competitive amid rapid shifts in technology, food security and defence. I sat down with H.E. Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, to discuss what it takes to build an environment capable of responding to those changes and why adaptability is increasingly becoming an economic asset in its own right. I also look at the infrastructure required to support the next phase of digital growth with Khazna’s Co-founder and CEO, Omar Saleh, touching on the lessons learnt from its operations in Egypt as the fi rm builds the blueprint for Saudi Arabia’s digital economy. Across these stories, one question connects the dots: how quickly can economies adapt to a world changing faster than the assumptions on which they were built? Angus Anderson Editor C FME_Oct2026_3_Editors letter_13999316.indd 3FME_Oct2026_3_Editors letter_13999316.indd 330/09/2026 11:5930/09/2026 11:59CONTENTS4 P. 30 Capital Distribution Sovereign wealth funds, pension funds, insurers and large family offi ces are moving beyond capital allocation P. 40 A Blueprint for KSA Khazna Group CEO Omar Saleh discusses the fi ntech’s Saudi expansion and how lessons from Egypt are shaping its strategy P. 34 Sharjah's Emergence Invest in Sharjah CEO H.E. Mohamed Juma Al Musharrkh discusses Sharjah's next investment chapter P. 46 Remittance Reform Remitly UAE CEO Davis Dominic Parakal calls for greater transparency in remittances through a standardised model P. 48 Auditing Despite Risk For internal audit, the challenge is no longer simply identifying risk, but keeping pace with how quickly it can change P. 52 Carmignac Opens in DIFC The European asset manager sees a structural shift underway as capital, talent and investment decision-making converge in DIFC P. 12 Red Sea Goes Green Red Sea Global is now fully renewable as Acwa launches a $1.8B off-grid utilities project powering its hotels and airport P. 22 GCC Bets on Syria How different pools of Gulf capital are making bets on Syria's return to the regional economy despite challenges Maritime tanker passes the Strait of Hormuz FME_Oct2026_4-5_Contents (5).indd 4FME_Oct2026_4-5_Contents (5).indd 430/09/2026 11:5930/09/2026 11:59CONTENTS5 Gulf Dividends Dividends remain main form of capital return captured by the Index in the region says Meshal Al-Faras P. 56 FME_Oct2026_4-5_Contents (5).indd 5FME_Oct2026_4-5_Contents (5).indd 530/09/2026 11:5930/09/2026 11:59FLANNEL6 PUBLISHED BY AND © 2026 ITP MEDIA GROUP FZ-LLC. 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 +971 4 444 3147; angus.anderson@itp.com Commercial Editor Angitha Pradeep +971 4 444 3278; angitha.pradeep@itp.com ART Head of Creative Oliver Hazelwood Art Director Amjad Ayche Art Editor Tofiq Memon Contributing Art Director Gihane Youssef 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 Production Manager Anand Sundaram Circulation Executive Rajesh Pillai Distribution Coordinator Avinash Pereira 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. FME_Oct2026_06_Flannel_13989750.indd 6FME_Oct2026_06_Flannel_13989750.indd 630/09/2026 12:0030/09/2026 12:00MAP OF THE MONTH8 Qatar Investment Authority (QIA) has returned as an investor in Positron AI, backing the Reno-based AI inference hardware company’s $875M Series C fi nancing at a $5B evaluation. QIA previously participated in Positron’s $230M Series B in February. The latest round, co-led by NEA, Atreides Management, Valor Equity Partners, Andra Capital, SemiAnalysis Capital and Silicon Graphics founder Jim Clark, will fund production of Positron’s next-generation Asimov chip and Titan systems. The raise comes as Positron expands in the Middle East, its fi rst global market, having opened its fi rst offi ce outside the US at Dubai International Financial Centre in June. The company has deployed more than 50 Atlas inference racks at Oracle Cloud Infrastructure. BlueFive Capital announced a 30% acquisition in Bugatti Rimac from Porsche earlier this month. The acquisition makes BlueFive Capital the largest shareholder in Bugatti Rimac after Rimac Group. BlueFive Capital is a global investment platform, with $15B in AUM, and its shareholders include Bahrain’s SWF: Mumtalakat (FY25-). Moody’s Investors Service described Kuwait’s new framework as credit positive. The new framework allows the government to borrow from the Future Generations Reserve under specifi c conditions. Moody’s rates Kuwait A1 with a stable outlook and estimates that KIA managed about $750B in government fi nancial assets at end of FY25 (475% of GDP). Access to domestic fi nancing from the KIA supports government fi nancing although fi nancing depends on the KIA’s asset base and its growth. QATAR BAHRAIN KUWAIT Sovereign wealth tracker FME_Oct2026_08-09_Map_13989737.indd 8FME_Oct2026_08-09_Map_13989737.indd 830/09/2026 12:0030/09/2026 12:00MAP OF THE MONTH9 The UAE’s high-profi le reception in Berlin signalled the arrival of Abu Dhabi’s sovereign heavyweights in Germany. UAE leading diplomat H.E. Lana Nusseibeh – the Minister of State for the UAE – said that a stronger UAE-Germany relationship can help connect European strengths with capital, energy and growth across the Gulf, Asia and Africa. The UAE's Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, was also in Berlin. His presence signalled the importance of energy exports and FDI fl ows – under IHG and ADNOC – between both economies. ADNOC and German energy company – RWE – are set to explore LNG opportunities following the German Chancellor’s visit to the UAE in February. Exports from the UAE to Germany have risen by 58% (FY25). The Kingdom met some of Wall Street’s heavyweights in New York earlier this month as it seeks foreign backing amid liquidity shortages at home and the evolving risk of a renewed protracted confl ict with the Houthis in Yemen. PIF senior management are expected to meet with representatives of some of its largest fi rms including Humain, Riyadh’s KAFD, and Red Sea Global. The $1T fund, chaired by HRH Crown Prince Mohammed bin Salman, spent several billions on projects to diversify its economy. The Kingdom’s quarterly budget balance has worsened since Q1 of FY26 according to fi gures from the Saudi Ministry of Finance, citing the partial closure of the Strait of Hormuz. Oman’s sovereign investment strategy is providing the broader backdrop to its push to attract Chinese capital into special economic zones, free zones and industrial cities, as Muscat seeks to accelerate diversifi cation and build higher-value industries. Oman Investment Authority (OIA), the Sultanate’s sovereign investment arm, is central to the country’s wider strategy of developing strategic sectors and attracting international capital, while the Public Authority for Special Economic Zones and Free Zones (OPAZ) provides the industrial and logistics platforms for that investments. UAE SAUDI ARABIA OMAN FME_Oct2026_08-09_Map_13989737.indd 9FME_Oct2026_08-09_Map_13989737.indd 930/09/2026 12:0030/09/2026 12:00Next >