EDITOR'S LETTER3 Capital, connectivity and contingency onnecting capital and trade corridors through infrastructure is no longer a luxury, but a necessity for governments and investors. Since 28 February, the vulnerability of conventional trade routes has become harder to ignore. Yet the push to diversify them predates the confl ict as does the quality of capital than any investment alone. The UAE has long prioritised connectivity beyond the Strait of Hormuz, recognising that resilience depends on having alternatives when established corridors come under pressure. Logistics groups including DP World and AD Ports continue to expand across Africa and Asia, connecting UAE maritime networks with resource-rich markets and opportunities for domestic manufacturing. Diversifi cation was front-and-centre at the HSBC Future Forum. H.E. Dr Thani bin Ahmed Al-Zeyoudi, the UAE’s Minister of Foreign Trade, outlined the country’s proposition to the business community: come to the UAE and “access Africa, Central Asia, parts of Europe, Asia and Latin America.” The UAE’s value lies not only in its domestic market, but in the corridors it opens to the world. The UAE's construction of another oil pipeline, between Abu Dhabi and Fujairah, and Presight AI's rapid expansion into the CIS is testament to this. Al Masraf CEO Fuad Mohamed, who I interviewed on the sidelines of the Islamic Finance and Halal Industry Summit, also recognised the importance of quality infrastructure in foreign markets. Al Masraf's ownership structure, spanning UAE, Libyan and Algerian sovereign-backed entities, connects exporters and importers in markets where governance is limited and markets underutilised. Al Masraf’s strategy aligns with a wider UAE investment push across Africa where fi nancial infrastructure matters as much as physical infrastructure. Connecting the dots – whether through credit lines or cranes – is a recurring theme in this issue but capital must always be tried and tested before put into use whether by Hormuz or the African continent. Angus Anderson Editor CCONTENTS4 P. 40 Compliance to strategy The Chief Revenue Offi cer is adapting to the new fi nancial conditions brought about by the Iran war P. 34 Connecting SMEs 7X's ADEED Finance launch aims to connect SMEs with accessible credit lines as trade fi nance fi nds new momentum with disruption P. 44 Qatar's fi ntech future Many European neobanks remain reliant on legacy infrastructure yet Qatar's Central Bank is purposedly changing this P. 48 No more private equity BlueFive Capital's Hazem Ben- Gacem spells out why the world does not need another private equity fi rm P. 52 Bridge to the Gulf Bahrain Bourse CEO Shaikh Khalifa bin Ebrahim Al Khalifa emphasises the Kingdom's solution to 'six accounts and six problems' P. 12 Mubadala targets Asia Mubadala CFO Carlos Obeid touches on $39B annual investment target as the SWF seeks greater exposure in Asia P. 56 AI and affl uence AI and affl uent segments reshape UAE wealth management as BCG reports on the $2.3T wealth surge by 2030 Georges Elhedery, CEO, HSBC P. 30 Resilient returns Gulf $872B infrastructure pipeline demands quality investments more than volume alone says HSBC at the Future Forum FME_Nov2026_4-5_Contents_14023939.indd 4FME_Nov2026_4-5_Contents_14023939.indd 404/11/2026 13:1904/11/2026 13:19CONTENTS5 Missing link UAE-Africa ties will not be defi ned by investment alone but Islamic trade fi nance as ethical credit lines connect stakeholders P. 22 FME_Nov2026_4-5_Contents_14023939.indd 5FME_Nov2026_4-5_Contents_14023939.indd 504/11/2026 13:1904/11/2026 13:19FLANNEL6 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 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 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 Production Coordinator Ashkar Abdulla 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_Nov2026_6_Flannel_14016021.indd 6FME_Nov2026_6_Flannel_14016021.indd 604/11/2026 09:5804/11/2026 09:58MAP OF THE MONTH8 Qatar Investment Authority (QIA) and J.P. Morgan Asset Management (JPMAM) announced the signing of a Memorandum of Understanding (MoU) to establish a USD $20B strategic partnership, leveraging the investment capabilities of both parties across public and private markets. The strategic partnership will initially include two areas of collaboration: a USD $15B public equities portfolio designed to support QIA's long-term investment objectives, and a USD $5B private markets investment initiative focused on supporting middle- market companies in the United States. Bahrain’s sovereign wealth fund Mumtalakat is backing a digital-ledger pilot at Bank of Bahrain and Kuwait (BBK) through its portfolio company ARRAY Innovation, as the kingdom’s fi nancial sector explores tokenised payments and programmable settlement. Showcased at Fintech Forward 2026, the Google Cloud Universal Ledger pilot will examine how digital-ledger technology can be integrated into BBK’s core banking operations. Potential applications include tokenised payments and programmable settlement, according to BBK. The project places Mumtalakat’s technology portfolio within Bahrain’s push to modernise fi nancial infrastructure. The Kuwait Investment Authority (KIA) has held talks with Canadian Prime Minister Mark Carney on expanding bilateral investment cooperation, as the sovereign wealth fund seeks to strengthen its long-standing presence in Canadian markets. Managing Director Sheikh Saoud Salem Abdulaziz Al- Sabah met Carney on the sidelines of the fi rst Canada Investment Summit in Toronto on 14–15 September, according to a KIA statement carried by Kuwait’s state news agency KUNA. Discussions focused on joint investment opportunities, strengthening strategic .economic ties and reviewing KIA’s existing investments in Canada. QATAR BAHRAIN KUWAIT Sovereign wealth tracker FME_Nov2026_8-9_Map_14016019.indd 8FME_Nov2026_8-9_Map_14016019.indd 804/11/2026 09:5804/11/2026 09:58MAP OF THE MONTH9 ‘West to East’ was the message from New Delhi as Mubadala charts the next decade of overseas investment. Waleed Al Muhairi, Deputy Group CEO at Mubadala, spoke on the SWF’s approach to overseas investment. “We don’t view the increasing global fragmentation as a short-term blip” said Al Muhairi in the Indian capital. His message resonates with UAE foreign policy amidst broader multipolarity in the international fi nancial system as states prioritise national interests over collective intergovernmental blocs. “It is a new normal for the next fi ve, 10 or 15 years” the CEO said. Carlos Obeid, CFO of Mubadala, emphasised Al Muhairi’s message in Singapore at the Milken summit: Asia will be “important” as the fund boosts investment in China, South Korea, India and Japan. Mubadala has raised its portfolio exposure in Asia from 10 to 13% (FY23-26). Saudi Arabia faces a tougher fi scal test as the Iran war threatens aviation, tourism and the Gulf’s event season. The disruption risks undermining Vision 2030’s diversifi cation drive, while potential Houthi attacks could push defence spending higher. Riyadh raised its projected FY26 budget defi cit to SR 245B in its 30 September pre-budget statement, while the IMF’s October World Economic Outlook downgraded its growth forecast for the Kingdom from 1.7% growth in July to a 3.3% contraction. The outlook raises questions over the pace of delivery for major Vision 2030 projects, including preparations for the 2034 FIFA World Cup and plans for all 15 stadiums. The Oman Investment Authority (OIA) agreed to establish a $150M joint investment fund, with each side contributing $75M under a 50:50 ownership structure. The vehicle will be domiciled at the Astana International Financial Centre (AIFC), with operations scheduled to begin by the end of 2026. The agreement was signed during the state visit of Oman’s Sultan Haitham bin Tariq Al Said to Astana. The fund will target investments across both markets, with priority sectors including renewable energy, infrastructure, manufacturing, logistics, healthcare, pharmaceuticals, agriculture and mining. UAE SAUDI ARABIA OMAN FME_Nov2026_8-9_Map_14016019.indd 9FME_Nov2026_8-9_Map_14016019.indd 904/11/2026 09:5804/11/2026 09:58Next >