Gulf Business-September 2025

P.38 MONEY TALKS: A CIO’s take on mega-cap stocks, volatility, diversification

P.44 AHEAD OF THE GAME: How Sony’s winning mix of tech and design keeps it on top

ALLIANCE IN ACTION

HOW PARTNERS ANKUR AGGARWAL AND VIVEK ANAND OBEROI ARE POWERING BNW DEVELOPMENTS’ UAE EXPANSION

KINGDOM CONNECT EVERYTHING YOU NEED TO KNOW ABOUT OUR SAUDI SUMMIT P.28

Where ‘what ifs’

Gulf Business

CONTENTS / SEPTEMBER 2025

07

The brief

An insight into the news and trends shaping the region with perceptive commentary and analysis

22

Building on alliances

BNW Developments’ Ankur Aggarwal and Vivek Anand Oberoi share how collaboration is the driving force behind the company’s ambitious plans to redefine luxury waterfront living in the UAE

36

Fintech in focus: Money 20/20 hits Riyadh

Global players will converge in Saudi’s capital from September 15–17 to discuss the future of the region’s digital finance sector

51 Lifestyle

Malhotra’s musings:

Designer Manish Malhotra on craftsmanship, innovation and why jewellery is now a key part of his collections p.52

Fabulously Ferrari: The stunning Ferrari 12 Cilindri is Maranello’s unapologetic celebration of naturally aspirated V12 GTs p.55

Up to speed: The Goodwood Festival of Speed celebrated heritage and innovation as historic cars roared alongside cutting-edge EVs p.58

“We launched the EV Green Charger initiative in 2014, the region’s first public charging infrastructure network for electric vehicles. We continue this pioneering approach... through the launch of a comprehensive licensing system for the development and operation of EV charging infrastructure across the emirate. This is especially relevant as the number of EVs in Dubai reached over 40,600 by the end of the first half of 2025.”

Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA)

60

The SME Story

Insights on how the region’s dynamic SME ecosystem is evolving

Editor-in-chief Obaid Humaid Al Tayer

Managing partner and group editor Ian Fairservice

Chief commercial officer Anthony Milne anthony@motivate.ae

Publisher Manish Chopra manish.chopra@motivate.ae

Group editor Gareth van Zyl Gareth.Vanzyl@motivate.ae

Editor Neesha Salian neesha.salian@motivate.ae

Deputy editor Rajiv Pillai Rajiv.Pillai@motivate.ae

Reporter Nida Sohail Nida.Sohail@motivate.ae

Senior art director Freddie N Colinares freddie@motivate.ae

Senior art director Olga Petroff olga.petroff@motivate.ae

General manager – production S Sunil Kumar

Production manager Binu Purandaran

Assistant production manager Venita Pinto

Digital sales director Mario Saaiby mario.saaiby@motivate.ae

Sales manager Hitesh Kumar Hitesh.Kumar@motivate.ae

HEAD OFFICE: Media One Tower, Dubai Media City, PO Box 2331, Dubai, UAE, Tel: +971 4 427 3000, Fax: +971 4 428 2260, motivate@motivate.ae DUBAI MEDIA CITY: SD 2-94, 2nd Floor, Building 2, Dubai, UAE, Tel: +971 4 390 3550, Fax: +971 4 390 4845 ABU DHABI: PO Box 43072, UAE, Tel: +971 2 657 3490, Fax: +971 2 677 0124, motivate-adh@motivate.ae SAUDI ARABIA: Regus Offices No. 455 - 456, 4th Floor, Hamad Tower, King Fahad Road, Al Olaya, Riyadh, KSA, Tel: +966 11 834 3595 / +966 11 834 3596, motivate@motivate.ae LONDON: Acre House, 11/15 William Road, London NW1 3ER, UK, motivateuk@motivate.ae

MARK YOUR DIARIES WITH OUR MUST ATTEND AWARDS AND BRIEFINGS

EVENTS CALENDAR

SEPTEMBER 2025

SAUDI BUSINESS AND INVESTMENT SUMMIT (RIYADH, KSA)

Discover the key forces driving the Kingdom’s growth

SEPTEMBER

2025

GULF BUSINESS AWARDS (DUBAI, UAE)

RECOGNISING THE BEST IN KEY SECTORS ACROSS THE GCC Retail, Real Estate, Banking, Energy, Technology and Healthcare

NOVEMBER 2025

GULF BUSINESS BREAKFAST (DUBAI, UAE)

BUILDING TOMORROW: Innovations and sustainability in UAE real estate

UPCOMING EVENTS GULF BUSINESS AWARDS

FEBRUARY 2026

GULF BUSINESS BREAKFAST (DUBAI, UAE)

BREAKING GROUND: e UAE real estate outlook

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Navigating the new tax environment for GCC family offices

The wave of corporate income tax and substance rules compels GCC-based family offices to examine their entire operating model

As global tax norms tighten and economic diversification becomes a policy priority across the Gulf Cooperation Council (GCC), family offices in the region find themselves at a strategic inflection point.

The days of operating in low-disclosure, taxlight environments are gradually giving way to a new era of transparency, regulation, and cross-border compliance.

For family offices — guardians of multigenerational wealth and private capital — this shift demands more than passive adaptation; it requires a redefinition of governance, purpose, and geographic footprint.

At the same time, the GCC, and particularly the UAE, are well placed to serve as beacons for the relocation of family offices across the globe. As this trend

is slowly starting to form, many family offices are exiting from traditional hubs such as the US, UK, Hong Kong and Singapore, and moving to the GCC, with the large majority choosing the UAE as their new hub.

Here, we explore the key tax developments affecting GCC family offices and the strategies family offices should adopt to navigate this evolving landscape in a fresh perspective.

FROM LOW-TAX TO TAX DISCIPLINED: A CHANGING FISCAL PHILOSOPHY

Historically, GCC family offices thrived in an environment largely insulated from direct taxation. However, the tides have changed, and the current landscape reflects the GCC’s broader alignment with OECD frameworks such as the base eosion and profit shifting (BEPS) initiative and the common reporting standard (CRS). As regional economies mature and look to raise non-oil revenue, tax policy is becoming a tool not just of fiscal necessity but of reputational alignment with global best practices.

For family offices, this evolution means that tax neutrality can no longer be assumed — it must be planned for, structured around, and stress-tested regularly. What was once a compliance afterthought is now a strategic priority. At the same time, a sound tax system aligned with the international best practices and the OECD, together with the efforts that most GCC countries have put in place to provide robust structuring options with Common Law-based courts, can be a blessing in disguise to attract family offices from high-tax jurisdictions.

NEW OPERATING MINDSET AND READINESS

The wave of corporate income tax and substance rules compels GCC-based family offices to examine their entire operating model. The question is no longer just where assets are held, but how and why they are held, and how the services are remunerated.

Specifically, most of the GCC’s corporate tax regimes include transfer pricing rules. These rules provide a framework to ensure that related parties transact with each other on an arm’s length basis. Without these rules, there is a risk that taxpayers could

MANY FAMILY OFFICES ARE EXITING FROM TRADITIONAL HUBS SUCH AS THE US, UK, HONG KONG AND SINGAPORE, AND MOVING TO THE GCC, WITH THE LARGE MAJORITY CHOOSING THE UAE AS THEIR NEW HUB

manipulate their transfer pricing to achieve an arbitrary (and unfairly favourable) corporate tax result. The rules are based on global best practices (for example, the OECD Transfer Pricing Guidelines) and put an emphasis on substance and decision making to ensure profit is booked where value is created and key decisions are made.

For family offices that have traditionally relied on informal arrangements or layered offshore entities, this creates a direct challenge. Inaction may risk unwarranted tax exposure. For example, services from related parties charged at clearly a non arm’s length price, or interest free funding or excessive salaries paid to connected persons. These examples can create significant tax risk and also could require disclosure to the tax authorities under audit.

For instance, a common scenario in the UAE is where a family sets up a DIFC/ADGM Foundation, to hold their UAE family office (FO) and SPVs for diversified investments, personal real estate and other personal use assets (cars, yachts, jets).

Common practice dictates that the family would use the personal real estate and assets without paying rent/ lease to the SPV/FO, as well as having their employees support the family with concierge services, and house management without any specific remuneration.

However, given the UAE corporate tax and transfer pricing framework, it is critical that these transactions are priced on an arm’s length basis. This would require an analysis of the actual conduct of all the parties, choosing the right transfer pricing method and carrying out the appropriate benchmarking.

On the flip side, those who act early to align their structures with both domestic and international standards can not only mitigate their tax exposure risk but optimise it as well.

CROSS-BORDER COMPLEXITY AND GLOBAL FAMILIES

GCC family offices are increasingly global in scope,

with assets, residences, and beneficiaries spread across continents. This geographical spread brings opportunity — but also friction. Framework divergence between home and host countries, divergent definitions of tax residency, and the extraterritorial reach of regimes like FATCA and CRS can complicate wealth planning.

One area of increasing complexity is the treatment of trust-like structures and foundations, especially when beneficiaries reside in higher-tax jurisdictions like the UK, Canada, the US and European Union countries. These structures may be tax neutral domestically (for example, in the UAE as a family foundation), but its distributions, management structure, and reporting obligations may still trigger tax consequences abroad.

Moreover, the second and third generation beneficiaries, who may be less tied to the region, require planning that anticipates life events — relocation, marriage, inheritance — through a globally coordinated tax lens and a strong governance framework.

On this point, a key factor to consider is how broad and easy to access is a country’s Double Tax Treaty (DTT) network, where for instance within the UAE’s tax treaty network there are nationality-based restrictions to claim DTT benefits.

NAVIGATING WITH INTENTION

The GCC remains one of the most dynamic and promising regions for private wealth and family offices. Its regulatory evolution reflects the commitment to be aligned with the international best practices and provide a secure platform for individuals and their structures.

Nevertheless, despite the positive outlook, this new landscape demands more, particularly on the tax front. If the ultimate goal is to be new global hub for family offices and private wealth, a simple, straightforward, attractive tax bespoke framework for family offices is required, one to rival and surpass key hubs such as Singapore.

For family offices in the GCC, and those looking at the GCC as their new home, the question is no longer whether the tax environment is changing — it’s how well you’re prepared to navigate it.

FOR FAMILY OFFICES, THIS EVOLUTION MEANS THAT TAX NEUTRALITY CAN NO LONGER BE ASSUMED — IT MUST BE PLANNED FOR, STRUCTURED AROUND, AND STRESS-TESTED REGULARLY.

Vishal Sharma is MD and UAE Tax Practice leader, Malcolm Manekshaw is senior director, Tax, and Tiago Marques is manager, Direct and International Tax, Private Clients at Alvarez & Marsal Middle East Pics: Supplied

FROM POTENTIAL TO POLICY:

How AI can transform public finance

Legacy IT systems and non-integrated data sources hinder effective AI model development, say these experts

Governments worldwide face mounting fiscal pressure: rising debt, volatile revenues, and growing public expectations.

Amid this complexity, they are expected to act faster, spend smarter, and enhance trust in public institutions.

Artificial intelligence (AI) presents a once-in-a-generation opportunity to redefine how public resources are planned, allocated, and accounted for. Yet its potential in public finance remains largely untapped. Governments are beginning to integrate AI into fiscal operations, from optimising budgets and improving forecasts to automating audits and fraud detection. These early efforts hint at a bigger prize: the strategic use of AI to redesign the fiscal policy cycle itself.

The question is no longer whether AI can help, but how fast and how well governments can scale its use responsibly.

AI’S ROLE IN MODERN PUBLIC FINANCE

AI is transforming how governments manage public finances. It enhances decision-making in fiscal policy and resource allocation, strengthens risk management, streamlines operations, and improves citizenfacing services. By moving beyond simple automation, AI enables real-time data analysis, dynamic resource targeting, and proactive risk identification. These capabilities are already being applied across public finance to support:

Macroeconomic and fiscal forecasting: AI is transforming traditional econometric methods by using machine learning (ML) and deep learning (DL) to process vast, unstructured datasets. This improves forecasting accuracy and enables real-time “nowcasting”. For instance, the Australian Taxation Office uses ML models to forecast tax revenues, while South Korea’s Ministry of Economy and Finance produces daily updates on the national treasury balance using AI. In the UAE, the Ministry of Finance is enhancing revenue forecasting and compliance through AI, while initiatives like Smart Dubai embed intelligent tools in digital payments and smart procurement.

Budget planning and expenditure monitoring:

AI modernises budgeting processes by automating data handling and applying advanced analytics. ML enhances the accuracy of expenditure baselines, supports policy cost estimation, and enables evidence-based fiscal decision-making. For eg, the Australian Department of Veterans’ Affairs uses predictive models to simulate lifetime fiscal impacts of beneficiaries and assess policy options, while France’s DGFiP applies ML to identify municipalities at financial risk. Public spending reviews: AI is strengthening spending review processes by analysing large and complex datasets to identify trends, evaluate programme effectiveness, and inform resource reallocation. ML and DL extend beyond traditional analytics to uncover deeper insights and automate recommendations. For instance, the UK Treasury employs HMT-GPT to assess budget proposals and support long-term funding reviews, while Canada’s Department of Finance uses AI to evaluate the impact of public spending and guide reallocation decisions.

BUILD MODERN CLOUD INFRASTRUCTURE, HIRE SKILLED DATA ENGINEERS, AND PROVIDE ONGOING TRAINING TO UNLOCK AI’S FULL VALUE BEYOND ISOLATED PILOTS

Accounting, control, and fraud detection: AIdriven automation and anomaly detection are making internal financial controls more efficient. Tools using NLP, ML, and DL, can rapidly process documents, identify irregularities, and strengthen oversight. Denmark employs AI to monitor subsidy disbursements and flag anomalies, and the UK applies ML to detect fraudulent claims with better speed and accuracy.

Citizen engagement and service delivery: AI is redefining how public finance institutions interact with citizens. Chatbots and language models enhance

accessibility, automate responses, and improve transparency. The US Internal Revenue Service uses AIpowered voice and chatbots to reduce inquiry wait times, while Ireland’s Department of Finance uses AI to draft tax manuals and summarise legal documents, making government communication more accessible. These examples underscore AI’s growing role across the fiscal value chain, but also reveal a gap: AI is informing decisions, not making them.

WHY PRESCRIPTIVE AI REMAINS ELUSIVE

Prescriptive AI – the ability to recommend or make decisions – remains rare in public finance. The reasons are complex: lack of explainability, unclear accountability, and unresolved ethical concerns. Should an AI system decide how public funds are distributed or which programs face cuts? What if its recommendations reflect bias or flawed assumptions? Who is accountable when things go wrong? These are not just technical questions – they are governance questions. Addressing them is key to unlocking AI’s next frontier in fiscal policymaking.

WHAT’S HOLDING AI BACK?

Despite its promise, AI adoption in public finance faces five persistent barriers:

Lack of strategic alignment with institutional priorities: Many institutions lack a top-down, structured approach to identifying AI use cases that directly support national priorities or institutional mandates. This leads to fragmented, opportunistic, or siloed implementations and limits the ability to demonstrate strategic value, especially when impact tracking is focused solely on cost or operational efficiency.

Outdated infrastructure and fragmented data ecosystems: Legacy IT systems and non-integrated data sources hinder effective AI model development. High-quality, interoperable data is essential but often inaccessible or trapped in bureaucratic systems resistant to integration. These challenges are particularly acute in regions where coordination across agencies remains limited. In the GCC, efforts to unify public finance platforms – often led by sovereign wealth funds or centralised finance ministries – highlight the need for shared standards and interoperable systems. Capacity and culture gaps: AI deployment requires more than technical expertise. It demands a culture that embraces innovation and adaptive decisionmaking. Many institutions lack digital capabilities, face internal resistance to change, or operate within risk-averse environments where experimentation is discouraged. Regional actors such as the Arab Monetary Fund have highlighted the need for stronger institutional coordination and innovation ecosystems to advance digital finance transformation.

Naman Sharma and Pedro Marques are partners, and Rayane Dandache is manager, Financial Services Practice at Kearney Middle East & Africa

Ethics, security, and transparency concerns:

As AI begins to shape sensitive fiscal decisions, such as allocating benefits or reallocating funds, issues of fairness, legality, and accountability become critical. Without clear rules, AI can produce biased outcomes or breach financial regulations. Weak cybersecurity may expose sensitive fiscal data, threatening national security and eroding trust. Public finance professionals and citizens must understand how AI insights are generated and used. Opaque algorithms or poorly communicated logic risk undermining both legitimacy and public confidence.

Absence of robust evaluation and ROI frameworks: AI returns are harder to measure and often intangible in the short term. This makes it challenging to prioritise and scale promising pilots. Without clear methodologies to assess impact – including efficiency gains, accuracy improvements, and equity outcomes – AI programmes struggle to secure sustained funding and political backing.

A STRATEGIC PATH FORWARD

To move from pilots to purpose-driven AI adoption, governments should focus on five priorities:

01 Define AI priorities top-down, aligned with institutional and national fiscal and development goals. Focus on areas where AI advances mandates such as revenue mobilisation.

02 Build modern cloud infrastructure, hire skilled data engineers, and provide ongoing training to unlock AI’s full value beyond isolated pilots.

03 Establish strong data governance frameworks to improve data accessibility, quality, and interoperability, wit privacy and ethical use in focus.

04 Track cost-benefit metrics alongside accuracy, compliance, equity, and public confidence to capture AI’s true impact on fiscal management.

05 Require model transparency, independent audits, and clear accountability frameworks before AI tools influence critical fiscal decisions.

THE TIME TO ACT IS NOW

AI is not just a technological upgrade, it is a fundamental shift in managing public finance. Governments that embed it strategically will unlock unprecedented agility, precision, and transparency. Moving beyond advisory roles, prescriptive models can drive smarter, faster, and more accountable policy decisions.

But this power demands caution: without rigorous transparency, fairness, and accountability safeguards, such systems risk bias and unintended consequences that could undermine trust.

Done responsibly, AI can help governments anticipate shocks, improve policy outcomes, and enhance public confidence.

How insurers are adapting to EVs, micromobility, and shared services

With the region’s transportation landscape is evolving rapidly, insurers must innovate with flexible, usage-based policies, AI-driven risk assessment, and dynamic coverage to match changing consumer needs

With the rise of electric vehicles (EVs), autonomous technology, and shared mobility solutions, the transportation sector is rapidly evolving, significantly reshaping consumer needs. Meanwhile, micromobility has surged in popularity, with e-scooters and bikes now a common feature in cities worldwide. This shift in transportation preferences is being driven by several factors, including urbanisation, environmental concerns, and the growing availability of flexible mobile solutions.

As a result, the way we think about mobility is changing. Many people are choosing to access transportation services as needed, rather than committing

to long-term costs and the responsibilities of vehicle ownership. For consumers, this transition represents greater flexibility, convenience and cost efficiency. Furthermore, the Middle East car rental market is experiencing rapid growth, projected at a 10.42 per cent CAGR, driven by digital transformation with online bookings dominating, a booming tourism sector demanding diverse fleets including luxury vehicles, and a growing emphasis on sustainable mobility through EV adoption. Technological integration of AI and machine learning is streamlining operations, while leisure/tourism, economy cars, and self-driven rentals remain dominant segments, though luxury car rentals are the fastest growing.

Vinay Surana is regional MD, Asia Pacific Middle East and Africa at Allianz Partners

THE MIDDLE EAST CAR RENTAL MARKET IS EXPERIENCING RAPID GROWTH, PROJECTED AT A 10.42 PER CENT CAGR, DRIVEN BY DIGITAL TRANSFORMATION WITH ONLINE BOOKINGS DOMINATING, A BOOMING TOURISM SECTOR DEMANDING DIVERSE FLEETS INCLUDING LUXURY VEHICLES, AND A GROWING EMPHASIS ON SUSTAINABLE MOBILITY THROUGH EV ADOPTION

Companies are expanding through digital innovation, strategic partnerships, and network growth, while offline bookings still cater to corporate clients seeking personalised services.

SHIFT IN THE INSURANCE MARKET

All these changes necessitate a corresponding shift in the insurance market. Take shared mobility services, for example, such as subscription-based or pay-per-use models. With these vehicles constantly on the road, the likelihood of accidents, wear and tear, and claims is much higher. Moreover, multiple drivers with varying levels of experience make it harder for insurers to accurately assess risk and price policies. Insurers now need to account for frequent, short-term use rather than long-term vehicle ownership, which adds a layer of complexity to pricing and underwriting.

Or consider the fact that many more vehicles on the road are electric, in which case the battery, a single component, accounts for 30-50 per cent of the vehicle’s total value. Not only do these require highly skilled technicians to repair them, but even minor damage may require a full battery replacement. The assessment of whether a battery is damaged after a crash becomes more complex, and for used-car

buyers it is more difficult to trust the durability of a battery. In short, the cost, complexity and risks associated with battery repairs drive up costs and creates new challenges and risks for insurers. As more consumers make the switch to electric, these issues will become even more critical for insurance companies to address.

ADAPTING TO NEW NEEDS

Given these changes, mobility is increasingly shifting away from a product-centric, asset-driven model toward an increasingly service-oriented industry. As this transformation unfolds, consumers are increasingly demanding flexible, reliable, and cost-effective insurance models, tailored to different usage patterns and modes of transport.

With these shifts, insurers need to move beyond traditional, fixed annual premiums and offer models that reflect today’s mobility market. Rather than a one-size-fits-all approach, insurers must account for the actual usage and risks associated with various transportation methods. We see an increase in the adoption of pay-as-you-drive car insurance, and insurance companies are increasingly leveraging realtime data, enabling insurers to provide dynamic pricing models instead of fixed annual premiums.

Ultimately, as the mobility landscape continues to shift away from ownership toward servicebased mobility solutions, insurance companies must embrace change. The integration of AI, big data, and real time analytics enable insurers to offer dynamic, personalised coverage that meets the diverse needs of the modern consumers.

In doing so, the future of mobility and insurance will be characterised by greater flexibility, more precise risk assessments, and products that are better suited to evolving consumer needs. From usagebased policies to partnerships with mobility providers, the insurance industry has a crucial role to play in supporting safer, greener, and more efficient future mobility. As both consumers and insurers embrace these innovations, they will be better positioned to navigate the rapidly changing transportation sector, and the opportunities and challenges that lie ahead.

Ben Simpfendorfer is partner in Oliver Wyman’s Finance and Risk Practice and leads Asian initiatives of the firm’s think tank, the Oliver Wyman Forum

Dubai eyes next wave of growth as global hub

From reconfigured global supply chains to the rapid rise of mid-tier cities across Asia, Africa and the Middle East, Dubai is strategically placed to leverage its connectivity and scale to challenge top-ranked global hubs

In just three decades, Dubai has risen from a modest seaside town into one of the first great cities of the 21st century by leveraging its location and bold global ambitions. Yet the city’s best days may still lie ahead.

Today’s geopolitical tensions and trade protectionism are a far cry from the globalisation ethos that helped fuel Dubai’s rise, but they play to the city’s strategic strengths.

Dubai’s leaders promoted real estate development, finance, shipping, aviation, and tourism, and in the space of a generation built a dynamic city that boasts the world’s tallest building and busiest international airport, and hosts the regional headquarters of most major multinationals.

Dubai now ranks 8th among 1,500 cities across Asia, Africa, Latin America, and the Middle East as a commercial hub, or city with vibrant corporate, industrial, retail, and hospitality sectors, according to the Oliver Wyman Forum’s index of The Cities Shaping The Future. It also ranks 4th as a mobility connector, or city that facilitates the movement of goods and people.

That base gives Dubai an opportunity to capitalise on two major shifts in the global economy: the rebuilding of supply chains for greater resilience and the rapid rise of mid-tier cities across Africa, Asia, and the Middle East that need a sophisticated hub to connect them to global markets.

Seizing that opportunity can enable Dubai to challenge some of the Asian megacities that top our

commercial hubs ranking, including Tokyo, Shanghai, and Singapore.

CAPITALISING ON SUPPLY-CHAIN DISRUPTION

To sustain robust growth and challenge top-ranked cities like Tokyo, Shanghai, Seoul, and Singapore, Dubai authorities should take advantage of the realignment of global supply chains in response to geopolitical tensions.

A recent surge in tariffs and other trade restrictions has prompted many multinational companies to double down on diversifying their supply chains for greater resilience. India is an increasingly attractive location for companies looking to avoid US tariffs on China and Southeast Asian countries, and our conversations indicate that Korean and Japanese investors are quickly pivoting to this large market. Japanese investment in India amounted to $5.5bn in 2024, more than three times the annual average between 2015 and 2020. Dubai is well-placed to take advantage of this trend given its proximity to India and the fact that Indian nationals make up roughly a third of the population of the UAE.

Dubai is already playing a growing role in shipping manufactured goods and parts to and from India and selling professional services to companies building new factories and distribution facilities in the country. The UAE and India signed an economic partnership agreement in 2022, and two-way trade between the countries reached nearly $85bn in the 12 months ended in March 2024. The UAE also is India’s seventh-largest overseas investor, having poured $22bn in foreign direct investment into the country since the year 2000.

Dubai also has an opportunity to play a greater role orchestrating trade flows between Southeast Asia, South Asia, and North Africa, as supply chains rebalance.

Morocco and Turkey are two potential winners from the latest tariff disruption, and in today’s highly interconnected supply chains, Dubai’s logistics companies will play an important role transshipping products between growing numbers of factories in India, Southeast Asia, and across the Middle East and North Africa.

INDIA IS AN INCREASINGLY ATTRACTIVE LOCATION FOR COMPANIES LOOKING TO AVOID US TARIFFS ON CHINA AND SOUTHEAST ASIAN COUNTRIES, AND OUR CONVERSATIONS INDICATE THAT KOREAN AND JAPANESE INVESTORS ARE QUICKLY PIVOTING TO THIS LARGE MARKET.

THE UAE AND INDIA SIGNED AN ECONOMIC PARTNERSHIP AGREEMENT IN 2022,

Dubai can build on its record and replicate the suc cess Hong Kong has had the past 30 years serving as a gateway between the rapidly expanding manufac turing sector in southern China and global markets.

SEIZING THE GROWTH OPPORTUNITY OF MID-TIER CITIES

Another opportunity closely related to supply-chain realignment is the rise of mid-tier cities. Dubai lies within a six-hour flight of over 800 cities across Africa, Asia, and the Middle East with populations greater than 250,000.

Combined, they have over one billion people and a GDP of $8tn, making them increasingly attractive markets.

These cities are poised to be a growing source of consumer demand for everything from travel services and tourism to e-commerce and financial services. The fastest-growing of these cities are benefiting from expanding manufacturing investments, growing business process outsourcing, and improved digital connectivity. As growth spreads beyond major cities to these mid-tier urban areas, the prospects for the emirate will grow.

Dubai, which serves as a destination or transit hub for more than 90 million travellers from over 270 cities around the world, is well placed to capture a big share of the growth in leisure travel from these mid-tier cities.

The emirate also can serve as a convenient and efficient distribution hub for e-commerce plat forms selling to shoppers in these cities. Chinese e-commerce and logistic players, for instance, can easily tap these markets from Dubai’s existing transport infrastructure.

The city also has an opportunity to attract more cor porate headquarters beyond those of multinationals that already have a presence. The growing consumer clout of the mid-tier market across Africa, Asia, and the Middle East makes it more compelling than ever for companies to establish a regional office to support their local presence in these cities. Dubai also can attract local conglomerates from these same markets as they seek to build out an international business.

Can Dubai seize these opportunities? For a city that has grown its population nearly five-fold in the past three decades and transformed a largely undeveloped coastline into a glittering global destination, the ques tion might be better phrased, how can it not?

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Jigar Sagar is an entrepreneur, investor, government advisor, and founder of Triliv

Do highly successful entrepreneurs take sabbaticals?

As burnout rises, founders are questioning whether stepping away from their businesses could spark renewal, resilience, and sharper long-term vision

Sabbaticals are no longer just for academics or long-serving employees. As burnout and creative fatigue hit founders hard, many ask: can successful entrepreneurs step away, recharge, and return stronger?

When we think of sabbaticals, we usually imagine employees in permanent roles taking an extended break. In fact, these days, many people actively seek employers who offer sabbaticals, and one survey suggests that over 50 per cent of organisations now offer sabbatical leave.

But what about entrepreneurs? For many, the idea of sabbaticals seems completely out of reach.

A 2023 study of US entrepreneurs found that 39 per cent had never taken a seven-day break without checking in with their team, let alone considered extended leave. This highlights a disconnect between the growing trend of sabbatical leave in traditional workplaces and the reality for those running their own businesses.

Nevertheless, there are clear benefits for those who can take a long break. A report in the Harvard Business Review looking at 250 people who took extended time off found they all returned feeling rejuvenated and with a better sense of priorities, not to mention improved physical and mental health. So, isn’t this something entrepreneurs would benefit from?

That’s what this article is about. While we commonly associate sabbaticals with academics or employees, it might just be possible for the entrepreneur to take one if it’s handled appropriately. But the question remains: why would someone at the peak of their business powers take a step away? And how long should the work break be?

WHY WOULD A HYPERSUCCESSFUL ENTREPRENEUR TAKE A BREAK?

At first glance, it doesn’t seem possible that an entrepreneur who has built a major company or manages a portfolio of startups would want to rest. Many have reached this point because they have refused to slow down. For these personality types, it’s something far beyond a job – it’s a calling that occupies every moment of their lives.

But there is a price for this level of intensity. The first danger is burnout. Then comes the risk of reduced creativity. Inspiration slows, and so does growth.

THEY RETURN MORE PROACTIVE AND LESS REACTIVE, ASKING BIGGER QUESTIONS ABOUT PURPOSE, IMPACT, AND LEGACY. A SABBATICAL DOESN’T CHANGE THEIR ENTREPRENEURIAL DRIVE, BUT IT DOES HELP REFINE IT – STRENGTHENING PRIORITISATION AND DELEGATION SKILLS ALONG THE WAY.

In 2023, Lucy Oliver, the CEO of Rē Precision Health, took four months off work. At that point, her company was three years old and had over 20 employees. The thought of stepping away for so long might make many entrepreneurs break out in a cold sweat. But Oliver told a leading publication that the company continued just fine in her absence, and she returned rejuvenated with a wealth of new ideas to drive growth.

A sabbatical, in many ways, is a way of avoiding stagnation and protecting the clear vision that got you started in the first place.

HOW TO CONSTRUCT A SABBATICAL FOR AN ENTREPRENEUR

A sabbatical for a highly successful entrepreneur is unlikely to mean six months lying on the beach. But equally, it shouldn’t become an executive training camp filled with nonstop networking. The break needs balance, tailored to the entrepreneur’s needs, structured but not suffocating.

It might take the form of a spiritual retreat, extended reading time, travel, or new physical challenges. Some find meditation useful, others prefer daily journaling. The key is that the break is a true pause in the entrepreneur’s life, designed to reawaken instincts dulled by constant hustle.

This does mean stepping back from the business, which requires careful planning and strong systems. You don’t necessarily need to detach entirely, but resisting the urge to micromanage from afar is vital. Trusting the C-suite and empowering employees gives them room to rise to the occasion – often strengthening the company in the process.

WHAT SHOULD AN ENTREPRENEUR’S SABBATICAL LOOK LIKE?

The general goal should be to return with a broader lens, thinking less about daily operations and more

about ecosystems and long-term impact. That sort of perspective comes only with real distance.

As for timelines, some entrepreneurs take three months, others a year or more. The key variable is intention: is the sabbatical long enough for proper detachment? Entrepreneurs are conditioned to solve problems, so the longer the break, the larger the questions they can tackle, from climate change and inequality to unique business challenges.

Shorter sabbaticals don’t allow for this level of reflection, but mini-retreats filled with reading, hiking, or learning still offer value. That said, the most transformative sabbaticals tend to be longer.

THE ROI OF RETURNING

The true return on investment comes after the sabbatical. Entrepreneurs often come back with fresh perspective: projects that once seemed vital may fade, while overlooked opportunities move to centre stage.

They return more proactive and less reactive, asking bigger questions about purpose, impact, and legacy. A sabbatical doesn’t change their entrepreneurial drive, but it does help refine it – strengthening prioritisation and delegation skills along the way.

SHOULD MORE ENTREPRENEURS CONSIDER SABBATICALS?

It depends on readiness and company maturity. For founders deeply involved in day-to-day operations, stepping away for even a week can feel impossible. But if systems, workflows, and strong teams are in place, then it’s achievable – and often the most courageous and strategic move an entrepreneur can make. It requires trust, letting go of control, and accepting that things may not be perfect in your absence. Not everyone is ready for that. But for those who are, sabbaticals can be transformative.

FROM HUSTLE TO SABBATICAL

In a world that glorifies hustle, a sabbatical feels almost radical. Yet for the successful entrepreneur, it might be the only way to shift from builder to visionary, from operational focus to legacy thinking. Because sometimes, the best ideas emerge not in the noise of the grind, but in the quiet.

ACCORDING TO A SURVEY PEOPLE WHO TOOK EXTENDED TIME OFF FOUND THEY ALL RETURNED FEELING REJUVENATED AND WITH A BETTER SENSE OF PRIORITIES

RAK’s one of the fastestgrowing markets in the region, say industry leaders

Property sales and prices have surged in Ras Al Khaimah in the past three years, driven by key hospitality, commercial and residential projects

Ras Al Khaimah is undergoing one of the fastest property expansions in the UAE, backed by long-term planning under the vision of Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah.

The emirate has seen property sales and prices climb sharply over the past three years as new hospitality, commercial and residential projects come online.

Its population, currently about 400,000, is forecast to rise to 650,000 by 2030, creating demand for an estimated 45,000 additional homes.

Global players such as Emaar, Aldar and Ellington have entered the market alongside domestic developers Marjan, Al Hamra and RAK Properties. Investorfriendly regulations, a diversified economy and rising foreign interest are reinforcing the momentum.

AL MARJAN ISLAND IS AT THE CENTRE OF GROWTH

At the centre of development is Al Marjan Island, led by CEO Engineer Abdullah Al Abdooli, which has attracted high-end hospitality brands including Wynn, JW Marriott, Nobu, Missoni and The Address.

Marjan is also behind RAK Central, a planned hub for offices, retail and lifestyle that will rank among the Northern Emirates’ largest commercial districts and incorporate green building standards aligned with Ras Al Khaimah’s 2030 Vision.

Developer Al Hamra, headed by CEO Benoy Kurien, is expanding its integrated living model with projects such as Al Hamra Village, Waldorf Astoria Residences, Falcon Island, Al Hamra Waterfront and Manar Mall, the emirate’s biggest retail destination.

Meanwhile, RAK Properties is pushing ahead with its Mina development, home to Anantara Mina Ras Al Khaimah and

InterContinental Ras Al Khaimah. The site will also add Nikki Beach, Staybridge Suites and a planned Four Seasons.

“The vision for Ras Al Khaimah is becoming a reality,” RAK Properties chairman Abdulaziz Abdullah Al Zaabi said. “We are creating a vibrant, sustainable environment that is attracting global investment while maintaining the unique culture and natural heritage of our Emirate.”

CEO Sameh Muhtadi added: “What we have seen over the past couple of years is remarkable. We are witnessing unprecedented global interest – and this momentum will only continue.”

RAK INVESTS IN INFRASTRUCTURE, TOURISM

The emirate has also invested heavily in infrastructure, with eight hospitals including RAK Hospital and a regulated private education system overseen by the Department of Knowledge.

Consistently ranked among the world’s safest locations, Ras Al Khaimah has strengthened its appeal as a place to live and invest.

Tourism continues to expand, with visitor numbers reaching 1.28 million in 2024.

Attractions include Jais Flight, the world’s longest zipline, Bear Grylls Explorers Camp and 1484 by Puro, the UAE’s highest restaurant. RAK Hospitality Holding, led by CEO Alison Grinnell, has supported growth through hotel acquisitions and new tourism offerings.

Industry executives say Ras Al Khaimah’s rise is anchored in its 2030 Vision, which prioritises sustainable urban growth, livability and community development.

With international and local developers adding new beachfront apartments, luxury villas and golf communities, the emirate is positioning itself as one of the Gulf’s most dynamic real estate and tourism markets.

DOUBLE IMPACT, BNW DEVELOPMENTS

DRIVEN BY STRONG LEADERSHIP, STRATEGIC ALLIANCES AND CREATIVE INNOVATION, BNW DEVELOPMENTS’ ANKUR AGGARWAL AND VIVEK ANAND OBEROI ARE STEERING THE COMPANY’S GROWTH IN THE UAE WITH LANDMARK LUXURY PROJECTS

SINGLE VISION

In a business world defined by rapid shifts and constant reinvention, some companies stand out not just for what they build, but how they build it. For BNW Developments, a rising force in the UAE’s luxury real estate market, partnership is more than strategy, it is the foundation of their growth. This philosophy begins at the top and radiates through every project, shaping alliances and guiding decisions.

Headquartered in Dubai and backed by a team of more than 400 professionals from across the world, BNW Developments is led by two talented visionaries: Ankur Aggarwal, a seasoned authority in finance and strategic governance, and Vivek Anand Oberoi, a celebrated Indian actor and entrepreneur, whose creative insight adds a distinctive dimension to the company.

“On paper, Ankur’s and my path seemed to run on completely different tracks,” Oberoi notes. “But life, or rather, destiny, has a funny way of bringing people together. We often say we’re brothers by heart, not just partners by choice.”

From these seemingly divergent worlds, the co-founders discovered a shared vision: a desire to craft not just luxurious properties, but enduring legacies. Their synergy forms the blueprint for BNW’s distinctive approach, proving that when diverse talents converge with a common purpose, potential is limitless.

“Our differences aren’t a hurdle; they’re the very architecture of our strength at BNW,” Aggarwal explains. “I bring the discipline of finance, with a laser focus on numbers, solid governance, and strategic vision. Vivek complements this with boundless creativity, a strong strategic framework, and an extraordinary ability to forge lasting partnerships. Together, we ensure every project is not just financially sound, but culturally significant and creatively distinct.”

SELLING 97 UNITS OF TAJ

WELLINGTON MEWS SUCCESSFULLY DEMONSTRATES

BNW’S COMPLEMENTARY

LEADERSHIP

GRACE UNDER PRESSURE

The company’s philosophy was vividly demonstrated during the launch of the Taj Wellington Mews with IHCL Taj in partnership with BNW on Al Marjan Island. This project marks the hospitality giant’s dive into branded luxury residences. Its fastpaced launch saw 97 units sell in just 24 hours, highlighting the resilience of BNW’s complementary leadership and solid reputation. Oberoi recalls: “During those tense moments, Ankur and I leaned completely on each other’s conviction and the team’s efficiency. I trusted Ankur’s precise numbers, and he trusted my instinct that buyers would deeply connect with the project’s cultural story that dates 121 years back. That mutual faith transformed what could have been pressure into ‘history’.”

This anecdote perfectly encapsulates the trust and complementary decision-making that define BNW’s leadership, turning challenges into record-breaking success.

EMPOWERING ‘CO-CREATORS’

For BNW, partnership extends far beyond the founders. It permeates the organisational culture, where every employee is a “co-creator” in the company’s unfolding

AT A GLANCE: BNW DEVELOPMENTS

Established: Set up in 2024, headquartered in Dubai

Portfolio: Value of projects exceeds Dhs22bn covering projects across Dubai and Ras Al Khaimah

Team: More than 400 real estate experts. Employees are “co-creators” and “entrepreneurs” within the BNW ecosystem

Mission: “To build not just skylines, but legacies”

Buyer preferences: Adapting to demand for branded residences, wellness-driven living, and waterfront connectivity

Through cross-border partnerships, I have watched projects succeed not just based on location or square footage, but because buyers are purchasing meaning, heritage and association.”

success story. Aggarwal explains: “At BNW, we don’t talk about ‘staff’ and ‘management.’ We talk about ‘co-creators’ and ‘co-authors’ writing BNW’s success story. Every engineer, designer, marketing and sales professional is encouraged to see themselves as an entrepreneur within the BNW ecosystem.”

This empowerment ensures every project is a collective vision. “I believe in empowering minds to be entrepreneurs, not just employees,” Aggarwal adds.

This ethos cultivates an environment where innovation thrives and a collective sense of purpose drives tangible results. It has also earned the company a “Great Place to Work” certification for 2025–26, reinforcing that their focus on internal synergy is just as vital as their external partnerships.

STRONG COLLABORATIONS

Just as their relationship with the team, BNW’s founders’ collaboration with global powerhouses are not just about branding — they are about partners who share Aggarwal and Oberoi’s “unwavering obsession with quality” and a vision for lasting legacies. “Our collaborations aren’t just names on a list; they are the heartbeat of our philosophy,” Aggarwal says.

Partnerships with IHCL Taj, Michel Adam’s Fashion TV and MAN Construction exemplify this approach, ensuring

world-class service, design-forward identity and construction excellence. Oberoi adds: “Blending global expectations with our local reality isn’t about compromise; it’s about true synthesis. We approach every partnership as a vital dialogue where global expertise and local context mutually enrich.

“My advice is simple: Start with clarity of purpose. The numbers will follow. Through cross-border partnerships, I have watched projects succeed not just based on location or square footage, but because buyers are purchasing meaning, heritage and association.”

Through these alliances, BNW is developing luxury residences into landmarks of culture, lifestyle, and enduring value. The collaboration with IHCL Taj combines a century of hospitality excellence with local relevance, while the partnerships with Adams on Fashion TV projects like FashionTV Acacia inject a vibrant global cultural rhythm into design. MAN Construction ensures visionary designs are realised to perfection, as seen in Aqua Arc, described as an “iconic waterfront development set to redefine ultra-luxury living in Ras Al Khaimah”. Al Marjan Island itself is a crucial partner, providing the platform to realise some of the emirate’s most ambitious developments.

SHAPING THE UAE’S LUXURY PROPERTY MARKET

The partners’ commitment to thoughtful, legacy-driven developments is reflected not just in design and partnerships, but also in timing and location. BNW’s portfolio, now exceeding Dhs22bn, strategically spans Dubai and Ras Al Khaimah, aligning with areas of rapid growth and rising demand for luxury residences.

KEY PROJECTS AND PARTNERSHIPS

TAJ WELLINGTON MEWS (AL MARJAN ISLAND, RAK)

• 97 units sold in 24 hours

• Partnership with IHCL Taj Hotels, blending century-old hospitality with local culture

AQUA ARC (AL MARJAN ISLAND, RAK)

• Ultra-luxury waterfront project.

• Partnership with MAN Construction (Masah Group subsidiary)

FASHIONTV ACACIA (AL MARJAN ISLAND, RAK)

• Collaboration with Michel Adam’s Fashion TV, injecting a “vibrant, global cultural rhythm and design-forward identity”

STRATEGIC EXPANSION IN RAK

• Pioneering seafront projects and expanding into RAK Central (growth corridor) and Beach District

LAUNCHED PROJECTS

• Pelagia, Esplora, Aqua Arc, Aquino

In Dubai alone, real estate transactions reached Dh431bn in H1 2025, a 25 per cent year-on-year increase, with luxury property prices climbing 11–21 per cent for villas and up to 11 per cent for apartments, according to recent data from the Dubai Land Department. Ras Al Khaimah, in particular, is emerging as the next frontier for luxury real estate, experiencing one of the fastest property expansions in the UAE. Over the past three years, property sales and prices have climbed sharply as new hospitality, commercial, and residential projects come online. These rising numbers underscore the relevance of BNW’s strategy: creating culturally resonant, high-quality properties precisely where the market appetite and economic growth converge.

Oberoi highlights: “The next five years for luxury and branded residences feel like a golden era in the UAE. Ras Al Khaimah is rapidly emerging as the next frontier, with the Wynn Al Marjan Island resort catalysing a projected 58 per cent rise in luxury residential values.”

LUXE WATERFRONT DEVELOPMENTS IN RAK

BNW’s Al Marjan Island portfolio sets a new standard for luxury coastal living, with three distinct projects that balance design, lifestyle and location.

Aqua Arc features 226 fully furnished residences, from oneto three-bedroom apartments and two-bedroom townhouses to expansive five-bedroom penthouses, each oriented to capture sweeping sea views and complemented by a rooftop infinity pool, wellness cenre, landscaped terraces, retail spaces, and direct beach access. Pelagia, a 13-storey high-rise, combines 158 residences with two retail outlets, offering infinity pools, landscaped gardens, and fitness centres in a serene beachfront setting. Aquino, a boutique low-rise development, introduces 150 fully

Our vision is simple: to build not just skylines, but legacies. And partnership is the cornerstone of that mission.”

furnished studios to three-bedroom apartments, blending elegant interiors with landscaped gardens, fitness amenities, and effortless access to the waterfront.

Together, the three projects embody BNW’s vision of redefining waterfront living on Al Marjan Island. As BNW continues to evolve, its leadership remains ambitious yet measured. Each project, the partners say, will continue to be conceived with deep passion and commitment, reflecting innovation and excellence. BNW’s efforts have also seen projects such as FashionTV Acacia and Pelagia receive the accolade for “Best Luxury Apartment Living”, reflecting the company’s commitment to quality and a luxe lifestyle. Similarly, BNW’s integrated services, from valuation and advisory to consultancy and development, adhere to international standards such as IVS and RICS, offering robust investor confidence.

BUILDING A LEGACY

But while BNW is committed to contributing to UAE’s real estate sector, the partners don’t see themselves as just a developer. BNW’s mission, as Aggarwal articulates, is clear: “Our vision is simple: to build not just skylines, but legacies. And partnership is the cornerstone of that mission.”

This collaborative spirit, which extends from the founders to every team member and strategic alliance, will continue “to shape its ongoing journey as it builds its presence in the UAE and beyond,” concludes Oberoi.

SAUDI BUSINESS AND INVESTMENT SUMMIT

DRIVING THE COUNTRY’S ECONOMIC REVOLUTION

JOIN US IN RIYADH FOR GULF BUSINESS’ FIRST SAUDI SUMMIT, AS POLICYMAKERS, INDUSTRY LEADERS AND INVESTORS CONVENE TO DISCUSS SAUDI ARABIA’S ECONOMIC EVOLUTION

BY NIDA SOHAIL

As Saudi Arabia accelerates its journey toward economic diversification and global integration, the Saudi Business and Investment Summit 2025 is poised to take place on September 3 at the Sheraton Riyadh Hotel & Towers, gathering key leaders and decision-makers from across government, business, and international institutions.

Themed Saudi Rising: Key Driving Forces Behind the Kingdom’s Economic Growth, the summit will provide a crucial platform for dialogue on the kingdom’s rapid development under the ambitious Vision 2030 reform agenda. This initiative, launched to reduce Saudi Arabia’s reliance on oil and foster innovation-led growth, is creating fertile ground for new business opportunities across sectors such as technology, culture, transport, energy and finance.

A PLATFORM TO DISCUSS POLICY AND PARTNERSHIP

Organised by Gulf Business, the summit will highlight how sweeping policy reforms and evolving investment strategies are reshaping Saudi Arabia’s economic landscape. It will bring together senior government officials, CEOs, investors, and thought leaders to discuss progress made so far and identify future opportunities.

Opening the event, Michael Champion, CEO of Tahaluf, is expected to outline the kingdom’s ongoing transformation, emphasising the role of private sector engagement in turning Vision 2030 goals into tangible results. Champion will be followed by a series of panel discussions and keynote speeches addressing both the challenges and prospects facing businesses operating in the kingdom. Among the featured speakers

are government representatives such as Saud Adham from the Ministry of Culture, who will shed light on the growing cultural sector’s contribution to economic diversification. Industry executives including Abhay Bhargava of Frost & Sullivan and Turki Alsubaihi of SAPTCO Group will provide insights into sector-specific innovations and infrastructure development.

SPOTLIGHT ON INNOVATION AND INVESTMENT

The summit agenda includes an indepth “Majlis” session on Saudi Arabia’s economic transformation, moderated by Annabelle Mander, EVP at Tahaluf, which will focus on investment momentum and regulatory reforms that have unlocked new business avenues. Later sessions, moderated by Gareth van Zyl, group editor at Gulf Business, will explore emerging opportunities driven by public-private partnerships, showcasing successful case studies from industries such as cybersecurity, consulting, and digital marketing.

Speakers like Jasem Alanizy from Addleshaw Goddard and Osama AlZoubi of Phosphorus Cybersecurity are expected to discuss how innovation is fostering sustainable growth.

GLOBAL PERSPECTIVES AND REGULATORY NAVIGATION

A dedicated panel discussion will bring together senior executives from multinational corporations such as IHG Hotels & Resorts, GE Aerospace, and Deloitte Middle East to share their experiences of navigating the kingdom’s regulatory environment, localisation requirements, and strategic alliances. Moderated by Ravi K Ranjan, this session aims to provide practical insights for companies looking to establish or expand their footprint in Saudi Arabia.

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The summit offers ample networking opportunities, starting with a morning registration and coffee session to facilitate early connections. A seated networking lunch at the conclusion will provide a relaxed setting for delegates to discuss potential collaborations, share ideas, and explore joint ventures.

MAJLIS PART 1

WHY THE SUMMIT MATTERS

Saudi Arabia’s rapid pace of reform and investment presents both exciting opportunities and complex challenges for businesses. The Saudi Business and Investment Summit 2025 promises to be an essential event for anyone looking to understand the kingdom’s evolving business climate and to engage directly

with the people shaping its future. Michael Champion will deliver the opening keynote at the Gulf Business – Saudi Business and Investment Summit. The event will convene prominent leaders from government, industry, and global institutions to discuss how Saudi Arabia is turning its ambitions into tangible progress.

SAUDI’S ECONOMIC TRANSFORMATION – PROGRESS AND PRIORITIES

MODERATOR

ANNABELLE MANDER

EVP, Tahaluf

Mander is driving Saudi Arabia’s global leadership in tech, fintech, and cybersecurity events like LEAP and Black Hat MEA. With over 12 years in the Middle East, she champions innovation, diversity, and strategic growth, playing a pivotal role in advancing Vision 2030 and Expo 2030 goals.

SAUD ADHAM

Director of Policy & Innovation, Ministry of Culture, Saudi Arabia

Adham has led national transformation projects, driven innovation strategies, and shaped cultural policy. With over 12 years’ experience, he’s held leadership roles in key entities like Saudi Aramco, AlUla and the Events Investment Fund.

ABHAY BHARGAVA

Managing director, Frost & Sullivan

Middle East

Bhargava is a business expansion expert with 22 years of global experience, specialising in digitalisation, sustainability,

MAJLIS PART 2

and localisation. He has advised governments and multinationals, judged prestigious awards like ADIPEC and MESIA, and is a recognised thought leader.

TURKI ALSUBAIHI

CEO, Public Transport, SAPTCO Group

Alsubaihi has over 20 years of leadership in Saudi Arabia’s transport sector. He has led major advancements, modernised fleets, and aligned services with Vision 2030. He is known for strategic leadership, innovation and operational excellence.

PATRICK SAMAHA

Partner, Public Sector Practice at Kearney MEA

Samaha brings over 12 years of consulting experience, specialising in public sector transformation across tourism, culture, and sports. Prior to joining Kearney, he held roles at Bain & Company and Booz & Company.

Based in Dubai, he plays an active role in regional policy dialogues, investment forums, and regulatory discussions. He is a frequent speaker and moderator at sector-specific summits and business events across the Middle East and Africa.

SAUDI’S ECONOMIC TRANSFORMATION – NEXT-PHASE OPPORTUNITIES

MODERATOR

GARETH VAN ZYL

Group editor, Gulf Business

Van Zyl has more than 15 years’ experience in tech and business journalism. He’s held key editorial roles at News24, ITWeb, and BizNews, and worked with major UAE publications. He now leads Gulf Business across digital, print, and broadcast platforms.

JASEM ALANIZY

Partner, Corporate Finance, Addleshaw Goddard

Alanizy excels in cross-border M&A, joint ventures, and private equity. He advised on major deals like Kudu and Bindawood acquisitions. With international experience and strategic insight, he drives high-profile transactions across the GCC, shaping Saudi Arabia’s corporate finance landscape.

OSAMA ALZOUBI

Vice president, Phosphorus Cybersecurity

AlZoubi has spent over 25 years in ICT (information and communication technology), formerly CTO at Cisco MEA. He has led major digital transformation efforts, holds a wireless IoT patent, authored The Digital Disruption, and advances cybersecurity for critical infrastructure across the Middle East.

SETON VERMAAK

Principal consultant, MRM MENAT

Vermaak excels in driving operational excellence and market-driven growth across MENAT, Dubai, London, and Cape Town. He leverages strategic insights, global networks, and competitive resources to deliver measurable business improvements and thought leadership in market and operational advancements.

PANEL

JAVIER CARINENA

Principal at Energy and Process Industries Practice at Kearney MEA Carinena’s driven transformational change in energy, chemicals, and industrial sectors, delivering multi-million-dollar budgeting strategies, corporate strategy, and digital transformations. Former Schlumberger engineer, MBA from Rice University, he champions energy transition and AIdriven innovation.

NAJLA NAJM

Middle East careers leader at Mercer Najm excels in management consulting and leadership. She champions female empowerment, youth skill development, and digital transformation in the Middle East. Najla drives workforce innovation and shapes career strategies, advancing women and young professionals regionally.

THE INTERNATIONAL PERSPECTIVE ON DOING BUSINESS IN SAUDI

ARABIA

MODERATOR

RAVI K RANJAN

Founder and CEO at Silk Route, ex-curator and business advisor for Shark Tank India

Ranjan has played a pivotal role in launching Shark Tank India. A global startup expert and government advisor, he’s trained over 200,000 entrepreneurs, advised major ventures, and champions innovation, policy, and ecosystem development across India and beyond.

MAHER ABOU NASR

MD, IHG Hotels & Resorts, Saudi Arabia

Nasr drives strategy, expansion, and operational excellence. With over 15 years of global hospitality experience, he advances Vision 2030, leads talent development, supports Saudisation, and champions innovation, significantly strengthening IHG’s presence across the kingdom.

MAIN CANAAN

GM, GE Aerospace Middle East

Canaan drives growth and strategic partnerships with over 23 years in leadership. Former US Navy officer, experienced in engineering, flight operations, and MRO. Holds multiple advanced degrees and certifications, advancing aerospace innovation from Dubai.

DR GOETZ KURAS

Partner, Financial Services Practice, Arthur D. Little

Dr Kuras is a global expert in insurance, pensions, and social security. He led transformations at GOSI, shaped Saudi Arabia’s National Insurance Strategy, was Medgulf CEO, and held senior roles at McKinsey, Oliver Wyman, and insurtech boards.

TAREK MIKNAS

CEO, FP7McCann MENAT

Miknas, CEO of FP7 McCann MENAT since 2010, has transformed the agency into the region’s most creative and effective marketing powerhouse. With global brand experience and a heritage rooted in advertising, he champions innovation, mentorship, and data-driven creativity to build impactful, enduring brands.

HADEEL BIYARI

Partner and Saudi Arabia Indirect Tax Controversy leader at Deloitte Middle East

Biyari leads indirect tax and litigation in Saudi. A former Aramco expert, she champions Saudisation, talent development, and women’s empowerment. Internationally recognised, she drives tax innovation and leadership across Saudi Arabia’s evolving tax landscape.

MICHAEL CHAMPION

CHIEF EXECUTIVE OFFICER, TAHALUF

Michael Champion is a business leader and international events strategist currently serving as CEO of Tahaluf, Saudi Arabia’s business events company.

A key figure in shaping the Middle East’s event landscape, Champion has been instrumental in positioning Saudi Arabia as a rising global centre for trade, investment, and soft power through live events.

Since co-founding Tahaluf in 2022, Champion has led the company through rapid and sustained growth, scaling revenues by over 100 per cent annually to reach SAR1bn in 2025. Under his leadership, Tahaluf has emerged as one of the world’s top 20 event organisers, expanding from a founding team of fewer than five to a global workforce of over 300 professionals. The company delivers major international events and digital platforms that meet the highest global standards. Champion has overseen the successful launch of several landmark B2B events, including:

• LEAP – the world’s most attended technology event, independently ranked as the #1 tech event brand globally.

• Cityscape Global – now the largest real estate exhibition on the planet.

• Black Hat MEA – the most attended cybersecurity event in the world.

• 24Fintech (now Money20/20 MEA) – the largest debut fintech event in history.

• CPHI Middle East – the largest debut pharma event in history.

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SINCE CO-FOUNDING TAHALUF IN 2022, CHAMPION HAS LED THE COMPANY THROUGH RAPID AND SUSTAINED GROWTH, SCALING REVENUES BY OVER 100 PER CENT ANNUALLY TO REACH SAR1BN IN 2025.

Together, these platforms attract nearly one million attendees annually, including over 100,000 international business visitors, from investors and entrepreneurs to government leaders and Fortune 500 executives. Tahaluf’s events generate an estimated SAR11bn in annual direct economic impact, with that figure expected to grow significantly in the coming years.

Champion also co-created LEAP, which has rapidly redefined the global technology conference landscape and exemplifies how emerging markets can lead the future of innovation through strategic convening.

Widely recognised for his collaborative leadership style and long-term vision, Champion attributes Tahaluf’s success to its people, an international team united by purpose, ambition, and excellence.

Originally from the UK, Champion brings a combination of British business acumen and global experience. His career spans the UK, Europe, the Middle East, and Asia, where he has partnered with governments and private-sector leaders to leverage the power of events as catalysts for national transformation.

Now based in Riyadh, Champion continues to work at the intersection of business, culture, and diplomacy, driving the evolution of the global events industry while contributing to Saudi Arabia’s economic diversification and international influence.

ANNABELLE MANDER

EXECUTIVE VICE PRESIDENT, TAHALUF

Annabelle Mander is the co-creator and driving force behind the megaevents LEAP, LEAP East, Money20/20 Middle East (previously 24 Fintech) Black Hat MEA (previously @Hack) and DeepFest.

Under her ‘hands on’ guidance, Tahaluf’s events have helped position Saudi Arabia as a global leader in technology, fintech, and cybersecurity. Mander has built strategic partnerships across government and industry, aligning business tourism with Vision 2030. This work has driven record growth in Saudi’s business events sector, including an $820m impact from LEAP 2025.

In the space of just three years, Mander has grown her team from one to now over 120 full-time members of staff - with more expected to join shortly.

Mander is also a Thought Leader on scaling world-class exhibitions and was recognised as one of Entrepreneur Middle East’s 50 Visionary Women in 2025, an Innovation Leader by Arabian Business in 2024 and one of Inc. Arabia’s 30 Women of Influence in 2024.

A champion for dialogue and collaboration, Mander insists on hiring senior management from different backgrounds, ages, and experience levels. With women comprising 55 per cent of Tahaluf’s team, Mander demonstrates her

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MANDER IS ALSO A THOUGHT LEADER ON SCALING WORLD-CLASS EXHIBITIONS AND WAS RECOGNISED AS ONE OF ENTREPRENEUR MIDDLE EAST’S 50 VISIONARY WOMEN IN 2025, AN INNOVATION LEADER BY ARABIAN BUSINESS IN 2024 AND ONE OF INC.

ARABIA’S 30 WOMEN OF INFLUENCE IN 2024.

commitment to gender diversity by creating an environment that is exciting, safe, and positive.

Over the last three years, Mander has managed the strategic growth of Tahaluf and contributed to its reputation for innovation. She credits her success to the support of her team and Tahaluf’s growth culture.

“We couldn’t do it without the support and buy-in of all our staff,” she says. “Kindness might not always seem important in business, but it’s a big deal for us at Tahaluf. We hire kind, hardworking people because we know that specific skills can be learned with the right guidance.”

WITH WOMEN COMPRISING 55 PER CENT OF TAHALUF’S TEAM, MANDER DEMONSTRATES HER COMMITMENT TO GENDER DIVERSITY BY CREATING AN ENVIRONMENT THAT IS EXCITING, SAFE, AND POSITIVE

EFG Holding strengthens MENA leadership with strong Q2

EFG Finance delivered a standout performance, with revenues surging 66 per cent year-on-year

EFG Holding, a financial institution with a universal bank in Egypt and the leading investment bank in the Middle East and North Africa (MENA), has reported a robust set of results for the second quarter of 2025. The firm posted a 21 per cent year-onyear (Y-o-Y) group revenue increase to EGP6.1bn, underscoring the strength of its diversified platform and strategic focus on growth sectors.

The revenue growth was supported by strong results across all business lines, particularly EFG Finance, its non-bank financial institutions (NBFI) platform, and Bank NXT, its commercial bank. Total operating expenses, including provisions

and expected credit losses (ECL), rose 22 per cent Y-o-Y to EGP4.1bn, driven by higher provisions and increased general and administrative (G&A) costs. However, with revenue growth outpacing expense growth, net operating profit rose 19 per cent Y-o-Y. Net profit after tax and minority interest grew 2 per cent Y-o-Y to EGP802m.

Karim Awad, group CEO of EFG Holding, highlighted the strong momentum and significant milestones achieved in the first half of 2025. “Foremost among these is Valu’s listing on the Egyptian Exchange (EGX) in June, complemented by Amazon’s decision to exercise its Option Agreement with EFG Holding to

THE FIRM POSTED A 21 PER CENT Y-O-Y GROUP REVENUE INCREASE TO EGP6.1BN , UNDERSCORING THE STRENGTH OF ITS DIVERSIFIED PLATFORM AND STRATEGIC FOCUS ON GROWTH SECTORS

Foremost among these is Valu’s listing on the Egyptian Exchange (EGX) in June, complemented by Amazon’s decision to exercise its Option Agreement with EFG Holding to acquire a direct stake in Valu.”

acquire a direct stake in Valu,” said Awad. He added that the period’s financial results reflect the standout performance of EFG Finance, driven by Valu and Bank NXT, as well as the expansion of the asset management platform and the investment banking division, which closed transactions worth over $1bn in the quarter.

BUSINESS LINE PERFORMANCE

BROKERAGE REVENUES ROSE

25 PER CENT Y-O-Y , LED BY ROBUST PERFORMANCE IN EGYPT, KUWAIT, AND THE UAE

EFG Hermes, the investment bank arm, posted flat revenues at EGP2.7bn, but saw a 131 per cent Y-o-Y increase in combined holding and treasury activities, brokerage, and buy-side activity revenues. Brokerage revenues rose 25 per cent Y-o-Y, led by robust performance in Egypt, Kuwait, and the UAE. EFG Hermes’ net profit after tax

and minority interest fell 11 per cent Y-o-Y to EGP268m, due to lower profitability in the investment banking division.

EFG Finance delivered a standout performance with revenues surging 66 per cent Y-o-Y to EGP1.8bn. Valu led this growth with a 71 per cent Y-o-Y revenue increase, driven by securitisation gains, higher fees, and a 60 per cent rise in loan issuances to EGP4.7bn. Tanmeyah and EFG Corp-Solutions also saw strong expansion. Bank NXT maintained its momentum with a 30 per cent Y-o-Y revenue growth to EGP1.6bn in 2Q25, led by higher net interest income. Net profit after tax and minority interest for Bank NXT jumped 39 per cent Y-o-Y to reach EGP594m, of which the Group’s share is EGP304m.

LANDMARK VALU MILESTONES: EGX LISTING AND AMAZON INVESTMENT

A significant milestone for EFG Holding and its consumer finance brand Valu was its listing on the Egyptian Exchange (EGX) in June. This was executed through an in-kind dividend distribution, where EFG Holding distributed 20.488 per cent of Valu’s share capital to its shareholders on June 12, 2025. The transaction, valued at EGP335.3m, enabled shareholders to participate directly in Valu’s growth.

On Valu’s debut trading day, Amazon acquired shares representing a 3.95 per cent direct stake in the company for EGP6.041 per share. This move followed a 2022 Option Agreement with EFG Holding. Following the listing, EFG Finance Holding, a subsidiary of EFG Holding, retained a 67 per cent ownership stake in Valu.

RIYADH HOSTS MONEY20/20 MIDDLE EAST AS FINTECH ECOSYSTEM EXPANDS

WORDS RAJIV PILLAI

s Saudi Arabia accelerates its Vision 2030 agenda, the region has firmly positioned itself as a global fintech hub through the launch of Money20/20 Middle East. Scheduled for 15–17 September 2025 at the Riyadh Exhibition and Convention Centre in Malham, the event marks a pivotal moment for the Saudi’s financial ecosystem and signals innovation and

Apolicy leadership are converging in the heart of the Middle East.

Building on the success of 24 Fintech — Saudi Arabia’s largest debut fintech event in September 2024, which attracted over 300 exhibitors, more than 350 investors, and 37,000 attendees — Money20/20 Middle East aims to double the scale of its predecessor. The organisers project more than 450 exhibiting brands, over 600 investors, and upwards of 45,000 attendees.

Anchored by the theme “Where Money Does Business”, this three-day conference is backed by a high-calibre roster of global speakers. Confirmed participants include Hon. Caroline D. Pham, acting chair of the US Commodity Futures Trading Commission; Mario Nobile, director general at the Italian Agency for Digital Italy; Douglas Feagin, president of Ant International, Dr Mohammed Rahim, group chief data officer at Standard Chartered Bank; Lori Schwartz, global head of treasury

services at J.P. Morgan Payments; and Tom Zschach, chief innovation officer at SWIFT, among several others. These leaders will contribute to dynamic conversations across seven stages, providing insights into the expanding role of AI in finance, cross-border regulatory harmonisation, embedded finance, and inclusive innovation.

The agenda also introduces Venturescape, a pre-event platform designed to accelerate early-stage deal-making between venture capitalists, family offices, and fintech founders. Equally compelling is the MoneySurge20/20 Pitch Competition, which offers a total of $400,000 in equity-free funding for high-potential startups. The conference experience is further enriched by AIenabled matchmaking tools, as well as a dedicated MoneyPot podcast booth capturing real-time insights and interviews. Everything from AI in finance to evolving regulation, inclusive innovation, and strategic capital will be discussed. Money20/20 Middle East will explore the power of digital innovations available in finance and how these are maintaining resilient and sustainable economies at scale.

Saudi Arabia’s fintech prominence will be further reflected through a powerful network of founding partners and sponsors. Visa, Al Rajhi Bank, STC Bank, Vision Bank and Tamara lead the roster, while exhibiting brands such as Ant International, Mambu, Column, Tabby, and Bupa Insurance will showcase their latest innovations.

According to the organisers, the strategic importance of hosting Money20/20 in Riyadh cannot be overstated. As Annabelle Mander, executive vice president of Tahaluf — the event’s organiser  —put it, “Money20/20 Middle East is the gateway

MONEY20/20 MIDDLE EAST IS THE GATEWAY TO ONE OF THE WORLD’S FASTESTMOVING FINANCIAL MARKETS. IT’S WHERE GLOBAL PLAYERS MEET REGIONAL

DECISION-MAKERS

TO BUILD WHAT’S NEXT... SAUDI ARABIA IS WHERE POLICY MEETS PROGRESS AND PARTNERSHIPS

DRIVE GROWTH.”

to one of the world’s fastest-moving financial markets. It’s where global players meet regional decision-makers to build what’s next. With a $1tn economy, a national agenda built digital transformation and fintech at the core of Vision 2030, Saudi Arabia is where policy meets progress and partnerships drive growth.” She added that the curated content zones at Money20/20 Middle East are a direct response to the fintech industry’s evolution. “This sector has quickly moved from disrupter to becoming an integrated global ecosystem. The sheer complexity of topics — from embedded finance to regulatory tech — demands depth.” Mander concluded that Money20/20’s AI-powered matchmaking helps connect the right partners, investors, and technologies.

Last year’s edition - 24 Fintech - was more than just a showcase of ideas; it was a landmark gathering that highlighted the region’s growing influence in

EQUALLY COMPELLING IS THE MONEYSURGE20/20 PITCH COMPETITION, WHICH OFFERS A TOTAL OF $400,000 IN EQUITY-FREE FUNDING FOR HIGH-POTENTIAL STARTUPS

THE ORGANISERS PROJECT MORE THAN 450 EXHIBITING BRANDS, OVER 600 INVESTORS, AND UPWARDS OF 45,000 ATTENDEES

fintech. Bringing together leading investors, exhibitors, and financial industry experts, the event set the stage for serious dialogue through fireside chats, panels, and keynotes. Its impact was visible not only in the exchange of insights but also in the partnerships it catalysed, from Tabby’s service agreement with Simah to collaborations between Drahim and Derayah, and the strategic alliance linking BIM Ventures with SC Ventures.

The momentum carried through to the Fintech Forge pitch competition, where 24 startups vied for over $250,000 in equity and prizes, ultimately spotlighting winners such as Axiology, Kestrl, Abwab AI, and Ejari. With awards presented by Yazeed Al-Najfan and Michael Champion, the conference cemented its role as a platform that drives both innovation and meaningful outcomes for the fintech ecosystem.

For businesses and stakeholders, the 2025 edition offers unmatched visibility, investment momentum, and insight into one of the world’s most dynamic financial markets.

St. James’s Place’s Angelina Lai on mega-cap stocks, volatility, diversification

INVESTORS IN THE REGION FACE UNIQUE CHALLENGES, FROM ENERGY PRICE VOLATILITY TO POLITICAL TENSIONS, AND THESE FACTORS CAN HAVE A PROFOUND IMPACT ON LOCAL MARKETS AND INVESTOR SENTIMENT, SAYS SJP’S CIO FOR ASIA AND MIDDLE EAST

BY NEESHA SALIAN

With US equities increasingly dominated by a handful of mega-cap stocks and global markets facing heightened geopolitical uncertainty, investors are questioning how best to protect and grow their wealth. In this interview, Gulf Business speaks with Angelina Lai, chief investment officer (CIO) for Asia and Middle East at  St. James’s Place (SJP), about how the firm is addressing the “US Concentration Conundrum”, the importance of diversification for Middle East investors, and why regions such as Europe, Japan, and emerging markets are offering attractive opportunities.

The latest CIO Quarterly Insights highlight rising concentration risks in the US market, with just 10 mega-cap stocks representing over a third of the index. How does SJP approach this “US

Concentration Conundrum” in managing client portfolios?

The US market now represents two-thirds of global equities, with the 10 largest stocks in the US making up more than a third of the index, up from under a fifth just 15 years ago. At St. James’s Place, we see this as a significant risk.

A key question on most investors’ minds is what this means for their long-term portfolios. We believe it is important to follow a disciplined process. Our process is led by valuations, informed by a number of factors including fundamentals of the asset class, the economic environment, behavioural signals, and we remain mindful of the tail risks within the portfolio. As such, while the US remains a cornerstone of our global investment portfolios, we are acutely aware of the potential perils posed by such a narrow market leadership at expensive prices. All investments

involve risks; our approach looks for the risks with the best value, thereby giving our clients the best chance of achieving great long term returns.

These, coupled with sound diversification across asset classes, geographies, sectors, and investment styles, aligned with long-term investment goals and risk preferences of individual clients, allow us to construct portfolios that are more balanced and resilient through any stress events such as Liberation Day, while still capturing global growth potential.

Given the current geopolitical uncertainties, how important is diversification for investors in the Middle East, and which regions or sectors does SJP see as attractive?

In a region as geopolitically dynamic as the Middle East, diversification is essential. Investors here face unique challenges, from fluctuating energy prices to regional political tensions, and these factors can have a profound impact on local markets and investor sentiment.

Our approach at SJP emphasises the importance of global diversification as a way to insulate portfolios from regional volatility and to access broader sources of growth.

Currently, we see compelling opportunities in European and Japanese equity markets. Many European firms offer attractive value, trading at a discount to US. stocks while benefiting from falling inflation, easing rates, and increased investment in infrastructure and defence, with a diversified sectoral composition.

Japanese equities have also been gaining momentum thanks to corporate governance reforms, rising shareholder returns, a shift away from deflation, strong earnings and a significantly undervalued yen as measured by long-term purchasing power parity. The yen historically also provides a great diversification benefit to global equities.

After years of under performance, our managers find many attractively priced investment opportunities in emerging market (EM) equities as well. Asia in

OUR APPROACH AT SJP EMPHASISES THE IMPORTANCE OF GLOBAL DIVERSIFICATION AS A WAY TO INSULATE PORTFOLIOS FROM REGIONAL VOLATILITY AND TO ACCESS BROADER SOURCES OF GROWTH.”

particular is home to some of the world’s most dynamic technology firms, which are driving innovation and commanding significant market share in areas like semiconductors, e-commerce, and renewable energy. Challenges remain, including geopolitical tensions, elevated US interest rates, and tariff threats. However, history shows that prolonged market underperformance often sets the stage for significant rebounds.

Angelina Lai

Smaller companies and value stocks should not be overlooked on a global basis, as they are also priced at relative discounts to their larger and more growth-oriented counterparts and could further aid portfolio diversification and resilience. By spreading investments across these diverse regions and sectors, we help clients in the Middle East build portfolios that are both robust and forward-looking.

The report mentions that SJP is underweight US equities in its core portfolios. Can you elaborate on the rationale behind this positioning? At the core of SJP’s investment philosophy is a structured framework that evaluates asset classes based on valuations, taking into consideration fundamentals, economic environment, behavioural flags and tail risks. This disciplined process is designed to remove emotion from decision-making, ensuring that portfolio positioning reflects objective analysis rather than reactive behaviour.

The recent success of the US market has led to increasingly expensive valuations, even when taking into consideration the solid fundamental qualities of many of the companies listed in the US. The US economy still has a strong footing; however, trade and fiscal policy uncertainty are disruptive, particularly with the continued uncertainty around tariffs causing a number of businesses to pause on business or investment decisions, and we are starting to see inflation move higher while labour supply is

beginning to slow. Concentration risk, as noted earlier, of the mega caps – many of which are within the same sectors – increases the overall tail risk of the asset class. Having said that, US equities still make up around half of our equity allocations and thus remain a key part of our portfolios.

How does SJP tailor its asset allocation strategies to meet the specific risk tolerances and financial goals of Middle East clients?

St. James’s Place takes a highly personalised approach to investment advice for all clients, applying the same principles in the Middle East while recognising the distinct circumstances, financial goals, and risk tolerances found in the region. Our journey with any client begins with understanding their unique circumstances through a ‘Confidential Financial Review’. This allows us to build a full picture of their financial profile, goals, and investment time horizons, as well as their tolerance for market volatility (in both bull and bear markets), income and currency needs, tax and legacy considerations, and any allocation preferences and aversions. This insight enables us to ensure that portfolio allocations are suitably aligned with individual objectives and preferences. Talking about volatile markets prior to the event and “rehearsing” these scenarios with our clients helps ensure they do not make knee–jerk reactions during actual stress events. This enables us to take advantage of the opportunities that often comes with volatile markets, where our managers may be picking up great businesses at more desirable values.

Ultimately, our aim is to provide investors with strategies that are both globally informed and locally relevant.

How is SJP covering macroeconomic and geopolitical factors into its advice to regional for clients?

Macroeconomic analysis (including the

assessment of geopolitical impact) is a key part of our disciplined investment decision-making process. Our ‘Group Economic Views’ forum actively screens and continuously monitors economic activities globally – from supply chains, energy prices, and employment data to capex spend and consumer sentiment. These insights feed into a monthly report on our views of the current economic environment, which are reviewed against our asset views, specifically whether the environment creates headwinds or tailwinds for key asset allocations. Portfolios are also tested against various economic scenarios to assess the resilience of our portfolios. These processes reflect our investment principles, which are rooted in the belief that wealth is best built through patience, discipline, and strategic allocation, rather than attempting to time the market or chase short-term trends. By integrating macroeconomic insights with a robust, diversified portfolio framework, we ensure that our clients receive investment advice that is both responsive to global developments and anchored in enduring principles. This helps investors stay focused, confident, and in control, even when the world feels anything but predictable.

How does SJP help clients maintain discipline and focus on long-term goals without reacting to short-term market noise?

Investor anxiety has moderated in recent weeks – the latest tariff announcements notwithstanding, and volatility remains a constant in markets, particularly with a number oftariff deadlines still coming up and continued unpredictability to Trump’s policies. Incorporating sound risk management into portfolios, especially during periods of relative optimism, helps ensure they can withstand more turbulent conditions when they arise. Our role is helping clients avoid short-term, emotionally driven decisions that can harm long-term returns. We achieve this through regular communication, a focus on goal-based planning, and by keeping attention on long-term objectives – whether that’s retirement planning, wealth preservation, or legacy building, rather than reacting to daily market noise.

INTERVIEW

SEARCH OPTIMISATION

Beyond Google: How brands must rethink search strategies

THE FUTURE ISN’T ABOUT CHOOSING BETWEEN CONVENTIONAL SEO, SOCIAL SEARCH, OR AI DISCOVERY – IT’S ABOUT BALANCING ALL THREE

James Reynolds, founder and CEO of SEO Sherpa, unpacks the evolution of search, what Gen Z’s habits reveal about the future, and how businesses can adapt to ensure they remain visible in an era where search is everywhere.

AI tools like ChatGPT are increasingly being used as search engines. How do you see this shift reshaping how people discover information online?

What’s reshaping discovery isn’t replacement—it’s layered research behaviour. We’re seeing people use AI tools differently from conventional search.

People particularly use AI as a starting point for complex topics, then move to conventional search for specific solutions, and often end up on social or community platforms for peer validation. For example, someone might ask ChatGPT to explain cryptocurrency before they Google “best crypto exchange” or read a Reddit community thread about real-life user experiences.

Brands need to completely rethink content strategies because they need to be discoverable at every layer of this journey.

Google’s search market share is showing signs of decline. What’s driving this trend, and how should businesses prepare?

Search itself isn’t declining; it’s exploding across every platform imaginable. Google alone saw a remarkable 21.6 per cent growth in search volume in 2024, processing over 5 trillion queries annually – 14 billion searches per day and 189,000 searches per second. Recent research from SparkToro confirms that despite predictions of AI cannibalisation, Google still handles 373 times more searches than ChatGPT.

But here’s the critical shift: while total search volume is surging, it’s fragmenting across platforms faster than ever before. The primary driver is generational behavioral change. Gen Z is fundamentally different

in how they approach information discovery – 51 per cent prefer using TikTok for search over Google entirely.

They’re not going to Google to find restaurants – they’re checking TikTok. They’re not Googling product reviews – they’re watching YouTube or scrolling Instagram. Amazon owns product search for most categories. LinkedIn is becoming the go-to for B2B research.

This isn’t Google’s decline – it’s search’s massive expansion. For businesses, this means the opportunity is actually bigger than before, but diversification isn’t optional anymore. If 90 per cent of your discoverability comes from Google, you’re missing the explosive growth happening everywhere else.

The brands that are thriving have embraced what we’re calling ‘search everywhere optimisation.’ They’re not just ranking on Google; they’re discoverable on LinkedIn, optimised for TikTok’s algorithm, and building authority across the entire search ecosystem.

Gen-Z is turning to TikTok and Instagram for search. How should brands adapt their strategies to meet this behavioural change?

The fundamental difference is that Gen Z searches for experiences and authenticity, not information dumps. They want to see someone their age using a product, visiting a destination, or solving a problem in real-time.

Instead of reading a blog post about “best budget travel destinations”, Gen Z watches TikTok vlogs from real people documenting their experiences. This represents a move from information consumption to experience sampling.

TikTok has a huge impact on purchasing decisions, too, with a study conducted by Morning Consult finding that 72 per cent of Gen Z purchased a product after seeing it on TikTok.

Brands need to embrace “social search optimisation”— both TikTok SEO and Instagram SEO, as we describe them. This means treating these social platforms as search engines and optimising accordingly. Use descriptive captions with natural language that matches how people ask questions.

How do you see the balance between traditional SEO, social search, and AI-driven discovery evolving over the next five years?

The future isn’t about choosing between conventional SEO, social search, or AI discovery – it’s about balancing all three.

Traditional SEO isn’t disappearing, but it’s evolving. Google remains the dominant force, with almost 90 per cent search market share and 14 billion daily searches, up 21 per cent from last year and 373 times as many searches as ChatGPT. But the nature of search is changing. We’re moving toward zero-click searches, where users get answers directly on the results page, and AI Overviews are becoming more prominent.

SEO success will increasingly depend on creating content that serves as source material for these AI-generated summaries while providing enough value to drive click-through.

BRANDS NEED TO EMBRACE ‘SOCIAL SEARCH OPTIMISATION’ — BOTH TIKTOK SEO AND INSTAGRAM SEO, AS WE DESCRIBE THEM. THIS MEANS TREATING THESE SOCIAL PLATFORMS AS SEARCH ENGINES AND OPTIMISING ACCORDINGLY.”

DR DAVID WARTENWEILER

, CIO AT HABIB BANK AG ZURICH, SHARES INSIGHTS ON BUILDING PURPOSE-DRIVEN PORTFOLIOS

Seizing opportunities in Islamic investing Q

Investors today are increasingly seeking more than just financial returns—they want their wealth to reflect their values. Sustainable and ESG investing has captured global attention, but in the Middle East, Islamic, or Sharia-compliant, investing is rapidly gaining traction.

While both approaches align money with meaning, Islamic investing comes with additional complexity, requiring adherence to strict Sharia principles across the entire investment value chain.

Habib Bank AG Zurich, traditionally a conventional bank, sees this as a significant opportunity.

With inquiries for Sharia-compliant investment solutions steadily increasing among its clients, the bank has developed a carefully structured offering focused primarily on discretionary portfolio management, guided by external Sharia advisors and Swiss best practices.

We spoke with Dr David Wartenweiler, CIO at Habib Bank AG Zurich, to understand the bank’s approach, challenges, and how Islamic investing is evolving in the region. Here are excerpts from the chat.

What trends are you seeing among investors regarding purpose-driven portfolios?

Many investors today expect more than financial returns. Increasingly, they want investments that reflect their values, not just profit. In our region, Sharia-compliant investing is resonating with a growing demographic, much like sustainable and ESG investing globally. Both approaches align money with meaning, but Islamic investing is more demanding in its implementation.

Why has Islamic investing traditionally been limited in conventional banks?

Islamic investing requires strict compliance with Sharia across most of the value chain, not just selection criteria. Conventional banks often face challenges in ensuring complete integrity and transparency, which is why this space has mostly been dominated by specialist Islamic banks and asset managers. Many conventional private banks have been hesitant to enter this space due to these additional hurdles.

How is Habib Bank approaching these challenges?

As a conventional bank, we needed to ensure

Dr David Wartenweiler

full compliance with Islamic finance principles at every stage. Credibility demands transparency with clients—not only what we can provide but also what we cannot. We engaged an external Sharia advisor to audit and approve our processes and obtained a Fatwa to ensure compliance. We decided to focus on discretionary portfolio management since this allows us to maintain full control over the value chain.

What changes have you made to your processes for Islamic offerings?

We’ve established separate processes for management agreements, investment processes, and segregated custody of all discretionary Islamic investment holdings. Certain conventional banking features were disabled to ensure strict compliance and integrity at all times.

How do you select investment instruments for Islamic portfolios?

Not all Islamic assets are suitable for investment management purposes. We focus on liquid instruments like sukuk and equities, both as single line items and in Sharia-compliant collective investments. Every instrument passes our financial screens and must meet Sharia criteria. Our external advisor is the final arbiter to avoid conflicts of interest, and periodic reviews ensure instruments are replaced if they no longer comply.

How do you balance Sharia compliance with delivering returns?

The ultimate goal remains to deliver the best possible returns to our clients. However, every decision is made strictly within the Islamic remit. By combining Swiss best practices with Sharia oversight, we ensure portfolios are both ethical and financially robust.

DIGITAL SERVICES

How VEON is building digital ecosystems across frontier markets

VEON’S CEO KAAN TERZIOĞLU TELLS US ITS DIGITAL STRATEGY, MOVE TO THE UAE, AND THE VISION BEHIND CREATING ‘DIGITAL NATIONS’

BY NEESHA SALIAN

From its new headquarters in Dubai, Nasdaq-listed VEON is steering an ambitious transformation: from a traditional telecom operator to a digital ecosystem powerhouse.

With operations across Pakistan, Bangladesh, Kazakhstan, Ukraine, and Uzbekistan — markets that are home to more than 500 million people — VEON is delivering services that go far beyond connectivity.

Under CEO Kaan Terzioğlu’s leadership, the company is targeting 50 per cent of its revenue to come from non-telecom digital services within the next three years, leveraging local talent, language-first AI, and inclusive platforms to drive impact.

We spoke with Terzioğlu about VEON’s digital strategy, its move to the UAE, and the vision behind creating “digital nations”.

You moved VEON’s headquarters to Dubai last year. What was the rationale? The move was driven by Dubai’s operational excellence, especially during the post-Covid recovery. Its global connectivity, safety, and pro-business environment made it the right fit. By December 2024, we had officially completed the relocation.

Today, VEON is the largest Nasdaqlisted company headquartered in Dubai, and we’ve successfully recruited global talent attracted to the UAE’s lifestyle and infrastructure.

VEON operates in some of the world’s most complex markets. How do you ensure business continuity and growth? We operate in frontier markets with

significant potential: Pakistan, Bangladesh, Kazakhstan, Ukraine, and Uzbekistan. These regions are underserved in areas like financial inclusion, education, and healthcare.

Our strategy is to deliver relevant, localised digital services. We maintain a unified strategic vision but empower local execution. Each operating company has its own board and independent directors to ensure governance and responsiveness.

Give us more details about VEON’s financial and entertainment services, especially in markets like Pakistan, and how these contribute to financial inclusion and community progress?

In our operating countries, more than one in three people has never had a bank relationship, over 60 per cent don’t have a credit card, and over 70 per cent haven’t had a line of credit. This creates a huge opportunity for financial inclusion.

In Pakistan, our JazzCash digital wallet handles over 10 per cent of the country’s GDP transactions, reaching over 20 million people monthly from a customer base of 50 million.

We issue 141,000 loans daily. These are small loans, like $30 for a taxi driver to fix a

IN KAZAKHSTAN, QAZCODE DEVELOPED A KAZAKH-LANGUAGE LARGE LANGUAGE MODEL (LLM) AND AN AI-POWERED TUTORING ASSISTANT THAT HELPS SCHOOL STUDENTS LEARN,

SELFASSESS, AND EVEN EARN CERTIFICATIONS.”

tire or a housewife to buy flour to sell cookies. These enable communities to progress and be financially included. We will deploy financial services in all our countries, with success in Pakistan and Kazakhstan.

We have 160 million telecom customers, 40 million monthly financial services customers, and an additional 40 million consuming entertainment services.

Tamasha is Pakistan’s number one OTT platform with 22 million monthly users, and we have similar platforms like Toffee in Bangladesh and Kino in Uzbekistan.

Our philosophy is simple: our countries are data-producing, and it’s vital to process this data locally to create digital services, jobs, and taxes.

We must stop selling raw data and instead provide relevant digital services: financial services, entertainment, education, and healthcare.

Can you elaborate on your transformation into a digital ecosystem operator?

In Pakistan, through our subsidiary Jazz, we operate JazzCash, the country’s leading mobile wallet with nearly 20 million active users and over 171,000 merchant partners. It processes micro loans daily.

We also offer Tamasha, Pakistan’s leading OTT streaming platform with over 22 million monthly active users, and Garaj, our enterprise cloud and cybersecurity platform.

In Bangladesh, our brand Banglalink has launched Toffee, an ad-supported OTT platform with millions of users.

In Uzbekistan, Beeline Uzbekistan runs the Kino streaming service, while Beeline Kazakhstan offers Beeline TV and educational tools built with our in-house tech company QazCode.

In Kazakhstan, QazCode developed a Kazakh-language large language model (LLM) and an AI-powered tutoring assistant that helps school students learn, selfassess, and even earn certifications.

VEON is also active in digital healthcare. Tell us more about that.

In Ukraine, our operating company Kyivstar runs the Helsi platform, which reaches around 28 million users.

It offers telemedicine, diagnostics, and medicine delivery. Especially during the crisis, it has been critical in maintaining access to healthcare.We see platforms like Helsi as essential in redefining what a telecom company can be, delivering real-world impact beyond data and voice.

How do digital services reflect on your revenue mix?

Digital services account for around 15 per cent of our revenue today and are growing by about 1 per cent per quarter.

Our goal is to reach 50 per cent digital revenue within the next three years. We’ve built three technology development companies — QazCode in Kazakhstan, plus teams in Uzbekistan and Ukraine, which allow us to create apps and platforms in-house and at scale.

What’s your approach to AI and local-language innovation?

Global AI platforms often overlook languages like Kazakh, Uzbek, or Bangla. That’s where we step in.

In Kazakhstan, QazCode developed a Kazakh-language large language model (LLM) and an AI-powered tutoring assistant that helps school students learn, selfassess, and even earn certifications.

We’re pushing for digital sovereignty — tools built by locals, for locals.

Are you eyeing expansion into new markets?

THE COMPANY ISSUES 141,000 LOANS DAILY

THESE ARE SMALL LOANS, LIKE $30 FOR A TAXI DRIVER TO FIX A TIRE OR A HOUSEWIFE TO BUY FLOUR TO SELL COOKIES

Yes, in two ways. First, we want to serve our diaspora. Millions of Pakistanis and Bangladeshis live in the GCC, the UK, and beyond — these are future users of our digital finance or healthcare services.

Second, we see potential in markets like Iraq and Syria, where we would consider expansion when regulatory clarity and stability improve.

What are the leadership values that drive VEON?

Everything we do is rooted in purpose and clarity. Purpose means using our platform to improve lives, be it enabling a small loan, delivering a medical consultation, or helping students learn.

Clarity means being decisive, especially in complex environments. Combined, these principles ensure our teams stay focused and ethical while delivering at scale.

ELECTRONICS

How customer focus and innovation are powering Sony’s growth

SONY

MEA’S

NAVIGATING

MD

JOBIN JOEJOE TELLS

US HOW THE COMPANY

IS

A DIVERSE REGIONAL MARKET, LEVERAGING AI, AND EXPANDING ITS PRODUCT PORTFOLIO WHILE STAYING ROOTED IN CUSTOMER-CENTRIC INNOVATION

BY NEESHA SALIAN

Sony’s influence as a global entertainment and technology powerhouse is deeply felt across the Middle East, Africa, and Central Asia, a region spanning more than 70 countries with vastly different consumer needs.

At the helm is Jobin Joejoe, MD for Sony MEA, who is steering the company through this complexity with a dual focus on customer-centricity and artificial intelligence.

From tailoring products like large-screen televisions and music-focused devices to market-specific demands, to embedding AI into televisions, cameras, and headphones, Sony is positioning itself at the intersection of creativity and technology. Here, Joejoe discusses the company’s latest innovations, regional growth priorities, and how customer insights and AI are shaping Sony’s next chapter.

How would you describe Sony as a company and its impact across your customers and business?

Sony has always been a creative entertainment company, providing premium audio-visual experiences. Our customers are truly at the heart of everything we do. We meticulously study their preferences and behaviour to develop technology and products that not only meet but anticipate their needs. Everything at Sony starts with the customer and understanding their needs.

With a remit covering 70 countries, how does Sony track customer feedback and roll it out across products? How long does this process usually take?

We operate a robust hub-and-spoke model from our regional HQ here in Dubai, which serves the Middle East, Africa, and Central Asia. We collaborate closely with our business partners and key retailers, who effectively act as our “eyes and ears on the ground,” gathering invaluable feedback from multiple countries. This collected data is then fed into our CMK (customer, market, knowledge) programmes, where we meticulously analyse customer preferences and needs, categorising them into specific segments.

This process allows us to understand what kind of product best fits each customer segment and respond with agility.

While the exact duration varies, our goto-market model is designed for flexibility and speed in adapting to new trends. For example, Dubai often acts as a showcase market for trends like large-screen TVs due to high OTT content consumption, while Africa, a region where “everybody loves music,” emphasises music-focused products, and we tailor our offerings accordingly.

Which consumer electronics trends are you seeing in the region, beyond just large-screen TVs?

Beyond the booming demand for largescreen televisions driven by OTT content consumption, we observe diverse trends across our vast region. For instance, Dubai is often a showcase market, with trends emerging here before rolling out to other Middle Eastern countries. Similarly, South Africa can be a showcase for the southern African continent, while Nigeria and Kenya serve as reference points for West

and East Africa respectively. We launched unique products such as the Reon Pocket Pro, a personal cooling and heating device specifically tailored to regional needs for the harsh summer months, which has seen selective but strong demand in markets like Japan, Singapore, Europe, and our region. In Africa, music-focused products dominate, representing a unique market where the audio market is much bigger than television, a trend not seen in most parts of the world, except perhaps Latin America.

We adapt our offerings and use influencers for different products accordingly, from sound products and cameras in Africa to televisions and all product categories in the Middle East.

How is AI integrated into Sony products today, and what’s Sony’s broader AI strategy?

For Sony, AI is not a new concept; it has always been a part of our DNA. In fact, one of our founders spoke about AI and driverless cars back in the 1950s. Today, AI is integral to most of our product designs. Our BRAVIA Cognitive Processor XR, for instance, goes beyond conventional AI to replicate what the human eye can see and what the human ears can hear.

Our cameras utilise AI technology to identify subjects like people, animals, or moving objects, automatically adjusting settings for optimal output. Even our noise-canceling headphones have AI chips to better understand the environment” and

OUR

CAMERAS UTILISE AI TECHNOLOGY TO IDENTIFY SUBJECTS LIKE PEOPLE, ANIMALS, OR MOVING OBJECTS, AUTOMATICALLY ADJUSTING SETTINGS FOR OPTIMAL OUTPUT. EVEN OUR NOISE-CANCELING HEADPHONES

HAVE AI CHIPS TO BETTER UNDERSTAND THE ENVIRONMENT” AND OPTIMISE SOUND FOR THE BEST EXPERIENCE.”

optimise sound for the best experience. Internally, we’ve recently developed our Sony Enterprise LLM, a secure internal AI platform that enables employees to responsibly study generative AI and improve the literacy of AI within the organisation. This is part of our broader initiative to ensure everybody is empowered to make the best out of it, positioning Sony at the forefront of AI innovation for the future.

What have been key product launches recently, and what can we expect next from Sony in terms of product diversification?

This year, we’ve significantly strengthened our BRAVIA lineup, launching three new series primarily focused on mini-LED and OLED technologies, including models up to 98 inches, truly aiming to replicate a cinema environment in the living room of our customers. This aligns with our tagline, “cinema is coming home”.

Immediately after, we launched three models of speakers under our Ult Power Sound Series brand, catering to both onthe-go music listeners and those desiring powerful sound for house parties.

Our most recent launch was our flagship WH-1000XM6 headphones, which have been an instant hit as the most valued premium noise-canceling headphones today in the market. And, of course, the Reon Pocket Pro, our unique personal cooling and heating device. We have many more launches to come, as we continually focus on customer needs.

How did 2024 shape up for Sony in the region, especially considering market fluctuations?

Both 2024 and year-to-date in 2025 have seen strong growth for Sony. Our biggest success factor is the diversified portfolio we hold; we are a very diversified company. This is crucial because demand for electronics is very cyclical. For example, during Covid-19, we saw a peak in TV demand due to stay-at-home needs, with families buying multiple televisions.

Conversely, categories like cameras and headphones saw demand decline. However, as the pandemic ended, people started travelling again and we witnessed a significant spike in demand for our cameras and headphones. This diversification allowed us to offset declines in one category with growth in another. Our Alpha lineup of digital imaging products made major contributions, as did our headphones. The gaming segment also performed strongly, especially with our expansion into PC gaming through the Inzone brand, which offers gaming monitors and headsets. This strategic mix of categories ensures continued growth despite cyclical demand changes.

ELECTRONICS

How does Sony approach gaming in the region?

For many years, Sony’s gaming focus was predominantly on console gaming, with PlayStation being one of the biggest players, and in our region, maybe a monopoly player.  However, about three years ago, we made a strategic decision to enter the PC gaming segment.

Statistics indicate that PC gaming is, in fact, larger than console gaming. To cater to this growing market, we launched the Inzone brand, purely dedicated to gaming accessories, so gaming monitors, gaming headsets.

We recently launched a full lineup of Inzone products completing the entire ecosystem from new headsets to improving all the models. These have been co-developed with leading esports team Fnatic, using the feedback from professional players to create products that enhance your FPS gameplay experience.

We recognise the immense popularity of eSports, where players can make significant money. Last year, Sony also partnered with the EWC (Esports World Cup), as a title sponsor for the EWC World Cup that happened in Saudi. And we again partnered for this year’s Esports World Cup in Saudi. This global trend means we will continue with console gaming but also look at how to cater to customers in the PC gaming segment, leveraging our existing technology to meet diverse customer needs.

How do Sony’s values influence its regional operations, particularly the concept of ‘Kando’?

Our core purpose is to “fill the world with emotions through the power of creativity and technology.” To achieve this, we strive to deliver ‘Kando’ to our customers.  It is a Japanese word that translates to: stimulate an emotional response and make people go ‘wow’.

This concept is at the heart of Sony in everything that we have been doing, from product design to customer engagement. It underpins our efforts to increase our customer base and bring the latest technology to fans in the region.

What’s next for Sony in the region?

This region is vast, comprising more than 70 countries, and our strategies evolve around

OUR CORE PURPOSE IS TO “FILL THE WORLD WITH EMOTIONS THROUGH THE POWER OF CREATIVITY AND TECHNOLOGY.”

understanding diverse consumer needs. While we have benchmark markets like UAE/GCC for matured trends, we also focus on expansion into countries where our footprint is still minimal.

Our strategy varies from market to market; in matured markets, it’s about holding or improving market share, while in newer territories like parts of Africa, we focus on demand creation activities. This involves premium demand creation activities and workshops like our Alpha Festivals and Creator Conventions, where we work directly with creators and users to create demand for products.

Central Asia is a region we took over relatively recently, after the Russia-Ukraine crisis led to the winding down of our Sony Russia office. It’s a diverse area, with developed markets like Azerbaijan, Georgia, and Kazakhstan, and developing ones such as Turkmenistan, Uzbekistan and Kyrgyzstan.

While television is strong across Central Asia, digital cameras and content creation are particularly vital in culturally rich markets like Kazakhstan and Uzbekistan. Sound, however, is not as strong a category there, unlike in Africa. We are continuously adapting to these unique market nuances.

With such a broad oversight across 70 countries, how do you manage your schedule?

It’s true, I feel like I’m on the plane more than on the ground. But frankly, I rely on a very strong, experienced team that’s put in place. We have dedicated divisions for the Middle East, Africa, and Central Asia. Fortunately, Sony is a company that employees rarely want to leave,  so most of our team members, like myself, have 20 plus years of experience in the region and have the pulse of the region in their hands. This makes management much easier.

My travel is primarily focused on building and maintaining relationships with our partners across the region, understanding customer needs firsthand, and being present at demand creation events.It’s a balance,

but 50 per cent of my time is in Dubai and maybe a little more than that outside Dubai.

My North Star has always been ethics and integrity to the company, something I expect from every employee.

What advice do you have for aspiring leaders in today’s dynamic business environment?

The most important advice I can offer is to understand the pulse of the customer and to be in touch with your market.

Leaders must build their strategies around what the customer truly needs and appreciates, rather than simply having a product and trying to “push it to the customer”.

Looking ahead, where do you see Sony in five-10 years, maintaining its relevance and leadership?

Sony has always been defined by its focus on customer needs and its diversified portfolio. Many might not know that Sony runs a bank or Sony runs an insurance company, in addition to music, pictures, and PlayStation.

At our core, we remain strong in electronics, but moving forward, our future is deeply tied to IPs and new businesses focused on artificial intelligence.

Sony is ready to run the tide with the new trends that’s coming into the market. Our strength lies in our willingness to take risks on new businesses and trends.

We are significantly increasing our focus on the sports business, with companies like Hawkeye and Beyond Sports, and strategic tie-ups with organisations like the World Athletic Association, World Aquatic Association, and the NFL. We’ve also ventured into the automobile industry, notably through our partnership with Honda.

This new company aims to “leverage and showcase the technology that Sony has,” particularly our camera sensors for autonomous driving and our audiovisual experiences within cars, rather than solely becoming a competitor in the auto space.

Staying relevant, staying innovative, and diversifying will continue to define Sony.

I believe that for the next five-10 years, you will see a lot of development that happens into AI and a lot of use cases, new use cases that would come up in terms of how AI would be used.

Building pathways for the next generation of Saudi creatives

Mohamed Al Ayed, vice chairman of Athar Festival and CEO of TRACCS, shares how Saudi Arabia is building pathways to empower its next generation of talent

In a nation where creativity is fast becoming both a cultural currency and an economic driver, the next generation of Saudi talent is being called to the stage. With two-thirds of the population under 30 and a median age of just 23.5 years, the challenge now is to build pathways that can realise the potential of one of MENA’s largest youth populations by empowering them with sustainable careers.

Let’s pause on that figure. By the age of 23, many young Saudis are already college graduates, or just a few credits away. They’re young enough to still be testing the waters, yet old enough to know what ambition feels like. Whether in Jeddah, Dammam, or Tabuk, many are refreshing LinkedIn and Outlook waiting for that first internship or interview opportunity to come knocking. Often, the opportunities they hope for are shaped by national programmes and initiatives, designed to usher this generation into the industries and roles that will define the kingdom’s future. What makes this period in time different is the scale of the response. Under Vision 2030, youth development is not a side project but the very foundation of national transformation.

PREPARING SAUDI YOUTH

Saudi Arabia’s investment in skills development is reshaping education and preparing youth for the jobs of tomorrow. The Digital Future Readiness Program, created by the Ministry of Communications and Information Technology in collaboration with the Human Capability Development Program, is set to empower over 7,000 students and professionals in generative AI. Technical training is also being modernised through a vocational partnership between the Saudi Ministry of Industry and Mineral Resources and private-sector players.

Creativity and heritage are also being woven into the daily life of our youth. Riyadh Art is rolling out more than 1,000 public artworks across the capital

and engaging young Saudis through community workshops. Ithra, the King Abdulaziz Centre for World Culture, welcomes over a million visitors each year and runs youth programmes that train the next generation in arts, writing, and creative skills. The Royal Institute of Traditional Arts has been nurturing talent in indigenous craftsmanship since 2021, and the Ministry of Culture’s new Heritage Pioneers Program will educate 500 young people annually in archaeology and craft preservation.

Taken together, these efforts explain why 76 per cent of Saudi youth now see the government as a driver of positive change. Vision 2030’s institutional frameworks give young creatives vital backing, providing resources, scale, and legitimacy that help ideas take root. But they cannot be the sole driver of creativity. When nurtured only within top-down structures, ideas also risk becoming insulated, lacking the testing and diversity of perspectives they need to thrive.

At the same time, grassroot efforts, from independent artists and filmmakers to entrepreneurs and digital creators, are valuable and deserve greater recognition. Yet without wider exposure, they rarely reach the critical mass needed for lasting influence.

ATHAR AS A MEDIATOR

The answer lies in mediators: entities established enough to provide a platform, yet agile enough to spot and nurture new talent. Guided by seasoned professionals who understand the language, culture, and realities of our region, such platforms can connect emerging voices with industry opportunities that turn ideas into real impact. Grounded in regional specificity, creativity is less likely to lose its critical edge as a driver of economic development and soft power.

One such mediator is Athar – Saudi Festival of Creativity. Debuting in 2023 as the kingdom’s largest gathering of the

creative marketing industry, Athar was founded, in part, as a response to the tremendous growth of Saudi Arabia’s advertising and communications industry, now a multi-billion-dollar market projected to approach $3.14bn by 2030. With such rapid expansion, the sector demands a steady pipeline of skilled professionals, something Athar has championed from the outset through its Young Talent Academies.

POWERED BY PARTNERSHIPS

By partnering with leading companies from across the sector, Athar’s Young Talent Academies immerse students and earlycareer professionals in the realities of creative work, replacing lectures with live briefs and fast-paced challenges that mirror the life of creative marketing professionals. Participants gain resilience, practical insight, and mentorship that help turn ideas into tangible business outcomes, making the academies both training grounds and bridges to industry opportunity. And the doors to this year’s third edition are waiting to open in October to welcome the next generation of creatives. What Athar demonstrates on a festival stage can now be extended across the industry and beyond. The task ahead is clear: Saudi Arabia’s creative economy will only flourish if investment in youth is sustained and deepened, with mentorships, internships, and exposure evolving into lasting pathways.

Placing young talent at the heart of this transformation is not just an opportunity but a mandate. This ensures the next generation is inspired and empowered to drive the kingdom’s creative future and position Saudi creativity as a global story the world cannot ignore.

The registration for Young Talent Academies is open until September 22.

Orbitworks’ Ralph Koyess on the firm’s goal to deliver sovereign satellite capabilities

THE BUSINESS DEVELOPMENT DIRECTOR AT ORBITWORKS SHARES HOW THE VENTURE IS FUSING GLOBAL EXPERTISE WITH NATIONAL PRIORITIES TO DELIVER SOVEREIGN SATELLITE CAPABILITIES

BY NEESHA SALIAN

Launched in 2024, Orbitworks represents a new chapter in the UAE’s space ambitions. With a facility in Abu Dhabi’s KEZAD industrial zone, the company is building one of the region’s most advanced satellite manufacturing hubs — capable of producing up to 50 satellites annually. In its debut public appearance at the recent Make it in the Emirates Forum, Orbitworks also unveiled Altair, an AI-powered Earth observation constellation designed and built in the UAE. Here, Ralph Koyess, business development director at Orbitworks, shares how the venture is fusing global expertise with national priorities to deliver sovereign satellite capabilities, drive industrial

growth, and create a new generation of space-ready talent.

Tell us about the company and its journey.

Orbitworks was established in 2024 to build a homegrown satellite manufacturing capability that serves national priorities and supports regional needs. We were formed as a joint venture between Marlan Space and Loft Orbital, combining global engineering heritage with a UAE-led vision of sovereign space infrastructure.

Our facility in KEZAD spans 30,000 square feet and includes a 15,000-squarefoot ISO-class cleanroom. It’s one of the largest dedicated satellite manufacturing

sites in the region and is equipped to deliver up to 50 satellites annually. What matters is not just the infrastructure, but what it enables. Orbitworks gives the UAE the ability to design, produce, and scale space missions on its own terms quickly, reliably, and with full operational oversight.

Can you elaborate on the major manufacturing announcement Orbitworks unveiled at the Make it in the Emirates Forum, and how it aligned with your goal of producing up to 50 satellites annually?

We’re excited to unveil Altair, our first Earth observation constellation. Altair consists of 10 AI-powered satellites designed for multimission use. Production will begin at our Kezad facility in the second half of 2025, with the launches planned for 2026.

Altair is named after a prominent star in the Aquila constellation, historically used for navigation because of its brightness and clarity. It’s also derived from

WE’RE EXCITED TO UNVEIL ALTAIR, OUR FIRST EARTH OBSERVATION CONSTELLATION. ALTAIR CONSISTS OF 10 AI-POWERED SATELLITES DESIGNED FOR MULTI-MISSION USE.”

the Arabic word “ ” meaning “the flying eagle”. For Orbitworks, the name symbolises clear vision, precision, and reliability, which are core principles of our satellites. The Altair programme is a direct expression of what our facility was built to deliver: satellites with advanced sensing, onboard AI processing, and rapid deployment timelines. Every aspect of our production model, from cleanroom design to thermal and EMI testing, has been set up to meet the demands of mission-grade satellite manufacturing at volume.

As we scale, Altair will be the first of several programmes to leverage this infrastructure. It sets the tone for how we intend to meet our 50-unit-per-year production goal: through a steady pipeline of flexible, highperformance satellite systems delivered from the UAE.

How does Orbitworks plan to integrate advanced technologies into its satellite production processes, and what distinguishes your approach from other manufacturers in the region?

Our satellites are built with flexibility in mind. Each platform is modular and designed to accommodate a range of payloads, allowing us to tailor systems to specific missions without disrupting production timelines.

The Altair satellites carry a multi-sensor payload that includes sub-metre optical, thermal, hyperspectral, shortwave infrared, and RF sensors. They also feature onboard AI processing, which allows them to analyse data in orbit. This makes them well-suited for time-sensitive applications like disaster response, national security, and resource monitoring.

Our manufacturing approach combines proven global engineering standards with a localised production setup in Abu Dhabi. This gives customers access to high-performance satellite systems that are built closer to the region they serve and aligned with regulatory, operational, and strategic requirements.

In what ways is Orbitworks contributing to the UAE’s broader economic diversification and industrialisation goals, particularly within the space sector? Orbitworks supports the UAE’s efforts to diversify its economy through investment in advanced, knowledge-based industries. By building satellites locally, we are adding new depth to the space sector and creating pathways for industrial growth in highvalue areas such as manufacturing, data services, and aerospace R&D.

Our operations contribute to the objectives of both Operation 300bn and the UAE National Space Strategy 2030. We are creating jobs, developing local talent, and fostering technical capabilities that reduce dependency on imported systems.

Our work also further strengthens the UAE’s ability to respond to strategic needs with locally built infrastructure. This reinforces the resilience to national planning while generating opportunities for export and collaboration.

How does Orbitworks’ participation at the forum enhance your strategic objectives, and what outcomes do you anticipate from this engagement? Make it in the Emirates was our first public appearance since the company was established, and it’s taking place at a moment when the UAE’s space sector is gaining global attention. The forum provided an ideal setting to introduce Altair, our

first satellite constellation, and to demonstrate the infrastructure we’ve built to support it. Our presence at the IHC Pavilion reflected our intent to engage deeply with industrial stakeholders, national institutions, and international partners. More broadly, this forum gave us the opportunity to support the UAE’s ambition to become a global leader in aerospace. Our work in designing and building customised satellite constellations from Abu Dhabi directly reinforces that ambition.

We also saw the event as a catalyst for new partnerships. Whether through hosted payloads, collaborative missions, or regional data-sharing frameworks, our objective is to show how Orbitworks can serve as a strategic partner for both government and commercial space users across the region.

With the first satellite platform expected to be assembled this year, what are Orbitworks’ plans for workforce development and talent acquisition to support this timeline?

Developing satellite manufacturing capability in the UAE is as much about people as it is about infrastructure. Since our founding, we have been focused on building a team that can deliver mission-ready systems to global standards, starting with the Altair constellation.

Our approach places Emirati talent at the centre of this effort. Engineers and technicians are already being trained at our KEZAD facility, working closely with senior specialists to gain practical experience in cleanroom operations, payload integration, and system testing. This effort is led by Mohamed Alkarbi Mohamed, our director of Assembly, Integration, and Testing, who is responsible for overseeing both production readiness and team development.

We’re also working closely with leading UAE academic and research institutions to support specialised internships, joint research projects, and tailored training programs. These initiatives are designed to create clear pathways into the space sector and help bridge the gap between classroom learning and industrial application.

We know that building satellites here in the UAE is a long-term effort. That’s why we’re investing in a workforce that can carry these capabilities forward and help shape what comes after Altair.

Engineering growth across borders

Doniyor Kadirov, CEO of Rushmore Group, shares how strategic foresight, disciplined execution, and cross-cultural insight drive his EPC ventures from Central Asia to the GCC

You have founded and scaled multi sectoral ventures — what do you see as the common success factors in engineering, energyand trading?

Whether we’re delivering turnkey infrastructure or coordinating complex energy systems, what matters most is our ability to align technical execution with long-term reliability and client satisfaction. We maintain strict engineering discipline while staying responsive to meet shifting project demands, ensuring consistent success across various sectors.

What are the challenges you face when executing projects in difficult terrains?

Remote and logistically isolated environments test every aspect of an EPC contractor’s capability – planning, mobilisation, compliance, and risk mitigation. At the Khandiza mine in Uzbekistan, for example, we led a full EPC deployment under extreme terrain conditions. As the consortium coordinator, we managed all engineering deliverables, procurement schedules, and site operations. The key is integrating feasibility with execution readiness from day one – especially in hard-to-access project locations.

With operations spanning Dubai, Hong Kong, and Central Asia, how do you manage cross-border business integration and corporate governance?

EPC projects by nature are cross-border, multi-stakeholder endeavours. Our operational model reflects that complexity: it combines centralised technical oversight with decentralised execution agility. Each regional EPC office is empowered to adapt to local regulations and supply chains, while remaining aligned with our global project standards. From engineering

design validation to procurement control, our digital infrastructure ensures that transparency and compliance remain intact at every level of execution.

How has your background in philology shaped your approach to negotiations and stakeholder engagement?

It’s given me a unique advantage. In EPC contracting, you’re often mediating between governments, local communities, suppliers, and engineering teams. My background helps me read between the lines, adapt to diverse cultural expectations, and build consensus where others may see conflict. These soft skills are indispensable when securing project approvals, negotiating with authorities, or structuring joint ventures across multiple jurisdictions with several stakeholders.

You’ve grown from academia to leading industrial and infrastructure companies. How did that career transition unfold?

It began with a drive to make ideas actionable. I was drawn to infrastructure because it’s where vision becomes structure –where blueprints become real-world outcomes. EPC provided that bridge. Over time, I realised the acute need in emerging markets for firms that can execute start-tofinish: from engineering and permitting, to procurement, and through to commissioning and guaranteed maintenance. That’s what drove the formation of Rushmore.

How do you identify which sectors and projects are worth investing in?

We assess projects primarily through the lens of EPC feasibility and national infrastructure strategy. If a sector offers long-term demand and we can deliver engineering and construction value within it, it

becomes a strategic target. From mining logistics hubs to energy transmission infrastructure, we back initiatives that are technically viable, economically sustainable, and aligned with our core project delivery strengths. Another aspect of being an EPC contractor is that we have more failed bids on projects rather than successful bids, so even if we invest in preparing for a project, it doesn’t mean that we will be the ones implementing it.

How do you integrate sustainable practices into large-scale industrial projects?

Sustainable engineering is not a buzzword – it’s a deliverable. In our EPC scope, we embed sustainability into every stage: from design efficiency and materials selection to emissions reduction and worker safety. We optimise fleet logistics to cut fuel use, use modular construction to limit site disruption, and invest in clean-tech integrations wherever possible and feasible. We believe the future of EPC lies in balancing industrial scale with environmental responsibility.

What role does strategic investment play in bridging opportunities between Asian manufacturers and Middle Eastern or Central Asian markets?

Our EPC contracts often act as a bridge between Asian manufacturers and endusers in the Middle East and Central Asia. The manufacturers bring large-scale, costeffective production, while we ensure their products are adapted to local markets, compliant with the regulations and fully operable in MENA and Central Asia. Through strategic joint ventures and supply chain EPC services, we de-risk industrial entry into high-growth markets and align execution with regional policies and standards.

What’s your vision for Rushmore Holdings?

Our goal is to become a trusted infrastructure and industrial partner across resource-rich economies -from Central Asia to the GCC. Whether it’s upstream oilfield development, mineral processing plants, or energy corridor infrastructure, Rushmore is committed to delivering highimpact, technically sound projects. Over the next decade, we aim to lead the industrial modernisation of emerging markets, setting new benchmarks in EPC reliability, localisation and sustainability.

Lifestyle

Taking Dubai by design

Manish Malhotra’s signature haute couture and jewellery collections, which blend Indian heritage with modern influences, have a huge fan following in the Middle East p.52

BREITLING LIMITED EDITION AVENGER

Breitling Middle East has released a new limited-edition timepiece dedicated to the 75th anniversary of its retail partner Ahmed Seddiqi. The Avenger Automatic 42 Night Mission features a carbon black dial with a case and bezel constructed entirely of scratch-resistant ceramic. Highlighting the celebratory nature of the limited edition, this watch emphasises the numbers ‘7’ and ‘5’ on the dial in a contrasting shade, subtly nodding to the 75th anniversary milestone.

GLOBAL THREADS

TWO YEARS ON FROM OPENING HIS DUBAI MALL FLAGSHIP, INDIAN DESIGNER MANISH MALHOTRA CONTINUES TO MAKE WAVES IN THE MIDDLE EAST. HERE, HE SHARES HOW A COMMITMENT TO CRAFTSMANSHIP AND INNOVATION ARE DRIVING THE NEXT PHASE OF HIS BRAND

BY NEESHA SALIAN

Following his World Collection: Dubai showcase at Dubai Fashion Week 2025, Manish Malhotra chatted with Gulf Business to reflect on how customer insights, global platforms like the Met Gala, and a strong focus on craftsmanship and innovation are driving his brand’s evolution in the region and worldwide.

Your designs often blend traditional Indian craftsmanship with contemporary aesthetics. What are the key inspirations that drive your creative process, and how do you

balance heritage with modernity in your collections?

The essence of my design philosophy has always been about striking a balance between heritage and modernity. It’s about storytelling through design, where time-honoured techniques meet modern tailoring and rich embellishments complement sleek, sophisticated forms.

Staying true to my signature style of glamour, I draw inspiration from India’s vast cultural legacy, our textiles, our craft clusters, our cinematic history and reinterpret them in a language that resonates with today’s generation.

The World Collection: Dubai showcased at Dubai Fashion Week 2025 was a significant milestone. Share the vision behind this collection and how it reflects your global design philosophy. The vision for The World Collection: Dubai was to push the boundaries of Indian couture while staying true to its essence. I wanted to explore a more globalised aesthetic, one that embraces fluidity, structure, and versatility in equal measure. Indian craftsmanship has always been at the heart of my design philosophy, but for this collection, I reimagined it through a contemporary lens.

The silhouettes are bold yet effortless, tailored yet free-flowing, designed to complement the dynamic lifestyle of the modern woman. While intricate embroidery, handwoven textiles, and artisanal techniques remain intrinsic to the pieces, the emphasis was on movement, wearability, and a new-age couture that transcends geographical borders. This collection reflects a shift toward a more universal language of fashion.

How has opening your flagship store at Dubai Mall’s Fashion Avenue impacted your brand’s presence in Dubai as well as your design approach and engagement with clients here?

The opening of my flagship store at Dubai Mall’s Fashion Avenue (in 2023) was a defining chapter, not just for the brand but for me personally. Dubai is a city that doesn’t just wear fashion; it lives it, with an innate understanding of luxury, legacy, and storytelling. To bring my vision to such a culturally rich and aesthetically driven audience has been creatively affirming. The Middle Eastern clientele have a profound appreciation for craftsmanship, detail, and emotion, values that have always been at the heart of my design philosophy. They don’t just admire beauty; they connect with the intention behind it. That connection has pushed me to evolve, to reimagining my signatures with even greater nuance and finesse. This store is more than a space. It is an experience, a reflection of my journey from cinema to couture, and now to a global narrative.

Your creations have graced international events like the Met Gala, with Indian socialite Natasha Poonawalla’s ensemble receiving acclaim. How do such global platforms impact your design narrative and brand evolution?

When Natasha Poonawalla wore our handcrafted ensemble to the Met Gala, it wasn’t just a statement of style. She wanted to celebrate her heritage, so we chose Parsi Gara embroidery, a treasured heirloom craft. The fishtail skirt was meticulously reimagined from two rare vintage Gara saris, one of which dates back nearly a century and comes from my personal archive. They were reawakened with intention and care. It was a celebration of Indian craftsmanship on one of fashion’s most influential stages. Platforms like these are cultural conversations,

“To bring my vision to such a culturally rich and aesthetically driven audience has been creatively affirming. The Middle Eastern clientele have a profound appreciation for craftsmanship, detail, and emotion, values that have always been at the heart of my design philosophy.”

and to contribute with a design rooted in heritage yet resonating globally is deeply meaningful. They inspire me to evolve the brand by blending traditional techniques with modern silhouettes and international sensibilities. It is not about adapting. It is about presenting India with conviction. Each global appearance strengthens our voice, honours our artisans, and reinforces our vision, to create ensembles that are not only seen, but truly remembered.

Beyond fashion, you’ve ventured into high jewellery, beauty, and even film production. How do these diverse endeavors complement your core fashion business and contribute to your brand’s holistic identity?

For me, fashion has always been just one part of a larger creative universe. Even when I started as a costume designer, I was never just focused on the clothes, I was always thinking about the entire look. The hair, the makeup, the jewellery, every detail had to come together to tell a story. That vision naturally evolved into the Manish Malhotra world. That’s why I chose to expand into beauty and

now high jewellery. High jewellery allows me to explore craftsmanship on an even more intricate level, working with rare gemstones and exquisite design to create pieces that are timeless and luxurious. It’s about elevating elegance to its purest form, complementing the couture I design.  Film production has always been a dream close to my heart. Cinema is storytelling at its grandest, and being able to shape narratives visually gives me an unparalleled way to express creativity. It’s also deeply connected to fashion. Costume, mood, character, it all intertwines. Through production, I get to bring stories to life that inspire, entertain, and reflect

culture. Together, these endeavours create a rich tapestry that defines the brand’s holistic identity. They feed each other, push boundaries, and keep the creative energy flowing. At the heart of it all is the same commitment: to craft beauty, tell stories, and celebrate artistry in every form.

Sustainability and the revival of traditional crafts are integral to your work. How do you integrate these elements into your designs, and what initiatives are you undertaking to promote sustainable fashion practices?

Sustainability, to me, is not a passing trend but a deeply rooted value. Having spent

decades in fashion, I’ve always believed in the soul of craftsmanship, the emotion behind a handwoven textile, and the quiet legacy each garment carries. That emotional resonance is, today, the true essence of sustainability. At my atelier, it begins with our artisans. We collaborate closely with craftspeople across India, reviving traditional techniques and reimagining them in a contemporary language. Every piece is designed not for a season, but for a lifetime, to be worn, loved, and passed on. That, to me, is real luxury: longevity, intention, and meaning. I’ve never been drawn to fast fashion. While it may chase speed, I’ve always stood for depth for clothes that evoke feeling and memory. Sustainability isn’t just about eco-friendly materials; it’s about purposeful design, mindful production, and cultural continuity.

Technology now allows us to reduce waste and streamline processes, but our truest progress lies in preserving craft, nurturing our artisans, and creating with responsibility.

Tell us more about your plans for expansion.

We are continuously evolving, pushing boundaries, and exploring new frontiers. Though I can’t reveal everything just yet, there’s a lot on the horizon. Each project is created with deep passion and a commitment to excellence, reflecting our dedication to innovation. We’ll unveil more when the moment is right.

FERRARI 12 CILINDRI: THE LAST WORD IN NATURALLY ASPIRATED GTS

THE FERRARI 12 CILINDRI IS MARANELLO’S UNAPOLOGETIC CELEBRATION OF NATURALLY ASPIRATED V12 GTS, BLENDING BREATHTAKING PERFORMANCE, TIMELESS DESIGN, AND MODERN TECHNOLOGY INTO A VISCERAL, DRIVER-FOCUSED EXPERIENCE THAT HONOURS FERRARI’S LEGENDARY HERITAGE

BY SHIVAUM PUNJABI

Partnered with an eight-speed dualclutch gearbox, shifts are up to 30 per cent faster than before, keeping the revs in the sweet spot.

The Ferrari 12 Cilindri — or Dodici Cilindri, if you prefer Italian — delivers exactly what the name promises: a Ferrari with 12 cylinders. It is Maranello’s (the Italian city that is home to Ferrari) homage to GT heritage, unfiltered, uncompromised, and naturally aspirated.

PUTTING

TO THE TEST

In a world moving toward hybrids and turbos, Ferrari doubles down on its legend: a front-mounted, naturally aspirated V12, a long bonnet, and a two-seat cabin.

While it replaces the 812 Superfast on paper, the 12 Cilindri feels more mature, more GT-oriented, yet performance spikes

harder than ever. The 6.5-litre V12 spins to an operatic 9,500rpm, producing 830 CV (approximately 819hp) at 9,250rpm and 678Nm (500 lb-ft) of torque at 7,250rpm. Beyond raw numbers, the engine offers a throttle response you feel in thought, not milliseconds — a visceral, sensory experience.

Partnered with an eight-speed dualclutch gearbox, shifts are up to 30 per cent faster than before, keeping the revs in the sweet spot. Acceleration is staggering: 0–100 km/h in 2.9 seconds, 0–200 km/h in under 7.9 seconds, and a top speed exceeding 340 km/h. Yet it’s how these figures are delivered — smooth, precise, and thrilling — that defines the experience.

With a dry weight starting at 1,560kg and a 48.4/51.6 front-to-rear balance, the car rides on 21-inch wheels with brake-bywire, ABS Evo, Side Slip Control 8.0, and Ferrari’s Virtual Short Wheelbase 3.0 rearsteer. Turn-in is crisp, the nose hones into apexes cleanly, and the rear follows with

confidence. Braking is repeatable and composed, perfect for mountain descents or spirited runs on Sheikh Zayed Road.

THE LOOKS OF IT

Ferrari’s design is intentionally reductive. The front takes cues from the 365 Daytona, while active aero flaps integrate seamlessly into the tail. The long dash-to-axle proportion, front-hinged clamshell bonnet, and quad exhausts anchor the car in V12 tradition. The surfaces are taut and modern, blending nostalgia with contemporary flair.

INSIDE STORY

Inside, the triple-screen cockpit embraces

BRAKING IS REPEATABLE AND COMPOSED, PERFECT FOR MOUNTAIN DESCENTS OR SPIRITED RUNS ON SHEIKH ZAYED ROAD

the digital era while remaining driverfocused. Materials are rich, the seating position precise, and an optional panoramic roof fills the cabin with light without distracting from the driving experience. Surprisingly practical, the 270-litre boot makes this GT weekend-ready, not just a dinner run.

THE VERDICT

What stands out is coherence. Engine, gearbox, chassis, aero, and cabin all contribute to the same goal: immediacy with polish. Ride comfort never feels brittle, and electronics enhance rather than interfere. The 12 Cilindri is more than the last naturally aspirated front-engine V12; it is the most articulate.

It channels the romance of a classic GT while sharpening the senses with precision engineering.

For drivers who still treasure revs, timing, and the joy of a singing engine, this is Ferrari at full voice.

Prices start at Dhs2m (approximately $545,000).

GOODWOOD: ROARING PAST, ELECTRIC FUTURE

AT THE GOODWOOD FESTIVAL OF SPEED HELD LAST MONTH, HERITAGE AND INNOVATION COLLIDED AS HISTORIC MOTORS ROARED ALONGSIDE CUTTING-EDGE ELECTRIC VEHICLES

BY SHIVAUM PUNJABI

In the UAE, summers slow down. Schools shut, families travel, and prized machines are tucked away in garages, waiting for the cooler September roads. But elsewhere, the global car scene doesn’t sleep — it comes alive, and nowhere louder than at the Goodwood Festival of Speed in the UK.

Chichester’s quiet countryside transforms into a mecca for enthusiasts, where the legendary hill climb has become a bucket-list pilgrimage. This year, I had the privilege of riding shotgun in the Aston Martin DB12 Volante as it charged up the hill — an experience that felt like blending both history and the future in a single run.

That duality is the soul of Goodwood. Every rev and climb plays like a love letter to motorsport’s past, while hinting at what’s next. The 2024 theme,  The Winning Formula – Champions and Challengers, gave F1 faithful their fix, celebrating 75 years of racing heritage. Legends like Alain Prost, Jacques Villeneuve, Jackie Stewart, and iconic teams including McLaren, Williams, and Haas paraded machines that defined eras. Yet it was the new metal that stole global attention.

MASERATI MCPURA (WORLD PREMIERE): An evolution of the MC20, still powered by the 621-hp Nettuno V6 with its carbon tub, but sharper in aero, more GT2inspired, and offered as coupe and Cielo from launch. Sub-3 seconds to 60 mph, 202mph top speed. Even the launch colours, including the AI Aqua Rainbow, marked a more bespoke, performance-focused Trident. McLaren W1 (global public debut): Carrying the F1/P1 bloodline, it delivered 1,258bhp from a hybrid V8. Its shape-shifting aero and rear-drive character were

Lifestyle / Automotive

dramatic enough but unveiling it alongside the F1 and P1 felt like a symbolic passing of the torch.

FERRARI F80 (UK DYNAMIC DEBUT): Maranello’s new halo finally showed its intent on the hill.

LAMBORGHINI TEMERARIO: A twinturbo V8 hybrid successor to the Huracán, roaring up the climb with fury. Lamborghini also unveiled the GT3 version of the Temerario here.

ASTON MARTIN VALHALLA (UK dynamic debut): Mid-engined, with 1,000-plus PS and a conviction-ready chassis. No longer a poster concept — this one felt production bound.

KOENIGSEGG “SADAIR’S SPEAR”: Running on E85 with 1,625 PS, it didn’t just show off, it smashed the festival’s production-car record. Goodwood loves a stopwatch, and this was the headline moment.

ELECTRIC IN FOCUS

The electrification wave was equally hard to miss. Porsche teased a Cayenne EV rumoured to pack over 1,000hp, Hyundai’s Ioniq 6 N darted around with 650hp, Alpine brought its rally-inspired A290, while BYD’s Denza SUV and Z9 GT sedan made noise with near-900hp. Honda, quieter but no less intriguing, hinted at the future of city cars with its Super EV Concept. And in one of the weekend’s most theatrical moments, Praga delivered its Bohema hypercar — wrapped in carbon fibre livery — directly to its first US owner on the Goodwood circuit itself, a spectacle as much as a handover.

ONE OF THE BEST EDITIONS

This year, Goodwood was at its best: nostalgia fused with outrageous performance, hypercars and heritage rubbing shoulders with EV dreams. For those of us escaping the UAE’s sleepy summer, it was a vivid reminder that car culture is global, restless, and always racing toward its next chapter.

The SME Story SEPT 25

A DEDICATED HUB FOR THE REGIONAL STARTUP AND SME ECOSYSTEM

Hub71 is steering Abu Dhabi’s tech ecosystem into a global scale-up phase

CEO Ahmad Ali Alwan’s vision is clear: transitioning Hub71 from a launchpad for early-stage companies into a vibrant, globally connected ecosystem that nurtures scaleups and tech innovators targetting the MENA region and beyond

BY NEESHA SALIAN

Ahmad Ali Alwan, CEO of Hub71, is steering Abu Dhabi’s tech ecosystem into a mature, scaleup phase.

Under his leadership, Hub71 welcomed its 16th cohort in February, onboarding 27 startups selected from over 1,300 applications across programs including Access, Hub71+ ClimateTech, and Hub71+ Digital Assets. These startups had collectively raised over $145m (Dhs532m) prior to

joining, adding momentum to an ecosystem now home to 357 startups.

Building on this momentum, Hub71 partnered with Google for Startups in May to launch the Google for Startups Accelerator: AI First programme in Abu Dhabi. This accelerator targets AI-focused startups in the Hub71+ AI vertical, offering tailored mentorship, technical support, and access to Google Cloud credits, reinforcing Abu Dhabi’s standing as a rising global AI hub.

Gulf Business recently spoke to Alwan to find out more about Hub71’s and its journey. The conversation revealed his forward-thinking approach and vision, which is focused on transitioning Hub71 from a launchpad for early-stage companies into a vibrant, globally connected ecosystem that nurtures scaleups and tech innovators targetting the MENA region and beyond. Here are excerpts from our chat.

To start, could you walk us through some key developments at Hub71 and why 2025 is shaping up to be such a pivotal year for the startup ecosystem? Absolutely. Hub71 was launched in 2019 with the vision of creating a thriving environment for early-stage tech startups to scale from Abu Dhabi. Since then, we’ve built a community of 357 startups. They’ve collectively raised $2.17bn in funding, generated $1.2bn in revenue, created more than 1,100 jobs, and represent over 20 different sectors.

What sets us apart is twofold. First, the strength of our partnerships — across

government, corporates, and investors — that unlock real commercial and strategic value for startups. Second, and personally my favourite part, is our focus on community. Founders here aren’t just building companies, they’re building together, in a shared space with a shared mission.

You mentioned partnerships — can you highlight some recent ones and how they support Hub71’s mission?

One standout is our partnership with Google. Over a year ago, we entered a strategic agreement to bring the Google for Startups programme to Abu Dhabi. The programme was launched in May at Hub71 and 26 startups participated, gaining access to Google’s infrastructure and mentorship to help them build globally competitive AI-led businesses.

Together with Google, we are empowering founders to develop transformative technologies that address real-world challenges. We also benefit from Abu Dhabi’s broader AI positioning. The city has invested heavily in becoming a global AI hub, supported by entities like the Advanced Technology Research Council (ATRC), TII, HPE, AWS, and more. Hub71 plays the role of channeling all this momentum directly into opportunities for our startups.

Among the startups in your ecosystem, are there any standout performers or promising players you’d like to spotlight?

That’s always a tough one — it’s like picking your favorite child. But yes, a few come to mind.

In AI, Base2 is doing incredibly well. They’ve developed an industrial AI suite that helps large enterprises optimise operations for efficiency.

Another is Cambio, which is building its own large language models (LLMs) to power AI agents — think AI-led customer service or call centres. Cambio is also woman-led. Rachel, its CEO, is doing a phenomenal job alongside her co-founders.

Outside of AI, Archireaf is really unique. They use 3D printing to reconstruct coral reefs, helping with blue carbon capture. They expanded from Hong Kong and now

OUTSIDE OF AI, ARCHIREAF IS REALLY UNIQUE. THEY USE 3D PRINTING TO RECONSTRUCT CORAL REEFS, HELPING WITH BLUE CARBON CAPTURE

operate out of Kizad, with growing investment interest from the region.

Hub71 has launched specialised ecosystems — or ‘Hub71 +’ verticals — in areas like climate tech, AI, and digital assets. Why are these verticals important?

These verticals were born out of a desire to go beyond the traditional role of a tech hub. We wanted to create deep, focused ecosystems that attract global interest and investment into specific sectors.

For example, Hub71+ Digital Assets was one of our first. It’s anchored by ADGM, which has had progressive crypto regulations since 2016, and FAB, which joined to stay close to digital asset developments. Today, we host about 30 to 40 startups in that vertical, supported by a strong partner network.

We took a similar approach with climate tech, especially around COP28, and now with AI. In each vertical, we’re creating pathways for startups to plug into funding, regulation, and commercial traction.

What role does Hub71 play in helping startups expand globally from Abu Dhabi?

We like to say: you don’t just set up in Abu Dhabi, you work from Abu Dhabi to access the world.

The emirate offers progressive regulations, high security, and global connectivity. We tap into that value proposition and channel it into opportunities for our founders.

We’ve built over 10 international partnerships that help our startups scale into Saudi, the US, Hong Kong, Japan, and beyond.

From your experience, what separates startups that succeed from those that struggle or fail?

There are three personal and professional principles I often share with founders: 01 Embrace failure. It’s part of the process.

Most investors value second-time founders who’ve learned from past experiences.

02 Resilience. The startup journey is never linear. You need to weather the ups and downs.

03 Be the best version of yourself. Learn from others, yes, but stay grounded in your own strengths.

Operationally, one key factor is corporate governance. Many early founders ignore this, but without proper structures in place, it’s tough to scale. Products get you in the door, but governance is what helps you grow sustainably.

And as a leader yourself, what values have helped you navigate your own path?

Those same three values — embracing failure, resilience, and authenticity — have served me well. But I’d add purpose as well. I feel incredibly fortunate to work at the intersection of innovation, people, and national economic development. That sense of purpose keeps me going.

You mentioned the importance of community earlier. How do you foster collaboration and buy-in within your team?

Two things: active listening and structure.

I’ve trained myself to really listen — not just to what’s said, but what’s unsaid. That presence builds trust and helps align personal priorities with the broader mission.

And while our environment is dynamic and collaborative, structure is critical. It helps steer culture and allows us to work cohesively — though I always leave 10 to 20 percent room for healthy chaos, to keep things fresh and stretch thinking.

What’s next for Hub71? What can we expect in the coming months?

We’re going to double down on unlocking capital access for our startups. Abu Dhabi has abundant capital, and our job is to help startups tap into it.

We’ll also continue refining the city’s value proposition across verticals — AI, climate tech, digital assets — and there will be more to come. Our job is to make sure every global development in these sectors translates into a tangible opportunity for startups within Hub71.

On the fast track

Storm Cycling’s Ivana Bruic on building a boutique fitness brand in Dubai’s competitive wellness market

BY NEESHA SALIAN

Since launching Storm Cycling in Dubai in 2020, founder Ivana Bruic has steered the boutique indoor cycling studio through a crowded and fast-evolving wellness scene. From navigating the pandemic to training instructors in-house and expanding to Palm Jumeirah, Bruic has kept the focus on quality, community, and holistic wellbeing. In this interview, she shares how her personal journey shaped Storm’s culture, why every class is designed as an emotional and physical reset, and the operational discipline that keeps the studio ranked among the top two per cent globally.

As a boutique fitness SME founded here in Dubai, how has Storm Cycling navigated the challenges of launching and scaling in the UAE’s competitive wellness space?

When I founded Storm Cycling in 2020, I knew we were entering one of the most dynamic and competitive wellness markets in the world. Launching in Dubai meant stepping into a landscape that’s not only thriving but also aligned with the UAE’s vision to become a global hub for health and wellbeing. With initiatives like the Dubai Fitness Challenge and the country’s wider wellness agenda, there was already a

growing appetite for premium, community driven concepts.

For us, the key was to build with intention rather than chase rapid growth. We focused on creating a truly worldclass product and invested in instructor development from the ground up. We didn’t outsource; we looked for potential and trained talent inhouse through an intensive programme that can take up to six months before someone becomes a fully-fledged Storm instructor.

Scaling meant making tough calls; streamlining operations, adapting to shifting trends, and ensuring every step forward was sustainable. We navigated the pandemic and rising costs by staying close to our riders and never compromising on quality. Today, we’re proud to be expanding to Palm Jumeirah while maintaining the intimacy and standards that define Storm.

Your core focus is on holistic wellbeing. How do you translate that vision into every class and the broader studio experience?

Holistic wellbeing is at the heart of

everything we do. It’s never just about burning calories; it’s about nurturing the mind, body, and soul. Every class is curated as a journey; from playlists designed to evoke emotion to instructors trained to coach with empathy and strength.

We’ve built the studio to feel like a sanctuary. From the candlelight and subtle scents to the way we welcome riders, every detail is intentional. People walk out feeling not just physically stronger, but mentally clearer and emotionally uplifted. That same vision extends beyond the bike through our community events, the way we celebrate milestones, and the genuine care our team gives every rider.

“BEHIND THE SCENES, WE RUN WITH PRECISION. FROM STRONG SOPS COVERING EVERYTHING FROM BIKE MAINTENANCE TO MUSIC LICENSING, TO TRANSPARENT PRICING AND FAIR CONTRACTS, WE MAKE SURE OUR BRAND PROMISE IS NEVER DILUTED.”

WE DIDN’T OUTSOURCE; WE LOOKED FOR POTENTIAL AND TRAINED TALENT INHOUSE THROUGH AN INTENSIVE PROGRAMME THAT CAN TAKE UP TO SIX MONTHS BEFORE SOMEONE BECOMES A FULLY-FLEDGED STORM INSTRUCTOR

How did that personal journey influence the studio’s culture and community approach?

Storm was born out of my experience, navigating burnout, rebuilding resilience, and finding healing through movement. That taught me that a studio can be far more than four walls; it can be a place where people piece themselves back together. Because of that, our culture is deeply community-driven. Instructors know your name, riders celebrate each other’s wins, and connection is as important as the workout. My personal path has shaped everything we do, from mentoring young instructors — especially women carving their own journeys — to making sure Storm is always a place where people feel seen, supported, and valued.

Storm Cycling has earned top independent rankings globally and

locally. What operational practices or values do you believe set you apart as a five-star studio in Dubai?

Our backbone is built on discipline, consistency, and attention to detail. We treat every single ride as a flagship experience, no matter the time of day or class size. Our instructor training is rigorous because we don’t just teach classes, we deliver experiences. Behind the scenes, we run with precision. From strong SOPs covering everything from bike maintenance to music licensing, to transparent pricing and fair contracts, we make sure our brand promise is never diluted. We also reinvest heavily into our riders and team. Those values have kept us ranked in the top 2 per cent of studios worldwide and earned us a five star reputation here in Dubai.

Wellbeing is more than workouts, how do you integrate mental, spiritual, and community elements into your programming, and what impact have you seen across your UAE audience?

We’ve always believed fitness should nourish more than just your muscles. That’s why many of our classes include intention setting, moments of stillness, and guided reflection alongside the ride itself. We also collaborate with wellness brands that share our ethos to create a richer experience.

The impact has been profound. Riders tell us they may come for the workout, but they stay because they feel grounded, inspired, and genuinely connected. In a city as fast-paced as Dubai, creating that sense of community and emotional recharge has become one of the most rewarding parts of what we do.

OceanQuest: Advocating for a global-local approach to deep-ocean science

The Saudi non-profit foundation is pioneering deep-ocean exploration and global collaboration

BY NEESHA SALIAN

Saudi Arabia’s OceanQuest is turning curiosity into action. The newlylaunched not-for-profit foundation, based at KAUST in Thuwal, aims to redefine deep-ocean exploration and elevate Saudi scientific leadership on the global stage. Its mission: accelerate discovery, pioneer breakthrough technologies, and foster international cooperation, all while engaging the public and nurturing the next generation of marine scientists.

At the helm is Professor Dr Martin Visbeck, a renowned oceanographer with nearly 40 years of experience. His career spans high-impact ocean-climate research, leadership in international initiatives like the UN Decade of Ocean Science, and a strong focus on using tech and collaboration to unlock the ocean’s hidden potential.

Now, as CEO of OceanQuest, he’s setting out to drive innovation while supporting Saudi Arabia’s Vision 2030 goals and expanding the country’s role in global marine science. Here, we chat with him about the organisation’s vision and wider goals.

What made you take on the role of CEO at OceanQuest, and how has your background in ocean science shaped your vision?

OceanQuest’s vision was truly inspiring to me, and I saw it as a unique opportunity to lead an organisation committed to unveiling the wonders of the deep ocean for the benefit of humanity.

With almost 40 years of experience in ocean science, including more than 20 ocean expeditions and several international research projects, I’ve developed a deep passion for discovery and global collaboration.

As CEO, I’m focused on accelerating exploration while championing equitable partnerships that ensure scientific innovation benefits everyone, everywhere.

OceanQuest aims to explore the deep ocean and promote global teamwork. How will you balance science with regional needs, especially in the Gulf?

OceanQuest’s mission is based on the idea that deep-ocean science should be globally collaborative but locally relevant. As

a Saudi not-for-profit foundation, we’re in a unique position to explore deep ocean regions from the Red Sea to the Indian Ocean and Tropical and South Atlantic, while simultaneously developing local scientific leadership in Saudi Arabia and the broader MENA region.

We prioritise elevating regional voices through hands-on roles in international missions like the recent Africa expedition, targeted capacity-building efforts, and regional partnerships. For example, earlier this year, three Saudi early-career ocean professionals joined international teams aboard the OceanXplorer. This shows how we enable local talent to contribute meaningfully to global deep-ocean dialogue — not just close to home but across international waters.

Your work with OceanX featured advanced tech like robotics, AI, and digital twins. How are these tools changing deep sea research?

The deep ocean is one of the most challenging environments to study — vast, dark,

high-pressure, and remote. That’s why breakthroughs in robotics, AI, and smart sensors are transforming what’s possible.

At OceanQuest, we’ve taken a technology-first approach focused on seamounts — undersea mountains that make up just 5 per cent of the deep ocean yet are essential to biodiversity, carbon cycling, and marine mixing. These ecosystems also have untapped biomedical potential, yet most remain uncharted and unprotected.

We use robotic fleets with advanced sensors to scan seamounts, collect high-res environmental data, and capture real-time imagery. That data feeds into digital twins — AI-powered, dynamic models that simulate how ecosystems function and respond to environmental pressures.

These tools reduce the need for constant human presence, make research more scalable, and help scientists and policymakers test conservation strategies virtually. They’re not just helping us explore more, but also helping build the global baseline data needed to protect these hidden frontiers.

Can you share a recent example from an expedition that shows how new technology is changing how we explore the ocean?

Yes, in our recent missions, we’ve used highfidelity camera systems and robotic specimen sampling tools that work in tandem with AI to improve species detection. We’ve also leveraged environmental DNA (eDNA) as a rapid biodiversity monitoring tool, which provides faster insights than traditional methods.

However, eDNA still requires validation with real-world sampling, which is why we emphasise integrated, multidisciplinary research.

The combination of advanced imaging, robotics, AI, and eDNA gives us a much clearer and quicker understanding of deepsea ecosystems than ever before.

Why was Saudi Arabia the right place to launch OceanQuest, and how does it support the kingdom’s sustainability goals?

Saudi Arabia is strategically located along key marine ecosystems, particularly the Red Sea, which makes it an ideal hub for deep ocean research. OceanQuest supports the kingdom’s Vision 2030 priorities by focusing on technology, AI, sustainability, and environmental stewardship.

Our foundation is set to contribute to the national research and innovation targets with SAR3bn in R&D funding by 2050, supporting over 150 scientists each year. We also aim to inspire the next generation of ocean scientists and STEM professionals in the region through education and outreach, further supporting the kingdom’s goal of nurturing a knowledgebased society.

By advancing global deep-ocean science from Saudi Arabia, we’re not only contributing to the country’s growth but positioning it as a leader in marine innovation and sustainability.

After the UN Ocean Conference, what are OceanQuest’s top goals for the next year or so?

After our debut at the 2025 UN Ocean Conference, our top priority is protecting vulnerable deep-sea ecosystems, especially

“OUR FOUNDATION IS SET TO CONTRIBUTE TO THE NATIONAL RESEARCH AND INNOVATION TARGETS WITH SAR3BN IN R&D FUNDING BY 2050, SUPPORTING OVER 150 SCIENTISTS EACH YEAR.”

seamounts. These ecosystems are critical to ocean health but remain largely unexplored and at risk.

We aim to generate robust baseline data to inform international conservation strategies and sustainable ocean governance. We’re also scaling our support for early-career ocean professionals (ECOPs) through expedition participation, mentorship programmes, and global training. This aligns with the UN Decade of Ocean Science, which recognises ECOPs as central to longterm impact.

One example already in motion is our Around Africa Expedition, where 69 scientists from 31 countries — over 40 of the ECOPs — collaborated on research and training. We’re building on that model to expand our inclusive, collaborative approach globally.

What are some of the key challenges when it comes to deep sea research?

First, public awareness of the deep ocean’s role in planetary health is still low. Many don’t realise how vital it is for biodiversity, climate regulation, and sustainability. Second, ocean management is often fragmented — many regions lack a unified ocean policy, leading to overexploitation and underprotection.

The solution lies in open collaboration and equitable data-sharing. It’s essential that knowledge, technology, and opportunity are accessible to scientists in every part of the world, especially in the Global South.

What are the key concerns facing our oceans today, and how can both private and government enterprises in the region contribute to their protection?

The ocean is a global system that connects us all, yet it’s often viewed through fragmented, local lenses. One of the main concerns is the absence of holistic ocean policy. Another is the lack of visibility for the deep ocean’s role in biodiversity and climate systems.

Private and government players can step up by funding inclusive ocean research, investing in sustainable technologies, and building coalitions across sectors. Together, they can help shape a shared vision for ocean stewardship that balances exploration with preservation.

From India to Dubai: Tailor-made travel takes off

Flying Squirrel has designed trips for more than 10,000 travellers to over 100 destinations. We speak to founder Niloy Nag on the company’s move to Dubai and expansion plans

BY NEESHA SALIAN

Flying Squirrel Holidays, an Indiabased travel company specialising in bespoke journeys, has officially expanded to the UAE. With a new base in Dubai, the brand aims to position India as a hub for “affordable luxury” and authentic experiences, while continuing to curate tailor-made holidays across the globe.

Founded in 2014 by Niloy Nag, Flying Squirrel was born from his belief that travel should reflect individual passions rather than standard packages. Over the past decade, the company has designed trips for more than 10,000 travellers to over 100 destinations worldwide, from Himalayan adventures and African safaris to luxury train journeys and European escapes.

Here, he tell us more about the company and why India is a great destination for UAE residents.

Can you share the story behind Flying Squirrel Holidays?

Travel is my passion. I have explored over 50 countries and 200 cities, including India extensively. Initially, I did all the research and bookings myself, but as I got busier I looked for agencies. What I found were standard, one-size-fits-all packages that didn’t suit my style. I realised many travellers must feel the same, which inspired me to launch Flying Squirrel Holidays in 2014 in Kolkata. From the beginning, our philosophy was simple: every journey should reflect your tastes and dreams.

Since then, we’ve created personalised holidays for over 10,000 travellers across 100+ destinations. From clients in the US booking adventures in Australia and Italy, to UAE travellers enjoying Himalayan

escapes, luxury tea trails and safaris, our focus has always been on experiences tailored to the individual.

What challenges and opportunities did you encounter while setting up the business? And how did you navigate them?

The travel industry is crowded, but we started with a clear vision: to craft out-ofthe-ordinary experiences. The real challenge was building a team aligned with that vision. We drew talent from diverse industries such as telecom, edtech and finance, which brought fresh thinking and innovation.

We also had to educate travellers about the value of tailor-made holidays over generic packages. Through face-toface consultations and building trust, we slowly carved out our niche.

Flying Squirrel Holidays is expanding to Dubai. What makes the city a strategic choice and how will your services stand out in the UAE market?

Having lived in Dubai for two decades, it was an obvious choice. The city’s diversity and global connectivity make it an ideal hub. We already serve UAE clients, so this expansion brings us closer to them. We understand the UAE traveller’s preference for authenticity, wellness, and cultural immersion — and India offers all of that just a short flight away.

We also see potential in positioning the UAE as a cultural destination for Indian travellers, offering experiences like culinary tours, sports holidays, and heritagefocused trips that go beyond shopping festivals and desert safaris.

In terms of travel trends, what types of trips or experiences are currently resonating most with your clients, and how is the company adapting to these preferences?

There’s a huge interest in India right now. Travellers want wellness retreats, cultural trails, and adventure, but with luxury woven in. We’re curating everything from luxury train journeys through India’s royal heartland to tiger safaris and Himalayan escapes.

Beyond India, clients are chasing bucketlist moments — Northern Lights stays in glass domes, cherry blossoms in Japan, lantern festivals in Vietnam. Our role is to personalise these experiences and make them seamless.

Looking ahead, what are your growth plans for the next few years?

We plan to go deeper into the UAE market while continuing to position India as a destination blending luxury, wellness and culture. The demand for authentic, tailored travel is only growing, and we want to lead that transformation.

Beyond the UAE, we’re eyeing the UK for expansion. Our curated itineraries include wellness holidays, heritage tea trails, tiger safaris, and luxury journeys aboard the Maharajas’ Express. With each trip, our goal is the same: to turn travel into a deeply personal, unforgettable experience.