December 2024

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Khaldoon Haj Hasan Chief Executive Officer, GFH Equities

Congratulations to all the winners Finance Awards 2024

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No Turning Back

Dear Readers, you are warmly welcomed to the December 2024 edition of MEA Finance, but note that as you turn its pages, you will see that this letter to you carries the same title used for our GCC Round-up article starting at page 10. Not entirely creative battery drain or lack of effort, the main reason is that from our perspective our region, especially the GCC, has during the past year undoubtedly matured past the point of aspiring, to firmly becoming an established global financial hub.

Why this bold declaration? The positive determination of forward-looking regional authorities. Further refinement and embedding of regulation, payments modernisation and increasing investment into the region’s markets from around the world.

The enthusiastic adoption of technology, fintech and AI into regional banking, plus assistance from uncontrollable factors like geographical good fortune or wider world events. From where we sit, we are a leading global financial hub and there is no turning back now, just questions about how further we progress.

The cover story in this issue, page 34, features Khaldoon Haj Hasan, Chief Executive Officer, GFH Equities telling us about how the business thrives and generates value for investors from its thematic approach to alternatives.

Also in this edition, once again we celebrate and recognise the achievements and superlatives of our region’s banks and the vital service providers that help them to do what they do so well. Read about these successful financial institutions, businesses and individuals in our coverage of the 2024 MEA Finance Annual Industry Awards from page 59.

Preceding our Industry Awards is our annual MEA Finance Wealth and Investment Summit. Once again, our now key annual market gathering

drew in leaders from this increasingly important sector of the financial markets to discuss how the region is adjusting to its status as a leading centre of world wealth. Coverage starts at page 48.

MEA Finance were present in force to cover the Backbase Engage Dubai 2024. This two-day event dedicated to the essentials for keeping pace with the fast-evolving banking scene, included enthusiastic peer group networking with a lively and stimulating series of keynotes speeches, genuinely enlightening presentations and gripping panel discussions in front of an audience of leading technology executives from banks across the region.

Our article on Islamic banking and finance, page 14, describes how it is not only experiencing consistent growth and development in its traditional homelands but also in parts of the world where conventional methods are the norm, and then from page 18 we take a look at the regional world of trade finance and how both opportunities and obstacles are present in this increasingly important element in regional economies. We hear from Deyana Cherneva, Regional Head of Global Trade Solutions for HSBC, MENAT region about how key changes in this sector are enhancing trade finance processes.

Other contributing partners in this issue cover investment management where Bas Kooijman CEO and Asset Manager of DHF Capital S.A. explains the philosophy behind their operating principles; Wang Hu Co-founder of PayerMax details the meteoric global growth and what attracts them to the region; George Hojeige CEO of Virtuzone outlines how since founding in 2009, they have enabled over 80,000 entrepreneurs to start businesses; Samer Soliman, CEO at AFS highlights their achievements now that they celebrate forty years in business and Sriranga Sampathkumar VP and General Manager – Middle East and Africa, Infosys Ltd., underlines the urgent need for banks to reinvent their business models.

So, knowing what lies ahead in this edition of MEA Finance, you can turn forward to understand why, for our region’s financial markets, there is no turning back.

Standard Chartered Global Private Bank expands frontline bankers by 20% in the UAE

Standard Chartered Global Private Bank announced the expansion of its frontline private banking team by 20% in the UAE. This move underscores the Bank’s unwavering commitment to supporting the growing demand for bespoke private banking solutions in one of the world’s most prominent financial hubs

The investment in the private banking business in the UAE is part of Standard Chartered’s broader strategy to double its investment in the consistently fastgrowing and high-returning affluent business over the next five years, with the

UAE playing a pivotal role in these efforts. As a gateway to international markets and a hub for innovation, the UAE offers unparalleled opportunities for clients seeking stability and global connectivity.

Commenting on the appointments, Vinay Gandhi, Global Head of GSAC

and Regional Head of AMEE, Standard Chartered Global Private Bank, said: “Expanding our private banking team in the UAE reflects our confidence in the country’s unique role as a global wealth hub. With its strategic location, worldclass infrastructure and forward-looking economic policies, the UAE continues to attract HNW and UHNW clients seeking stability and growth. This growing demand for bespoke private banking solutions is driving our commitment to further enhance our capabilities in the UAE, positioning us as a trusted partner that seamlessly connects clients to global markets and investment opportunities while helping them protect, manage and grow their wealth.”

He added: “The UAE continues to be a priority market for Standard Chartered, with the bank actively investing in talent and resources to meet the needs of its high and ultra-high-net-worth clients. This latest expansion reflects the bank’s strategy to remain at the forefront of private banking, leveraging its global network and local expertise to provide unparalleled services to this growing client segment.”

Standard Chartered’s focus on expanding its presence in key markets like the UAE highlights its dedication to delivering tailored private banking solution and building lasting partnerships with clients. In addition to this expansion, the Global Private Bank announced earlier this year over a dozen new hires, and today’s new hires aligns with its ambition to consistently build up capabilities to support the needs of high and ultra-high net worth (HNW and UHNW) clients.

Vinay Gandhi, Global Head of GSAC and Regional Head of AMEE, Standard Chartered Global Private Bank

Forty Years of Growth and Commitment

Celebrating forty years of business in our region, Samer Soliman, CEO at AFS describes their achievements, their priorities as a business, how they successfully navigate their way across several diverse regional markets and what they foresee as the next challenges the sector will be facing

Who are AFS?

AFS is Your Partner in Smart Payments. Arab Financial Services (AFS) is a pioneering force in the Middle East and Africa›s digital payments industry. For over four decades, we have been at the heart of the region›s digital transformation, innovative solutions that meet the evolving needs of our client.

As you arrive at this milestone, what differentiates AFS from other businesses celebrating notable anniversaries?

AFS distinguishes itself through our steadfast commitment to our clients, partners, communities and the environment. We prioritise personalised solutions, innovative thinking and sustainable practices.

Understanding our clients’ unique needs and fostering strong, longlasting relationships built on trust and mutual respect, we deliver value and drive growth. And by Integrating sustainable practices into our operations, we contribute to a greener future, demonstrating our obligation to corporate social responsibility. This dedication to excellence, innovation and sustainability sets us apart and solidifies our position as a leader in the payments industry.

What would you identify as AFS’s top three achievements since launching in 1984?

Over the past 40 years, AFS has been on an incredible journey of payment processing, innovation and growth. We have pioneered digital payment solutions, from humble beginnings to becoming a leading player in the fintech industry.

We have expanded our reach across the Middle East, with key milestones including our entry into the UAE and Egypt. These strategic moves have enabled us to scale our operations, empower businesses, and drive economic growth.

Leveraging technological advancements, we have streamlined our operations and enhanced customer experience.

We are dedicated to developing seamless solutions, simplifying processes and delivering exceptional value to our clients.

As we look to the future, we are excited about the opportunities that lie ahead and will continue to innovate, collaborate and empower our clients to thrive in this digital age.

Samer Solima, Chief Executive Officer, Arab Financial Services (AFS)

How do the past three years at AFS and the markets you operate in, compare to previous years?

The past three years at AFS have been a period of remarkable growth and transformation, far surpassing the pace of previous years. The rapid digitisation of economies in the Middle East and Africa has created a surge in demand for innovative payment solutions.

To capitalise on this opportunity, AFS has substantially invested in advanced technologies, expanded our geographic presence and forged strategic partnerships. We have witnessed a significant shift in consumer behavior, with a growing preference for digital and mobile payments.

As a result, we have experienced exponential growth in transaction volumes and our customer base, successfully launching new products and services, enhancing our security measures and improving operational efficiency.

How does AFS manage to remain at the forefront of innovation during these incredibly competitive times in the digital payments world?

AFS maintains its leadership position in the dynamic digital payments landscape through a relentless focus on innovation and customer-centricity. Our deep understanding of the regional market, coupled with our strategic foresight, enables us to anticipate future trends and develop innovative solutions. We prioritise collaboration with industry leaders, enabling us to leverage the latest advancements and deliver exceptional value to our customers.

Ultimately, our success is driven by our people. By empowering our talented team and fostering a culture of innovation, we ensure that AFS remains a leader in the fintech industry.

How does AFS operate across its diverse markets?

AF S navigates diverse markets by leveraging a combination of key strategies;

Product Innovation

Strategic Partnerships

Customer-Centricity

Technological Excellence

Localisation

By combining these elements, AFS is able to successfully navigate diverse market dynamics and provide best-inclass services to our clients.

Drawing from your own experience, how acutely have fintechs changed payments and financial services?

Fintech innovation has dramatically reshaped the payments landscape.

We have evolved from traditional payment methods to refined solutions, elevating businesses and consumers alike.

What do you foresee as the most important challenges the world of digital payments is facing?

The digital payments industry is confronted with several key challenges, including;

Data security

Regulatory compliance

Consumer trust

Finally, interoperability is a key challenge. Ensuring that different payment systems can seamlessly

WE PRIORITISE COLLABORATION WITH INDUSTRY LEADERS, ENABLING US TO LEVERAGE THE LATEST ADVANCEMENTS AND DELIVER EXCEPTIONAL VALUE TO OUR CUSTOMERS

Over the past few years, we have witnessed a paradigm shift, driven by technological advancements and evolving consumer behaviors. From mobile payments to digital wallets and blockchain solutions, fintechs have disrupted traditional banking models, forcing institutions to adapt to a digitalfirst world.

I have firsthand experienced the accelerating pace of change. By utilising advanced technologies and data analytics, fintechs have introduced smart solutions that are more convenient, secure and accessible, benefiting financial institution, consumers and businesses.

Do you see AFS as a fintech business?

Absolutely, AFS is a fintech company. For over four decades, we›ve been steering the digital payments landscape.

communicate, and exchange information is essential for a truly interconnected global economy.

Can the enablement of instant and less costly payments bring real benefits to more communities?

Absolutely! The enablement of instant and less costly payments can bring numerous benefits to communities:

F inancial Inclusion: Expanding access to financial services, especially for underserved populations.

E conomic Growth: Stimulating economic activity through faster and more efficient transactions.

Enhanced Financial Health: Empowering individuals to better manage their finances.

Busine ss Efficiency: Improving cash flow and reducing operational costs for businesses.

No Turning Back

The nations of the GCC continue purposefully along a path they themselves set, to a destination that features diversified economies powered by innovation and AI led industries, world class financial services, with attractive tourism opportunities and experiences

The GCC countries – Saudi Arabia, the UAE, Kuwait, Bahrain, Oman and Qatar – are punching above their weight economically, outpacing most advanced and emerging economies, despite uncertainty seeping in amid ongoing geopolitical conflicts, commodity price volatility and successive oil production cuts by OPEC+.

There are reasons to be optimistic about economic growth in the GCC region. Prominent economies in the six-nation bloc have been exploring ways to diversify from heavy reliance on oil revenue, with many economists predicting the growth rate in non-oil GDP will be largely in line with oil GDP next year.

The Gulf region’s GDP is projected to expand by 4.2% next year, faster than the 1.8% growth projected for 2024 and up from 0.4% for 2023, according to the International Monetary Fund (IMF).

Though GCC economies experienced a slower-than-anticipated growth in 2023, Saudi Arabia and the UAE bucked the trend with stronger-than-expected nonoil GDP growth, mitigating the impact of weaker performance elsewhere in the region, according to economists at Oxford Economics.

The economists forecasted that robust domestic demand and high business confidence suggest a growth rate of 4% in 2024.

While oil and gas still account for 70% of the GCC’s total goods exports and 50% of total government revenues, Gulf countries are spending hundreds of billions of dollars to diversify their economies and develop sectors such as artificial intelligence, chip manufacturing, tourism and finance.

From Riyadh to Muscat, governments are reshaping their economies, opening their doors to foreign investment and empowering the private sector while leading the charge towards a sustainable future, playing a pivotal role in the global shift to low-carbon energy.

The GCC region boasts some of the world’s biggest sovereign wealth funds, which collectively manage $4.8 trillion in assets under management in 2023, according to Global SWF. Saudi Arabia’s Public Investment Fund, Abu Dhabi’s Mubadala, Bahrain’s Mumtalakat and the Qatar Investment Authority are driving sustainable economic growth by deploying national wealth both domestically and globally.

Meanwhile, it is worth noting that growth in GCC banking assets is linked to regional GDP, which moves largely in tandem with oil prices. The banking sector remains unscathed and is finishing 2024 on a solid footing. However, the industry remains exposed to potential risks, such as volatility in crude prices, geopolitical tensions and potential economic slowdowns.

S&P Global expects GCC banks’ performance to remain robust in 2025, supported by economic diversification efforts, strong growth in non-oil sectors and stable asset quality.

Ongoing structural reforms – including the enhancement of regulatory frameworks and policies that promote private sector-led growth and diversification – will be crucial for sustained economic development in the region.

Embracing the shift

Historically, GCC economies have been heavily dependent on the region’s abundant oil and gas reserves.

However, as the world shifts towards cleaner energy sources and sustainable practices, the region is experiencing significant and rapid transformation, implementing ambitious economic diversification strategies as the countries pursue their National Visions.

The World Governments Summit and KPMG said Saudi Arabia’s Vision 2030, Oman’s Vision 2040, the Dubai Economic Agenda D33 and the UAE’s Vision 2031 illustrate the GCC’s eagerness to act boldly in pursuit of economic diversification.

The National Visions are anticipated to transform regional economies into efficient, knowledge-driven engines of prosperity.

The GCC’s impressive economic performance, fuelled by non-oil sectors and sustainability initiatives, highlights the region’s resilience in the face of global headwinds. Economists anticipate this momentum to persist in 2025, though full decoupling from oil remains a long-term goal.

The advent of the Fourth Industrial Revolution is driving a global technological transformation, and the emergence of generative AI (GenAI) has been transformative for the GCC’s business landscape as the authorities are embracing AI and advanced technologies to unlock new opportunities and drive innovation.

A study by McKinsey shows that the GCC region is poised to reap significant economic benefits, with GenAI potentially contributing between $21 and $35 billion annually to local economies, accounting for around 1.7 to 2.8% of the region’s GDP, on top of the $150 billion that other AI technologies could deliver.

TOURISM IN THE GCC HAS EXPERIENCED REMARKABLE GROWTH, DRIVEN BY STRATEGIC INITIATIVES, SUBSTANTIAL INVESTMENTS AND A FOCUS ON CULTURAL HERITAGE AND MODERN ATTRACTIONS

– Roland Berger

AI is a key component of GCC states’ National Visions, which aim to identify new revenue sources as governments seek to reduce reliance on hydrocarbons, cultivate innovation and create new industries.

Saudi Arabia is reportedly aiming to create a national AI champion, similar to Abu Dhabi’s Group 42, with a potential investment of $100 billion to bolster its tech hub ambitions.

PwC said Saudi Arabia is poised to reap the largest economic benefits from AI, with a projected $135.2 billion contribution to GDP in 2030, while the UAE is expected to experience the highest relative impact, with AI contributing nearly 14% to its GDP by the end of the decade.

Companies in the GCC and US tech giants, such as Google, Microsoft, Amazon and NVIDIA, have fostered strong collaborative ties primarily centred on cloud computing.

Microsoft and G42 are establishing two AI centres in Abu Dhabi after the entities inked a $1.5 billion deal in April.

NVIDIA partnered with Ooredoo to deploy AI technology across five Middle Eastern countries in June, while Google Cloud’s Saudi Arabia AI hub is projected to

create thousands of jobs and boost GDP by $71 billion over the next eight years.

A tourism hub

Meanwhile, GCC states have been looking to a number of sectors, including tourism, sports and finance, to foster diversification.

Beyond the energy sector, Saudi Arabia, Oman, Qatar and the UAE are prioritising tourism as a key growth driver. Saudi Arabia, in particular, seeks to boost the tourism industry’s contribution to more than 10% of GDP by 2030, with $1 trillion slated for investment into the sector over the next decade.

The kingdom hosted approximately 109 million tourists in 2023, including 27 million international visitors, ranking 11th worldwide in terms of tourist numbers.

While the UAE aims to attract 40 million overnight visitors by 2030, supported by a significant expansion of its hotel capacity, Qatar, building on the momentum of the 2022 FIFA World Cup, targets 7.1 million visitors by 2030, emphasising cultural, sports and family-oriented experiences.

The government in Doha is working on the Simaisma Project, a new $5.5 billion (QAR 20 billion) tourism development that will be centred around a massive amusement park set to surpass the size of Walt Disney Co.’s iconic Magic Kingdom.

– The World Governments Summit & KPMG

“Following its mega-event hosting successes, Qatar embarked on a journey to enhance its tourism infrastructure and diversifying attractions, which included the Hayya visa platform, airport expansion and the development of destination resorts and cultural sites,” PwC said in a report.

Similarly, Bahrain aims to attract 14.1 million visitors by 2026, increasing its hotel supply to 35.5 thousand keys as Oman’s National Tourism Strategy targets economic diversification and job creation through tourism, aiming for 65,000 hotel keys.

“Tourism in the GCC has experienced remarkable growth, driven by strategic initiatives, substantial investments and a focus on cultural heritage and modern attractions,” Roland Berger said in a report while noting that the region is now a significant player in global tourism, attracting millions of visitors each year.

The GCC region, with its strategic location, rich culture and robust economy, has only recently begun to tap into its tourism potential, and the latter half of the 20th century marked the initial steps towards developing a thriving tourism industry.

Fiscally fitter

The GCC banking sector enjoyed a stellar 2024, with a positive macroeconomic environment mitigating the impact of post-pandemic volatility and setting the stage for a strong 2025. McKinsey said banks in the Gulf region outperform global peers in profitability and growth, bolstered by stable domestic funding and a supportive regulatory environment.

S&P Global also projected that GCC banks will maintain a strong performance in 2025, albeit with a modest impact from lower interest rates. However, heightened geopolitical tensions or a significant oil price decline could potentially weigh on banks’ creditworthiness.

GCC central banks – including Qatar and the UAE – followed the US Federal Reserve’s decision to cut interest rates by a quarter of a percentage point in November to protect their currencies’ peg against the dollar.

The Federal Reserve slashed interest rates by 25 basis points, and GCC states generally follow the US central bank’s lead in rate moves, as most regional currencies are pegged to the dollar. Fitch Ratings cautioned that interest rate cuts pose a significant threat to GCC banks’

profitability, as the rapid repricing of assets will outstrip that of liabilities.

“UAE banks face the greatest impact from rate cuts, while Saudi banks are more insulated due to fixed-rate financing. Kuwaiti banks’ net interest margin is sensitive to rate cuts, but central bank actions may mitigate the effect. Omani and Qatari banks benefit from negative repricing gaps, while Bahrain’s impact varies by bank,” according to Fitch.

The top five GCC banks – Saudi National Bank (SAR 15.6 billion); Al Rajhi Bank (SAR 14.2 billion); Qatar National Bank (QAR12.7 billion); First Abu Dhabi Bank (AED 12.9

city in managing sovereign wealth fund capital, as of October 2024, boasting $1.7 trillion.

The capital, which is overseen by the Abu Dhabi Investment Authority, Mubadala, ADQ and the Emirates Investment Authority, helped the city attract asset managers and billionaires, solidifying the UAE’s position as a global financial hub, according to Global SWF.

GCC countries are shaking up the global investment landscape with deep financial sector reforms and a surge in equity capital markets activity. While the global initial public offering (IPO) market

THE GCC REGION IS POISED TO REAP SIGNIFICANT ECONOMIC BENEFITS,

WITH GENAI POTENTIALLY CONTRIBUTING BETWEEN $21 AND $35 BILLION ANNUALLY TO LOCAL ECONOMIES, ACCOUNTING FOR AROUND 1.7 TO 2.8% OF THE REGION’S GDP, ON TOP OF THE $150 BILLION THAT OTHER AI TECHNOLOGIES COULD DELIVER

– McKinsey

billion) and Kuwait Financial House KWD 483 million – collectively earned $16.6 billion in the first nine months of 2024.

The future of GCC banking is digital. Technological advancements, strong fiscal conditions, government investments, a positive outlook for oil and gas prices and an expected improvement in the global economic landscape will drive growth in the region’s banking sector.

Meanwhile, GCC sovereign wealth funds are playing a crucial role in stimulating domestic economic growth and facilitating the transition towards a more diversified economy.

The state investors are reorienting their strategies to prioritise both domestic economic development and long-term wealth preservation for future generations. Abu Dhabi is the leading

experienced a moderate slowdown during the third quarter of 2024, the GCC region continues to exhibit a strong pipeline of potential IPOs.

Though Abu Dhabi, Dubai and Riyadh have primarily dominated the recent wave of IPOs in the GCC region, there are emerging signs of a broader trend, with the listings of Oman’s OQ Base Industries, Bahrain’s AlAbraaj Restaurants and Kuwait’s BIG Holding.

Ultimately, the GCC is well-positioned to capitalise on emerging opportunities by fostering innovation, attracting foreign investment and building a knowledgebased economy amid shifting global trade dynamics. The region is poised to reap the economic rewards of an AI boom, which promises to boost efficiency and spur innovation across numerous sectors.

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Era of Expansion

More frequently seen as providing options in line with present day considerations, Islamic Banking and Finance is not only experiencing consistent growth and development in its traditional homelands but also in parts of the world where conventional methods are the norm

The global Islamic finance market, which includes banking, Sukuk and Takaful, has experienced remarkable growth over the past two decades, expanding beyond its traditional centres in the Middle East, Africa and South Asia (MEASA), with its growth trajectory and global relevance increasing, driven by ethical considerations and economic factors.

The sector is already present in more than 80 countries and is projected to reach $4.94 trillion in value by 2025, according to ICD-LSEG Islamic Finance Development Report. The GCC currently holds the majority share of global Islamic

finance assets, accounting for nearly 53%, followed by Southeast Asia and the Pacific, which comprise 21.8%.

While the Islamic finance industry is being confronted by challenges such as the need for standardised Shariah interpretations, regulatory consistency across jurisdictions and a skilled workforce, it remains poised for robust growth and innovation in the future.

Islamic banking and finance traces its roots to the Middle Ages. The modern industry took shape in the mid20th century, inspired by experiments such as the Mit Ghamr Savings Bank in Egypt.

A pivotal moment arrived in 1975 with the founding of the Dubai Islamic Bank (DIB) and Jeddah-based Islamic Development Bank.

The favourable economic conditions in the GCC region, on the back of robust non-oil economic growth, have driven significant growth for Islamic banks as profitability is expected to remain stronger over the next 12-18 months.

“Favourable operating conditions for 2024 and 2025 should support GCC Islamic banks’ strong credit fundamentals,” Fitch Ratings said while noting that the recent and further expected interest rate cuts will be negative for banks’ earnings but will be manageable.

The rising demand for digital financial services and the integration of fintech solutions are propelling the growth of the Islamic retail banking sector, enhancing customer experience and boosting industry competitiveness.

Though the convergence of Islamic finance and sustainable finance, coupled with rising financing needs in core Islamic finance markets in MEASA, is poised to drive sukuk issuance, the anticipated adoption of a new global standard is expected to temper growth in 2025 and beyond.

However, industry experts believe standardising the global Islamic finance legal and regulatory framework can significantly streamline processes, enhance practices and broaden the appeal of Shariah-compliant products like sukuk.

A new era for Islamic banking

The global Islamic banking sector is experiencing significant growth, fuelled by sustained demand for shariah-compliant products in the GCC region, digitalisation of the banking sector and growth outside core Islamic finance markets.

While the retail banking sector remains a cornerstone of Islamic financial institutions, the majority of banks in the GCC are actively diversifying their product portfolios to include a broader range of commercial banking services.

S&P Global said the Middle East continues to underpin growth in the global Islamic banking sector, with GCC countries responsible for 86% of the increase in Sharia-compliant banking assets in 2024, with Saudi Arabia as the chief contributor, having generated 56.7% of the growth.

The profitability of GCC shariahcompliant banks is projected to remain robust over the next 12-18 months, supported by their focus on higher margin retail lending and strong business activity as a result of government economic diversification agendas.

The Gulf region’s top five Islamic banks – Al Rajhi Bank, Saudi National Bank, Kuwait Finance House, Qatar National Bank and Dubai Islamic Bank (DIB) –reported a combined profit of $14.5 billion in the first nine months of 2024.

“Historically, the retail heavy portfolios of Islamic banks in the GCC region drive higher financing yields and therefore stronger margins than conventional banks, mainly because current and savings accounts deposits continue to make up a large portion of their deposit bases and present little pressure on cost of funds,” said Moody’s.

HISTORICALLY, THE RETAIL HEAVY PORTFOLIOS OF ISLAMIC BANKS IN THE GCC REGION DRIVE HIGHER FINANCING YIELDS AND THEREFORE STRONGER MARGINS THAN CONVENTIONAL BANKS, MAINLY BECAUSE CURRENT AND SAVINGS ACCOUNTS DEPOSITS

CONTINUE TO MAKE UP A LARGE PORTION OF THEIR DEPOSIT BASES AND PRESENT LITTLE PRESSURE ON COST OF FUNDS

– Moody’s

Islamic banks’ return on assets is also projected to remain above conventional peers. Moody’s forecasted that the GCC Islamic banks’ net profit margins will be protected from lower interest rates following regional central banks’ move to ease monetary policy in line with the US Federal Reserve.

The ratings agency said Islamic banks will retain a net profit margin advantage over conventional banks, and its return on assets will remain above that of conventional operators.

Meanwhile, shariah-compliant retail banks are expanding beyond their traditional markets in the MEASA nations. The sector has gained traction in Asia and EMEA, as the global reach of issuers and investors drives the growth of Islamic bond issuance.

Bangladesh’s Islamic banking sector is poised for continued growth, driven by increased public demand, expansion efforts and supportive government policies. “More lax prudential requirements have supported Islamic banking growth and motivated conventional banks to provide Islamic products,” Fitch Ratings said, adding that Bangladesh Bank, the central bank, has set the statutory liquidity ratio limit for Islamic banks (5.5%) much lower than for conventional banks (13%). The trend of conventional retail banks embracing Islamic banking is more

pronounced in the South Asian nation, as many are establishing new Islamic branches or converting to full-fledged Islamic banks.

Similarly, the Russian State Duma, the lower house of parliament, passed a bill in July 2023 that will allow for a pilot program to introduce Islamic banking in four predominantly Muslim regions of the country: Bashkortostan, Chechnya, Dagestan and Tatarstan.

The Asia-Pacific Islamic retail banking sector is projected to achieve high singledigit growth, driven by increasing demand and untapped potential in key markets, while supportive factors such as mergers and sukuk issuance will drive growth in the Gulf region.

Sustained momentum

Sukuk remains the leading Islamic Capital Market instrument and one of the fastest-growing sectors of the Islamic finance industry.

The Islamic bond market has experienced significant momentum, with a notable surge in sustainability and green sukuk. Global sukuk issuance is poised for significant growth in 2024, with Moody’s forecasting a range of $200 to $210 billion.

“We project that 2024 sukuk issuance will exceed 2023 levels, underpinned by strong sovereign issuance from

GCC countries and Southeast Asia. In particular, Saudi Arabia and Malaysia are expected to be significant contributors to this growth,” the ratings agency said in a report.

The growth Sukuk issuance is primarily attributed to the continued efforts of GCC countries to diversify their economies away from oil dependence. Similarly, non-financial companies and financial institutions are expected to drive issuance through a combination of factors, including re-entering the market after delays, diversifying funding sources or investor bases and focusing on sustainable sukuk.

“Global sukuk issuances are rising following the US Federal Reserve’s interest rates cut by 25 basis points in November 2024, with financing conditions improving,” said Fitch Ratings. “Rates are expected to be 4.5% at end-2024 and 3.5% at end-2025, boosting Q4 2024/25 issuance activity, along with drivers such as refinancing upcoming maturities, funding and diversification goals.”

The Public Investment Fund, Saudi Arabia’s sovereign fund, issued its second sukuk in March 2024, raising $2 billion in the process. Last year, the fund issued $3.5 billion sukuk in an offering that was more than seven times oversubscribed.

Abu Dhabi’s Mubadala issued its 10-year $1 billion debut sukuk in April 2024, taking advantage of robust investor demand for sustainable debt.

Saudi Aramco raised $3 billion through a dual-tranche sukuk offering, while several GCC banks issued debut sustainable sukuk, including DIB’s $1 billion green sukuk, Emirates Islamic Bank’s $750 million sustainable sukuk and Qatar International Islamic Bank’s $250 million green sukuk.

A flourishing segment of sukuk is sustainable and green sukuk, which saw global total issuance of nearly $6.8 billion in H1 2024, a 21% year-on-year increase from H1 2023, said Moody’s. The growth stands in stark contrast to the 8% decline in conventional sustainable bond issuance.

GCC economies dominated the sustainable sukuk market in the first

half of 2024, accounting for 82% of total issuance. Notably, UAE issuers played an increasingly significant role in this growth.

LSEG said Oman has a promising outlook on Islamic sustainable finance following the unveiling of the Sultanate’s Sustainable Finance Framework, which outlines its intention to use Green, Social and Sustainability Sukuk for relevant projects.

The issuance of sustainable sukuk is on the rise and is expected to gain further momentum in response to global decarbonisation efforts, offering a unique avenue for financing climate technology projects while adhering to Islamic financial principles.

On the cusp of a transformation

The financial services industry is undergoing a digital transformation, with Big Data, AI, cloud technologies and other innovations revolutionising business processes and models.

Islamic retail banks are keeping pace with this trend, accelerating the digitalisation of complex processes

UAE’s Ruya Bank, a digital-native Islamic community bank, is the latest Shariahcompliant neobank to join the GCC’s growing challenger bank ecosystem after receiving preliminary approval from the UAE central bank in February.

Beyond the UAE, Saudi Arabia is set to witness the public launch of STC Bank by the end of 2024. The new digital bank that is being transformed from a licensed fintech company, stc pay, contributes towards the ambitious goal of the kingdom towards becoming a cashless society in its Vision 2030.

Kuwait’s Boubyan Bank developed Nomo, the world’s first international digital shariah bank, in 2021 while Al Rayan, the UK’s oldest retail shariah bank became a fully digital bank in 2022. Other digital exclusive Islamic banks include Fardows in the US and Al Rajhi’s neobank in Malaysia.

The emergence of Islamic banking neobanks is a significant trend that is being fuelled by advancements in technology, changing demographics

GLOBAL SUKUK ISSUANCES ARE RISING FOLLOWING THE US FEDERAL RESERVE’S INTEREST RATES CUT BY 25 BASIS POINTS IN NOVEMBER 2024, WITH FINANCING

CONDITIONS IMPROVING

– Fitch Ratings

and enhancing end-to-end customer experiences. The shariah-compliant banks are rapidly adopting digital technologies to streamline complex processes and enhance customer experiences, mirroring the trends seen in conventional banking.

“We saw many new digital banks open in Malaysia and Indonesia in Asia, Bahrain and Saudi Arabia in the Middle East and Türkiye and the UK in Europe,” according to an ICD-LSEG report.

and the growing demand for ethical and shariah-compliant financial services.

Islamic banking has expanded significantly beyond its MEASA origins, with Islamic banks and Islamic windows operating in more than 75 countries. While structural challenges continue to hinder broader geographical and market penetration, progress towards greater standardisation, aided by industry digitalisation, has the potential to further propel the growth of Islamic banking.

Opportunities and Obstacles

Trade finance, the circulatory system for the body of global trade, faces a year of change and uncertainty in 2025, with growing adoption of technology enhancing services and inclusivity for SMEs, and the threat of tariffs and countertariffs being levied by leading world economies

Global trade and the trade finance sector, which drive economic growth, create jobs, deliver essential goods and enhance lives, have faced significant turbulence in the recent past due to the COVID-19 pandemic, geopolitical tensions and the shipping challenges in the Red Sea.

However, the historic return of Donald Trump to the White House is widely expected to exacerbate global trade challenges, reignite tensions and open a new chapter in the trade war and supply chain crisis that he sparked during his first administration.

Trump’s past policies and rhetoric indicate potential shifts in the global trade landscape, which economists expect to have far-reaching implications for international markets and economies.

The former and soon-to-be president has described tariffs as the “most beautiful word in the dictionary.” Previously, his tariff policies focused on specific countries like China or targeted industries such as aluminium, but his campaign trail pledged to impose a 10% to 20% tax on all imported goods is expected to impact global trade.

UBS economists noted that Trump’s election to his first term in 2016 marked the beginning of a new era in US trade policy, characterised by the use of tariffs and other measures to address America’s trade deficits. “A second Trump administration is likely to revive a more assertive, transactional and isolationist approach to US trade policy.”

Financing serves as the lifeblood of global trade, providing essential capital that enables businesses to operate

seamlessly across borders. By bridging the gap between production and payment, it ensures a smooth flow of goods and services worldwide.

However, the International Trade and Forfaiting Association (ITFA) and the World Trade Organization (WTO) agree that the global trade finance gap, projected at over $2.5 trillion, remains a significant barrier to economic growth. Small and medium-sized enterprises (SMEs) face the greatest difficulties, with over 50% of trade finance requests being rejected.

Trade finance supports an estimated 80% of global trade through a variety of financial instruments, including letters of credit, trade loans, guarantees and insurance. Without it, global trade would grind to a halt.

While trade finance has been relatively slow to modernise its decadesold processes, the ongoing industry transformation presents a valuable opportunity for financial institutions.

J.P. Morgan said the digital transformation of trade finance goes beyond digital negotiable instruments and looks to revolutionise ways in which data can be securely shared throughout both the physical and financial supply chain.

Meanwhile, the GCC has emerged as a global hub for trade thanks to its strategic location at the crossroads of

the Middle East, Europe, Asia and Africa. Modernised infrastructure and economic diversification initiatives are propelling the region as a conduit for seamless global commerce.

A hub for global trade

The GCC region is undergoing a transformative shift, with countries such as the UAE and Saudi Arabia spearheading ambitious National Visions, UAE Centennial 2071 and Vision 2030, respectively, to diversify economies away from oil dependence and establish the region as a global investment powerhouse.

Trade finance is playing a pivotal role in GCC states’ economic diversification strategies, serving as a vital financial tool that supports cross-border trade while offering a launchpad for local businesses to extend their reach and bolster their presence on the global stage.

With GCC countries diversifying their economies away from reliance on oil and gas, the SME sector has emerged as the engine of growth that is contributing significantly to GDP and providing jobs for the majority of private sector employees.

“SMEs are playing an important role in economic diversification; they currently contribute around a third of non-oil GDP in Saudi Arabia and over 60% of non-oil GDP in the UAE,” according to Kearney.

However, with a projected financing gap of $250 billion, many SMEs struggle to access the necessary capital to expand and compete on a global stage. From letters of credit to import and export financing, the trade finance infrastructure in GCC states mitigates risks, secures payments and promotes market access for SMEs.

“Historically, credit insurance products were structured primarily for top-tier clients and large corporations, leaving SMEs underserved. However, the demand for more flexible and accessible insurance solutions has grown exponentially in recent years,” ITFA and WTO said in a report.

The WTO said the inability to access trade finance prevents SMEs from capitalising on new international

market opportunities, limiting export diversification, socioeconomic inclusion and growth potential.

The public and private sectors in the GCC region have been developing programs to catalyse the growth of SMEs, including startups.

Dubai port and logistics giant DP World has partnered with several financial institutions, including Standard Bank, Nedbank, RAKBANK and Bank of Bahrain and Kuwait, to expand trade financing solutions to SMEs facing working capital challenges.

The UAE export credit agency, Etihad Credit Insurance, partnered with the Abu Dhabi Exports Office, First Abu Dhabi Bank and Natixis in September to support Trafigura’s global non-hydrocarbon commodity acquisitions from the UAE.

Last November, Abu Dhabi Global Market launched Numou, a digital platform

The GCC’s strategic focus on trade finance is key to its economic ambitions. For financial strategists, investors and economists, the region offers valuable insights into unlocking economic potential through trade finance.

A digital opportunity

For centuries, trade finance has operated on traditional processes and systems, with financial institutions relying on established practices and relationships to facilitate global commerce. However, digital transformation in the financial services sector has assisted in streamlining trade finance operations in many ways.

Commerzbank said that digital innovation is enabling data to be leveraged across the supply chain, paving the way for more efficient, streamlined trade finance processes.

SMES ARE PLAYING AN IMPORTANT

ROLE

IN ECONOMIC DIVERSIFICATION; THEY CURRENTLY CONTRIBUTE AROUND A THIRD OF NON-OIL GDP IN SAUDI ARABIA AND OVER 60% OF NON-OIL GDP IN THE UAE

– Kearney

to empower UAE SMEs, partnering with RAKBANK, Al Maryah Community Bank, Commercial Bank International, Khalifa Fund and Mastercard.

Saudi Export-Import Bank (Saudi Exim) signed a $25 million credit agreement with Standard Bank Group to facilitate trade between the kingdom and South Africa. Saudi Exim also signed a trade finance deal with South Africa’s Absa Group.

Similarly, the trade finance institution’s strategic partnerships, such as the agreement with SABIC, facilitating global sales on a Letter of Credit basis across 40 countries, highlight the expanding opportunities for Saudi businesses.

“Financial institutions, in collaboration with external platforms, fintech firms and corporate clients, are spearheading the development of digital trade finance ecosystems to facilitate seamless information sharing among global trade stakeholders,” the German lender said in a blog post.

The proliferation of networks, digital standards and digitisation efforts are constructive steps toward trade finance modernisation and inclusion. They validate the belief that market participants – including banks and credit insurance companies – recognise the importance of enhancing trade finance efficiency.

TRADE FINANCE

Digitalisation can streamline trade and trade finance transactions by addressing process inefficiencies, regulatory compliance challenges and information asymmetry. Electronic trade documents and automation can accelerate transactions and minimise human error.

“Cutting-edge technologies such as distributed ledger technology (blockchain), artificial intelligence (AI) and big data can help verify business identity and financial capacity, enabling banks to comply with regulatory requirements such as AML/KYC requirements at lower cost,” according to the Asian Development Bank.

HSBC executed the Middle East region’s right blockchain-enabled, trade finance transaction between China’s SAIC Motor and Saudi Arabia’s Taajeer Group via the global lender’s Contour platform in September 2022.

The digital platform has been instrumental in bringing down transaction lead times from 5-10 days to 24 hours. The bank’s digital receivables finance portal also reduced waiting time for working capital from 60 days to less than 48 hours, which significantly enhanced cash flow for its commercial and global banking corporate customers.

The increased adoption of digital technologies in UAE’s trade finance sector is enhancing speed, security and costefficiency, according to Investopedia. By leveraging digital tools and emerging technologies, businesses in the trade finance sector can further optimise their operations.

The trade finance sector has traditionally relied on laborious manual processes, resulting in substantial delays, expenses and inaccuracies.

Beyond trade finance, leveraging blockchain in global trade makes it possible for documentation to flow transparently and securely between banks, trading companies and other network participants such as credit insurance companies.

McKinsey said the advancements in technology have led to a variety of new trade finance approaches and players,

HISTORICALLY, CREDIT INSURANCE PRODUCTS WERE STRUCTURED PRIMARILY FOR TOP-TIER CLIENTS AND LARGE CORPORATIONS, LEAVING SMES UNDERSERVED. HOWEVER, THE DEMAND FOR MORE FLEXIBLE AND ACCESSIBLE INSURANCE SOLUTIONS HAS GROWN EXPONENTIALLY

IN RECENT YEARS

each addressing the shortcomings of legacy processes.

However, while these isolated innovations are addressing specific challenges, industry experts say they have created “digital islands” or closed systems that can hinder broader interoperability.

Digitalisation can revolutionise trade finance by streamlining processes like KYC, underwriting, and document management, thereby easing access to credit for smaller businesses and narrowing the funding gap. However, true digital transformation requires standardised methods and supportive legislation.

Path to net zero finance

Banks in the GCC region are expanding their sustainable trade finance offerings to encompass ethical sourcing, climatesmart supply chain planning, eco-friendly warehousing, renewable energy and green logistics to meet growing corporate demand for sustainability.

With global trade and supply chains linked to 25-80% of global carbon emissions and facing a wide range of sustainability challenges, the Asian Development Bank said regulators, investors and consumers increasingly demand businesses to develop trade that is sustainable.

The International Chamber of Commerce (ICC) launched a new set of Principles for Sustainable Trade Finance (PSTF) in October to provide a consensus set of principles that define sustainable trade finance products.

While existing sustainable finance frameworks may not be applicable to many trade finance products due to their nature as ‘flow’ products without distinct projects, PSTF provides clear guidelines to support sustainable trade finance, addressing the unique challenges of ‘flow’ products and mitigating greenwashing risks.

Trade finance can significantly improve corporate sustainability by promoting carbon-efficient production and supply chains. Societe Generale said that with a significant number of flows, trade finance can substantially reduce carbon emissions across various sectors.

“Trade finance can provide guarantees and letter of credits essential to the trade in climate-related technologies and projects and even help make low-carbon technologies available to a broader range of countries,” the French lender emphasised.

Trade is the lifeblood of every economy, and the World Trade Organization (WTO) estimates that 80-90% of global trade requires financing. Trade finance can be a catalyst for global economic recovery by stimulating export and import growth by addressing two key challenges in international trade: securing funding and mitigating associated risks.

Looking ahead, 2025 is set to witness a surge in partnerships between banks and fintech companies. The collaborations are essential for modernising outdated legacy systems, enhancing customer experiences and accelerating the development of innovative financial products.

Leading Change

Deyana Cherneva Regional Head of Global Trade Solutions for HSBC, MENAT region explains how key changes, from establishing cross-border payments organisations and implementations of standardisation to enhance processes, to their own adoption of products and technology is creating efficiencies and building inclusivity in regional trade finance

What effects are the establishment of organisations like BUNA and initiatives such as Swift’s ISO20022 having on regional trade and supply chain financing?

Establishments of organisations that are innovating in the payments space

are having a significant impact on trade finance for the region as it demonstrates regional digital innovation and creating improved ways for companies to facilitate cross-border trade.

Streamlined payment infrastructures will support supply chain financing by reducing liquidity risks and ensuring timely payments to suppliers, which is

critical in sectors like manufacturing and agriculture and can help boost financial inclusion across sectors.

The primary impacts of these are threefold. Firstly, greater access to finance – with increased transparency and efficiency that makes it easier for small and medium sized enterprises to benefit from trade finance solutions. Secondly, greater supply chain visibility for companies, as real time payments and messaging give more visibility into payments and logistics flows, allowing companies to optimise their supply chains and finally, enhanced risk monitoring, due to detailed transaction data that enables the finance institutions to better evaluate creditworthiness of companies, reduce risks and do deep-tier financing. These benefits are encouraging more innovation in the financial sector, enabling the development of trade finance products such as dynamic discounting which HSBC is also offering to companies across various sectors.

Similarly, other regional standards being in place can have further impacts on regional trade if payments become faster, more accurate and standardised and allow financial institutions more visibility on transactions.

These benefits are taking trade finance in the right direction, although there are some inherent challenges in relation to the implementation of these new and innovative infrastructures. Adaptation costs could still be a challenge as any integration with new standards can be costly, especially for smaller financial institutions. Maintaining uniformity and universality also can be challenging as uneven adaptation of standards can limit the effectiveness of these systems. Lastly, cybersecurity risks also need to be closely monitored as systems become more interconnected

Deyana Cherneva, Regional Head of Global Trade Solutions for HSBC, MENAT region

and interoperability intensifies the risks of cyber-attacks increase, thus requiring the participants to deploy robust cyber security measures.

In short, even while challenges persist in streamlining of payment infrastructure which are helping to foster efficiency, transparency and integration of regional trade and supply chain financing, their long-term effects are expected to drive greater financial inclusion, lower costs and deeper trade connectivity, particularly for emerging markets and SMEs.

Are supply chain and trade finance moving further up the value chain for banks in the region?

SMEs are the backbone of any thriving economy, yet they often face greater challenges than their larger counterparts when it comes to accessing finance. Supply chain finance is emerging as helping exactly them. Corporates in the region are seeking more efficient and flexible supply chains as well as deeper partnerships within their own supply chain. For regional companies, this has become even more important as a tool to manage risks, market volatility, trade uncertainty and the business impacts of inflation which has increased over the last two years. As this demand increases, banks in the region are leaning towards it. For HSBC, supporting international trade has been at the heart of our business model and as our clients are moving further into their supply chains we are using our trade finance solutions to help them increase liquidity and resilience, and reduce costs in their value chain. Our international network also allows us to help buyers and suppliers across key regional trading corridors and structured trade solutions.

Can trade finance partnerships such as DP World’s with Nedbank help SMEs or business facing liquidity issues?

As all businesses, including SMEs, grow, digitise and look to access more

global markets, there are increased opportunities for partnerships like this to support SMEs through digital innovation and to access a broader range of working capital solutions. For example, growing SMEs can benefit from invoice and receivables financing, particularly where they have longer payment terms, receiving payments up front immediately helps them improve cashflow. Partnerships and innovation around the full supply chain or businesses procuring from SMEs can also help these SMEs obtain short term financing, particularly those who have historically struggled due to

Some of the more disruptive technologies we have developed are setting the standard in the market. One example of this, is the recently launched ‘TradePay’ solution that allows companies to draw on trade finance loans and make just-in-time payments to their suppliers within minutes. This immediate digital process replaces the historic paper-based process and allows companies to leverage this technology to improve supplier relations and focus on business growth.

The use of artificial intelligence also continues to be a key driver in how banks can simplify processes and create

SMES ARE THE BACKBONE OF ANY THRIVING ECONOMY, YET THEY OFTEN FACE GREATER CHALLENGES THAN THEIR LARGER COUNTERPARTS WHEN IT COMES TO ACCESSING FINANCE

cash challenges. As SMEs often face challenges around access to capital, combining expertise through cross sector partnerships can play a material role in closing this financing gap.

Is there increasing adoption of technology and AI in supply chain and trade finance?

Trade finance has for centuries been paper-based, this has now started to rapidly evolve as technologies provide a way for trade to be faster, more transparent and to help businesses access capital quicker and streamline supply chains. As the world’s largest trade bank, HSBC is playing a key role in the adoption of these new technologies and the transformation of global trade finance.

efficiencies for clients. For example, we recently launched Trade Solutions, a new trade platform which also leverages the use of AI such as cognitive automation which reduces transaction processing times in our systems. We are also using AI intelligent routing tools to improve client engagement and experience. The use of technologies like this are large differentiators for the financial institutions at the forefront of innovation.

Technology efficiencies driven by new digital platforms and channels will be major drivers of growth in the future, and we intend to be front and centre in investing, developing and commercialising these technologies at pace.

Max Presence

Wang Hu Co-founder of PayerMax details the successful and widespread global growth of their businesses and services, highlighting what attracts them to the Middle East’s markets and what additional services and new opportunities they are bringing to their clients

Describe the PayerMax journey from your roots to the current global presence you now command.

Our journey commenced approximately six years ago, prior to the onset of the pandemic. During that time, I was already engaged in extensive overseas work and

travel across emerging markets such as Indonesia, Thailand, India etc. It became evident to me back then how challenging and inconvenient payment processes were, not only for consumers but also for businesses.

The payment infrastructure in these regions, particularly emerging markets, is considerably less developed compared to

countries like the US and China. As a small team at that time, we firmly believed in two fundamental aspects. Firstly, we were confident that the payment infrastructure in these markets would undoubtedly evolve and progress. Secondly, we recognised the immense untapped growth potential within emerging markets. We identified an opportunity where we could contribute towards enhancing the payment ecosystem and facilitating smoother business operations for global companies in this region. Thus began our journey as we endeavored to address these pain points. The pandemic accelerated digital adoption, leading to a surge in online business and attracting even more global companies to these markets, and PayerMax has ushered in a period of rapid business development, keeping pace with overseas enterprises to explore the global market and expanding our business to more emerging markets.

PayerMax as a fintech company is deeply rooted in emerging markets with a global business footprint. It is committed to delivering professional omni-method global payment solutions. We offer merchants a comprehensive range of services, including global acquiring, payout and collections, providing a safer, more convenient onestop payment experience. Leveraging years of experience in emerging markets, PayerMax continues to expand its global footprint, breaking down geographical and currency barriers. This empowers businesses to access a wide range of global payment options, making payments more accessible and convenient while maximising their revenue.

We have made solid and significant progress, acquiring payment licenses in key markets in Southeast Asia and integrating deeply with the local payment systems. As we established our presence

Wang Hu, Co-founder of PayerMax

and gained traction in Singapore and Southeast Asia, we recognised the potential for expansion into the broader Middle East market. With a dual-engine strategy pattern of “Southeast Asia + Middle East”, we are also expanding in emerging markets such as Latin America and Africa, in developed markets including Japan, South Korea, Europe and other regions step by step.

Now we are witnessing our day one vision materialise before us. The payment infrastructure in emerging markets has significantly improved over time with our active involvement playing a part therein. Moreover, a growing number of global enterprises are expanding their presence globally.

What attracts PayerMax to the markets of the Middle East?

PayerMax is one of the first cross-border payment companies to explore the Middle East market. Key factors that encouraged our entry included the region’s strong economic growth, supportive government initiatives in fintech and a young, techsavvy population eager for innovative financial services. We saw this as a timely opportunity to expand our footprint and make a meaningful impact in a dynamic market.

The region’s ambitious digital transformation initiatives, such as Saudi Vision 2030 and We the UAE 2031 vision, have created a favorable environment for fintech innovation. Meanwhile, we observed a growing demand from our existing clients for expanding into the Middle East. By establishing a presence in the region early on, we could proactively support their growth and provide them with the necessary payment infrastructure.

We prefer to focus on deepening our presence in one region rather than widespread rapid expansion. When we made a solid and significant progress in Southeast Asia, we recognised the immense potential of the Middle East market, driven by its rapid digital transformation and increasing demand for advanced payment solutions.

We are excited to leverage our deep-rooted experience in Southeast Asia and other emerging markets to the Middle East. We have established Regional Headquarters in Saudi Arabia this year, which is a milestone, marking a major step in PayerMax’s strategic plan to strengthen its presence in the region. And now we have expanded our business to around ten countries in the region. By focusing on these initiatives, PayerMax is confident to become a trusted partner for both overseas and local businesses, empowering them to thrive in the digital age and contribute to the region’s economic diversification goals.

With presence covering 150 countries and territories, where does PayerMax rank in terms of leadership in cross-border payments?

PayerMax has established a strong presence in emerging markets, covering sectors such as digital entertainment, gaming, e-commerce, internet finance, online education and more. We boast an impressive coverage rate of nearly 95% for mainstream payment methods in emerging markets.

language approach. Headquartered in Singapore, we have local offices Indonesia, Thailand, the Philippines, Malaysia, UAE, Saudi Arabia, Bahrain, Kuwait, Brazil, Mexico, China etc.

PayerMax focuses on regulatory compliance in the cross-border payment space, constantly enhancing payment security. Holding licenses from regulatory authorities in key markets such as Saudi Arabia, UAE, Singapore, the Philippines, Thailand, Indonesia and Hong Kong (China), alongside official certifications from global banks, PayerMax maintains a financial-grade risk control system. It adheres to comprehensive risk management measures within the scope of legal and compliant regulations to ensure the safety of every transaction.

PayerMax is the first Asian fintech company to set up a regional headquarters in MENA, in Saudi Arabia, and the first Asian fintech company to obtain the Payment Technology Service Provider (PTSP) certification issued by Saudi Payments under the Saudi Central Bank (SAMA). Additionally, PayerMax is also the first Asian fintech company to secure the UAE’s payment license

AT PAYERMAX, WE HAVE WITNESSED FIRSTHAND THE TRANSFORMATIVE POWER OF MODERN PAYMENT SOLUTIONS

PayerMax’s business operations span across 150 countries and regions worldwide, including Southeast Asia, the Middle East and Latin America. This extensive network supports a wide range of over 600 payment methods, more than 70 transaction currencies, and over 20 local languages, catering to diverse global user payment preferences with a multi-channel, multi-currency and multi-

and is strengthening its presence and expanding operations across the Middle East. We serve over 1,000 global clients, demonstrating extensive experience in providing successful one-stop crossborder payment solutions, and have partnered with several leading regional and global banks including Saudi Awwal Bank (SAB), Standard Chartered Bank, Emirates NBD and more, to create

seamless payment solutions that meet the needs of their customers.

Recently, PayerMax was named Best Payments Solutions Provider of 2024 by MEA Finance magazine. The award is a testament of PayerMax’s success in providing exceptional financial technology services to clients in the Middle East and Africa, as well as its leadership position in payment solutions.

Tell us about the role PayerMax plays in enabling the economies of emerging markets.

Cross-border payments in emerging markets have lately been impacted by two key trends: re-globalisation and domestic payment schemes. Re-globalisation has seen many markets stepping into the spotlight as global data and digital commerce become more inclusive. Many countries that were previously underserved or had underdeveloped payment infrastructures are now emerging as key players in the global economy.

Simultaneously, domestic payment schemes have taken off over the past

and supporting companies across the local divide in the process of supporting their global brands.

In the complex payment’s ecosystem, PayerMax has focused from the outset on serving the specific needs of global internet companies expanding into emerging markets like Southeast Asia and the Middle East. Our goal is to provide these merchants with the most efficient and effective payment solutions that ensure a seamless customer experience.

To achieve this, we have strategically partnered with leading e-wallet providers and banks globally. By acting as a trusted cross border payment solution provider, we support the local market to attract more business globally.

How will improvements in crossborder payments bring about wider financial inclusivity?

Improvements in cross-border payments can significantly enhance financial inclusion by breaking down barriers and expanding access to financial services. By streamlining processes, reducing

OUR GOAL IS TO PROVIDE THESE MERCHANTS WITH THE MOST EFFICIENT AND EFFECTIVE

PAYMENT SOLUTIONS THAT ENSURE A SEAMLESS CUSTOMER EXPERIENCE

two or three years, with most being spearheaded by government initiatives to boost financial inclusion and reduce dependency on international payment systems.

These dual trends have created both challenges and opportunities for crossborder payment providers like PayerMax, who act as a bridge between users, merchants and local financial institutions, building trust between the three parties

costs and increasing transparency, these advancements can empower individuals and businesses, particularly in emerging markets.

At PayerMax, we have witnessed firsthand the transformative power of modern payment solutions. During the COVID-19 pandemic, we saw a surge in demand for cashless transactions, highlighting the need for accessible and affordable payment options. By leveraging technology and

innovative payment methods, we have been able to reach a wider audience, including underserved populations.

As we continue to evolve, we are committed to embracing emerging technologies like AI to further enhance our services. By doing so, we can offer more efficient, secure and inclusive payment solutions, driving financial inclusion and empowering individuals and businesses around the world.

Additional to your payment’s capabilities, what other services and value-adds do you bring to the market?

PayerMax has significantly invested in local payment infrastructure in emerging markets, continually enhancing localised services and optimising the local payment experience. We keep focusing on perfecting the fundamental capabilities to ensure a seamless user experience. This requires continuous optimisation across key areas, like success rates, smart routing, chargeback management, all of which are crucial to raise the industry standard of best-in-class services.

We have also built strong localised payment capabilities and developed a range of value-added services that go “beyond payment” to meet diverse client needs and different business focuses during globalisation. These value-added services include risk management, localised marketing, financial and tax services and foreign exchange services.

Given the current global economic uncertainties, we also are keeping a close eye on foreign exchange and risk management. These areas are increasingly important as business navigates volatile market conditions. By strengthening these offerings, we ensure that our merchants can operate securely and efficiently, even in current market and macro environment.

PayerMax is also exploring and expanding new payment scenarios and models, enriching its matrix services, creating greater value and convenience for clients and consumers and advancing global digital payments.

VIRTUZONE:

Championing Entrepreneurs and Powering the UAE Economy for 15 years

George Hojeige CEO of Virtuzone outlines how since founding in 2009, they have enabled over 80,000 entrepreneurs to start businesses, and by implementing growth creation solutions, they are supporting the UAE’s goal of being home to over one million SMEs by 2030.

For many aspiring entrepreneurs and existing businesses in the UAE, Virtuzone has become a familiar name, one that is synonymous with entrepreneurship, industry leadership, innovation and service excellence.

Since its founding in 2009, Virtuzone has built a formidable reputation as a market leader and a visionary company, leading at the forefront of the UAE’s company formation and corporate service industries.

Over the last 15 years, Virtuzone has achieved a stellar track record of enabling more than 80,000 entrepreneurs from over 180 countries to tap into the UAE’s rapidly growing business sector and position themselves for international expansion in the Gulf Cooperation Council (GCC) region.

Today, Virtuzone continues to be a pillar of support for SMEs and microbusinesses in the UAE, consistently working with the government and relevant private organisations to enrich the country’s business environment while bolstering its position as a global trade, economic and investment hub.

As of 2023, the UAE recorded groundbreaking figures of USD 30 billion in foreign direct investment (FDI) inflows and USD 225 billion in FDI stock, thus putting it in 11th place in the World Investment Report by the United Nations Conference on Trade and Development (UNCTAD).

Furthermore, the UAE’s non-oil gross domestic product (GDP) hit USD 340 billion in the same year, realising 60% growth in the non-oil trade sector. The report also highlighted the key sectors driving FDI growth in the country, which include wholesale and retail trade, real estate, finance and insurance services— sectors that Virtuzone actively assists in terms of all-around business support.

From pioneers to powerhouse Years before Virtuzone became an influential force in the UAE’s business scene, it started with a small office in the study of its co-founder, Neil Petch, with only a handful of people running its day-to-day operations.

George Hojeige, CEO, Virtuzone

Now, Virtuzone boasts a bustling headquarters situated right in Downtown Dubai, the epicentre of business activities in the city, and houses more than 250 employees speaking over 40 different languages.

Seeing the tremendous potential of the UAE market in its nascent stages, while recognising the challenges that hindered most entrepreneurs from establishing their businesses in the country, Virtuzone introduced a game-changing framework that streamlined and accelerated the company setup process, not just in Dubai but in other emirates as well.

The company’s pioneering solution of managing the end-to-end company formation process on behalf of entrepreneurs and directly liaising with government agencies proved to be an innovation that effectively bridged the gap in the market and transformed the UAE’s business landscape. Such a feat inspired others to adopt a similar framework, thus helping the growth of the business setup sector in Dubai and across the nation.

With its pivotal role in the local company formation industry, Virtuzone grew into the fastest-growing and largest company formation specialist in the UAE, incorporating up to 500 companies every month.

Nurturing and growing alongside the UAE’s startup sector

As a company launched and led by entrepreneurs themselves, Virtuzone knows first-hand what new businesses and SMEs need to turn into successful ventures.

About 10% of start-up companies fail within the first year, and in a country where 94% of companies are SMEs, Virtuzone plays a critical role in empowering entrepreneurs and business owners and helping them achieve long-term success.

In 2020, Virtuzone formed a Corporate Services division dedicated to providing specialised services in areas such as accounting, banking, tax, compliance, trademark and copyright, and legal.

This strategic move ensures both newly established businesses and existing companies have access to industry-leading solutions that go beyond the setup stage, thus increasing their chances of expanding their ventures and attaining stability in the UAE’s dynamic and highly competitive market.

By implementing cost-effective solutions that help fuel growth, Virtuzone supports the UAE’s goal of having more than one million SMEs by 2030 and nurturing 10 unicorn companies by 2031.

Sharing the UAE’s vision for future success and prosperity

Renowned as a strong advocate of entrepreneurs and SMEs, Virtuzone has also developed a reputation as a close collaborator of the government, proactively building partnerships with local agencies and free zone authorities

and harness the country’s estimated USD 996 billion in private wealth. As a leader in the corporate services sphere, Virtuzone supports the UAE in further attracting global wealth and investment by providing unmatched quality of services and expertise in golden visa applications and corporate structuring, allowing HNWIs and asset managers moving to the country to enjoy tax benefits, long-term stability, superb quality of life and seamless processes.

Sustaining the lead with agile and forward-looking

strategies

One of Virtuzone’s fundamental principles that has helped the company maintain its lead in the UAE’s fastpaced market is its ability to swiftly formulate and execute trailblazing business strategies, supplemented by its relentless passion for innovating and consistently pushing the envelope.

AS A COMPANY LAUNCHED AND LED BY ENTREPRENEURS THEMSELVES, VIRTUZONE KNOWS FIRST-HAND WHAT NEW BUSINESSES AND SMES NEED TO TURN

INTO SUCCESSFUL

VENTURES

to further advance local businesses, diversify and boost the national economy, and promote job creation.

Currently home to 109,900 highnet-worth individuals, 20 of whom are billionaires and 298 are centi-millionaires, the UAE expects to see a 40% projected growth in HNWIs residing in the country by 2031.

Complementing this increase in the UAE’s HNWI population is also a surge in asset and hedge fund managers aiming to capitalise on the opportunity to work with family offices and HNWIs

For one, Virtuzone has established Taxready.ae to provide focused tax and accounting services to new entrepreneurs, microbusinesses and SMEs in the UAE, in response to the UAE’s landmark corporate tax legislation. As international markets shift and trends rise and fade, Virtuzone stays ahead of the curve by demonstrating its willingness to take calculated risks, diversify its portfolio, and adopt a digital-first, techfocused business model while keeping its core values intact—all the makings of a company poised to go global.

Trends and Strategies for Business Model Innovation in 2025 BUILDING TOMORROW’S BANK:

Sriranga Sampathkumar VP and General Manager – Middle East and Africa, Infosys Ltd., delves into the urgent need for banks to reinvent their business models amidst rapid market changes. He highlights the critical role of adopting modern architecture principles and presents a nine-step blueprint for designing and scaling new models to remain competitive in the evolving UAE financial landscape

Staying relevant in a shifting, highly competitive market is a major concern of incumbent banks worldwide. In the recent Innovation in Retail Banking 2024 study, presented jointly by Infosys Finacle and Qorus, 70 percent of the survey respondents said that other (non-bank) players would take more than 30 percent share in the consumer banking segment by 2030, when, in the view of 80 percent of respondents, more than 50 percent of banking transactions would be embedded in third-party channels.

As the texture of banking continues to change rapidly, right from how customers consume banking services, to how those services are created and delivered, it is driving home the need for a change in the banking business model. A recent Capco study1 found that nine in ten UAE

The good news is that incumbent banks are spoilt for choice; over the past several years, at least eight new banking business archetypes have emerged, opening up alternative ways for banks to create products, sell to customers and run their businesses profitably.

Of these, three models – digital-only offering, financial marketplace and digital financial advisory – will lead the race to adoption and scale by 2030, with three out of five respondents saying they were on their list of priorities.

Already, there are encouraging signs in the shape of early successes: Zand Bank, an AI powered digital first bank, is looking to revolutionise banking in UAE with innovation, AI and Blockchain technology and client-centric solutions that bridge TradFi and DeFi, empowering corporate, institutional and wealth clients to thrive the evolving digital economy. Other global examples include Nequi, Bancolombia’s digital-only bank that provides a wide range of services, including cards, payments for public services etc. and Plum, a U.K.-based fintech that, based on clients’ spending patterns, tells them how much to save or invest each month.

Apple and Goldman Sachs envisioned a revolutionary savings account offering a market-leading annual percentage yield (APY) of over 4 %, with no fees or minimum balance or deposit requirements. This account would automatically funnel cash rewards from the card or wallet into savings, while also respondents (89%) now have digital-first accounts, including both international and UAE-based firms. Three-quarters (76%) have an account with a UAE-based digital-first provider.

Sriranga Sampathkumar, VP and General Manager – Middle East and Africa, Infosys Ltd.

allowing consumers to deposit funds from other linked accounts, all while earning an impressive return.

Scaling New Business Models: Challenges and Imperatives

But the reality is that building and scaling a new business model is an intensive and complex exercise, requiring planning, resources and years of effort to first undo deep-rooted legacy systems, processes and work culture before a bank can transition to new ways. There needs to be a holistic strategy aligning vision, technology and organisational agility; the ability to co-innovate solutions with partners; strategic partnerships with fintechs, e-commerce firms and non-financial players to take ecosystemmodels such as banking as a service, marketplace and embedded finance forward; and governance by way of customer data management, risk management and regulatory compliance. Being highly-regulated entities, it is no surprise that banks report the greatest success in initiatives in the last three areas: 56.5 percent of respondents said they had deployed regulatory compliance initiatives that were delivering as expected, while 51.3 percent and 47 percent said the same about risk management and customer data management initiatives respectively.

Good governance and compliance provide a foundation of trust and stability, but business growth requires vision, agility, product innovation and co-creation, areas where banks are yet to see their investments yield meaningful results. In the Finacle-Qorus survey, these were areas where banks have deployed initiatives but are not yet meeting expectations - vision (over 63%), organisational process agility (over 63%), and product co-innovation and co-creation (nearly 60%). In 2025 and beyond, these are pivotal to driving future success, where banks must align

their strategies and execution to secure a dominant role in the embedded banking landscape. These capabilities are hardwon, requiring transformation of vision, culture and legacy processes, areas that are typically highly resistant to change.

Need for Adopting Modern Architecture Principles

For banks and financial institutions to thrive in today’s evolving environment, they must adopt modern technology architecture principles that enable them to transform with speed, scale and resilience. In our survey, more than 50% of bankers believe they are on par with the industry but not better than others in the areas of security, scalability and resilience and recovery. In the areas of modularity, interoperability, cloud-native adoption, data management, analytics and AI, CI/CD and sustainability practices, confidence dips significantly. Between 35% to 45% of bankers believe they are only as good as others, while a similar percentage admit they are not as good as their peers. These should be priority focus areas for banking leaders in 2025 as they will lay the foundation for banks to scale new business models with agility. An example of a bank that has been successful here is Emirates NBD. The bank completed a massive digital transformation which has redefined its technology architecture, unifying various entities onto a single platform that enables their teams to quickly and efficiently roll out new products across countries and subsidiaries. The bank boasts of achieving the industry’s best in class cost-to-income ratio. 94% of the bank’s transactions now happen outside traditional branches, which really shows how well the bank has shifted to digital platforms.2

A Blueprint for Creating and Scaling Business Models

Achieving these transformations can be systematised with an agile

1. https://www.capco.com/about-us/newsroom-and-media/bank-of-the-future-united-arab-emirates

2. https://www.wam.ae/en/article/b300dl5-94-financial-transactions-occur-outside-branches

iterative model, with market needs and opportunities at its core. One such model is a nine-step approach, a blueprint for banks to design, test, implement and scale new business models successfully.

1. Map customer ecosystems

2. Identify Value

3. Build a viewpoint on the future

4. List future business model options

5. Determine a shortlist to experiment

6. Undertake pilots

7. Select suitable models

8. Implement scaling strategies

9. Monitor and adapt

Since new banking business models follow an “ecosystem-first” approach, the starting point is to identify thirdparty providers with best-in-class capabilities in products, services and experiences, and strike partnerships with them. Figuring out the most important jobs that customers want done helps to identify what they value the most, and spaces with the most potential; a bank can shortlist the opportunities to target based on the value to the most important customer segments, and factors such as technical and commercial feasibility, and own and partner capabilities. Next is to create a shortlist of business models and undertake pilots to find the most suitable among them.

A beta test of the new product, service or capability should be rolled out to customers, and their feedback used to improve and scale up in an iterative manner. Banks should focus on building microservices architecture and a rollout implementation roadmap, incorporating customer feedback, monitoring business model viability metrics, and updating the roadmap based on product performance post go-live. Finally, they should continue to iterate until they are satisfied that they have maximised outcomes for all stakeholders. Because ultimately, business model innovation is not a fixed goal, but a moving target achieved through constant pursuit.

Planned Ascent

Bas Kooijman CEO and Asset Manager of DHF

Capital S.A. explains the philosophy behind the operating principles of DHF Capital and how it has brought positive results and growth for both their clients and the business

What inspired you to start DHF Capital, and how has your vision for the company evolved?

In an industry often focusing on shortterm gains, I was driven to create a firm prioritising long-term, sustainable wealth creation. I saw an opportunity to offer something different: strategies grounded in risk management and financial discipline for clients to grow wealth without compromising stability.

My vision has grown with the company. From solely managing

wealth to now also integrating advanced technology and data analytics to optimise investments, we always aim to evolve. The goal of creating value for our clients remains the same, but our tools and strategies have expanded.

When you expanded from Luxembourg, why did Dubai appeal to you? How does it stack against other financial hubs?

Like the Burj Khalifa towers over other buildings on Dubai’s skyline, Dubai stood out among all other countries.

As a gateway between Europe, Asia and the Middle East, it’s the ideal hub for international business. Beyond geography, its financial landscape is supported by pro-business regulations, effectively encouraging innovation and growth.

Compared to Luxembourg, which is traditionally more established in terms of regulatory frameworks, Dubai’s fastpaced environment requires agility and forward-thinking strategies. Ongoing efforts to evolve, like the DIFC’s recent announcement to launch a new funds center, reinforce the notion that Dubai is like New York – both cities never sleep. The diversity of investors and opportunities in the emirate has allowed us to tailor our services to meet a broader range of client needs, especially in emerging markets.

DHF has brought in new talent recently. How have these team members shaped the direction of the company and what kind of impact have they had on your clients?

Ali Jaffari, our CFO, is bolstering DHF’s momentum regionally and globally by developing financial strategies that serve existing and new clients. Erik Boekel, our CCO, is further strengthening DHF’s position as a leader in providing financial products and investment solutions which are specifically tailored to institutional and HNWI investors across Africa, the Middle East and Europe. Roma Kestaviciene, our recently appointed COO, fills out our senior management team.

Each of these individuals, alongside the entire firm, has unique skills; particularly in areas like fintech, data analysis and alternative investments, allowing us to refine our services and stay competitive. Their fresh perspectives and vast experience help us approach challenges differently, to benefit clients with a team that’s deeply invested in not only managing their wealth but strategically growing it.

Bas Kooijman, CEO and Asset Manager of DHF Capital S.A.

With several services under your belt, what do your clients seem to gravitate towards the most right now?

We see a noticeable shift toward more holistic wealth management solutions. Clients always want strong returns but they’re increasingly seeking effective risk management, especially in volatile markets. According to Knight Frank, 82% of UAE-based HNWIs prioritise risk management and long-term stability over aggressive, high-return strategies, reflecting an increasing desire for balanced, risk-conscious wealth management approaches. Our Alpha Strategy has been particularly popular because of its consistent performance – five consecutive years of positive returns is no small feat. It combines conservative risk management with a forward-looking investment approach.

Five years of consecutive positive performance with the Alpha Strategy is impressive. What do you think has been key to achieving that consistency?

The key to the Alpha Strategy’s success has been our disciplined approach to risk management. From the beginning, we’ve prioritised protecting our clients’ capital while seeking opportunities for growth. This means being conservative in how we assess risk, using datadriven insights to guide decisions, and avoiding any moves that are purely speculative. Another factor is our adaptability. Markets constantly fluctuate and we’ve built the Alpha Strategy to be flexible enough to pivot, when necessary, without sacrificing our core principles.

The financial world is constantly changing. How do you make sure DHF evolves with it?

We invest heavily in research and data analysis to identify emerging trends early while regularly reassessing our strategies, to ensure alignment with

current and future market conditions. I firmly believe it’s important to stay curious by being open to new ideas and technologies. This is how innovation has been nurtured throughout history and as the saying goes, there’s no need to re-invent the wheel. The financial landscape today is very much intertwined with innovation, especially

consider where we want to be five or ten years from now. Integrity is also essential, ensuring that we’re acting in the best interests of our clients, even when it’s not the easiest or most popular choice.

What advice would you give to emerging leaders or entrepreneurs who are looking to make a meaningful impact in the financial services industry?

OUR ALPHA STRATEGY HAS BEEN PARTICULARLY POPULAR BECAUSE OF ITS CONSISTENT PERFORMANCE—FIVE CONSECUTIVE YEARS OF POSITIVE RETURNS IS NO SMALL FEAT

in fintech, so we’re always looking at how we can integrate the latest tools to enhance our offerings and ensure that we’re not just reacting to changes but anticipating them.

How has your leadership philosophy evolved as DHF Capital has grown, and what key principles guide your decisionmaking today?

I’ve come to place even more value on collaboration and adaptability. Early on, I was very hands-on in every aspect of the business, but as we’ve scaled, I’ve learned the importance of empowering my team and trusting their expertise. That shift has allowed us to be more agile and innovative. Keeping the long-term in focus is also key as it’s easy to get caught up in short-term wins, but I’ve found that the best decisions are the ones that

Focus on creating long-term value rather than chasing short-term gains. The financial industry can sometimes prioritise quick wins, but the leaders who make the most lasting impact are those who build sustainable strategies. Be prepared to constantly learn and evolve, as this industry is always changing. You need to stay curious and open to new ways of thinking, especially with the rise of technology and datadriven decision-making. And finally, don’t underestimate the importance of building strong relationships. Trust is the foundation of any successful business, particularly in finance, and your network is directly tied to your net worth.

Where do you see yourself and DHF Capital in the next few years? What’s on the horizon for you both personally and professionally?

I see DHF Capital continuing to grow both in terms of assets under management and geographic reach. We’re already exploring new markets and opportunities to expand our global footprint. Professionally, I’m excited about the potential to integrate more technology into our processes, especially as AI and machine learning become increasingly prevalent. On a personal level, I’m looking forward to continually mentoring the next generation of leaders, both within DHF and in the broader industry. I believe that helping others grow is just as important as achieving growth yourself, and that’s something I want to maintain focus on.

Alternative Theme

With their thematic approach to investments, a unique ability to integrate global reach with local insight and firm focus on key growth markets, Khaldoon Haj Hasan Chief Executive Officer at GFH Equities sets out how they will achieve their vision to remain a leader in alternative investments.

Khaldoon Haj Hasan, Chief Executive Officer, GFH Equities

GFH Equities: Pioneering Alternative Investments Through a Thematic Lens

What is GFH Equities’ focus within the GFH Financial Group?

GFH Equities is a wholly owned subsidiary of GFH Financial Group focused on alternative investments and asset management. The firm partners with high-quality companies and provides attractive investment opportunities to strategic global partners and investors. The team has substantial investment, operating and financial management

experience, which enables us to drive value creation in portfolio companies and managed assets, and our investment capabilities include private equity, private credit, special situations and other alternative strategies.

We have a global investment mandate with a focus on direct investments across the MENA region and alongside strategic and proven partners in other attractive geographies. We also look to back talented and proven teams in niche

asset management verticals and consider ourselves active investors creating value through our expertise in corporate governance, finance and strategy.

We are a regulated entity with best-in-class governance and our asset management services span innovative equity and debt solutions. Our independence and leading market intelligence allow us to source unique and proprietary investment opportunities where we play a key role in the value creation and realising attractive riskadjusted returns for our investors.

Can you elaborate on GFH Equities’ thematic investment approach?

Our thematic investment approach is a cornerstone of what makes the Group and, in turn, GFH Equities’ strategy distinctive. It involves identifying macrolevel themes, analysing their long-term potential, and then executing targeted investment strategies that enable us to effectively capture these opportunities and maximise value creation and returns for the Group and our investors.

For example, in Saudi Arabia, GFH has observed several intersecting trends that are informing our investment strategy and how the Group will continue to deploy capital. These include a rapidly growing and young population, a booming hospitality sector fueled by Saudi Vision 2030 and an increase in tourism, increased demand for the food and beverage (F&B) sector hampered by a relative shortage in hospitality assets, such as hotels, flights, and other related infrastructure. Rather than focusing on isolated opportunities that may benefit from some of those trends, we seek to capture opportunities for growth and value creation across the entire spectrum. Looking at the above dynamics holistically, the group began to invest in food logistics, a sector that will be a significant beneficiary. As more hotels and restaurants open, and as the airline

sector grows, food logistics will become an essential backbone for many verticals. Moreover, this strategy falls within the Group’s sweet spot of relatively low capex intensity, high growth drivers and attractive returns with a low risk profile.

This kind of thematic approach allows us to align our investments with macroeconomic and industry trends while mitigating risks and maximising returns for our stakeholders. Similar strategies have been successfully executed across other sectors, ensuring that our portfolio remains both dynamic and resilient.

What differentiates GFH Equities from its competitors in the market?

GFH Equities’ unique advantage lies in its ability to integrate global reach with local insight and best practices. Our investment strategy combines a robust network of international partners with deep-rooted knowledge of regional markets, particularly in the GCC and the wider MENA region.

What further sets us apart is our focus on collaboration. We work closely with our affiliate companies, and reputed world-class players to identify trends and accelerate growth in key priority sectors also demanded by our investors. This is truly the DNA of the wider group. For instance, the Group recently facilitated the entry of Panattoni, the world’s leading logistics developer, into Saudi Arabia, in partnership with GWC, a major logistics player from Qatar. GFH announced this new partnership at FII’s 8th Edition in Riyadh, demonstrating our ability to bring global best practices to the local market, ensuring our investments are impactful, sustainable and create value for the local economies in which we invest.

MOREOVER,

WITHIN

In Saudi Arabia today, logistics is one of the key Vision 2030 sectors, with the Kingdom aiming to become a global logistics hub and a leader in sustainable and innovative logistics solutions.

This strategic partnership will see the Group develop more than 500,000 square meters of state-of-the-art logistics facilities in the Kingdom, creating high-quality logistics and industrial infrastructure across major cities, including Riyadh, Jeddah and Dammam, with a total planned investment of SAR 2 billion (US$ 500 million) over the coming five years, and an initial allocation of SAR 375 million (US$ 100 million) to support Phase 1 and other development initiatives. The first phase of the partnership will include the development of a logistics park in South Riyadh, adjacent to Al Kharj Road.

THIS STRATEGY FALLS

THE GROUP’S SWEET SPOT OF

RELATIVELY LOW CAPEX INTENSITY, HIGH GROWTH DRIVERS AND ATTRACTIVE RETURNS WITH

A LOW RISK PROFILE

The facility will cover a built-up area of 50,000 square meters, strategically designed to support the increasing demand for premium logistics solutions in and around the capital. We are proud to launch these investments which will drive economic growth by enhancing the quality of logistics infrastructure, and together with our partners, we aim to set a new standard for logistics facilities in the region.

Could you highlight some recent successes or key areas of focus?

Other sectors of focus for GFH Equities are healthcare and education, whose transformation is a key pillar for most of the GCC countries. Additionally, we have deep expertise in both sectors and focus on mature quality businesses whereby we look to partner with reputed shareholders and back exceptional management teams. In the education sector, we have built Britus Education into a leading regional platform comprised of multiple schools across the Kingdom of Saudia Arabia, UAE and Bahrain. The investment thesis was premised on the acquisition and integration of various K-12 schools across multiple geographies to deliver the benefits typical to a consolidated platform. This included geographical and curriculum diversification, knowledge transfer, productivity enhancements and synergies through scale. Our primary focus was on the quality of education where we developed inventive evaluation methods for the assessment and enhancement of the quality across the platform and introduced a new education technology platform to further enrich the student experience. What we witnessed subsequently in the positive trend in testing results from one academic year to the next was a testament to our efforts and the schools’ commitment to continuous improvement. This all culminated in our recent announcement of selling the platform to a reputed financial investor. We are delighted with the outcome which delivered on the promise to our investors whilst also ensuring that we were passing the baton to another investor

who is focused on developing the platform further with a focus on quality.

In healthcare, we work closely with Healian, the healthcare investment arm of our parent GFH Financial Group, which has a GCC investment mandate. In KSA, they have been focused on investing in highquality assets that provide accessible premium healthcare in underserved areas Accordingly, they announced last year the strategic acquisition of a 60% equity stake in one of the largest and most advanced hospitals in the Southern Region of the Kingdom, with an enterprise value of c. US$1.3 billion. The hospital is a market leader in the Southern Region of Asir (Abha) and operates a purpose-built, state-of-the-art c. 300 bed healthcare facility. We continue to work with them in identifying attractive opportunities, adding value and eventually assisting them in the monetisation process.

What is your vision for GFH Equities future?

Our vision is to remain a leader in alternative investments and grow our portfolio and investor base whilst always staying ahead of the curve. We aim to continuously identify and execute innovative strategies that align with the ever-evolving market dynamics. Our thematic approach ensures that we are always in tune with major trends, enabling us to deliver impactful investments across various well-performing sectors and geographies.

We are also committed to deepening our presence in Saudi Arabia, the UAE and the wider region, while strengthening our global footprint. As we move forward, we will continue to focus on sustainable and value-driven investments that resonate with our investors and align with the economic priorities of the regions in which we operate.

In line with our vision, we aim to adopt a multi-faceted growth strategy that emphasises innovation, diversification and collaboration. Like leading private equity and investment firms globally, we are focused on enhancing our competitive edge through a combination of organic and inorganic growth.

This includes strategic acquisitions, joint ventures and partnerships that enable us to access new markets and deepen our expertise across sectors.

We also recognise the critical role that technology plays in shaping the future of investment management. Leveraging cutting-edge technologies such as artificial intelligence and data analytics, we are committed to improving decision-making processes, enhancing operational efficiency and identifying untapped opportunities. This technologydriven approach ensures that we stay ahead of market shifts and continue to deliver superior value to our investors.

Additionally, our vision encompasses a strong focus on environmental, social and governance (ESG) principles. As global investors increasingly prioritise sustainability, we aim to integrate ESG considerations into our investment strategies, aligning our portfolio with longterm trends that emphasise responsible growth. This approach not only resonates with our investors but also reinforces our commitment to creating a positive impact on the communities and economies in which we operate.

Expanding our investor base remains a key priority, and we strive to build deeper relationships with institutional

and individual investors alike. By offering tailored solutions and maintaining a proven track record of performance, we aim to attract a broad spectrum of investors seeking reliable, innovative and sustainable investment opportunities.

Ultimately, our vision is rooted in GFH Financial Group’s ambition to lead, adapt and excel in a constantly evolving global investment landscape and regional markets. Through a combination of strategic foresight, innovation and a commitment to our values, we are poised to shape a future of sustained growth and impact for all of our stakeholders.

Can you share insights about your investor base and their trust in GFH Equities?

Our investor base and that of the wider Group is as diverse as our portfolio, spanning Asia, the Middle East and other international markets. This diversity reflects the confidence that investors have in our ability to deliver results. Our commitment to transparency, innovation and consistent performance has made us a trusted partner for both regional and global investors.

At GFH Equities, we don’t just invest in assets—we invest in relationships. By maintaining close ties with our investors

and understanding their evolving needs, we ensure that our strategies remain aligned with their long-term goals.

The Group’s investor-centric approach also allows us to tailor our strategies to meet the unique expectations of our diverse client base. This deep understanding has led to enduring partnerships and a strong track record of investor loyalty – a testament to the trust we have built over the years through consistent performance and proactive engagement.

The Group also places a strong emphasis on engaging with and empowering the investors. By offering regular updates, detailed insights and access to market intelligence, we ensure that our investors are not only informed but also confident in their decision-making processes. This open line of communication fosters transparency and strengthens the collaborative spirit that underpins our investor relationships.

Our ability to attract institutional and individual investors from diverse geographies stems from our robust portfolio and the strategic sectors we target. Whether it’s infrastructure, logistics, education or healthcare, our investments are designed to align with global economic trends and deliver long-term value. This focus on highgrowth opportunities has solidified our reputation as a forward-thinking investment partner.

Furthermore, GFH Equities’ alignment with regional economic priorities, such as Saudi Arabia’s Vision 2030, adds another layer of appeal to our investors. By being part of transformative projects that shape the future of economies, we not only generate strong returns but also enable our investors to contribute to meaningful growth. This dual focus on profitability and impact further strengthens the confidence and trust our investors place in us.

What role does GFH Equities play in shaping the future of Saudi Arabia’s investment landscape?

We are deeply aligned with Saudi Arabia’s Vision 2030, which prioritises diversification, innovation and sustainability. We see ourselves as partners in this transformation, bringing global expertise to local markets and delivering investments that align with the Kingdom’s strategic priorities, and with sectors that are essential to realising its economic vision and targets.

By leveraging our thematic approach, we are uniquely positioned to identify and capitalise on trends that are shaping Saudi Arabia’s future—whether it’s in real estate, logistics or other important sectors like healthcare and education. We aim to contribute meaningfully to the Kingdom’s development while delivering exceptional value to our investors.

We see our role as extending beyond identifying short-term opportunities—to

the long-term fostering of innovation that can drive meaningful change across sectors critical to Saudi Arabia’s growth. In logistics, for example, as I mentioned, GFH is spearheading initiatives that will enhance the Kingdom’s strategic position as a global trading hub. By developing advanced logistics zones in pivotal cities, we are not only optimising supply chains but also contributing to Saudi Arabia’s goal of becoming a key player in international commerce.

Healthcare is another area where GFH is making a tangible impact. By investing in healthcare providers across both primary and secondary cities, we are addressing the critical need for expanded and improved healthcare services. These efforts align with Vision 2030’s objectives of elevating the quality of life for citizens and ensuring equitable access to essential services across the Kingdom. Furthermore, we continue to explore opportunities in education, recognising its foundational role in achieving a knowledge-based economy. By supporting institutions and initiatives that focus on skills development and innovation, we aim to empower the next generation of leaders and innovators in Saudi Arabia. These strategic actions reflect our unwavering commitment to playing a transformative role in the Kingdom’s journey toward a diversified and sustainable future through the investments we make today.

Other sectors of focus for GFH Equities are healthcare and education

Banking reinvented

Banking has significantly changed over the years and for banks that strive to be market leaders, integrating core personalisation elements is critical to delivering a superior experience and better outcomes

Digital transformation is revolutionising the banking industry as incumbents adapt to competition from new entrants and fintech startups by embracing innovative technologies such as the cloud and artificial intelligence (AI) to enhance agility and fast-track their digitalisation efforts.

Backbase said traditional banks are accelerating their adoption of digital solutions across all channels to overcome infrastructure limitations such as physical onboarding and cash-based transactions, ultimately to augment customer experience.

However, with the complexity that comes with the build-up of legacy technology, technical debt and operational

silos, many incumbents are finding it increasingly difficult to compete with agile neobanks and digital challengers, let alone introduce innovative solutions.

With 80% of banking IT staff burdened by repetitive tasks and 57% citing budget constraints as a barrier to innovation, incumbents face a significant challenge in keeping pace with the rapidly evolving financial landscape.

Engagement Banking is the future of banking. By embracing a customer-centric approach and agile operating model, banks can shed the weight of the past and build a sustainable future, according to Backbase.

Backbase hosted ENGAGE Dubai 2024 in the UAE, bringing together industry leaders to explore AI-powered banking, progressive modernisation and next-

generation customer experiences. The event offered senior representatives from the Middle East and Africa’s financial services sector a platform to uncover groundbreaking strategies, success stories and innovations designed to help institutions stay competitive and redefine customer engagement.

Backbase empowers tier 1 and tier 2 banks, challenger banks and digitalexclusive banks to break free from legacy IT and adopt a new-generation engagement banking platform. With more than 150 global financial institutions using the Engagement Banking Platform, including prominent banks in the Middle East such as the National Bank of Bahrain, Banque Saudi Fransi, Saudi National Bank and ila Bank, Backbase is leading the way in digital transformation.

The Backbase Engagement Banking Platform, the company’s unified platform – which is open and frictionless and has ready-to-go apps – augment every aspect of the customer experience. Built from the ground up with the customer at heart, the Engagement Banking Platform easily plugs into existing core banking systems. It comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.

Jouk Pleiter, Founder & CEO of Backbase, said that Backbase seeks to help banks break free from legacy systems by providing a universal global platform. “The platform handles the core functionalities, such as payments, Know Your Customer (KYC) and anti-money laundering (AML), across different continents.”

Pleiter explained that to address local nuances and regulatory requirements, Backbase collaborates with local communities in regions such as the Middle East and Africa. The partnership enables the customisation and integration of the platform with specific local needs, ensuring a seamless user experience.

Meanwhile, AI has emerged as a transformative force in the fintech industry, offering a wide range of benefits that improve business operations and enhance customer experiences. From advanced data analysis to personalised service delivery, transformational technology is driving growth and reshaping the future of finance.

“When we talk about focus areas in banking, AI is a central theme,” Dr Bhaskar Dasgupta, the Senior Advisor at Sheikh Hamdan Bin Ahmad Al Makhtoum Private Office, said in a regional keynote address.

Having worked in technology, business, regulation and now as an investor, Dasgupta has witnessed the

transformative power of fintech firsthand. “Key fintech players are pioneering new frontiers, and I firmly believe that while banking will endure, traditional banks may not survive in their current form. The future of banking is rapidly moving towards automation,” he said.

The advancements in AI, especially generative AI (GenAI), is reshaping digital transformation in the banking sector. Banks are adopting GenAI, which promises earnings growth, improvements to decisionmaking and better risk management.

Presentation: Banking reinvented

To truly thrive in the digital age, banks must modernise their legacy systems. However, traditional approaches limit their ability to maximise customer value, reduce total cost of ownership and enhance employee productivity.

Pleiter argued that traditional banks, with their 40-year-old operating models, are ill-equipped to navigate the AI age or compete with disruptive platforms like Uber and Netflix. He emphasised that the inefficiencies inherent in legacy systems

BREAKING FREE FROM LEGACY SYSTEMS IS CRUCIAL AND IT’S A SHARED GOAL. AT BACKBASE, THIS IS FUNDAMENTAL TO OUR MISSION, BUT IT’S A CHALLENGE WE MUST OVERCOME TOGETHER

– Jouk Pleiter, Founder & CEO Backbase

Banks have been leveraging AI for decades to enhance risk management processes, mitigate losses, prevent fraud and advance customer retention. With AI technology continuing to evolve, banks are now poised to harness the power of GenAI to further streamline operations, drive innovation and deliver exceptional customer experiences.

GenAI is expected to create ‘focused financial offerings’ for individuals within retail and private banking channels and for corporate banking tailored to their specific needs and interests, which is a differentiator that can drive new forms of competitive advantage.

are costing these incumbents billions of dollars in lost business value.

“Breaking free from legacy systems is crucial and it’s a shared goal. At Backbase, this is fundamental to our mission, but it’s a challenge we must overcome together,” Pleiter stressed.

The traditional banking model has proven to be unsustainable. To thrive, Pleiter emphasised that incumbents must transition from outdated practices to a new, more efficient approach. He outlined a formula for this transition: Decoupling and integration

To begin, banks must decouple from their legacy systems of record by

introducing an integration layer. The layer acts as a standard interface, connecting the bank to core systems, payment rails, card systems and even fintech providers. By unifying these connections, financial institutions create a single integration platform that consolidates all the data and functionality needed from legacy systems into a usable framework.

Engagement layer as a Platform

Building upon the integration layer, banks should establish an engagement layer. Unlike traditional siloed channels, this layer is customer-centric and designed for orchestration. As a composable platform, it enables the creation of seamless customer journeys, allowing businesses to design and deliver personalised experiences that are ten times more efficient.

Pleiter also unveiled Backbase Intelligence Fabric, a dedicated layer within the Backbase platform. The layer combines customer data, large language models and agentic AI to advance customer journeys.

“It’s important to note that the Intelligence Fabric is not a standalone product. It’s integrated directly into the Backbase platform, allowing banks to leverage its capabilities on a case-bycase basis,” Pleiter said, adding that the contextual approach ensures that financial institutions harness tech power to drive real, measurable value.

Presentation: Building primary banking relationships

From onboarding new customers to fostering long-term relationships, banks must prioritise the entire customer journey to maintain a competitive edge.

FINANCIAL INSTITUTIONS

– Sepo L. Haihambo, Chief Executive Officer: Commercial, FNB Namibia

Drawing an analogy from the local bakery or trusted biryani restaurant, Karan Oberoi, Chief Product Officer at Backbase, suggested that banks should strive to understand customer preferences, recommend new services and products that customers might enjoy and offer personalised, intuitive service.

Customer loyalty in banking is waning, Oberoi said, citing recent industry reports. “A significant 42% of consumers find it difficult to distinguish between banks, perceiving them as overly similar. Moreover, 58% feel that banks offer poor, irrelevant advice. Essentially, consumers are expressing dissatisfaction with banks’ lack of understanding of their individual needs and preferences,” he said.

With over 45 active neobanks in the Middle East and Africa alone and global

giants such as Nubank and Revolut expanding into the region, customer loyalty is becoming increasingly fragile and the banking landscape is rapidly evolving.

However, Oberoi believes the current operating environment presents a unique opportunity. “If customers are open to switching banks, we want to be their top choice,” he said. “To achieve this, we must attract new customers with unique products and services while fostering loyalty among existing customers through exceptional experiences.”

The key lies in becoming the primary banking partner for customers and

Oberoi said this can accomplished by prioritising engagement banking.

Panel: Women driving the fintech revolution

The fintech sector across the Middle East and Africa has emerged as a leader in promoting diversity, equity and inclusion while building a more accessible financial ecosystem that serves everyone. An increasing number of women are taking the helm in fintech companies, such as the cryptocurrency exchange BitOasis, driving innovation and disrupting traditional financial systems.

The discussion around Women driving the fintech revolution was moderated by Heidi Custers, Digital Transformation Director MEA at Backbase.

The panellists included Likeleli Monyamane, the Head of Digital Programs, Standard Bank South Africa Limited; Sepo L. Haihambo , Chief Executive Officer: Commercial, FNB Namibia; Ghazal AL Sakaal , EVP- Global Head of Digital Strategic Partnerships, Mashreq UAE and Fatima Mansoor, Head of Client Relations & Digital Transformation Committee Member at SICO.

Quizzed about the headwinds that confront women in the fintech sector, Monyamane said that “the challenges we face in the region arise from cultural, socio-economic and systemic barriers. I want to focus on the cultural aspect, as it’s often an overlooked factor that we may take for granted.”

“Deeply rooted patriarchal norms in many African cultures often spill over

into the workplace, hindering women’s leadership and contributing to genderbased violence and harassment. These challenges are particularly acute for women in sectors like finance and technology in South Africa.”

Women in fintech are breaking barriers, challenging norms and delivering groundbreaking solutions, positioning themselves as key architects of the industry’s future. Their diverse perspectives and fresh ideas are reshaping the financial landscape, offering innovative and accessible financial services that empower women globally.

On why investing in female-led fintech ventures is crucial, SICO’s Mansoor emphasised that gender equality is essential for unlocking human potential. “By empowering women, we can create a more equitable and prosperous society. Women’s unique perspectives and skills can lead to groundbreaking innovations and solutions to global challenges,” she added.

AI HAS THE POTENTIAL, ESPECIALLY IN BACK-OFFICE OPERATIONS, TO DISRUPT MANUAL PROCESSES SUCH AS KYC AND APPLICATION WORKFLOWS. BEYOND THAT, AI CAN SIGNIFICANTLY ENHANCE CUSTOMER SUPPORT

BY OFFLOADING TASKS FROM CALL CENTRES

– Thomas Fuss, Chief Technology Officer, Backbase

However, securing funding remains a challenge for women-led fintech startups compared to their male counterparts. Yet, progress is being made as women investors advocate for equitable funding opportunities. Initiatives like the Female Founders Fund are playing a crucial role in supporting female entrepreneurs and narrowing the gender gap in venture capital.

“Financial institutions can significantly contribute to inclusive ecosystems by providing tailored support to female-led ventures. The support should extend from early-stage funding and mentorship to growth financing and commercial lending,” said Haihambo.

Haihambo emphasised that investing in female entrepreneurship through mentorship, training and access to capital can unlock significant economic potential.

“By providing tailored support, we can empower women to lead successful ventures,” she said.

Mashreq’s Al Sakaal weighed in while noting diverse perspectives drive innovation. “Women’s unique insights and leadership abilities are essential to shaping the future of fintech. By embracing inclusivity, we can create a more equitable and prosperous industry.”

“Women’s unique leadership qualities, such as empathy and collaboration, are essential for driving innovation in fintech,” she said, adding that leveraging emerging trends such as Open banking, embedded finance and AI can help shape the future of the industry.

Looking ahead, governments across the Middle East, alongside private sector players, are creating an environment where women in fintech can flourish. By fostering inclusivity and innovation, the region is paving the way for women to take charge of revolutionising financial services.

Presentation: Enhance customer value through AI

In today’s digital age, banking customers expect personalised experiences. By breaking down data silos and streamlining processes, financial institutions can deliver tailored product recommendations and create frictionless customer journeys.

Thomas Fuss, Chief Technology Officer at Backbase, began his presentation with a thought-provoking question: As banks currently lead the race for primary banking relationships and AI ushers in a transformative wave, what role will AI play in redefining these relationships in the future?

AI is poised to significantly impact productivity and costs in the banking sector, with Accenture projecting that AI will deliver a 30% productivity boost.

“AI has the potential, especially in back-office operations, to disrupt manual processes such as KYC and application workflows. Beyond that, AI can significantly enhance customer support by offloading tasks from call centres,” said Fuss.

“Though chatbots are widely adopted in the financial services sector, advanced AI solutions offer superior efficiency and effectiveness. The newfound productivity enables banks to focus on crafting distinctive customer experiences.”

AI transcends mere productivity gains; it’s a catalyst for revenue growth. By enhancing customer engagement and personalisation, AI empowers banks to optimise cross-selling and upselling efforts.

Fuss highlighted that AI presents a twofold advantage: cost reduction and revenue enhancement. By leveraging AI, banks can strengthen customer relationships, deliver superior value and maintain a competitive edge in a volatile market.

Panel: Real-world applications of AI in banking

The advent of AI is revolutionising the banking industry, breaking down the traditional structures that have longdefined incumbents and opening the door to groundbreaking innovations and new operating models.

The discussion around Beyond the hype: real-world applications of AI in banking was moderated by Tim Rutten, EVP, Chief Strategy Officer at Backbase.

The panel included Yasar Yilmaz , Global Industry Advisor, FSI at Microsoft; Henning Soller, Partner at McKinsey and Thomas Fuss, Chief Technology Officer at Backbase.

Industry experts say the innovative technology can help banks reduce costs and increase profitability, maintain a competitive edge in a rapidly changing financial ecosystem and improve operational efficiency across front-toback-office functions.

Illustrating AI opportunities in the banking sector, Yilmaz said a recent study by Microsoft revealed that for every dollar invested in GenAI, companies realise a return of $3.7 on average and in industries such as banking, this could be as high as $4.2.

“AI can revolutionise financial services by automating tasks, enhancing data analysis and improving customer interactions. From fraud detection to personalised financial advice, AI has the potential to transform the industry.”

The use of AI will allow banks to transition from reacting to queries to proactively solving problems, thereby improving the customer experience even more. Hyper customisation is a big trend within the banking sector as customers are looking for a personalised, tailored service rather than a one-size-fitsall approach.

Soller concurred with Yilmaz that AI has the potential to generate an additional $1 to $2 trillion in revenue for the global financial services industry.

“While the Middle East faced initial hurdles in AI adoption, such as data quality and infrastructure, significant progress has been made. The region’s younger population and flexible regulatory environment offer unique advantages for digital innovation.”

Over the decades, banking practices have not changed. The industry’s fundamentals still consist of taking in deposits, lending money and managing payments, but GenAI is expected to revamp significantly how that work gets done.

The emergence of GenAI technology, capable of creating and predicting based on massive amounts of data, is a huge change that promises to transform banking operations and strategy further.

Fuss concurred with Henning that AI adoption varies widely across regions, adding that the common question that most banks ask is, “Where should I begin?” “Understandably, there are always reasons to pause. However, the most crucial step is to take action,” Fuss said.

He stressed that traditionally, banks have prioritised AI for internal operations. However, the true potential lies in leveraging AI to enhance customer experiences.

“The first hurdle is a cultural shift –from scepticism to exploration. Once organisations recognise AI’s possibilities, adoption accelerates. Start small, choose a low-risk project and gradually expand. Often, initial success fuels momentum, leading to broader AI initiatives.”

Fraud detection, a critical challenge for the industry, also stands to benefit immensely from AI. While traditional fraud investigation methods struggle to keep pace with alarming rates of financial fraud, the situation is not entirely bleak. AI’s ability to adapt and learn from evolving patterns

makes it a powerful tool for detecting both known and unknown types of fraud.

“We’re merely at the dawn of a new era. While GenAI has captured imaginations, agentic AI holds even more tremendous promise. By orchestrating various AI tools, agentic AI unlocks new levels of value. As we progress, more and more tasks will be automated, streamlining processes and driving innovation,” said Fuss.

The transformative technology enables fraud detection systems to analyse vast amounts of data in real-time and identify unusual patterns of behaviour that are indicative of fraudulent activity. Globally, banks are leveraging AI to automate fraud detection and investigation processes, streamlining workflows and directing cases to the appropriate teams.

Fireside chat: The future of SME banking

From accelerating growth through innovative financing solutions to navigating the complexities of crossborder trade and compliance, the fireside chat provided invaluable insights for SMEs, banks and fintechs alike.

The fireside chat on The future of SME banking had the participation of

WHILE THE MIDDLE EAST FACED INITIAL HURDLES IN AI ADOPTION, SUCH AS DATA QUALITY AND INFRASTRUCTURE, SIGNIFICANT PROGRESS HAS BEEN MADE. THE REGION’S YOUNGER POPULATION AND FLEXIBLE

Jarno van Hurne, VP of Product, Business Banking at Backbase; Mirna Sleiman, the Founder & CTO of Fintech Galaxy and Muhammad Hamayun Sajjad, CEO of Mashreq Bank Pakistan.

Sleiman said the MENA region is a diverse landscape, both demographically and economically, encompassing the GCC countries, the Levant and North Africa. Similarly, SMEs are not a homogenous group. The spectrum ranges from micro to medium-sized enterprises, each facing distinct challenges,” he added.

“The diversity necessitates a tailored approach from banks when providing services across these markets.”

Sleiman highlighted that SMEs, often single-owner businesses within the gig economy, are usually treated as retail customers rather than corporate clients by banks. He pointed out the significant gap in the Middle East when it comes to providing adequate support for these smaller businesses, which face difficulties in accessing the banking services they require. van Hurne agreed with Sleiman while noting that many individuals, even within the banking industry, lack a comprehensive understanding of the specific needs of SMEs. “While a wealth of data is readily available, banks often fail to leverage this information effectively. Furthermore, numerous digital solutions and innovations exist that could significantly benefit SMEs, yet their potential remains untapped,” he said.

– Yasar Yilmaz, Global Industry Advisor, FSI, Microsoft

Sajjad explained that Mashreq has disrupted itself and demonstrated how to excel in retail, SME and consumer

banking, particularly in the SME space. He stressed that the bank prioritises two key aspects: fundamentals and innovation.

“First, we focus on providing SMEs with a seamless onboarding experience and essential banking products and features. We avoid micromanaging their operations, recognising the value that fintechs and startups bring to the table.”

SMEs often rely on multiple tools, including platforms like WhatsApp, to manage their businesses. Sajjad believes that banks must ensure the smooth functioning of core services while noting that a significant number of APIs are unavailable when called upon, highlighting the challenges of seamless integration.

Presentation: Transform banking

The complexity of integrating legacy systems with modern technologies hinders banks’ ability to innovate and deliver seamless customer experiences.

“The challenges banks face today are strikingly similar. Many are struggling with agility, locked into partnerships and technologies established over a decade ago,” said Roland Booijen, General Manager for Ecosystem at Backbase.

However, Booijen believes the banking industry has the opportunity to break free from legacy limitations by embracing modern, composable integration frameworks. He emphasised the need for traditional banks to reevaluate their integration approaches while highlighting

that Backbase’s composable banking fabric provides a solution to this challenge.

“While the Backbase platform handles a wide range of capabilities, certain tasks, such as AML and KYC checks, often require integration with external third-party services,” Booijen said while noting that Backbase offers pre-integrated connectors for numerous leading providers, ensuring flexibility and scalability.

“We are committed to expanding our connector portfolio to support a diverse range of use cases.”

Backbase’s open-source integration platform is designed to provide maximum flexibility. The SaaS-based solution enables seamless integration with core banking systems, customer relationship management (CRMs), payment processors and fintech solutions, empowering banks to choose the best-of-breed technologies.

“Built on a robust open-source framework, it offers pre-built integration patterns and customisable data mappings,

ensuring flexibility and future-proofing your tech stack,” Booijen explained.

“Our unified API, powered by a real-time translation engine, ensures seamless communication between all systems, regardless of their original language, while fostering efficient operations and streamlined integration.”

Panel: Disrupting the disruptors

Globally, banking is changing rapidly and will be nearly unrecognisable in a few years to come. Banking customers are clamouring for digital banking experiences that match the convenience and ease of use offered in other market, sectors and countries.

The discussion around Disrupting the disruptors: how banks are taking on fintech was moderated by Ali Nanji, Regional Sales & Account Director at Backbase.

The panel had the participation of Dr Ahmed Darwish, Head of Digital Delivery at Bank Al Bilad; Abdullah Alwabel, the Head of Retail Digital Banking at Banque Saudi Fransi; Sherif Elbehery, the CEO at Misr Digital Innovation; Ali Shekaili , AGM - Head of Digital Banking and e-Channels, National Bank of Oman and Yves Soumelong, Regional Digital Product Project Manager at United Bank for Africa.

When asked about what sets a digitalonly bank apart, Elbehery said that neo- and challenger banks are not creating entirely new products; they’re simply offering a new way to deliver traditional banking services.

“Digital banks excel in delivering a seamless and personalised banking experience. While traditional banks can offer a similar range of services, digital banks have the advantage of a modern, technology-driven infrastructure,” said Elbehery.

The ongoing transformation in the Middle East financial services market is partly being driven by tech-savvy customers and regulatory initiatives such as regulatory sandbox and open banking—which are creating an enabling environment.

From a traditional bank perspective, Shekaili explained that while legacy banking systems still form the foundation,

the strategic direction set by the bank’s board and management ultimately determines the conversation to a digitalfirst approach.

“The bank can either focus on migrating existing customers to digital channels or prioritise onboarding new, digitally native customers,” he added.

“Currently, digital banking serves as a channel for us to meet customer needs and generate revenue. However, our long-term vision is to elevate digital banking into a standalone business line

Alwabel believes that the emergence of fintechs has significantly disrupted the traditional banking landscape.

“Banks were initially uncertain about their relationship with fintechs, considering them either as potential collaborators or competitors. However, it has become evident that collaboration is a strategic imperative,” Alwabel said.

“While fintechs bring innovation, agility and a focus on customer experience, banks offer stability, regulatory compliance and access to capital.”

THE CHALLENGES

BANKS

FACE TODAY ARE STRIKINGLY SIMILAR. MANY ARE STRUGGLING WITH AGILITY, LOCKED INTO PARTNERSHIPS

AND TECHNOLOGIES ESTABLISHED OVER A DECADE AGO

– Roland Booijen, General Manager for Ecosystem at Backbase

with its own specific financial and nonfinancial targets.”

Digital banking is swiftly changing the field of play where incumbents are facing increasing competition from neobanks or challenger banks that are billing on customer experience as their point of sale.

Neobanks and speedboats are unencumbered by the constraints of legacy business models and core systems. They leverage transparent product offerings to provide a wide range of easily accessible banking services in the platform approach that today’s digitally savvy customers expect.

From an innovative perspective, Soumelong said the sub-Saharan African banking sector is still in its developmental stages, characterised by low levels of digital penetration.

“For instance, 54 banks serve a customer base of seven million, while only six fintechs have managed to attract 40 million customers,” he added while noting that the significant disparity underscores the untapped potential for digital financial services in the region.

Darwish said that successful technology adoption hinges on identifying and addressing specific customer needs. He stressed that rather than blindly following the latest trends, financial institutions should focus on implementing technologies that truly enhance the customer experience and lifestyle.

“When adopting new technologies, it’s crucial to think beyond immediate use cases. While aligning with existing needs is important, identifying opportunities to leverage emerging technologies is equally valuable,” said Darwish.

Neobanks or challenger banks are unencumbered by the constraints of legacy business models and core systems. They leverage transparent product offerings to provide a wide range of easily accessible banking services in the platform approach that today’s digitally savvy customers expect.

Presentation: The nextgen of retail banking

The retail banking landscape is undergoing rapid transformation driven by new players, emerging technologies

and heightened regulatory scrutiny. To stay competitive, banks must embrace innovations like GenAI and Open Banking.

“Banks have made substantial investments in digital transformation, evolving from basic websites to sophisticated, instant transaction platforms. The pandemic accelerated digital adoption, driving significant growth in customer adoption,” said Rachael Lord, Product Director of Retail Banking at Backbase.

However, Lord highlighted that in this journey toward digital convenience, financial institutions have lost something critical: the personal touch that once made retail banking special.

Citing a recent industry study, Lord said 54% of banking customers believe that all banking apps look and feel alike – a lack of differentiation akin to seeing the same ‘loaf of bread’ on every shelf.

Retail banks continue to be key partners in financing, saving and investing, but the segment could benefit from a fresh, innovative approach to delivering financial services and products. The next frontier of retail banking lies in leveraging digital technologies to seamlessly integrate into customers’ daily lives, going beyond traditional banking services.

“While banks continue to introduce selfservice options and new features, these innovations have become standard. The unique value proposition of personalised, in-branch service has diminished, making customers more susceptible to switching to competitors that offer superior experiences,” said Lord.

She emphasised that the future of banking lies in a relationship-centric approach.

“By leveraging data to offer personalised recommendations, prioritising customer experiences and designing products that align with customer goals, banks can rebuild trust and loyalty, securing their position as the primary banking partner.”

With the dawn of unprecedented tech-driven disruption, retail banks in the GCC region face a growing imperative to understand customers’ future demands and to align their business strategies and priorities to maintain a competitive edge.

Presentation: Balancing digital and human touch

The wealth management industry, much like retail banking, is embracing cuttingedge technologies such as AI, big data analytics and robotics to elevate client experiences and foster trust. Digitalisation in the wealth management space is being driven in part by a shift in demographics and the investment environment.

A GENERATIONAL WEALTH TRANSFER IS UNDERWAY, WITH YOUNGER GENERATIONS

BRINGING DISTINCT EXPECTATIONS FOR DIGITALFIRST, SEAMLESS FINANCIAL EXPERIENCES. WEALTH MANAGERS MUST ADAPT TO THESE EVOLVING PREFERENCES WHILE PRESERVING THE CORE TENETS OF THEIR BUSINESS MODEL

– Lennart Asshoff, Product Director of Wealth at Backbase

“A generational wealth transfer is underway, with younger generations bringing distinct expectations for digitalfirst, seamless financial experiences. Wealth managers must adapt to these evolving preferences while preserving the core tenets of their business model,” said Lennart Asshoff, Product Director of Wealth at Backbase.

Wealth managers face a delicate balancing act: attracting and engaging a new generation of clients while simultaneously nurturing and growing their existing business. However, Asshoff said Backbase offers tailored value propositions, digital self-service solutions and enhanced client engagement tools to empower wealth managers to win over the next generation while nurturing their existing client base.

“UHNWIs demand unparalleled service. While personalised attention is paramount, it must be balanced with operational efficiency,” said Asshoff. “Backbase offers the technology to strike this balance, empowering financial institutions to deliver exceptional service and attract top-tier talent.”

With a projected $84.4 trillion of wealth set to change hands by 2045, the future of wealth management hinges on wealth managers’ ability to adapt to evolving client preferences. As younger generations inherit wealth, wealth managers must innovate to deliver digital experiences while preserving the value of human connection.

Backbase empowers private bankers to break free from administrative burdens, allowing them to focus on what they do best: building lasting relationships and driving growth.

Presentation: Segment-based business banking

To meet the evolving needs of business banking customers, banks must offer a seamless experience that combines the human touch with digital innovation.

“The traditional segment-based business banking model is a bottleneck, stifling growth and innovation. To thrive in today’s competitive landscape, financial institutions must break free from the constraints of the past and embrace a future-focused approach,” said Jarno van Hurne, VP Product, Business Banking at Backbase.

van Hurne explained that the opportunity lies in digital transformation, which breaks free from the constraints of traditional methods, enabling faster execution, streamlined development and the potential to boost revenue.

“The needs of clients are evolving and financial institutions must adapt to how they are served, treated profitably and engaged within a scalable way. Clients today expect personalised, seamless experiences that blend digital innovation with the human touch,” van Hurne added.

Personalisation is key to meeting the diverse needs of different client segments.

Financial institutions should leverage a combination of digital, AI-assisted and human-assisted solutions to deliver tailored experiences.

Segmentation is a powerful tool that enables banks to deliver targeted solutions. van Hurne said that by identifying distinct customer segments, banks can create tailored experiences, such as mobileoptimised services for sole proprietors and priority call routing for commercial clients.

The segment-based approach focuses on modernisation at the business segment level, often starting with onboarding or servicing functions. It is widely used and generally undertaken by many banks every 10 to 15 years as their technology reaches the end of its lifecycle.

Presentation: Democratising integrations

Banks face challenges integrating diverse systems. By adopting a BIAN-based data model, banks can streamline their enterprise architecture, improve efficiency and foster stronger partnerships.

Fintech partnerships are becoming increasingly crucial for incumbent banks seeking to remain competitive. By collaborating with innovative fintech companies, banks can accelerate their digital transformation and deliver the features and services customers desire.

“The digital banking landscape is undergoing rapid transformation, with fintechs emerging as formidable competitors in various segments, including payments, wealth management and lending,” said Mayank Somaiya,

Global Head of Ecosystem Partnerships at Backbase.

Pandey observed that, though strategic alliances between banks and fintech firms are becoming more prevalent to capitalise on mutual strengths, the scaling of these partnerships presents a substantial challenge.

To address this, Backbase has outlined key steps for cultivating impactful partnerships, such as comprehending market demands, aligning objectives and decomposing the partnership process to prioritise scalable, sustainable results.

Deepak Pandey, Director of Technology at Backbase, observed that Backbase identified the necessity to establish a foundational platform prior to developing connectors, leading to the creation of Grand Central.

“The integration platform as a service (iPaaS) is designed to resolve two critical challenges in contemporary banking: API modernisation and event-driven architecture,” said Pandey.

Grand Central empowers banks to leverage industry standards while preserving their architectural expertise. The unified, scalable and flexible platform streamlines integrations and futureproofs their operations for a rapidly changing digital landscape.

“With over 15 years of experience and 200 bank integrations, Backbase has acquired profound insights into the challenges associated with integration. A recurring inefficiency was observed: banks frequently duplicate efforts between engagement banking integrations and internal API modernisation initiatives,” said Pandey.

To rectify the challenge, Backbase developed APIs that not only serve its engagement banking platform but function as enterprise-wide solutions.

Traditional banks are caught in a legacy trap, spending big on old systems and leaving little for innovation. At ENGAGE Dubai 2024, experts agreed that digital transformation is the key to future-proofing their business, improving customer and employee experiences and boosting efficiency and profits.

STRENGTH AND SOPHISTICATION:

The 2024 MEA Finance Wealth and Investment Summit

Wealth management across the GCC continues to make its mark on the global stage with regionally based and new entrants to our markets drawn by wider and more diverse opportunities, solidifying regulations, more sophisticated succession planning choices, a thriving and expanding set of economies and tax friendly regimes

The GCC wealth management market is poised for growth, driven by the region’s economic dynamism, robust GDP growth, global growth outlook and a decline in inflation. The GCC region has emerged as one of the world’s key battlegrounds for global wealth managers and private bankers, with the UAE projected to attract 6,500 new millionaires in 2024 and Abu Dhabi and Riyadh ranking high on Henley & Partners’ Cities to Watch list.

The region’s wealth management sector is poised for sustained growth,

fuelled by factors such as increasing personal wealth, a shift towards individual financial responsibility and the transfer of generational wealth. Additionally, this past year has witnessed the explosive growth of Generative AI (GenAI), a transformative technology poised to reshape industries, including wealth management.

“The industry is undergoing a paradigm shift fuelled by changing demographics, generational wealth transfer, the growing influence of millennial high-net-worth individuals (HNWI) and burgeoning digitalisation,” said Capgemini.

The Gulf region’s wealth management industry is experiencing a transformative shift, offering new opportunities for family offices, wealth managers and private banks. Family offices have long been the preferred choice for HNWIs and affluent families in the GCC seeking bespoke financial services.

“A feature of economies in the Middle East is the significance of family businesses, which are an integral part of the social and economic landscape, contributing on average 60% of regional GDP,” according to HSBC.

Succession serves as the ultimate measure of how effectively the transition from one generation of a family to the next is managed. It encompasses the transfer of ownership for businesses, property and other assets, alongside addressing the broader financial priorities of affluent families, such as philanthropic foundations and art collections.

MEA Finance hosted its 2024 Wealth and Investment Summit on November 12 in Dubai, bringing together leading wealth managers and industry experts for its impactful and market shaping annual forum.

The event provided a platform to explore emerging trends, opportunities and challenges building the private banking and wealth management sectors in the Middle East region.

Meanwhile, private banks remain a force to be reckoned with within the banking sector, investing in technological, service and product innovations to meet the evolving needs of their discerning clientele.

The wealth management and private banking sectors, like retail banking, are increasingly adopting artificial intelligence (AI), big data analytics, robotics and other innovative technologies to enhance customer experiences, build trust and streamline operations. The emergence of GenAI marks a pivotal moment, offering transformative potential to drive efficiencies across the value chain while enabling highly enhanced client interactions and personalised services at scale.

Succession & estate planning

Cultural sensitivities in the GCC region have often prevented open conversations about retirement and leadership transition within family businesses, making succession and estate planning a less common practice.

, Founder and CEO of DR Partners, the succession and estate planning panel - Passed and Present - Succession and Estate Planning in the Middle East, highlighted that the great wealth transfer is currently underway and is expected to make millennials the wealthiest generation in the Middle East region’s history. However, only a quarter of the region’s HNWIs have adequate succession plans in place.

The discussion included the participation of Daniel George, Head of Business at St. James’s Place Middle East; Neelam Verma , Advisory Committee

and Head of Family Offices at Mashreq Private Banking.

Raveendran initiated the panel discussion by categorising Middle Eastern families into three primary groups: established wealth, local Emirati families and affluent GCC families with a longstanding presence in the region and who have experienced multiple generations of wealth transfer; expatriate wealth, individuals who have accumulated wealth while residing in the Gulf region and finally new wealth, recently acquired wealth entering the region.

A study by RBC Wealth Management revealed that the biggest obstacles to succession planning are discomfort around discussing the sensitive topic of finances or patriarchs not being willing to relinquish control of the family business.

Quizzed about trends that are enterprising families in the GCC, Mashreq’s Thomas said that wealth management for families with global assets requires a multidisciplinary approach, balancing taxation, legal structures and personal aspirations.

“Taxation is a key concern for families with multijurisdictional assets, as each jurisdiction presents its own challenges and unique market dynamics.

Moderated by Devika Raveendran

Member for Secura International; Amer Malik, Senior Executive Officer at Lombard Odier and Biju Thomas, Senior Director

Wealthy families in the UAE are shifting assets from corporate structures— such as holding companies, trusts and foundations—into personal holdings,” he added.

Thomas underscored that the shift is driven by the introduction of taxes on income generated from such assets, prompting families to reconsider their wealth management strategies.

Multigenerational wealth transfer is a key driver of change for the HNWIs and UHNWIs segments, and its influence is poised to grow exponentially in the decades ahead. With US$84.4 trillion of global high net-worth wealth expected to be transferred from one generation to another between 2021 and 2045, according to Cerulli Associates, succession is a top priority for wealthy families and their offices.

“Succession or estate planning, is arguably the most important yet often the most overlooked aspect of financial planning. It plays a critical role in determining the transition of wealth and ensuring a seamless transfer to the next generation or intended beneficiaries,” said George.

He highlighted that despite the significance of succession planning, many wealthy families delay addressing this essential process, potentially leading to complications and disputes in the future.

“Families often face the challenge of determining where to start and how to manage assets across multiple jurisdictions effectively,” George said, adding that expert guidance can help wealthy families navigate estate planning and establish a long-term strategy that provides clarity and confidence.

Nurturing the next generation of leaders in a family business is, unsurprisingly, a delicate mix of good corporate practice and good parenting. Secura International’s Verma identified communication as a key challenge in succession and estate planning.

“Discussing death and how wealth would be distributed is a discussion that not too many families would be happy to have,” she added.

TAXATION IS A KEY CONCERN FOR FAMILIES WITH MULTIJURISDICTIONAL ASSETS, AS EACH JURISDICTION PRESENTS ITS OWN CHALLENGES AND UNIQUE MARKET DYNAMICS. WEALTHY FAMILIES IN THE UAE ARE SHIFTING ASSETS FROM CORPORATE STRUCTURES – SUCH AS HOLDING COMPANIES, TRUSTS AND FOUNDATIONS

–INTO PERSONAL HOLDINGS

– Biju Thomas, Senior Director and Head of Family Offices at Mashreq Private Banking

“Patriarchs avoid discussing succession and estate planning, often believing they will live long enough to handle these matters themselves. However, unforeseen circumstances can arise, making it crucial to have a plan in place.”

Globalisation has made it easier to accumulate assets across borders, but it complicates the process of managing and transferring them. Verma emphasised that it is essential to have a clear overview of all your assets, both tangible and intangible, regardless of their location.

Lombard Odier’s Malik agreed with Verma, emphasising that a significant challenge in this region, which stretches from the Middle East to the Indian subcontinent, is the lack of effective communication. “We often focus on clinging to positions of power, prioritising control over addressing underlying issues,” Malik noted, adding that this reluctance to engage “openly and collaboratively” is a root cause of many problems.

Thomas identified governance as another key challenge in succession and estate planning. “Governance is increasingly viewed as a crucial component of wealth management, rather than an afterthought. The shift, driven by both regulatory requirements and financial institutions, presents challenges but offers opportunities for collaboration and effective solutions,” he added.

However, GCC governments have taken steps to address the need for succession and estate planning, offering practical assistance to help family businesses in the region navigate these complexities and foster sustainable growth.

For example, Dubai’s Family Business Centre is taking significant steps to protect family businesses and ensure a seamless transfer of ownership and management to future generations.

Structured succession and estate planning provide a solid foundation for patriarchs to leave a meaningful legacy and ensure the financial well-being of future generations. By prioritising open communication and creating a trust to manage and distribute assets effectively, patriarchs can establish a lasting impact that supports and enriches the lives of generations to come.

Audience Presentation

Following the opening discussion panel came an audience presentation by Niraj Naetsawan, General Manager and Head of the Middle East at additiv. During his spotlight session, he highlighted the crucial role of technology in driving strategic alliances and bridging gaps to achieve effective outcomes. Naetsawan said through partnerships and strategic initiatives, additiv is driving the rapid adoption of the voluntary end-of-service scheme.

He added that additive plays a pivotal role in shaping the workplace savings industry and supporting the UAE’s national economic interests.

Private banking today

The GCC region is set to be the epicentre of the global private banking industry. The region’s allure as a global wealth hub is undeniable. Its investor-friendly climate, strategic time zone and tax-free status have lured a diverse range of wealthy individuals, prompting Western wealth managers to expand their operations there.

Anita Gupta, Head of Equity Strategy at Emirates NBD, moderated the discussion - What is Private Banking Today?, which posed the question whether the term retains the meaning or the cachet it once did, given the widening proliferation of premium services and changing customer demands. The panel had the participation of Vipul Kapur, Head of Private Banking at Mashreq Private Bank; Farzad Billimoria , Managing Director, Senior Executive Officer and Head of Private Banking at HSBC; Zubin Muriya, Executive Director at Julius Baer; Shadi Abdel Rahman Hittini , Head of Wealth Management at Ajman Bank and Ross MacMillan, Executive Director and Head of Advisory & Sales at UBS.

The GCC’s strategic economic diversification, with a focus on sectors

such as finance and technology, has ignited a wave of new wealth and investment opportunities for private banking. Gupta said the UAE and other GCC states have fostered an environment attracting a diverse expat population with varying financial needs, driving demand for specialised wealth management services.

“Wealth management firms in the UAE, both local institutions and large international private banks, manage both onshore and offshore assets, offering tax planning, cross-border investments and tailored solutions to high-net-worth individuals,” she said.

When asked about the impact of family offices, digital platforms and independent managers on private banking’s exclusivity, UBS’s MacMillan noted that

the heightened competitive landscape has led to elevated client expectations.

“Digital platforms and banking services are no longer optional but rather indispensable. The era of product-centric approaches has given way to a clientcentric focus, necessitating the provision of comprehensive solutions that truly address clients’ needs,” added MacMillan.

He emphasised UBS’s prioritisation of trusted advisory, stating that the bank aspires to be the primary point of contact for its clients, offering solutions to their needs, irrespective of the categorisation as wealth management or private banking.

Billimoria concurred with MacMillan that clients’ demands and expectations have evolved over the years. Billimoria, who has held his position for over three decades, has had the privilege of working with three generations of affluent families: the patriarch, the second generation, and the current generation, which encompasses millennials and Gen Z.

He further noted a shift towards a onebank approach. “Twenty years ago, clients preferred separate banks for private, corporate and transactional banking. Today, they seek a single provider for all their financial needs, from transactional banking and credit cards to mortgages, private banking, wealth management and succession planning.”

From a regulatory perspective, Julius Baer’s Muriya said financial regulators are expected to create a level playing field by considering the interests of all stakeholders involved in the banking process. He stressed that it is crucial for transparency, regulations and client demands to be in place to ensure clients are fully informed about how their data is handled, transferred and processed.

“Transparency provides clients with the comfort and trust that they are being told exactly what is happening,” Muriya said, adding that it also ensures clients clearly understand what a bank is charging them. “When pricing is transparent, clients make decisions based on the level of service they receive, rather than just price.”

The GCC has emerged as a hotbed for wealth creation, demonstrating resilience in the face of global economic challenges, a trend that is fuelling substantial growth in the private banking sector and encouraging capital retention within the region.

Quizzed whether the lines between private banking and wealth management are becoming blurred, Mashreq’s Kapur observed that, despite the expansion and evolution of private banking into wealth management across Europe, the Middle East and Asia, the client experience remains a critical factor.

“We all acknowledge the importance of client experience, but I’m not sure how many of us genuinely practice it. A private banking client is someone who expects an experience that no other institution can offer,” he said.

“At Mashreq, one of our core focuses is how to delight the client consistently. It goes beyond just hosting events or parties. It’s about the value proposition, the products and services we deliver and being involved in every aspect of the client’s life – and even the lives of their successors,” said Kapur.

Private banking and wealth management remain sectors with enduring growth potential, driven by growing household and entrepreneurial wealth as well as intergenerational wealth transfer. The industry is undergoing significant regulatory evolution, with a focus on aligning with international standards and best practices.

“Private banking has traditionally been seen as an exclusive service for an elite, niche group of clients with specific needs –bespoke investment solutions, tailored strategies and support in areas such as succession planning and tax optimisation,” said Hittini.

“It was a private service in the truest sense, with only a select number of banks possessing the expertise and resources to handle such specialised business, primarily catering to blue-chip clients.”

However, Hittini said the private banking landscape has evolved over the years. “With the rise of family offices, asset managers, wealth managers and even fintech platforms, access to private banking services has expanded, allowing a broader range of individuals to enter this business.”

He emphasised that private banking remains a key component of wealth management, but it could be viewed as the premium segment within the broader industry.

Industry experts say the commitment to transparency and accountability will bolster investor confidence and foster

SUCCESSION OR ESTATE PLANNING, IS ARGUABLY THE MOST IMPORTANT YET OFTEN THE MOST OVERLOOKED ASPECT OF FINANCIAL PLANNING. IT PLAYS A CRITICAL ROLE IN DETERMINING THE TRANSITION OF WEALTH AND ENSURING A SEAMLESS TRANSFER TO THE NEXT GENERATION OR INTENDED BENEFICIARIES

– Daniel George, Head of Business at St. James’s Place Middle East

a robust and trustworthy financial environment. From a technology perspective, MacMillan said a lot is happening in the financial services sector, but private banks that will succeed are those that integrate technology with a personal touch.

“It’s important not to lose that human element and ensure we’re not just introducing technology for the sake of it. The key is to use technology in a way that enhances the overall client experience.”

While the private banking industry continues to thrive, it must remain agile to navigate a complex and ever-evolving environment. From evolving client needs and generational wealth shifts to the impact of technological advancements and regulatory changes, the industry must adapt to stay ahead.

Audience Presentation

With the second of the day’s focused audience presentations, Ramzy Rasamny, the Founder and Executive Chairman of Plurimi and Taimur Satti, the Senior Executive Officer, gave insight into Plurimi, a leading financial services firm which offers comprehensive solutions for multibank clients, with approximately US$10 billion in assets under management. Its diverse clientele includes private individuals, family offices, institutions and major European pension funds.

They outlined Plurimi’s expanding and successful business model’s move into the Middle East, specifically

targeting the UAE’s burgeoning financial ecosystem. And by leveraging its strong presence in London, Europe and the Middle East, the firm is well-positioned to serve clients through both local and international partnerships.

Family office & philanthropy

The next panel - The Family Office and Philanthropy in the Middle East panel was moderated by Abdallah Baassiri , Senior International Private Wealth at PwC. It enjoyed the participation of Shadi AlNasr, Director, Client Strategist, Global Family Office from BNY Wealth; Lixia Zhu, Managing Director,76Columbus Family Office; Leevyn Isabel, Commercial Director, Middle East at Ocorian and Vipul Malhan, Senior Director at Mashreq Private Banking.

A blend of cultural, religious and familial values has significant influences on Middle Eastern philanthropy. While Islamic principles, such as Zakat, are a key driver, family traditions and cultural norms profoundly shape charitable giving practices.

Citing a MENA Family Office Landscape Report by Campden and HSBC, Baassiri kicked off the panel by highlighting that a notable 33% of family offices in the region prioritise social responsibility and philanthropy, reflecting a significant commitment to these values in the region.

“Philanthropy is a deeply ingrained tradition among wealthy families in the region, going beyond mere financial contributions to encompass legacy, purpose and positive impact,” added Baassiri.

“Family offices are instrumental in realising these goals by harmoniously balancing wealth preservation, intergenerational continuity and social responsibility.”

Catalysed by the outbreak of the pandemic and subsequent social upheaval, younger members of ultrawealthy families are increasingly using their resources and direct involvement to create immediate and lasting positive change, potentially reshaping the landscape of charitable giving.

Quizzed about the importance of philanthropy to family offices, AlNasr said philanthropy plays a crucial role for family offices, both within the Middle East region and globally. “We believe philanthropy serves as an anchor in succession planning, trust and foundation discussions, helping to prepare the next generation for the eventual transfer of significant wealth. By fostering engagement and responsibility, philanthropy equips them to effectively manage such a liquidity event,” he added.

AlNasr said philanthropy can serve as a unifying force, bringing members of enterprising families together to collaborate on shared causes. “By sitting at one table, they can collectively decide on the causes they wish to support, determine how to measure impact, set timelines for engagement and allocate the necessary funds.”

The rapid creation of new wealth, priorities on sustainability and a greater awareness of how philanthropy can create a positive impact post-pandemic are reinventing traditional approaches to giving.

When asked about banks’ role in supporting philanthropic endeavours, Mashreq’s Malhan said the concept of establishing foundations within the Dubai

International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) is relatively new, dating back to 2017.

“Prior to the introduction of foundations in 2017/18, offshore trust structures were the predominant choice, leading to reluctance from banks. Nevertheless, the subsequent proliferation of foundations has facilitated the influx of considerable global wealth into the region,” Malhan added.

With baby boomers set to transfer more than US$84.4 trillion to their heirs by 2045, Morgan Stanley said millennials and Gen Z will have a deep pool of resources to apply to their chosen causes.

The new generation of HNWIs, millennials and Gen Z, are focusing on impactful philanthropical donations, which not only concern them as individuals but encompass issues of global concern such as the environment, climate change, investing in innovative technologies and new resources.

On how philanthropy is being integrated into governance frameworks, Zhu emphasised that affluent families often harbour a strong philanthropic inclination but encounter challenges in identifying and implementing effective charitable initiatives. “While the motivation is clear, the practical execution remains elusive,” she said.

Reflecting on her experiences in the US over the past 15 years, Zhu observed a parallel evolution in philanthropic practices. “Initially, charitable endeavours were characterised by direct involvement, such as volunteering at soup kitchens or homeless shelters. Subsequently, a hybrid approach emerged, incorporating both time commitments and financial contributions to maximise impact.”

Enterprising families in the GCC are the region’s most prominent contributors to philanthropic and charitable causes. However, they have yet to unlock the full potential of their philanthropic activity, with a projected US$210 billion in annual philanthropic capital, according to the Cambridge Judge Business School.

Ocorian’s Isabel said that it’s essential to recognise how philanthropic initiatives are being carried out across different parts of the world, particularly in the Middle East region.

“The first form of philanthropy is direct donation, encompassing both monetary and in-kind contributions. Notably, tax laws have been implemented to exempt donations made to specific qualified public entities, thereby incentivising charitable giving and acknowledging its significance within the broader economic landscape,” said Isabel.

“The second evolution we have seen is the creation of endowments. This involves establishing a dedicated pool of wealth within a structured framework. Prior to 2017, these types of endowments were typically set up outside the region or in local waqf structures.”

AlNasr said, in closing, that more and more family offices are allocating a portion of their investments towards socially responsible initiatives, primarily driven by a philanthropic impulse.

“Philanthropic endeavours can manifest in various forms, including direct donations to donor-advised funds or charities, volunteerism or collaborative efforts among family offices to advocate for specific causes. The philanthropic approach of each family is inherently individualised, influenced by their unique values, principles and available resources.”

Zhu concurred with AlNasr, saying personal passion, family values and social impact constitute the core narratives associated with philanthropy. “Nevertheless, the expression of these values can diverge across diverse regions and families, resulting in a multitude of philanthropic channels and platforms,” she added.

Family offices are indispensable in managing the wealth and legacies of affluent families. Beyond wealth preservation and

growth, many are increasingly prioritising philanthropic initiatives to create a lasting impact and build a strong family legacy.

Family Office

Moderated by Ismael Hajjar , Partner at PwC, the panel on the Family Office spotlighted the growth of family offices in the Middle East.

The panel had the participation of Michel Sarfati, Head of Global Private Banks and Family Offices Sales at First Abu Dhabi Bank; George Hojeige, Chief Executive Officer at Virtugroup; Yann Mrazek , Managing Partner at M/HQ; Jaspreet Randhawa , Head of Investments at Burkhan World Investments; Ekta Tolani , Chief Investment Officer at KBW Ventures and Shadi AlNasr, Director, Client Strategist –Global Family Office at BNY Wealth.

The modern concept of the family office started to emerge in the 19th century. In 1838, the family of financier and art collector JP Morgan founded the House of Morgan to manage the family assets, according to the EY Family Office guide. In 1882, the Rockefellers founded their family office, which is still in existence, having expanded to provide services to other families. It now manages or advises on more than US$16 billion of assets.

Family offices are emerging as powerful players in the investment world. No longer content with passive wealth management, they are taking on a more active role, directly investing in a diverse range of opportunities.

BNY Wealth’s AlNasr observed that family offices have a rich history in the US and certain European regions, spanning 80 to 90 years and, in some instances, several centuries. However, the concept of a family office in the GCC region is considerably more recent, with its origins tracing back approximately two decades.

He identified three primary trends propelling the expansion of family offices in the GCC region: the intergenerational transfer of wealth, the management of surplus liquidity and the optimisation of operational models.

On initiatives that government agencies are implementing to stimulate the growth of family offices, Mrazek observed that the UAE is uniquely positioned with an immense pool of local and regional wealth that it wants to cater to while seeking to attract foreign wealth.

“Over the past two decades, the UAE has emerged as a preferred destination for local wealth. Historically, wealthy families opted to invest their wealth offshore despite substantial domestic holdings, but the UAE’s enhanced credibility, robust legal framework and capacity to attract foreign capital have catalysed a reversal of this trend,” said Mrazek.

“The strategic policy decisions and the establishment of key financial hubs such as the DIFC and ADGM have further solidified the UAE’s position as a preferred destination for local wealth, bolstering domestic confidence.”

Family offices play a pivotal role in the Middle East’s financial ecosystem, managing the wealth of its UHNWIs. In today’s volatile market, these offices must adopt agile strategies to preserve and grow wealth, ensuring a resilient future for their clients.

Virtugroup’s Hojeige concurred with Mrazek, saying in the past, the UAE was often perceived as a transient destination, with individuals establishing businesses and making short-term investments.

However, he noted that a paradigm shift has occurred, with individuals now opting to relocate permanently, bringing their families and wealth.

“The transformation is primarily attributed to the government’s comprehensive reforms, both civil and economic, coupled with substantial infrastructural advancements. The maturation of the legal framework, encompassing corporate and everyday legal matters, has further solidified the UAE’s appeal as a long-term destination for residence and investment.”

“The UAE’s favourable tax environment, characterised by a lenient corporate tax regime and the absence of personal income tax, has emerged as a significant incentive,

WEALTH MANAGEMENT FIRMS IN THE UAE, BOTH LOCAL INSTITUTIONS AND LARGE INTERNATIONAL PRIVATE BANKS, MANAGE BOTH ONSHORE AND OFFSHORE

ASSETS, OFFERING TAX PLANNING, CROSS-BORDER INVESTMENTS, AND TAILORED SOLUTIONS TO HIGH-NET-WORTH INDIVIDUALS

– Anita Gupta, Head of Equity Strategy at Emirates NBD

particularly for HNWIs in burgeoning sectors such as cryptocurrency and technology,” added Hojeige.

Family-owned businesses in the GCC region wield substantial economic influence, accounting for more than three-quarters of the workforce in the private sector. For governments in the region and beyond, enterprising families are vital to meeting ambitious goals for private sector growth.

On why so many affluent families choose the UAE to set up offices, Tolani said that the UAE’s tax-friendly environment, with no personal or capital gains taxes, is a major draw. “While corporate tax was recently introduced, it remains relatively low compared to other jurisdictions,” he said.

“The UAE’s preeminent position in global business efficiency rankings, particularly in terms of government efficiency and ease of doing business, coupled with its strategic geographic location at the crossroads of Europe, Asia, Africa and the Middle East, renders it an ideal location for international businesses seeking access to global markets,” added Tolani.

The demand for family offices in the region is being fuelled in part by the need for family enterprise structures that have a corporate set-up to manage wealth, the growth in the number of wealthier families relocating to the UAE and the transfer of vast wealth between generations.

Sarfati emphasised the UAE’s emergence as a rapidly expanding global

financial centre, with 2023 marking a pivotal year in which the Middle East region experienced unprecedented wealth growth.

“Though the Middle East may not rival other regions in terms of absolute wealth, the region’s trajectory is undeniably compelling, garnering significant attention from the family office community,” he said.

“Five years ago, the Middle East region was largely overlooked. Now, it’s a hot topic. Last week, I accompanied a delegation of US family offices who were blown away by the UAE’s regulatory framework, quality of life and familyfriendly environment. Many plan to set up shop here within the next two years,” added Sarfati.

Randhawa said the UAE and the entire GCC region have undeniably emerged as a magnet for family offices, “which is a significant reason for many of us being here.”

“We’re really excited about the growth here and want to be a part of it. We’re investing in businesses that use local talent, which gives us a big advantage. Especially in the post-COVID era, there are so many great deals happening in the Gulf region. We have seen four times as many opportunities in the last two years,” added Randhawa.

She emphasised that the big deals happening in the UAE are linked to long-term trends within the technology, infrastructure and energy sectors. “The UAE government has a clear plan for the

future, and it’s a great place to invest for the long term. Unlike the US, where things can change a lot with each new election, the UAE is pretty stable.”

Family offices are changing – and fast. From their history as passive protectors of family wealth, they are evolving into a powerful new force in the investment and deals ecosystem: professionalised, active, direct investors in a widening array of sectors and asset classes.

Wealth Technology & AI

Wealth management, long reliant on faceto-face interactions, is undergoing a seismic shift. Driven by changing demographics and the investment landscape, firms are leveraging AI, Big Data and robotics to enhance client experiences and foster trust.

Bryan Stirewalt , Financial Services Regulatory Leader at EY, moderated the Wealth Technology & AI panel. It had the participation of Mohamed Fairooz, Middle East Lead, SC Ventures; Nabil Ismail, Executive Director at Gulf Capital; Deepak Mehra, Chief Economist, Treasury, Asset Management and Global Markets Departments, Commercial Bank of Dubai; Patrick Armstrong , Chief Investment Officer at Plurimi; Niraj Naetsawan, General Manager and Head of Middle East at additiv and Maher Al Kaabi, Advisor to Group Chairman and Independent Board Member, UAE Circular Economy Council Member at Alserkal Group of Companies.

The digital revolution was accelerated, in part, by the outbreak of the pandemic and the increasing digitisation of daily life. McKinsey predicts that a Netflix-style, hyper-personalised wealth management model will dominate the industry by 2030, with 80% of new clients expected to seek data-driven, continuous advice, potentially delivered via subscription.

From a wealth tech industry perspective, additiv’s Naetsawan said that AI is revolutionising the wealth technology industry by serving as a co-pilot and transforming decision-making processes, client servicing, portfolio management and back-office operations.

He emphasised that its impact is particularly pronounced in areas such as personalisation, data-driven insights and automation.

“By integrating AI, wealth management firms can enhance operational efficiency, deliver highly personalised client experiences and maintain robust compliance frameworks, ultimately redefining the industry,” Naetsawan added.

He said that as a valuable co-pilot, AI not only optimises processes but also empowers professionals to deliver superior value, paving the way for a more innovative and client-centric wealth tech ecosystem.

Armstrong concurred with Naetsawan that AI does not replace everything, of course, but it excels where humans often falter, i.e. analysing objective data without bias. “To stay competitive in the GCC region’s competitive market, wealth management firms need to embrace AI. It’s not just a tool for innovation; it’s a necessity for survival in the modern investment landscape,” he added.

When asked about how the UAE and Saudi Arabia economies are shaping up in the face of new technologies, Commercial Bank of Dubai’s Mehra said the GCC states have made substantial strides in diversifying their economies, moving away from oil dependence and fostering

the growth of new industries. However, the journey is far from complete.

“The GCC region’s push for innovation, digitalisation and technological advancement has intensified with the rise of AI. This is due to its crucial role in diversifying economies, boosting productivity, attracting global talent and enhancing public services,” he added.

Wealth management institutions and private banks are leading the charge in AI adoption, proactively integrating it into their business processes. GenAI, a powerful new tool, can process vast amounts of information, generate humanquality content and revolutionise how businesses operate. This technology is poised to reshape industries and create value for all.

Gulf Capital’s Ismail said the buyout firm is integrating AI across its value chain, including leveraging internal data for enhanced decision-making, optimising portfolio companies for efficiency and innovation and targeting AI-powered growth in established companies.

“While direct AI investments are still developing for us, we focus on broader themes with significant growth potential. Wealthtech, for example, is a rapidly evolving sector with substantial investment opportunities,” Ismail said

while noting that as global markets mature, Gulf Capital anticipate increased growth in the region.

AI is making remarkable progress in a wide array of tasks, as demonstrated by the rollout of OpenAI’s ChatGPT and Google’s Gemini. Industry experts expect the transformative technology to influence every aspect of wealth management, from client service to compliance.

“AI has revolutionised the wealth management industry, streamlining processes and enhancing data-driven decision-making. While AI-powered tools can efficiently execute trades and analyse market trends, the human element remains indispensable,” said Naetsawan.

“By striking a balance between technological efficiency and human expertise, wealth managers can offer a comprehensive and client-centric approach that effectively addresses the evolving needs of high-net-worth individuals.”

The future of wealth management is digital. Robo-advisors and AI are driving innovation, enabling personalised advice, efficient portfolio management and advanced security measures.

The GCC region’s wealth management industry is embracing AI to deliver personalised, data-driven advice across portfolio optimisation, risk management, fraud detection, tax analysis and client relationships.

Building portfolios – real estate

Traditional 60/40 portfolios, once a reliable strategy, are now facing challenges due to shifting market dynamics and economic uncertainty. Hence, investors are turning to alternative asset classes like real estate to diversify their portfolios and mitigate risk.

The final panel discussion of the event, titled - Building Portfolios – Real Estate Investment Trends and Determining Factors was anchored by Vishal Bhatia, Executive Director, Regional Head, Wealth Management Lending and Mortgages, EAME and UAE at Standard Chartered Bank. With real estate commonly understood as an investment class, the panel explored the

PRIVATE BANKING HAS TRADITIONALLY BEEN SEEN AS AN EXCLUSIVE SERVICE FOR AN ELITE, NICHE GROUP OF CLIENTS WITH SPECIFIC NEEDS – BESPOKE INVESTMENT

SOLUTIONS,

TAILORED

STRATEGIES AND SUPPORT IN AREAS SUCH AS SUCCESSION PLANNING AND TAX OPTIMISATION

– Shadi Abdel Rahman Hittini

forms that real estate investment takes for the GCC region’s HNWIs.

It had the participation of Maher Al Kaabi , Advisor to Group Chairman and Independent Board Member, UAE Circular Economy Council Member at Alserkal Group of Companies; Khulood Ebrahim, Real Assets Product Specialist at Investcorp and Christiane El Habre, Regional Managing Director at Apex Group.

Bhatia kicked off the panel by highlighting the UAE real estate market’s sustained growth trajectory. He stated that the growth in the UAE real estate market, now in its fourth consecutive year of expansion, is being fuelled by robust demand from both domestic and foreign investors.

“Last year, Dubai’s real estate market saw remarkable growth, with 120,000 homes sold for a total of AED 300 billion.

This year, the momentum continues to accelerate, with even higher transaction volumes and values,” he added.

When asked about the future of the real estate market, El Habre, drawing on her 23 years of experience, acknowledged the market’s cyclical nature. However, she emphasised the UAE government’s substantial investments in infrastructure, which have attracted a significant and growing population to the country.

“From a financial standpoint, I’ve noticed a significant transformation in the sector. Hedge funds, financial institutions and banks, previously with a minimal presence, are now establishing substantial operations,” said El Habre.

“While previously real estate was seen as a profit-generating asset, we’re now witnessing a growing number of investors seeking long-term residency in the UAE. The demographic shift is expected to sustain the current upward trend.”

To navigate today’s complex financial landscape, a well-defined portfolio management framework is crucial for investors to make informed decisions, optimise returns and minimise downside risk. By carefully considering factors such as risk tolerance, time horizon and investment objectives, investors can construct portfolios that are resilient to market fluctuations and aligned with their individual needs.

“When it comes to investing in real estate, the approach often depends on the markets under consideration. At Investcorp, our philosophy is to focus on long-term growth trends that drive demand within specific real estate sectors,” said Ebrahim.

“The region’s real estate market is experiencing robust demand, particularly in key cities such as Dubai and Riyadh. These cities’ growing populations are driving a significant need for residential properties, making them attractive investment destinations.”

He stressed that the recovery in tourism and hospitality sectors is further bolstering the overall health of the regional real estate market.

Real estate, as a tangible asset, can be an attractive investment during times of economic uncertainty and inflation.

However, realising its full value often requires a long-term perspective. A study by JLL shows that real estate has proven to be a reliable hedge against inflation, outperforming bonds in terms of income growth over the past 25 years.

HNWIs often seek to expand their investment horizons beyond domestic markets. International real estate offers a compelling opportunity to diversify portfolios, gain exposure to emerging markets with high growth potential, and benefit from currency exchange rate fluctuations.

The UAE’s booming real estate market shows no sign of cooling off, with 2024 on track to be another record year in terms of sales figures and property values. The UAE real estate market continues to thrive, with robust performance across all sectors in Q3 2024, despite global headwinds.

“By laying down this infrastructure, making it easy for people to start businesses, ensuring transparency in regulations, and actually enforcing those regulations, the UAE created an environment that encouraged businesses and investors to come and thrive,” said Al Kaabi.

Both Dubai and Abu Dhabi have experienced a significant boost in investor confidence, driven by strategic government initiatives and the development of world-class destinations. Going forward, the positive momentum in the UAE’s property market is expected to continue, presenting attractive opportunities for both local and international investors.

Meanwhile, Real Estate Investment Trusts (REITs) provide HNWIs with a convenient and efficient way to invest in real estate, offering liquidity, income potential and diversification benefits. REITs have emerged as a significant asset class, offering investors a way to participate in the real estate market without directly owning properties.

“REITs offer flexibility, taking either private or public forms. Public funds provide more liquidity but may yield lower returns due to the need to maintain cash reserves. On the other hand, private funds typically have a longer investment horizon of 5 to 10 years, aiming for higher appreciation,” said El Habre.

Though REITs are another promising tool, they remain underutilised in the region.

AI HAS REVOLUTIONISED THE WEALTH MANAGEMENT INDUSTRY, STREAMLINING PROCESSES AND ENHANCING DATA-DRIVEN DECISION-MAKING. WHILE AI-POWERED TOOLS CAN EFFICIENTLY EXECUTE TRADES AND ANALYSE MARKET TRENDS, THE HUMAN ELEMENT REMAINS INDISPENSABLE

–

Niraj Naetsawan, General Manager and Head of Middle East at additiv

El Habre explained that REITs allow individuals to invest in incomegenerating properties while benefiting from professional management. “They are particularly well-suited for savings or retirement plans, offering regular income and potential returns of 8–10% annually when efficiently managed,” she added.

Al Kaabi concluded by emphasising that the primary driver of real estate investment decisions is the desired yield. “Whether it’s a REIT, a mixed-use development, or another investment vehicle, the questions are always: What yield am I aiming for? And how do I diversify my risk?”

By investing in REITs, investors can benefit from regular dividend distributions, potential capital appreciation, and the liquidity of publicly traded securities.

The MEA Finance Wealth Summit highlighted, among the range of key market topics including succession, family office and philanthropy, the growing importance of human-technology synergy in wealth management. As millennial clients seek personalised financial advice, financial institutions in the GCC region are investing in innovative technologies and reimagining their physical spaces to create seamless, client-centric experiences.

MEA Finance Awards 2024 celebrating the advances and achievements of the region’s banking and financial technology sector

More than 250 C-level executives, key leaders and market shapers from banks, financial institutions, fintechs and technology providers attended, in a powerful concentration of the region’s most influential and successful industry individuals all sharing in and celebrating their successes.

The MEA Finance Awards, the region’s topmost financial and banking technology awards programme, announced the winners for their 2024 event during a gala dinner at The Ritz Carlton Hotel, JBR, Dubai. The high-profile and keenly anticipated occasion held every November, recognises the institutions that are transforming the banking and financial landscape, driving the industry

forward and building regional economies and fostering widening financial inclusivity.

The Awards ceremony was attended by over 250 senior leaders in Banking, Finance, Wealth & Investment, Fintech, Financial Technology & Innovation, Financial Advisory & Service Providers to the financial industry across the Middle East and Africa.

The annual awards programme was organised by MEA Finance, the region’s leading dedicated banking and finance

media and events business. It clearly benchmarks and promotes excellence in the industry by highlighting outstanding performance in banking and financial technology. The event provides deserved recognition to institutions that have continued the upwards trajectory of the industry, created innovative financial services and solutions to benefit their clients, customers and economies during our times of rapid modernisation and digitisation.

Hundreds of nominations were evaluated by a panel of judges, coming down to 73 categories, won by a combination of banks and sectorrelated businesses and three individual achievement awards with winners decided after much considered evaluation of their skills in the execution of deals, application of wider principles and innovation in business and service provision and the consideration of the needs of their range of clients, customers and society.

The full list of the MEA Finance Awards 2024 winners: CATEGORIES

TECHNOLOGY & INNOVATION

Best Mobile Banking Service Implementation : Emirates NBD for ENBD X

Best Online Banking Services : First Abu Dhabi Bank

Best Use of AI and ML in Banking : First Abu Dhabi Bank

Best Cybersecurity Implementation : Black Cell FZCO

Best User Experience/Engagement : Skiply by RAKBANK

Best User Experience/Engagement - KSA : Bank Aljazira

Best User Experience/Engagement Provider : GBM Dubai

Special Achievement in Digital Innovation : Liv powered by ENBD

Best Payments Solutions Provider : PayerMax

Best Digital Banking Innovation Provider : Backbase

Best Payment Solutions Implementation : National Bank of Fujairah

Best Innovation in the Payments Industry : Mastercard

Best Open Banking Solutions Provider : Tarabut

Best Digital Banking Service : Mbank

Best AI Deployment /Implementation : First Abu Dhabi Bank

Best Use of AI in Asset Management : Plurimi

Best Cybersecurity Provider : Finesse CyberHub

Best Digital Transformation Implementation : Aafaq Islamic Finance

Best Digital Transformation Implementation - KSA : Infosys Finacle and Arab National Bank

Best Financial Data Analysis Provider : Emirates Integrated Registries Company

Best Islamic Digital Banking Provider : Dubai Islamic Bank

Best Reg Tech Solutions Provider : Re/think

Best Financial Technology Provider : GBM Dubai

Best Financial Technology Provider in Payments : Geidea

Best BAAP Provider : Backbase

Best Composable Banking Transformation : Infosys Finacle and Emirates NBD KSA

Best Managed Services for Infrastructure Management : First Abu Dhabi Bank and Infosys

BANKING AND FINANCIAL SERVICES

Best Islamic Bank - UAE : Dubai Islamic Bank

Best Islamic Bank - Egypt : Banque Misr

Best Sukuk Deal of the Year : Dubai Islamic Bank

Best Islamic Consumer Finance - KSA : Saudi Finance Company

Best Islamic Bank for SME›S : Emirates Islamic Bank

Best Sukuk Islamic Fund : Dubai Islamic Bank

Best Retail Bank - UAE : Emirates NBD

Best Investment Bank : Citi

Best SME Bank : National Bank of Fujairah

Best Technology Sourcing and Vendor Management : First Abu

Dhabi Bank - Sourcing and Vendor Management (SVM)

Best Takaful Provider : Salama Islamic Arab Insurance Company

Best Treasury Management Services : First Abu Dhabi Bank

Leader in Cross-Border Payments Award : Swift

Best Cash Management Bank : First Abu Dhabi Bank

Best Trade Finance Bank : National Bank of Fujairah

Best M&A : Citi

Best Bond Issue of the Year : Emirates Islamic Bank

Best Corporate Services Bank - UAE : National Bank of Fujairah

Best Corporate Treasury Inhouse Banking Service : First Abu Dhabi Bank

Best Tax and Accounting Firm for SME’s: Taxready.ae by Virtuzone

INVESTMENT

Best Asset Management Firm : Plurimi

Most Innovative Trading App : Al Ramz Corporation P.J.S.C.

Best Equities Investment Services : Plurimi

Best Investment Management Firm : Mashreq Private Banking

WEALTH MANAGEMENT

Best Private Bank in the Middle East : Mashreq Private Banking

Best Wealth Management Institution for HNWI’s : First Abu Dhabi Bank

Best Domestic Private Bank : Mashreq Private Banking

Best Family Office Service : BNY Wealth

Best Foundation Services : M/HQ

Best Digital Innovation and Services in Wealth Management : Standard Chartered Bank

Best Residency and Citizenship by Investment Firm : Next Generation Equity - NGE

Best Overall Wealth Management Service in the Middle East : Standard Chartered Bank

Best Wealth Management Institution for Ultra HNWI’s : Emirates NBD

Best Global Private Bank in the Middle East : HSBC

Best Family Office Platform Provider : BNY Wealth

Best Succession Planning Services : M/HQ

Best Wealth and Investment Technology Provider : additiv

Best Client Value Proposition : Mashreq Private Banking

FINANCIAL INCLUSIVITY & ESG

Best Financial Inclusivity Initiative : myZoi Financial Inclusion Technologies LLC

Best Sustainable Finance Initiative : Dubai Islamic Bank - DIB Leader in Financial Inclusion : Mastercard

Best ESG Strategy : Mashreq - Climb2Change

LEADERS IN BANKING AND FINANCE

Best Technology Executive of the Year for Financial Services: Arun Mehta, CDAO - Head of Data Analytics & AI, First Abu Dhabi Bank

Most Transformative Leadership Award : Hisham Hammoud, Chief Executive Officer, Aafaq Islamic Finance

Banker of the Year : Jayesh Patel, Chief Executive Officer, Wio Bank

Fast Forward to the Future

Aheartfelt congratulations to all the victors of the MEA Finance Awards 2024. We extend our deepest thanks to everyone who contributed, nominated and participated in this year’s awards ceremony. It was a pleasure sharing this memorable occasion with the MEA Finance community.

The regions covered by MEA Finance are actively advancing their financial sectors. We observe robust growth across the diverse banking landscape, with several key locations evolving into global financial powerhouses.

However, the global economic environment presents challenges, including shifting regulatory frameworks. Despite these hurdles, our regional banking and finance sectors have shown resilience through innovative products and services, the adoption of technology-driven solutions and visionary leadership.

This dynamic mix of business expansion and current uncertainties tests the mettle of financial market players. The encouraging news is that these challenges are being met with distinction. MEA Finance takes pride in recognising and celebrating the banks, financial institutions, technology firms and service providers that have not only managed to navigate these global challenges but have also thrived amidst today’s competitive landscape. Their collective efforts have made significant impacts on the region’s prosperity.

The MEA Finance Awards once again stand as a testament to the industry’s dedication and effective contributions over the past year. It is our honour to spotlight your achievements and recognise the exceptional contributions that drive our industry forward.

Congratulations again on your achievements. We look forward to seeing the continued innovation and excellence that you will undoubtedly bring in the upcoming year.

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BEST MOBILE BANKING SERVICE IMPLEMENTATION

Emirates NBD for ENBD X

Emirates NBD was the recipient of the Best Mobile Banking Service Implementation award, conferred on Emirates NBD’s ENBD X in acknowledgement of the hybrid digital wealth platform, which enables customers to instantly invest in financial markets globally.

The mobile app allows Emirates NBD customers to select mutual fund of their choice from an array of more than 230 funds that are managed by leading global asset managers including Emirates NBD Asset Management, BlackRock, Fidelity and Pimco, on their digital wealth platform that already houses more than 11,000 global equities and 150 regional equities.

The array of mutual funds strengthens a versatile range of investment options available on ENBD X, which has more than 150 banking services for customers. ENBD X allows customers to trade securities and ETFs on both global exchanges such as, Nasdaq, NYSE, the London Stock Exchange and local markets such as, Dubai Financial Market, Abu Dhabi Securities Exchange and Nasdaq Dubai. In all, there are more than 11,000 global equities and 150 regional equities available to trade on the platform.

BEST ONLINE BANKING SERVICES

First Abu Dhabi Bank

First Abu Dhabi Bank (FAB) bagged the Best Online Banking Services award. The award was presented to the UAE’s biggest lender in recognition of FABeAccess, an innovative digital channel platform for corporate customers.

FABeAccess, accessible through Internet Banking, Host-to-Host and mobile, features a comprehensive product suite for cash management and collections. It offers intuitive suggestions, real-time notifications and advanced data analytics to empower users with smarter decision-making capabilities.

The digital platform is designed to enhance efficiency, security and user convenience for corporate clients, setting a benchmark in digital banking excellence.

FABeAccess features include global cash position: view consolidated balances across FAB and other banks; account management: access detailed views of accounts, deposits and loans; transaction services: initiate and authorise single payments, transfers and manage payees and beneficiaries; digital cheque deposit: deposit cheques digitally without visiting a branch and device management: utilise biometric enrolment for enhanced security.

BEST USE OF AI AND ML IN BANKING

First Abu Dhabi Bank

First Abu Dhabi Bank (FAB) walked away with the Best Use of AI and ML in Banking award in recognition of its significant advances in technology innovation for the banking sector, fully integrating its comprehensive suite of products and services into a market-leading, digitally driven service model.

The bank leverages cutting-edge technologies such as Generative AI (GenAI), machine learning (ML) and Robotic Process Automation (RPA) to enhance its operational efficiency and customer experience. By integrating AI, ML and RPA, FAB reinforces its position as a leader in digital transformation, providing innovative solutions that align with the evolving needs of its customers and the banking industry.

FAB is leveraging RPA to automate repetitive tasks such as account reconciliation and report generation, streamlining onboarding process, ensuring faster and more accurate document verification and automating compliance checks ensures FAB adheres to regulatory requirements efficiently.

BEST CYBERSECURITY IMPLEMENTATION

Black Cell FZCO

Black Cell FZCO was honoured with the Best Cybersecurity Implementation award in the Middle East. The cybersecurity solutions provider was presented with the award for its innovative approach to identifying and addressing IT security gaps in finance and payments.

Black Cell leverages the MITRE framework and conduct in-depth, sector-specific research to pinpoint the most critical vulnerabilities that need immediate attention to safeguard payment data from prevalent cyber threats.

The strategy has supported several key players in the Middle East region’s financial and payment industries. The MITRE ATT&CK framework provides a comprehensive catalogue of the current tactics and techniques employed by adversaries throughout the cyber kill chain.

The framework is used widely throughout the cyber security industry as it provides an objective point of reference for mapping cyber-attacks and determining defensive coverage. Black Cell says the MITRE ATT&CK framework is also an excellent tool for determining an IT environment’s security maturity.

BEST USER EXPERIENCE/ENGAGEMENT

Skiply by RAKBANK

RAKBANK was the recipient of the Best Retail Payment Implementation award in the Middle East region. RAKBANK for Skiply is a convenient user-friendly platform that allows more than 130,000 users to manage family educational institution payments and activities.

Skiply has onboarded more than 250 educational institutions so far which makes it the leader application in UAE educational sector.

The customer journey for both parents and educational institutions is fully digital. Parents can digitally view their children’s (students) term fees, transportation and uniforms and more than that, they can get notifications from the schools related to registered students educational institutions, and can process payments digitally using the latest payment technology to ease the process with a high standard of security and privacy.

Skiply can integrate directly with the merchants’ in-house ERP or ERP vendors to be part of digital reconciliation reducing human errors and increasing time efficiency.

BEST USER EXPERIENCE/ENGAGEMENT – KSA Bank Aljazira

Bank Aljazira was honoured with the Best User Experience/Engagement in Saudi Arabia. The bank received this award for its dedication to providing exceptional customer support and engagement, offering 24/7 assistance through various channels, including AI-powered chatbots, live support, social media and proactive outreach.

The Shari’ah compliant bank continually seeks user feedback via surveys, social media interactions and direct communication to enhance our services, ensuring that customer insights drive ongoing improvements. Bank Aljazira’s omnichannel experience offers seamless, consistent interactions across mobile, web, social media, contact centres and branches, allowing customers to engage with us anytime, anywhere.

By focusing on these core areas, the bank prioritise convenience, responsiveness and personalised service, ensuring our customers have the best possible experience.

BEST USER EXPERIENCE/ENGAGEMENT PROVIDER

GBM Dubai

The Best User Experience/Engagement Provider award was given to GBM in honour of its application programming interface (API) API Connect, which provides a full lifecycle API management solution using an intuitive experience to help consistently create, manage, secure, socialise and monetise APIs throughout their full lifecycle.

GBM API Connect is a comprehensive API management platform that can help banks and financial institutions to create, run, manage and secure APIs for open banking. The platform enables banks to manage their APIs throughout their lifecycle, including versioning, deployment and retirement.

Moreover, GBM API Connect provides a range of security features to help banks protect customer data and comply with regulatory requirements such as PSD2 and GDPR. It also includes a developer portal that enables banks to create a developer community and promote their APIs to third-party providers.

The platform also provides real-time analytics and monitoring capabilities that enable banks to gain insights into API usage, performance and availability.

SPECIAL ACHIEVEMENT IN DIGITAL INNOVATION

Liv. powered by ENBD

Liv. powered by Emirates NBD, walked away with the Special Achievement in Digital Innovation award. Liv received an award for its groundbreaking suite of accounts that any other digital bank in the Middle East region does not offer. Founded as the region’s first digital bank in 2017, Liv has grown exponentially, amassing more than 450,000 accounts while offering its Gen Ys and Gen Zs customers solutions to help forge a better financial future.

Liv was revamped in 2023 with a new value proposition targeting Gen Now, empowering them with a better financial future through innovative offerings and a superior digital experience. Earlier this year, Liv became the first digital bank in the Middle East, North Africa and Türkiye to offer digital joint accounts to new customers. The digital bank has many first-in-the-region offerings among digital banks. Liv led the region in offering a digital lending proposition with zero fees for its customers and introducing a digital salaried bonus multiplier account whose gamified structure rewards customers through enhanced interest rates and cashback.

BEST PAYMENTS SOLUTIONS PROVIDER

PayerMax

PayerMax was the recipient of the Best Payments Solutions Provider award in the Middle East. The award honoured PayerMax for its robust localised payment capabilities and for developing a range of value-added services that go “beyond payment” to meet diverse client needs and different business focuses during globalisation.

The payments solutions provider is exploring and expanding new payment scenarios and models, enriching its matrix services, creating greater value and convenience for clients and consumers and advancing global digital payments. With local offices in key locations including Singapore, Indonesia, Thailand, the Philippines, Malaysia, UAE, Saudi Arabia, Bahrain, Kuwait, Brazil, Mexico, South Korea, Shanghai and Hong Kong, PayerMax continuously attracts top talent in the global fintech industry. The company operates across 150 countries and regions worldwide, with a strong presence in Southeast Asia, the Middle East and Latin America.

BEST

DIGITAL

BANKING INNOVATION PROVIDER BACKBASE

Backbase won the Best Digital Banking Innovation Provider award in the Middle East. The award recognised Backbase for their comprehensive and advanced Engagement Banking Platform, which is designed to modernise banking by re-architecting financial services around the customer, providing seamless, personalised experiences across all digital touchpoints.

Through the Engagement Banking Platform, Backbase empowers banks with the flexibility to innovate beyond traditional banking models, supporting the integration of new technologies and services rapidly and at scale.

The platform allows financial institutions to break free from legacy systems, enabling banks to adopt a more agile, customer-focused approach that leverages modern architectural principles such as microservices and cloud-native technologies. Backbase’s Engagement Banking Platform not only enhances the customer experience but also allows banks to manage and introduce new services effectively, meeting the fast-evolving demands of the digital consumer. The company provides a range of solutions across retail, business and private banking sectors, including digital onboarding, lending and investing.

BEST PAYMENT SOLUTIONS IMPLEMENTATION

National Bank of Fujairah

The National Bank of Fujairah (NBF) was honoured with the Best Payment System Implementation award in the Middle East. The bank was recognised for being a leader in digital payments. Its integration with the Aani Network provides its retail, business and government customers with a seamless experience for account-to-account transfers.

Aani provides a comprehensive digital payment solution. Customers can benefit from features such as instant transfers, money requests and QR code payments, with more options like real-time direct debits and e-cheques coming soon. The instant payments platform is a crucial part of the Central Bank of the UAE’s Financial Infrastructure Transformation programme, which aims to modernise payments in the UAE. The National Bank of Fujairah is a key player in this initiative, having joined Aani from its early stages.

BEST INNOVATION IN THE PAYMENTS INDUSTRY Mastercard

Mastercard was awarded with the Best Innovation in the Payments Industry award in the Middle East. The global payments giant won for its innovative payment technology and collaborative partnerships.

Mastercard leverages its global network, advanced technology and expertise to co-create locally relevant payment solutions with partners, including government entities, financial institutions, fintech companies, telcos, merchants and other stakeholders.

Mastercard Move, the company’s comprehensive money movement solution, offers fast, convenient, secure and affordable domestic and international money transfers. Through Mastercard Send and Mastercard Cross-Border Services, it facilitates fund transfers to 180+ countries and 150 currencies, reaching 95% of the world’s banked population.

Earlier this year, the payments firm partnered with Sohar International to introduce Mastercard Move to Oman. It also offers cross-border services in the UAE with Dubai Islamic Bank and NymCard as well as in Saudi Arabia with urpay and tiqmo.

BEST OPEN BANKING SOLUTIONS PROVIDER Tarabut

Tarabut won the Best Open Banking Solutions Provider award in the Middle East, recognising their dedication to delivering innovative and flexible Open Banking solutions.

The company’s strategic regional partnerships, commitment to pioneering regulatory compliance and industry standards, and leadership in data security and protection have been instrumental in driving advancements in Open Banking innovation.

Tarabut commands an expansive network of partnerships, including with Bahrain-based digital lending platform FLOOSS and Saudi National Bank, to foster an interconnected ecosystem to drive financial inclusion and innovation.

The company acquired Vyne, a UK-based real-time account-to-account (A2A) payments platform, in September 2024 to advance its payment capabilities in the Middle East and introduce advanced A2A payment solutions.

Tarabut adheres to GCC regulatory frameworks by working closely with central banks in the UAE, Bahrain and Saudi Arabia.

BEST DIGITAL BANKING SERVICE Mbank

Al Maryah Community Bank (Mbank), the UAE’s first fully integrated digital bank that offers an omnichannel experience to individual consumers and businesses, walked away with the Best Digital Banking Service award.

The digital bank was given the award for its commitment to supporting individuals and small businesses within the UAE and fostering a forward-thinking culture that emphasises innovation and technology.

Mbank Smart Hubs, the digital bank’s one-stop platform to access all banking solutions, reflects the new bank digital concept and banking transformation and provides customers with convenient, easy and safe banking services.

The Abu Dhabi-based digital bank meticulously crafts the banking experience to be intuitive and personalised. It is the first financial institution in the world to be certified for ‘International Digital Customer Experience’ by the International Customer Experience Institute (ICEI). The ICEI is a global organisation that is dedicated to advancing customer experience.

BEST AI DEPLOYMENT/IMPLEMENTATION

First Abu Dhabi Bank

In recognition of its Intelligent Automation Centre of Excellence (CoE), First Abu Dhabi Bank (FAB) received the Best AI Deployment/Implementation award.

FAB’s CoE was established in 2019 with a strategic vision to harness the power of automation and artificial intelligence, transforming how the bank operates and delivers services.

Established within the Data Analytics and Artificial Intelligence (DAAI) department, the CoE has consistently delivered high-impact automation solutions that enhance operational efficiency, improve customer experience and ensure compliance with regulatory requirements.

FAB’s Intelligent Automation (IA) CoE integrates Robotic Process Automation (RPA) with cutting-edge technologies such as Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP) and cognitive capabilities.

The bank’s IA centre has delivered more than 285 projects, introduced 110 software robots, undertaken over 9.2 million transactions and saved 1.3 million hours of work.

BEST USE OF AI IN ASSET MANAGEMENT Plurimi

The Best Use of AI in Asset Management award went to Plurimi. The award recognised Plurimi’s innovative use of Artificial Intelligence (AI) and Machine Learning (ML) systems to enhance stock selection and provide inflation protection.

The approach has driven the company’s outperformance and is expected to create opportunities for strong returns across both long and short strategies. Plurimi leverages AI in asset management to optimise investment strategies and enhance decision-making.

By integrating advanced AI and ML systems, the firm advances stock selection, identifies market trends and adapts to changing economic conditions. The technology-driven approach enables Plurimi to deliver tailored solutions, mitigate risks such as inflation and capitalise on opportunities for long and short-term returns, positioning it as a leader in innovative asset management practices.

BEST CYBERSECURITY PROVIDER Finesse CyberHub

Finesse CyberHub was the recipient of the Best Cybersecurity Provider award in the Middle East. The Best Cybersecurity Provider award recognised Finesse for its cybersecurity platform that protects hundreds of thousands of financial institutions in the region across clouds, networks, devices and endpoints. Finesse’s Cognitive Security Operations Center (CSOC) delivers exceptional performance, outperforming traditional security solutions by detecting threats in real-time, responding swiftly and decisively, outpacing traditional security solutions that often rely on manual processes and lag behind in detecting emerging threats.

The platform’s advanced analytics and AI-driven decision-making ensure accurate threat identification and response, reducing false positives and negatives, unlike other solutions that may rely on rudimentary rulesbased systems.

BEST DIGITAL TRANSFORMATION IMPLEMENTATION

Aafaq Islamic Finance

In the digital transformation category, Aafaq Islamic Finance was conferred with the Best Digital Transformation Implementation award in the Middle East region. From being a fully paper based manual onboarding process that used to take days to offer a product to the customer, the Shariah-compliant bank has digitalised the entire process wherein customers can potentially get a product/ service within minutes.

The digital onboarding solution enables customers to open accounts and access financial services through a seamless digital experience while ensuring compliance with the KYC regulations of the central bank.

Aafaq Islamic Finance has been at the forefront of the digital transformation, introducing cutting-edge solutions such as mobile apps (including Aafaq Drive), online services and digital payments to enhance the customer experience.

BEST DIGITAL TRANSFORMATION IMPLEMENTATION – KSA

Infosys Finacle and Arab National Bank (ANB)

The Best Digital Transformation Implementation award was given to Infosys Finacle and Arab National Bank (ANB) in honour of the partnership for completing a transformation fuelled by the imminent end-of-life of legacy systems, the need for enhanced vendor support and the pursuit of futureproofing its banking technology.

Finacle 11x provides ANB with a cutting-edge technology platform, empowering the bank with massive scalability, open APIs for seamless integration, robust security and advanced data analytics to deliver personalised customer experiences across multiple channels and geographies.

The Finacle 11x transformation revolutionises the user experience with fortified data security, enhanced digital banking features, seamless API integrations and improved customer service. By strengthening security protocols, introducing intuitive digital channels and streamlining backend processes, ANB is delivering a more secure, efficient and personalised banking experience for its customers.

BEST FINANCIAL DATA ANALYSIS PROVIDER

Emirates Integrated Registries Company

Emirates Integrated Registries Company (EIRC) walked away with the Best Financial Data Analysis Provider award. The award was conferred upon EIRC in recognition of its comprehensive digital transformation that revolutionises the way secured lending and asset registration are conducted. By leveraging cutting-edge technologies such as blockchain for secure asset tracking, AI for predictive risk assessment and cloud-based platforms for realtime registration, EIRC has created a system that is faster, more transparent and highly accessible. The digital platform is designed with inclusivity at its core, allowing SMEs and underserved communities to easily register non-traditional and moveable assets, thus expanding access to credit for those who were previously excluded from the formal financial system.

EIRC’s innovative approach has reduced operational bottlenecks, minimised human error and ensured compliance with regulatory standards, enhancing the security and trust in collateral-based lending processes.

BEST ISLAMIC DIGITAL BANKING PROVIDER

Dubai Islamic Bank

Dubai Islamic Bank (DIB) won the Best Islamic Digital Banking Provider award. The award was given in recognition of DIB alt, a comprehensive digital banking solution that integrates the bank’s extensive range of digital offerings and capabilities into one platform, providing customers with a seamless and hasslefree banking experience.

The platform brings together more than 135 digital services via the DIB Mobile App, Online Banking, WhatsApp and ATMs. By harnessing the power of advanced technology, DIB ‘alt’ ensures an easy-going and efficient banking experience. The one-stop shop enables customers to open a bank account in minutes, apply for personal finance or credit cards, remit money locally or internationally, make payments and much more. It has been designed to simplify banking processes and enhance convenience for customers across various touchpoints.

BEST REG TECH SOLUTIONS PROVIDER Re/think

Re/think was the recipient of the Best Reg Tech Solution Provider award in the Middle East region. The award was given to Re/think in honour of the company’s extensive compliance and regulatory services, anti-money Laundering (AML) and internal auditing to various categories of institutional clients – both locally and overseas. With a dual presence in the Dubai International Financial Centre/ Abu Dhabi Global Market, Re/think has led the establishment of more than 150 regulated firms in the Abu Dhabi Global Market and Dubai International Financial Centre. The reg tech firm is proactive in developing business solutions in regulatory reporting, risk management, identity management & control, compliance and transaction monitoring. The company has secured 64 compliance outsourcing mandates and 48 finance officer outsourcing mandates.

Similarly, Re/think’s service offering has expanded to include corporate tax, as well as non-executive directorships, with its professionals serving on the boards of large financial institutions.

BEST FINANCIAL TECHNOLOGY PROVIDER GBM

The Best Financial Technology Provider award was given to GBM in recognition of the company’s extensive range of IT infrastructure, solutions and services ranging from consulting, resource deployment and integration to after-sales support. With more than 30 years of experience, eight offices and more than 1,500 employees across the Middle East, GBM is the region’s leading digital solution provider. The company offers the region’s broadest technology portfolio, including industry-leading infrastructure, digital business solutions, security and services.

GBM has nurtured partnerships with the world’s leading technology companies and have invested in skills and resources to assist their customers on their path towards digital transformation. The company enhanced its flagship cybersecurity platform, Cor., part of its GBM Shield cyber defence programme in June 2024.

BEST FINANCIAL TECHNOLOGY PROVIDER IN PAYMENTS Geidea

The Best Financial Technology Provider in Payments award was presented to Geidea. With more than 503,000 merchants globally and more than 745,000 Point of Sale (POS) terminals, Geidea processes upwards of $7 billion in transactions monthly, showcasing its robust operational capabilities and significant market impact.

Geidea’s core mission is to make the latest payments and commerce technology accessible, affordable and intuitive for all businesses. The company’s commitment is reflected in its innovative products, such as the Geidea POS, a state-of-the-art electronic cash register system designed to integrate seamlessly into a merchant’s business operations.

Founded in 2008, Geidea has grown exponentially into a leading payment service provider, offering cutting-edge digital banking technology, smart payment terminals and comprehensive business management solutions tailored for small and medium enterprises (SMEs) in retail and digital commerce.

BEST BANKING AS A PLATFORM PROVIDER Backbase

Backbase won the Best Banking as a Platform Provider award in the Middle East. The recognition highlights the transformative impact of Backbase’s comprehensive Engagement Banking Platform, which empowers financial institutions to drive innovation and deliver outstanding customer experiences. The company’s highly versatile and modular Engagement Banking Platform allows banks to rapidly and securely connect to their downstream systems of record as well as third-party fintechs. The flexibility enables financial institutions to orchestrate all customer and employee interactions seamlessly across various digital channels, thereby supporting a more integrated and unified banking experience.

With a track record spanning 20 years, Backbase has successfully partnered with over 150 financial institutions around the world, contributing to its deep expertise and broad impact in the banking sector. The global presence and extensive customer base underscore the company’s robust capabilities and commitment to advancing digital banking.

BEST COMPOSABLE BANKING TRANSFORMATION

INNOVATION

Infosys Finacle and Emirates NBD KSA

Emirates NBD KSA and Infosys Finacle were honoured with the Best Composable Transformation Innovation in the Middle East region.

The award recognised the collaboration between the two entities as Emirates NBD KSA consolidated its presence in Saudi Arabia, where it operates across eight branches that are set to be expanded to 24 branches countrywide – the banking group’s largest market outside the UAE.

To comply with the Saudi Central Bank (SAMA)’s data sovereignty requirements under the central bank’s localisation policy, Emirates NBD KSA joined forces with Infosys Finacle to implement the digital banking solutions provider’s latest core banking solution.

The bank reaped multiple benefits from the detailed and well-planned implementation of the latest Finacle core solution, including cloud-native/cloudagnostic, Open API, components design, massive scalability and robust security.

BEST MANAGED SERVICES FOR INFRASTRUCTURE MANAGEMENT

First Abu Dhabi Bank and Infosys

First Abu Dhabi Bank (FAB) and Infosys were presented with the Best Managed Services for Infrastructure Management in the Middle East region.

The award recognised the collaboration between the two entities to optimise and modernise the IT infrastructure services of FAB, the UAE’s biggest bank by assets. Infosys utilised Infosys Cobalt – a suite of services, solutions and platforms designed to accelerate cloud adoption – to provide industry-leading, infrastructure-managed services. This included advanced service desk capabilities, transforming FAB’s IT infrastructure.

Infosys supported FAB in integrating a suite of enterprise tools to drive significant improvements in the bank’s service quality, risk reduction and business outcomes. The two entities also harnessed Infosys Topaz, an AI-driven suite of services, solutions and platforms powered by Generative AI (GenAI) technologies, to enhance productivity and efficiency.

BEST ISLAMIC BANK – UAE

Dubai Islamic Bank

Dubai Islamic Bank (DIB) bagged the Best Islamic Bank award in the UAE in recognition of its excellence in the sector. From issuing tier-1 sukuks and adopting inclusivity-focused financing approaches to launching innovative rewards-based cards, DIB’s commitment to maintaining its position as a market leader stands out. DIB’s nine-month net profit jumped 13% year-on-year, AED 5.4 billion from AED 4.8 billion, driven by higher revenues, non-funded income and lower impairment charges. Customer deposits increased to AED 237 billion in the nine months to September 30, up 6.7% YTD, with CASA comprising 38.1% of the banking group’s deposit base.

Notable products include the bank’s SHAMS Credit Card, tailored to the diverse needs of every segment, including the affluent and emerging affluent, while their ACCESS Auto Finance is a beacon of DIB’s relentless drive towards inclusivity and innovation. DIB’s customer-centric focus on digitisation and optimisation has further strengthened its position in the Islamic banking sector. Its customers now benefit from enhanced journeys and increasingly seamless experiences.

BEST ISLAMIC BANK – EGYPT

Banque Misr

Banque Misr was the recipient of the Best Islamic Bank award in Egypt. The bank was presented with the accolade for being the first public sector bank to establish branches for conducting Islamic banking transactions (Kenana). Banque Misr’s Kenana branches comply with Islamic banking principles of accountability under the supervision of the Shariah Committee, composed of qualified scholars from respectable organisations, including Al Azhar, Dar Al-Ifta and the Islamic Research Council. The Egyptian lender’s Islamic banking division offers a host of diligently developed, Shariah-compliant products and services, as well as trading activities with a proactive approach to hedge against any potential risks. Banque Misr currently operates 47 branches that are wholly dedicated to Islamic banking and are spread across all governorates nationwide. Its Islamic banking division offers an extensive range of integrated corporate banking services and products to support customer requirements, as well as end-to-end services for arranging, structuring and syndicating large-scale strategic projects.

BEST SUKUK DEAL OF THE YEAR

Dubai Islamic Bank

Dubai Islamic Bank (DIB) was honoured with the Best Sukuk Deal of the Year award for its $500 million Additional Tier 1 Sukuk, issued in October, featuring a competitive profit rate of 5.25% per annum.

The Islamic bond, which was executed intraday, managed to achieve a reset spread of 133.4 bps over the US Treasury rate, which is the lowest for an AT1 instrument globally since the 2009 financial crisis.

DIB’s robust credit fundamentals and the UAE’s positive credit story generated high interest from investors. The strong order book allowed DIB to tighten pricing to 5.25% from the Initial Price Thoughts of 5.75% that were released earlier in the morning.

The Islamic bank’s broad and loyal investor following comprised of banks, private banks and fund managers from Europe, Asia and the Middle East. DIB is rated A3 Stable by Moody’s and A Stable by Fitch and the Sukuk will be dual listed on Euronext Dublin and NASDAQ Dubai.

BEST ISLAMIC CONSUMER FINANCE – KSA Saudi Finance Company

Saudi Finance Company was the winning recipient of the Best Islamic Consumer Finance – KSA award conferred upon them in recognition of the financial institution’s rapid progress and customer service, earning a wave of positive sentiment from both clients and industry peers over the past six months.

The sentiment reflects not just customer satisfaction but genuine enthusiasm and confidence in Saudi Finance Company’s vision, services and dedication to consumer needs and requirements, with it often remarked that people are talking about Saudi Finance Company for all the right reasons.

Founded in 1990, Saudi Finance Company offers a variety of Islamic finance solutions and products for the retail consumer, high-net-worth customers and to small and medium enterprises.

Backbase’s open platform approach and strategic partnerships with leading fintechs facilitate the integration of advanced services like bill payments, account aggregation and financial wellness tools, making it a pivotal player in the evolution of banking technology.

BEST ISLAMIC BANK FOR SMES

Emirates Islamic Bank

Emirates Islamic Bank walked away with the Best Islamic Bank for SMEs award. The award was given in recognition of the Islamic bank’s commitment to elevate SME banking customer experience through its multilingual agents and experienced staff, who provide daily support.

Founded in 2004, the Shariah-compliant offers a broad range of products designed for individuals, small businesses and large corporations. Emirates Islamic Business is actively serving more than 40,000 SMEs, with one in 15 SMEs in UAE banking with Emirates Islamic Business.

The bank’s commitment to a customer-centric approach, coupled with its unique value proposition, digital innovations and extensive reach, has positioned it as a key player in the sector. Emirates Islamic’s strong focus on customer experience has translated into market leadership in Islamic Business Banking, exceeding its competitors in both assets and liabilities within the SME space.

BEST SUKUK ISLAMIC FUND

Dubai Islamic Bank

Dubai Islamic Bank (DIB) was honoured with the Best Sukuk Islamic Fund award in recognition of its key role as the major underwriter on GEMS Education’s $3.25 billion financing facility.

The Shariah bank led the transaction, commencing discussions with the group in 2023 to develop alternatives towards refinancing their existing debt and create the financial framework enabling the exit of existing minority shareholders. DIB demonstrated its financial prowess by underwriting and committing to over 50% of the financing transaction, one of its largest private sector commitments. The bank led the deal, coordinating with GEMS to establish the underwriting consortium, which included Mashreq Bank, ADCB and FAB.

The Islamic bank issued a $500 million Additional Tier 1 Sukuk in October at a 5.25% profit rate. The Basel III-compliant Sukuk will bolster DIB’s capital position and optimise its balance sheet.

BEST RETAIL BANK – UAE Emirates NBD

Emirates NBD was the recipient of the Best Retail Bank—UAE award. The accolade was awarded to the Dubai-based bank in acknowledgement of its contribution to the UAE’s banking sector through a combination of leadership, strategic insights, innovative solutions, exceptional customer service and solid financial performance. With a presence in 13 countries across the Middle East, North Africa and Türkiye, and serving over 9 million active customers, Emirates NBD is the largest consumer bank in the UAE in terms of revenues and profits. The bank’s profit in the first nine months of 2024 surged by 9% to AED 19 billion while its total income increased by 0.5% to reach AED 32.9 billion. Going forward, Emirates NBD is transforming into a data-first, digital-focused and environmentally responsible regional powerhouse. The bank is implementation GenAI across business operations in partnership with Microsoft.

Emirates NBD is leveraging the power of GenAI document extraction to revolutionise SME client onboarding. The innovative technology automates the extraction of critical information from documents, significantly speeding up the process and minimising manual intervention.

BEST INVESTMENT BANK

Citi won the Best Investment Bank in the Middle East award. The global lender was presented with this award for its exceptional performance in the region’s investment banking sector. The bank achieved top rankings in M&A and capital markets and advised on numerous significant transactions across all investment banking verticals.

Citi was instrumental in the formation of the largest tower company in the Middle East and North Africa region. The bank provided advisory services to Zain Group, Ooredoo and TASC Towers Holding on a significant $2.2 billion merger deal. This strategic transaction involved the combination of tower assets across Qatar, Iraq, Kuwait, Jordan, Tunisia and Algeria.

The bank acted as a joint global coordinator and bookrunner on hypermarket chain operator Lulu Retail Holdings’ $1.72 billion initial public offering on the Abu Dhabi Securities Exchange.

BEST SME BANK

National Bank Fujairah (NBF) received the Best SME Bank award. NBF prides itself as the first bank in the UAE to establish a dedicated business banking unit for SMEs in 2003.

The bank’s multi-disciplinary approach and application of core strengths from treasury to trade finance has won the financial institution a reputation as a highly credible and committed partner to companies in the small and mid-market space. For more than 20 years, NBF has been committed to lending to SMEs and have consistently expanded our asset book by providing tailored banking solutions to meet the needs of the SME sector.

The bank has developed various asset/liabilities-based products to cater to the requirement of SMEs and these products are being continuously rolled out, in lines with the change in the needs of the customer. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is wellpositioned to build lasting relationships with its clients and help them achieve their business goals.

BEST TECHNOLOGY SOURCING AND VENDOR MANAGEMENT

First Abu Dhabi Bank - Sourcing and Vendor Management (SVM)

First Abu Dhabi Bank (FAB) was recognised for its excellence in technology sourcing and vendor management, winning the Best Technology Sourcing and Vendor Management award.

FAB’s dedicated sourcing and vendor management (SVM) team has spearheaded a significant transformation, shifting towards strategic, long-term partnerships that drive greater value and unlock transformative capabilities. By fostering strategic, long-term partnerships with key vendors, FAB’s SVM team has been able to unlock transformative capabilities and deliver exceptional value. The team’s deep understanding of the bank’s evolving business needs, coupled with their expertise in technology, has enabled them to make informed decisions and optimise vendor relationships. The strategic approach has resulted in increased efficiency, reduced costs and enhanced risk management. FAB’s commitment to excellence in technology sourcing and vendor management has positioned the bank for continued growth and success in the digital age.

BEST TAKAFUL PROVIDER

Salama Islamic Arab Insurance Company

Salama Islamic Arab Insurance Company was honoured with the prestigious Best Takaful Provider award. The recognition underscores the company’s commitment to delivering exceptional, customer-centric products and innovative, technology-driven solutions to a diverse range of UAE consumers. By offering innovative products and fostering significant business growth, Salama has made substantial contributions to the UAE’s strategic goal of becoming a global leader in Islamic finance.

As a Shariah-compliant insurer, Salama offers ethical, community-oriented and inclusive insurance solutions that adhere to Islamic principles. The company provides a comprehensive range of Takaful products, including personal plans for health, auto, home, travel, pet and family, as well as corporate Takaful plans for employee benefits, property and casualty, engineering, marine and financial lines.

BEST TREASURY MANAGEMENT SERVICES

First Abu Dhabi Bank

First Abu Dhabi Bank (FAB) was awarded the Best Treasury Management Services award for its innovative approach to corporate engagement. Recognising the operational, technical and financial challenges faced by corporates, FAB developed a white-label Treasury Management System (TMS) to address these issues and help clients achieve their treasury transformation goals. FAB’s Global Transaction Banking division launched a Treasury Advisory function to guide large corporates through their treasury transformation journeys in September 2020. The expert team assists corporates in assessing their treasury needs, designing tailored strategies and implementing solutions such as establishing regional/global treasury centres or In-House Banks (IHBs).

By embracing treasury transformation, corporates can significantly enhance efficiency, automation and governance across various financial operations, including financing, foreign exchange, bank account management, working capital management, risk management and inter-company funding –ultimately benefiting both finance and business functions.

UAE

Corporate

Expert Accounting

Business Bank Account

Premium Dubai Workspace

Compliance Check

Unparalleled Expertise

LEADER IN CROSS-BORDER PAYMENTS AWARD

Swift

Swift received the Leader in Cross-Border Payments Award in the Middle East region. The interbank messaging network is the backbone of global finance, enabling seamless cross-border payments and supporting initiatives such as ISO 20022 and the G20’s Roadmap for Enhancing Cross-Border Payments. Swift’s accelerated cross-border payment processing, with 89% of transactions completed within an hour, demonstrates significant progress towards the G20’s 2027 target and underscores the positive impact on global trade and finance. The combination of Swift’s robust network and ISO 20022’s modernised messaging standards promises to address the inefficiencies in crossborder payments, enabling faster, cheaper and more transparent transactions globally.

The adoption of ISO 20022 and innovations by Swift are laying the groundwork for a future of CBDCs and real-time, cross-border payment ecosystems. By leveraging rich data, these advancements will enable enhanced fraud detection, advanced analytics and automated reconciliation processes.

BEST CASH MANAGEMENT BANK

First Abu Dhabi Bank

First Abu Dhabi Bank (FAB) earned the prestigious Best Cash Management Bank award for its comprehensive suite of cash management products and solutions. The bank’s offerings empower clients to enhance efficiency, maintain control over cash flows and effectively meet their working capital needs.

FAB’s Global Transaction Banking aim is to increase wallet share and broaden client relationships by delivering innovative product developments, process enhancement and out of the box solution delivery.

The bank’s cash management team proactively conducts market research to identify and understand our clients’ evolving needs, as well as emerging regulatory and industry trends. The analysis informs our product development roadmap, ensuring we offer relevant and timely solutions.

FAB’s Virtual Account Management (VAM) solution offers clients the flexibility to establish, manage and utilise virtual accounts for various purposes, such as customer transactions and inter-entity payments.

BEST TRADE FINANCE BANK National Bank of Fujairah

National Bank Fujairah (NBF) was honoured with the Best Trade Finance Bank award in the Middle East. NBF’s trade financing portfolio contributes to 40% of their revenue and the bank offers commercial banking solutions to 7000+ customers in support of their working capital, capital expenditure requirements, loan requirements and project financing requirements among other services. With more than two decades of industrial experience, the commercial banking business has evolved over the years to become one of NBF’s fastest-growing segments. The bank has emerged as a sustained partner of UAE businesses, thanks to its partnership advisors who take the time to understand clients’ business requirements.

The bank is extensively investing in innovative technologies and leveraging AI and blockchain-based solutions for letters of credit, document checking and supply chain financing, as well as the automation of compliance-related checks and bills of lading tracking, enabling faster deliveries.

BEST M&A Citi

Citi was the recipient of the Best M&A award, which was conferred on the bank in recognition of its investment banking franchise. The bank’s investment banking unit enjoyed an outstanding year, with leading rankings in the Middle East across mergers & acquisitions.

Citi advised Masdar in September on its acquisition of Spanish green energy firm Saeta Yield from Canada’s Brookfield. The UAE renewable energy firm said the deal gives Saeta an enterprise value of $1.4 billion. Masdar is investing $762 million (AED 2.8 billion) of equity in Saeta Yield.

The bank played a key advisory role in US aluminium producer Alcoa’s sale of its 25.1% stake in a bauxite facility and an aluminium smelter to Saudi Arabian Mining Company (Ma’aden) in September. The transaction was valued at $150 million (SAR 563 million) in cash, along with SAR 3.6 billion in stock.

Citi also served as a joint global coordinator on Saudi Aramco’s mega stock offering, which raised $12.3 billion in June, the biggest such deal globally in about three years.

BEST BOND ISSUE OF THE YEAR

Emirates Islamic Bank

Emirates Islamic Bank received the Best Bond Issue of the Year award for its $750 million senior unsecured Sukuk issued in May. The landmark issuance was celebrated as a significant achievement for the Islamic finance sector in the UAE and the broader Middle East region.

The issuance attracted strong interest from global investors, achieving an oversubscribed order book of $2.1 billion – 2.8 times the initial offering. The Sukuk was priced at a competitive profit rate of 5.431% per annum, with the spread narrowed to 100 basis points above five-year US Treasuries.

The sustainable finance initiative attracted a diverse range of investors. An estimated 66% were from the MENA region, 15% from Europe and the UK, 11% from Asia and 8% from US offshore markets.

Banks and private banking entities accounted for 54% of the order book, fund managers for 27%, and the remaining 19% came from insurance companies, pension funds, sovereign wealth funds, supranational entities and corporations.

BEST CORPORATE SERVICES BANK – UAE National Bank Fujairah

National Bank Fujairah (NBF) received the Best Corporate Services Bank award in the UAE. Corporate banking at NBF encompasses various industry- and specialisation-focused business segments that service clients across the UAE, offering bespoke solutions with client-centric relationships organised by industry verticals.

The award recognises the bank as the leading financial partner for clients, with expert teams tapping into knowledge across departments to offer personalised professional advice that enables businesses to grow.

The bank’s Knowledge Series typify NBF’s client-centric approach. The bank’s long-running series of knowledge-sharing events provides a platform to deliberate on trends and challenges, to network or to hear from industry experts from across a range of banking verticals about matters of interest or concern.

NBF EDGE, a first-of-its-kind digital bank account opening platform designed to streamline and automate processes for businesses, setting a new benchmark in digital banking solutions, was launched in July 2024.

BEST CORPORATE TREASURY INHOUSE BANKING SERVICE

First Abu Dhabi Bank

First Abu Dhabi Bank (FAB) received the Best Corporate Treasury Inhouse Banking Service in the Middle East award for its treasury advisory team’s successful assistance to a global energy firm with over 700 entities. The team helped the company design a treasury operations unit and establish an in-house bank structure. The structure allows the company to manage all its needs through a single main bank account at the group treasury level, while each subsidiary can manage its operations using a virtual account.

FAB’s Treasury Advisory team supports corporates in unlocking the advantages of treasury and finance transformation. The team’s expertise includes establishing regional or global treasury centres, setting up In-House Banks (IHB) and building robust treasury organisations that deliver significant value. Beyond treasury operations, these transformations drive efficiency, automation and enhanced governance across financing, foreign exchange, bank account management, working capital, risk management and inter-company financing, benefiting both finance and business operations.

BEST TAX AND ACCOUNTING FIRM FOR SMEs

Taxready.ae by Virtuzone

Taxready.ae was honoured with the Best Tax and Accounting Firm for SMEs award in recognition of its comprehensive accounting and tax services that are aimed at supporting entrepreneurs, micro-businesses and SMEs to streamline their financial operations and tax compliance.

Taxready.ae is accredited by the UAE Federal Tax Authority and is home to a team of more than 200 certified accountants, tax advisors and compliance experts speaking over 40 languages and delivering exceptional customer support.

Taxready.ae is a Virtuzone company and a part of Virtugroup, a holding company that comprises Next Generation Equity, which offers citizenship and residency-by-investment programs; MAKTABI, a state-of-the-art business centre based in central Dubai; and ExpressPRO, the leading provider of affordable company setup solutions in the UAE. The virtual accounts can be seamlessly integrated with the bank’s liquidity management platform, enhancing efficiency and control.

BEST ASSET MANAGEMENT FIRM

Plurimi

Plurimi won the Best Asset Management Firm award, which was conferred upon the wealth management firm in recognition of its unique approach focused on well-refined service, effort devoted to finding fitting and successful solutions, assets safety and scale, allowing clients to benefit from their networks.

Founded in 2007, Plurimi is a partner-owned business set up specifically to provide a home for like-minded investment advisors and wealth managers who want to operate in an entrepreneurial, solution-driven and truly clientcentric environment.

The wealth management firm serves high and ultra-high-net-worth individuals, family offices and institutions from its offices in London, Dubai, Monaco and Gibraltar. The firm advises clients on asset allocation, portfolio construction and investment strategy while providing execution and management through the broader private banking ecosystem.

Your vision,

Our commitment

At Mashreq Private Banking, we understand your needs, so we create unparalleled solutions tailored exclusively to suit your goals.

Bespoke Wealth Management Solutions

Dedicated Relationship Managers

Seamless Digital Capabilities

50 plus Years of Banking Heritage

MOST INNOVATIVE TRADING APP

Al Ramz Corporation P.J.S.C.

Al Ramz Corporation P.J.S.C. was honoured with the Most Innovative Trading App in the Middle East award, given in recognition of Al Ramz’s app, which seamlessly integrates advanced technologies, providing users with an unparalleled trading experience and responsiveness.

With a user-friendly interface, intuitive navigation and real-time market data, they empower traders to make informed decisions at their fingertips.

The platform’s responsiveness ensures that users can swiftly execute trades, capitalise on market opportunities and manage their portfolios with ease, regardless of their location.

Al Ramz’s trading platform’s array of key features are designed to empower traders and enhance their overall experience. Real-time market data feeds keep users abreast of market movements, providing a competitive edge. Personalised notifications, driven by customisable alerts, ensure that users never miss a critical market event.

BEST EQUITIES INVESTMENT SERVICES

Plurimi

Plurimi, a leading wealth management firm, was recognised with the prestigious Best Equities Investment Services award. The accolade highlights the firm’s commitment to providing exceptional service, innovative solutions and asset security.

Established in 2007, Plurimi offers a unique partnership model that empowers investment advisors and wealth managers to operate in a client-centric environment. The firm caters to high-net-worth individuals, family offices and institutions, offering comprehensive wealth management services.

With offices in London, Dubai, Monaco and Gibraltar, Plurimi provides expert advice on asset allocation, portfolio construction and investment strategy. The firm leverages its extensive network within the private banking ecosystem to execute and manage investments on behalf of its clients.

BEST INVESTMENT MANAGEMENT FIRM

Mashreq Private Banking

Mashreq Private was named the Best Investment Management Firm in the Middle East, an accolade that highlights its comprehensive range of investment offerings. These include Islamic products, conventional funds with exposure to equity and debt markets, global portfolios, bespoke objective-driven investment solutions and dedicated family office services.

Mashreq has a unique operating model, providing clients with a ‘team-based’ approach to help them manage and grow their wealth.

By giving providing access to the bank’s dedicated in-house experts and advisory specialists, including certified relationship managers, qualified investment and insurance specialists, FX specialists and client service managers, Mashreq seeks to deliver an exceptional experience throughout the client’s journey.

Over the last few years, Mashreq’s investment team has deployed innovative solutions to cater for client requirements and market-driven opportunities.

BEST PRIVATE BANK IN THE MIDDLE EAST

Mashreq Private Banking

Mashreq Private Bank received the Best Private Bank award in the Middle East in recognition of the bank’s legacy, which is defined by its decades of empowering customers in UAE and has consolidated its position with global reach and extensive presence across the Middle East, Europe and Asia

The bank takes pride in blending the timeless values of the past with the cutting-edge innovations of the future. As a customer-centric private bank, it is dedicated to providing best-in-class services and global products in the most intuitive and seamless manner. To uphold this commitment, Mashreq has strategically harnessed advanced technology solutions, ensuring clients enjoy a comprehensive and integrated suite of products and services.

Mashreq provides a diverse array of banking solutions, including a comprehensive range of deposit and certificate of deposit (CD) products, available in both conventional and Shariah-compliant variants. It also offers tailored investment solutions designed to meet the needs of sophisticated clients.

BEST WEALTH MANAGEMENT INSTITUTION FOR HNWIs

First Abu Dhabi Bank

First Abu Dhabi Bank (FAB) walked away with the Best Wealth Management Institution for HNWIs award. The bank was honoured with the award for its impressive growth in the HNWI segments, robust global network and comprehensive product and service offerings.

FAB offers bespoke wealth management solutions that cater to the unique requirements of HNWIs, including investment management, estate planning and financial advisory. Its ability to customise products ensures alignment with individual goals and risk profiles.

With a strong presence in the UAE and international markets, FAB blends global financial expertise with in-depth local market knowledge. The dual advantage allows clients to access world-class investment opportunities while navigating regional markets effectively.

BEST DOMESTIC PRIVATE BANK

Mashreq Private Banking

Mashreq Private Banking has been honoured with the prestigious Best Domestic Private Bank award in the Middle East. The accolade recognises the bank’s comprehensive suite of products and services, which include access to in-house expertise, exclusive privileges and complimentary Solitaire credit and Infinity debit cards.

The bank set up a dedicated Golden Visa desk to assist clients with the nomination process for a 10-year UAE Golden Visa, offering guidance through every step of the procedure. Similarly, Mashreq provides clients with the opportunity to open an Open NRE account in Egypt and enjoy exclusive privileges based on their combined relationship value.

Mashreq launched a new, integrated wealth management platform to streamline its investment offerings. The advanced platform supports a wide range of products, including equities, bonds, mutual funds, certificates of deposit and structured products. By consolidating multiple systems and automating manual processes, the platform enhances the client experience and boosts the productivity of relationship managers.

BEST FAMILY OFFICE SERVICE

BNY Wealth

BNY Wealth received the Best Family Office Service award in the region in recognition of the bank’s dedication to helping families build, manage and preserve wealth over the past 240 years. Backed by the deep resources of BNY, the bank’s Global Family Office group is focused on delivering solutions and advice to help family offices and their advisors manage the complexities that exceptional wealth presents.

BNY Wealth’s clients have unbundled access to world-class investment management and custody solutions, sophisticated estate planning and fiduciary support, holistic wealth management strategies and top-tier private banking.

The bank’s Global Family Office group was created more than 50 years ago to serve the Mellon family and its charitable interests, among the first of its kind established in the US. Building on BNY’s legacy of innovation and leadership, Global Family Office is now one of the largest in the world, with more than 90 professionals focused exclusively on the complex needs of single-family offices and their advisors.

BNY Wealth’s extensive experience serving family offices allows them to anticipate client needs and align their resources and advice accordingly.

BEST FOUNDATION SERVICES M/HQ

M/HQ was recognised with the prestigious Best Foundation Services award in the Middle East. Based in the UAE, M/HQ is a multi-service private wealth optimisation platform renowned for its expertise in UAE foundations. The firm currently manages an impressive portfolio of nearly 300 active UAE foundations, representing over 30% of the CSP-managed market share in the Abu Dhabi Global Market and Dubai International Financial Centre.

With over 610 family-holding verticals under administration, M/HQ brings unparalleled experience in advising both local and international families— Muslim and non-Muslim alike—on a wide range of wealth management and structuring challenges. Its services also extend to facilitating NextGen’s involvement and planning for intergenerational legacy transitions.

The firm played a pivotal role in lobbying and educating stakeholders to introduce foundations in the Middle East, a significant milestone given the estimated $1 trillion in wealth set to be transferred to millennials in the GCC over the next decade.

BEST DIGITAL INNOVATION AND SERVICES IN WEALTH MANAGEMENT

Standard Chartered Bank was crowned for its Best Digital Innovation and Services in Wealth Management in the Middle East. The recognition highlights the bank’s longstanding commitment to exceptional service and its dedication to digital innovation, which lies at the heart of its mission to empower clients. The bank empowers clients to take charge of their investment decisions through offerings such as online mutual funds, equity trading and fixed-income solutions. Its wealth management model is designed to serve both individual and corporate clients across three key segments: Personal Banking, Private Banking and Business Banking. Standard Chartered’s wealth management services provide access to global market opportunities tailored to each client’s financial goals, risk appetite and investment horizon.

Its comprehensive product suite includes a diverse range of conventional and Islamic mutual funds, local and international bonds, life and non-life insurance solutions, credit facilities, foreign exchange services and sustainable wealth products.

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BEST RESIDENCY AND CITIZENSHIP BY INVESTMENT FIRM

Next

Generation Equity

Next Generation Equity (NGE) was honoured with the Best Residency and Citizenship by Investment Firm award. The recognition highlights the company’s commitment to empowering individuals seeking global mobility, financial security and investment opportunities through tailored residency and citizenship investment programs.

NGE stands out in the increasingly competitive sector due to its citizenship and residency knowledge hub, along with its global investment seminars and webinars that provide valuable insights and expertise.

The company is a trusted, government-approved facilitator of citizenship and residency by investment applications for clients around the world. Its citizenship and residency programmes are from countries across Europe and the Caribbean.

NGE, a division of Virtugroup, specialises in citizenship by investment programs, residency by investment solutions, passport consultation and advisory services, investment planning for global mobility, due diligence and compliance checks, as well as residency and citizenship processing and documentation assistance.

BEST OVERALL WEALTH MANAGEMENT SERVICE IN THE MIDDLE EAST

Standard

Chartered Bank

Standard Chartered Bank was awarded the Best Overall Wealth Management Service in the Middle East, recognising its extensive global footprint that allows the bank to seamlessly integrate global, regional and local expertise to best serve its clients. The bank’s global presence empowers clients in the region to make informed, unbiased investment decisions through transparent processes. It offers curated insights for objective advice, open-source access to solutions and connections to leading global financial centres. Operating in 24 markets with over 160 years of experience in Asia, Africa and the Middle East, Standard Chartered’s wealth hubs in Singapore, Hong Kong, the UAE and Jersey connect clients with international wealth opportunities.

The UAE, a major global financial hub, serves clients across the Middle East, Africa and South Asia. Standard Chartered provides a global platform for clients to create, grow and transfer wealth. Its advisory framework, SC Wealth Select’s “Today, Tomorrow and Forever,” helps diversify and manage wealth portfolios to meet short-term needs while ensuring long-term wealth preservation for future generations.

BEST WEALTH MANAGEMENT INSTITUTION FOR ULTRA HNWIs

Emirates NBD

Emirates NBD bagged the Best Wealth Management Institution for HNWIs, recognising the bank’s comprehensive financial management services, which include private advisory, real estate solutions and offshore booking and advisory teams certified in ESG. The Dubai-based Emirates NBD offers tailored wealth management solutions for clients with specific needs. The bank provides high-net-worth and ultra-high-networth individuals, families and select institutions with investment advisory and wealth management services through a network of qualified relationship managers and certified investment advisors in the UAE, Saudi Arabia, the UK and Singapore. Emirates NBD’s wealth advisors are trained to deliver best-in-class investment and financial planning solutions, following a robust in-house approach. The bank offers a wide range of services, including offshore booking, Lombard lending, discretionary portfolio management, investment and real estate advisory, trade execution and estate planning, among others.

BEST GLOBAL PRIVATE BANK IN THE MIDDLE EAST

HSBC was honoured with the Best Global Private Bank in the Middle East award, recognising the bank’s exceptional reputation, expansive global network and outstanding range of services, which enable it to consistently provide bespoke solutions and the best outcomes for its clients.

HSBC is the first and only private bank globally to offer a complete continuum of client coverage, from high-net-worth (HNW) to ultra-high-net-worth (UHNW) individuals, both onshore and offshore, with coverage extending from the UAE. Last year, HSBC expanded its private banking operations in the UAE to cater to the growing demand from HNW investors.

The newly enhanced private banking service is designed for internationallyminded clients with investable assets exceeding $2 million. HSBC Bank Middle East Global Private Banking clients benefit from the bank’s mobile-first capabilities, along with access to a wide range of tailored international banking and investment products and services.

BEST FAMILY OFFICE PLATFORM PROVIDER BNY Wealth

BNY Wealth received the Best Family Office Platform Provider in the Middle East award in recognition of the bank’s state-of-the-art innovative platform that provides clients with online access to industry-leading performance and risk analytics tools. Beyond the online access, BNY Wealth’s Global Family Office team offers comprehensive custody and performance measurement solutions designed to provide family offices greater security and control, including global asset servicing, safekeeping (custody) and information management with online access to industry-leading performance and risk analytics tools and high-touch support. With $308 billion in total private client assets and more than 400 Global Family Office clients, BNY Wealth’s full range of banking services delivers customised solutions to meet liquidity needs and realise investment opportunities. Furthermore, BNY Global Family Office facilitates opportunities for family offices to meet and network with peers at client conferences, sponsorship of industry organisations and confidential introductions to other family offices.

BEST SUCCESSION PLANNING SERVICES

M/HQ was awarded the Best Succession Planning Services award in the Middle East, recognising its expertise in providing comprehensive solutions for intergenerational wealth transfer. Based in the UAE, this multi-service platform combines the specialist expertise of a private client law firm with the versatile capabilities of a market-leading fiduciary platform.

With over 610 family-holding verticals under administration, M/HQ brings significant experience in advising local and international families—both Muslim and non-Muslim—with Middle Eastern exposure to complex wealth and structuring challenges. This includes guiding the gradual involvement of the NextGen and facilitating intergenerational legacy planning.

M/HQ played a pivotal role in advocating for and educating stakeholders about the introduction of foundations in the Middle East, a landmark achievement as the region is poised for an estimated $1 trillion wealth transfer to millennials over the next decade. The firm partners closely with ultra-high-net-worth (UHNW) families, assisting them in establishing and managing family offices to organise and preserve family assets while implementing robust intergenerational wealth transfer strategies.

BEST WEALTH AND INVESTMENT TECHNOLOGY PROVIDER additiv

additiv was honoured with the Best Wealth and Investment Technology Company award in recognition of the firm’s role in empowering more than 400 financial institutions and brands to create new business models and transform existing ones. additiv’s API-first cloud platform is one of the world’s most powerful solutions for wealth management, banking, credit and insurance. The synergy of advanced technology and a global ecosystem of regulated financial services providers empowers banks, insurers, asset managers, IFAs and consumer brands to rapidly and flexibly deploy both proprietary and third-party financial solutions across existing and novel customer channels.

The Swiss-based global wealth-tech firm provides an extensive range of solutions, from seamlessly integrating wealth services into existing or new customer channels to enabling companies to embed financial services into their offerings. Additiv’s platform, featuring a suite of solutions like the Hybrid Wealth Manager, Wealth Robo Advisor and Embedded Wealth, is revolutionising the wealth management industry.

BEST CLIENT VALUE PROPOSITION

Mashreq Private Banking

Mashreq Private Bank walked away with the Best Client Value Proposition award. The Dubai-based bank received the award in recognition of its compelling value proposition, which encompasses a comprehensive suite of specialist wealth banking solutions. Mashreq Private Bank’s comprehensive suite of wealth banking solutions includes 24/7 equity trading, Sukuks, bonds and mutual funds trading, seamless portfolio transfers at no cost and access to dedicated relationship managers and expert investment and FX specialists. Similarly, the bank’s customers enjoy an extensive array of exclusive rewards and exceptional experiences.

The bank’s dynamic approach keeps clients abreast of the latest products and investment offerings in the market. Its investment solutions platform helps them invest with confidence, navigate uncertainty and explore potential opportunities in all market conditions.

Furthermore, Mashreq Private Bank’s family office, the first comprehensive family office in the MENA region, caters to UHNW family businesses with a range of solutions focused on funding, wealth generation protection and advisory.

BEST FINANCIAL INCLUSIVITY INITIATIVE myZoi

The Best Financial Inclusivity Initiative award went to myZoi. The award was conferred on myZoi in recognition of the company’s platform that caters specifically to individuals who have historically been excluded from traditional banking services, ensuring they have the tools they need to manage their finances effectively. The UAE-based digital payroll platform offers a suite of essential services, including secure savings accounts, transaction capabilities and budgeting tools, all tailored to meet the unique needs of their users, going beyond access to provide a comprehensive financial ecosystem that fosters empowerment and independence. By prioritising user-friendly technology, they ensure that even those with limited digital literacy can navigate their platform with ease. One of the key elements of myZoi’s product and service is the emphasis on financial education. The company conducts regular financial literacy workshops that cover essential topics such as budgeting, saving and responsible spending.

BEST SUSTAINABLE FINANCE INITIATIVE

Dubai Islamic Bank

Dubai Islamic Bank (DIB) received the prestigious Best Sustainable Finance Initiative award, acknowledging the bank’s commitment to driving impactful sustainable finance solutions. The award was conferred to DIB in recognition of key initiatives, such as tailored auto finance for People of Determination, a landmark sustainability-linked financing facility for GEMS Education and the Ramadan Move-a-thon, which promotes healthy lifestyles and community well-being.

DIB unveiled ACCESS Auto Finance in October, a bespoke financing solution is specifically tailor-made for People of Determination. The offering is a beacon of DIB’s relentless drive towards inclusivity and innovation, offering unprecedented ease of access and autonomy in mobility for all its customers.

The bank also made a substantial pledge to healthcare in Dubai with an AED15 million contribution to the Al Jalila Foundation. The contribution will support the development of Hamdan Bin Rashid Cancer Hospital, the first comprehensive cancer care hospital in Dubai. Similarly, DIB embarked on a bold new initiative, further propelling its ESG agenda in March 2024 with the launch of the Ramadan Move-a-Thon in partnership with Fitze.

LEADER IN FINANCIAL INCLUSION

Mastercard

Mastercard was honoured with the Leader in Financial Inclusion in the Middle East award. The recognition highlights Mastercard’s unwavering commitment to expanding access to financial services for all, with key initiatives including a wage digitisation project in Egypt and the introduction of the world’s first-ever Touch Card in the UAE, designed specifically for individuals with visual impairments. The regional payments landscape is experiencing a remarkable transformation fuelled by rapid technological advancements. Secure and instant payments are no longer a distant goal but a growing reality, while powerful data insights are empowering companies to adapt to evolving customer demands.

Mastercard collaborated with Egypt’s Reimagining Industry to Support Equality (RISE) and the Center for Development Services (CDS) to introduce a wage digitisation project. The initiative has positively impacted over 24,000 workers, including a significant 43% of women, across nine factories in five governorates.

BEST ESG STRATEGY - MASHREQ

Climb2Change

Mashreq was honoured with the Best ESG Strategy in the Middle East award, recognising Mashreq’s Climb2Change, a global initiative that integrates the bank’s wide-ranging ESG initiatives and milestones, including the bank’s sustainable finance commitments and ambitions to accelerate environmental and social impact.

The Climb2Change initiative not only builds on the bank’s active participation in COP28 in December 2023 but underscores Mashreq’s unwavering commitment to driving sustainability and impact.

Climb2Change has consolidated the bank’s strong performance in sustainable linked financing, responsible banking products and services, social impact initiatives and net-zero commitment into a unique global initiative, solidifying the bank’s leadership in sustainable banking in the MENA region and globally. Building on the success of Climb2Change in Pakistan and Nepal, Mashreq launched its clean-up expedition in Egypt as part of the bank’s global initiative to scale and clean up 14 mountain sites around the world, with the aim of reaching seven peaks and seven base camps.

BEST TECHNOLOGY EXECUTIVE OF THE YEAR FOR FINANCIAL SERVICES

Arun Mehta, CDAO - Head of Data Analytics & AI, First Abu Dhabi Bank

Arun Mehta, Chief Data and Analytics Officer (CDAO) and Head of Data Analytics & AI at First Abu Dhabi Bank (FAB), was recognised as the Best Technology Executive of the Year for Financial Services in the Middle East. At the group level, Mehta has been instrumental in shaping and executing a comprehensive strategy encompassing Data, Artificial Intelligence (AI), Generative AI (GenAI), Data Analytics and Intelligent Automation. With over 25 years of experience, Mehta’s visionary leadership spans use case development, platform innovation, strategy execution, architectural design and workforce management. He has also led critical initiatives in Governance, Regulatory Compliance and Global Data Management, pioneering the industry’s first robust data governance and AI frameworks to accelerate AI adoption. Mehta spearheaded the ‘Automate Together Programme,’ which democratises the use of Robotic Process Automation (RPA), benefiting more than 400 colleagues. He also launched the UAE banking industry’s first in-house GenAI platform, AURA, featuring tools such as Salespeople Intelligence, RFP creation, Legal GPT and Relationship Manager Intelligence.

MOST TRANSFORMATIVE LEADERSHIP AWARD

Hisham Hammoud, Chief Executive Officer, Aafaq Islamic Finance

Hisham Hammoud, Chief Executive Officer of Aafaq Islamic Finance, was honoured with the Most Transformative Leadership Award in the Middle East. In less than three years at the helm, Hammoud has significantly driven the growth of the Shariah-compliant financial institution, revitalised the business, fostering a renewed sense of purpose and enthusiasm across the company. Under his leadership, Aafaq has achieved remarkable milestones, including the launch of a network of fully digital branches and a cutting-edge mobile app. The institution has expanded its product portfolio to include a diverse range of Sharia-compliant finance and investment solutions. Furthermore, Aafaq has witnessed a 13-fold increase in its retail customer base, growing from a modest number of cardholders to tens of thousands – just a few highlights of its transformative journey.

BANKER OF THE YEAR

Jayesh Patel, CEO, Wio Bank

Jayesh Patel, CEO of Wio Bank, has been named Banker of the Year. He is celebrated for his innovative vision and leadership in transforming the region’s banking landscape. Renowned as a digital disruptor and fintech pioneer, Patel is driving the development of the Middle East’s first platform bank, setting a new standard for virtual banking. In just 20 months since Wio’s launch, Patel has achieved remarkable milestones, including onboarding over 65,000 SME customers and maintaining an impressive average of 4,500 new accounts opened monthly. Under his leadership, Wio has emerged as an intelligent financial partner, empowering customers with tailored solutions.

Patel’s strategic vision positions Wio as a truly open platform bank offering three core solutions: digital banking apps, embedded finance and Banking-asa-Service. With over 14 years of fintech experience, Patel is driven by a mission to digitise growth and simplify banking for all. As the visionary behind Liv by Emirates NBD—the region’s first digital lifestyle banking app—he oversaw the creation of a comprehensive online finance ecosystem.