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THE NEXT BIG BET TOMASO RODRIGUEZ turned Talabat into a $10 billion company. Now he’s back as chairman of Flyby, alongside co-founder and CEO CHEYENNE KAMRAN A P R I L 2 0 2 6
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APRIL 2026 CONTENTS BIZTODAYME @BIZTODAYME BUSINESS TODAY MIDDLE EAST 3 CONTENTS 10 EDITOR’S NOTE 12 NEWS 18 OPINION The Hidden Bottleneck in Digital Transformation 40 ENTREPRENEURSHIP If work stopped tomorrow, would the business continue to generate income? 42 REAL ESTATE INVESTMENT Capital Is Getting Choosy 28 COVER STORY 48 34 TELECOM Connectivity Above the Gulf 20 UAE MARKETS UNDER PRESSURE: WHAT THE SELLOFF IS MISSING 24 CORPORATE LAW Caught by Force Majeure 56 THE MAKING OF The Camel Economy 60 AI You Reap What Your Data Sows 64 FINTECH Innovate or Fall Behind 68 CARS The Long Game 70 LUXURY The Spring Edit 74 FASHION A New Lens Influential Women in Saudi Arabia TOP 10 Tomaso Rodriguez turned Talabat into a $10 billion company. WWW.BUSINESSTODAY.ME 3
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SUBSCRIBE subscriptions@bncpublishing.net PO Box 502511 Dubai, United Arab Emirates P +971 4 4200 506 | F +971 4 4200 196 For all commercial enquiries, contact jo@bncpublishing.net T +971 50 440 2706 All rights reserved © 2025. The opinions expressed are solely those of the contributors. Business Today Middle East and its affiliated publications in the MENA region are exclusively licensed to BNC Publishing. No part of this magazine may be copied, reproduced, or transmitted in any form or by any means without prior written consent from the publisher. Printed by United Printing and Publishing | upp.ae Images used in Business Today Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited courtesy Shutterstock. CEO WISSAM YOUNANE | wissam@bncpublishing.net Managing Director RABIH NAJM | rabih@bncpublishing.net Group Publishing Director JOAQUIM D'COSTA | jo@bncpublishing.net Editor AYA ZHANG | aya@bncpublishing.net Digital Reporter REEBA ASGHAR | reeba@bncpublishing.net Business Development Director ANDY SOULAHIAN | andy.soulahian@bncpublishing.net Commercial Director ANDREA MOCAY | andrea@bncpublishing.net Creative Lead CHRISTIAN HARB | chriss@bncpublishing.net Junior Art Director IKA WAHYUNI Marketing Executive AARON JOSHUA SINANBAM | aj@bncpublishing.net Videographer EDUARDO BUENAGUA HARTON OTLANG JOEL AMPARO Contributors ALHARITH ALATAWI GHADY RAYESS KATIE GODFREY RIMA MRAD VIJAY VALECHA BIZTODAYME @BIZTODAYME BUSINESS TODAY MIDDLE EAST BIZTODAYME BIZTODAYME BUSINESSTODAY.ME 8 BUSINESS TODAY MIDDLE EAST | APRIL 2026
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10 BUSINESS TODAY MIDDLE EAST | APRIL 2026 Aya Zhang Editor aya@bncpublishing.net Xiaoyue (Aya) Zhang xiaoyuezhangg T here is a familiar rhythm to the way we describe progress. Growth. Innovation. Transformation. The words are not wrong, but they are often repeated to the point where they begin to feel distant from the reality they are meant to capture. Putting this edition of Business Today Middle East together offered a different perspective. The people in these pages are not preoccupied with how things sound. Their attention is on whether things hold, whether they move, whether they last. It is a quieter approach, but a far more exacting one. No two paths look the same. Some are building in conditions that shift by the day. Others are moving at a pace they did not anticipate. There are those who have chosen to step back, to reconsider, or to undo decisions that once felt certain. The process is rarely tidy. It resists easy framing. Yet it carries a kind of clarity that polished narratives often miss. What ties these stories together is not a single idea, but a shared discipline. Progress here does not announce itself. It takes shape gradually, in moments that are easy to overlook. It is driven by individuals who remain committed to the work itself, even when it stretches longer than expected or demands more than planned. Not everything unfolds in view. Some of the most defining work happens away from it. LETTER FROM EDITOR SOME THINGS TAKE SHAPE AWAY FROM THE SPOTLIGHT
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NEWS ECONOMY H .H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum approved a series of initiatives during a Dubai Executive Council meeting aimed at supporting economic growth, empowering society, and improving workforce conditions. The Council endorsed an AED 1 billion package of economic incentives to be implemented from 1 April 2026 over three to six months, including fee deferrals, support for the tourism sector, extended customs grace periods, and streamlined residency procedures. ��bai’s economic �er�ormance was also re�iewed� with GDP growing 6.4% in Q4 2025 and 5.4% for the full year to reach AED 937 billion, alongside approval of an updated methodology for measuring economic activity. Additional initiatives include the Virtual Warehouses programme to facilitate temporary imports and s�reng�hen ��bai’s �osi�ion in �he global ar� marke�� the Dubai Empowerment Strategy to support Emirati em�lo�men� and �nancial s�abili��� and a �eal�h and Safety Strategy targeting full compliance and access �o essen�ial ser�ices in workers’ accommoda�ions b� ����� �hese meas�res re�ec� ��bai’s ongoing commitment to economic resilience, social development, and global competitiveness. HAMDAN BIN MOHAMMED APPROVES AED 1 BILLION IN ECONOMIC INCENTIVES DURING DUBAI EXECUTIVE COUNCIL MEETING 12 BUSINESS TODAY MIDDLE EAST | APRIL 2026
Qashio has launched “Qashio For You”, an initiative in collaboration with Dubai Chambers to support small and medium-sized enterprises (SMEs) across Dubai with over AED 10 million in �nancial relie� and incen�i�es �n�il June 2026. The programme offers bene��s s�ch as �ero se���� �ees� deferred payments to ease cash �ow� and rewards incl�ding �� �o 75,000 Qashio points redeemable for Skywards Miles, Jumeirah ONE points, or cashback. Alongside financial support, participating businesses will gain access to educational webinars and resources focused on financial resilience, cost optimisation, and growth strategies, reinforcing ���s’ cri�ical role in ��bai’s economy and supporting their stability during ongoing market pressures. QASHIO LAUNCHES SME SUPPORT INITIATIVE WITH DUBAI CHAMBERS S�E’S ��bai �slamic �ank ����� a��ro�ed i�s ���� �nancial res�l�s and a cash di�idend o� �� �ls �er share a� i�s �nn�al �eneral �ssembl�� re�ec�ing con�in�ed earnings resilience and disciplined growth. The bank reported operating re�en�es o� ��� ���� billion and �re��a� �ro�� o� ��� ��� DIB SHAREHOLDERS APPROVE AED 2.53 BILLION CASH DIVIDEND AT ANNUAL GENERAL ASSEMBLY billion, with total assets rising 21% to AED 416 billion, net �nancing asse�s �� ��� �o ��� ��� billion� and c�s�omer deposits increasing 29% to AED 320 billion. Asset quality im�ro�ed� wi�h �he non��er�orming �nancing ra�io a� ����� and cost of risk contained at 14 basis points. Shareholders also approved key governance matters, while the bank highlighted ongoing strategic progress, including regional e��ansion� s�s�ainable �nance ini�ia�i�es� and i�s �osi�ion as one o� �he world’s leading s�k�k bookr�nners� BANKING WWW.BUSINESSTODAY.ME 13
NEWS 2PointZero Group participated in the Series G preferred e��i�� �nancing o� ������ �nc�� a leading cons�mer heal�h and wellness technology platform. WHOOP, headquartered in Boston, offers subscription-based wearables for continuous health monitoring, personalized coaching, and data-driven insights to users in over 200 countries. �he in�es�men� s�reng�hens ��oin��ero �ro��’s wellness vertical and aligns with its focus on high-growth, scalable businesses with strong brand equity and recurring revenue. WHOOP has a growing presence in the UAE, active since 2017 following Expo 2020 Dubai, and is expanding globally. Its recent innovations include the WHOOP 5.0 and MG wearable devices and the Advanced Labs programme in partnership with Unilabs, offering 65-biomarker blood testing. 2POINTZERO GROUP ��RTI�I��TES IN ��OO�’S SERIES G FUNDING ROUND TECHNOLOGY INVESTMENT EMIRATES NBD GROUP SECURES US$2.25 BILLION IN LONG-TERM FINANCING Emirates NBD has successfully closed ������� billion in long��erm �nancing� incl�ding a ������� billion ��e��ear sustainability-linked syndicated loan ����� and a ������ million ��e��ear Club Commodity Murabaha term facility, making it one of the largest syndicated borrowings in the GCC. The SLL was oversubscribed more �han �wo�old� achie�ing �he bank’s tightest-ever pricing for a syndicated loan and demonstrating strong global investor confidence. The Club Commodity Murabaha facility, arranged through Emirates Islamic, also secured highly competitive �ricing� �he �nancing s�reng�hens li��idi��� di�ersi�es ��nding so�rces� and s���or�s �mira�es N��’s strategic growth. Participants included 15 international banks, with Bank of America, BNP Paribas, DBS, and Emirates NBD Capital serving as coordinators and book-runners. STRATEGIC FUNDING 14 BUSINESS TODAY MIDDLE EAST | APRIL 2026
OMNIYAT has reaffirmed its long-term commitment to the UAE market, supported by a fully funded $11.7 billion development pipeline that remains on schedule. The developer holds a 12 million sq. ft. land bank across prime locations, strengthening its future project pipeline, while its revenue backlog has reached $6.1 billion, providing visibility for the ne�� ��e �ears� �ear��o�da�e sales �or ���� stand at $729 million, with all projects fully ��nded �hro�gh �o com�le�ion� re�ec�ing s�rong demand and disci�lined �nancial managemen�� �acked b� con�dence in �he ���’s economic fundamentals and leadership, OMNIYAT continues to expand strategically, advance construction across its portfolio, and focus on delivering high-end developments aligned with evolving market demand. OMNIYAT REINFORCES DELIVERY FOCUS WITH A FULLY FUNDED USD 11.7 BILLION PORTFOLIO REAL ESTATE WWW.BUSINESSTODAY.ME 15
NEWS TECHNOLOGY MICHEL NADER APPOINTED REGIONAL LEADER FOR SNOWFLAKE IN META, DRIVING AI GROWTH Snowflake has appointed Michel Nader as General Manager for the Middle East, Turkey and Africa (META), where he will lead regional strategy, operations, and customer growth while driving adoption of the com�an�’s �� �a�a �lo�d� Nader brings more than 25 years of enterprise technology experience across META and Eastern Europe, most recently serving as Senior Regional Director at Dell Technologies, with previous leadership roles at EMC and Hewlett Packard Enterprise. In his new role, he will focus on accelerating AI adoption, expanding partnerships, and helping organisations modernise data infrastructure and translate digital and national AI strategies into measurable business outcomes across the region. RADISSON HOTEL GROUP SURPASSES 100 HOTELS IN AFRICA, ACCELERATING 2030 GROWTH AMBITION Radisson Hotel Group has reached over 100 hotels in Africa, including properties in operation and under development, with Radisson Blu anchoring the legacy footprint and Radisson emerging as the fastest-growing brand. Over the past 12 months, the Group signed 15 new hotels totaling around 2,500 rooms, including entries into the Democratic Republic of Congo and Zimbabwe. Key focus markets include Morocco, South Africa, and Nigeria, while expansion continues across city, resort, and conversion-based properties. Notable upcoming openings include Radisson Blu Kinshasa, Radisson Harare, Park Inn Victoria Falls, Radisson Collection Lagos Atlantic, and new properties in Casablanca, Rabat, Marrakech, �mhlanga� and �imbabwe’s ca�i�al� �arare� ��er the past five years, the Group has prioritized conversions, adding almost 3,000 rooms, supporting rapid scale while maintaining brand standards. With presence in more than 30 African countries, Radisson blends deep market focus with selective entry into new destinations to meet rising demand for business, leisure, and nature-led travel experiences. HOSPITALITY 16 BUSINESS TODAY MIDDLE EAST | APRIL 2026
��man’s real es�a�e sec�or recorded i�s highes��e�er property sale at AED 185 million, highlighting the emira�e’s growing in�es�men� a��eal� �he �lo�� loca�ed in Al Amerah, is designated for both residential and commercial use, offering opportunities for mixed-use de�elo�men�s� �he record �ransac�ion re�ec�s s�s�ained market growth, rising trading values, and strong investor con�dence� dri�en b� modern in�ras�r�c��re� in�es�or� friendly initiatives, and a favorable legal framework. PROPERTY INVESTMENT RAKBANK and Network International have successfully closed their strategic partnership following Central Bank of the UAE approvals. Under the deal, Network will provide ad�anced �a�men� sol��ions �o �����N�’s ��� and corporate customers, supporting digital commerce growth in �as �l �haimah and rein�orcing �he ���’s �igi�al Economy Strategy. The partnership will deliver innovative value-added services, enhance payment capabilities, and ensure a seamless transition for existing merchants. �����N� main�ains one o� �he ��� banking sec�or’s strongest capital and liquidity positions, supporting its strategy as a digital bank with a human touch. RAKBANK AND NETWORK INTERNATIONAL COMPLETE MERCHANT ACQUIRING TRANSACTION IN THE UAE AJMAN REGISTERS ITS HIGHEST-EVER PROPERTY DEAL AT AED 185 MILLION PARTNERSHIP WWW.BUSINESSTODAY.ME 17
OPINION Companies have invested heavily in AI and digital tools, yet productivity gains remain elusive. The real barrier isn’t technology, it’s execution. A cross boardrooms in the Middle East, the conversation has moved beyond whether organisations should adopt AI. The real question is why so many digital transformation programmes still struggle to deliver measurable productivity gains at scale. Most organisations have already invested in the visible layers of transformation, new platforms, dashboards, copilots, and collaboration tools, but have not solved the hidden bottleneck: execution across real enterprise systems. Globally, employees spend an enormous share of their day on coordina�ion� �sana’s research has found that around 60% of time is spent on “work about work,” tasks like chasing updates, attending unnecessary meetings, and BY ALHARITH ALATAWI THE HIDDEN BOTTLENECK IN DIGITAL TRANSFORMATION switching between tools, rather than skilled output. Although AI usage is increasing, organisations still lack a clear plan to translate individual productivity into bottom-line impact. T�E �IDD�E E�ST’S �I AMBITION In Qatar, for example, the conditions to break this execution bottleneck are strong. Digital investments are projected to grow from USD 1.65 billion in 2022 to USD 5.7 billion in ����� re�ec�ing grow�h o� more than 245% over four years. These figures depend on implementation inside real work�ows� in sec�ors �ha� de�ne na�ional com�e�i�i�eness s�ch as government services, finance, logistics, energy, and healthcare. This is why policy direction ma��ers� �a�ar’s �o��� �rogram is focused on improving government efficiency and modernising public sector services in line with the Digital Agenda 2030, supporting end-to- end AI adoption through targeted investment, skills development, dedicated implementation support, and impact assessment. In parallel, the Qatar Investment Authority (QIA) has la�nched �ai� a na�ional ar�i�cial intelligence company aimed at building resilient digital ecosystems that support innovation and economic diversification in line with Qatar National Vision 2030. THE LIMITS OF AI AS A TOOL Most AI deployments today behave like productivity accessories. They help draft, summarise, or recommend, but they do not reliably execute end- to-end work across the systems where value is created. Execution is where productivity is either unlocked or lost. Consider how work actually moves inside an enterprise. A single “simple” outcome, such as onboarding a customer or closing a procurement request, often requires dozens of steps across CRM, ERP, HR systems, email, ticketing, approvals, and documentation. Even with modern 18 BUSINESS TODAY MIDDLE EAST | APRIL 2026
Alharith Alatawi, CEO & Co-Founder of Shaffra even during demand spikes, without being limited by manual capacity. Some organisations are already piloting “autonomous AI teams” �or de�ned work�ows� and �ha��ra supports enterprises in operationalising this model by deploying AI teams that work within approved access controls and keep actions auditable across systems, helping teams reduce manual coordination while maintaining governance. PRODUCTIVITY AT SCALE REQUIRES TRUST AND GOVERNANCE As AI begins to execute work, governance becomes the foundation. The region has strengthened national data protection frameworks to support responsible AI deployment. In Qatar, data protection laws set out rigorous procedures that organisations must follow when processing personal data, while the recently implemented Saudi Arabia Personal Data Protection Law regulates how businesses collect, use, store, and safeguard personal information. For organisations, this means autonomous AI cannot be deployed without oversight. It must be implemented with role-based access, clear decision boundaries, audit trails, and human escalation pathways, especially for sensitive domains such as ��� �nance� and ci�i�en ser�ices� THE NEXT PHASE OF TRANSFORMATION The next phase of digital transformation is centred on rethinking how work is structured. The future of work is no longer about separating human resources from digital resources. Instead, it is about integrating them into a single operational model. Across the Middle East, ambition and investment in digital transformation are already well established. Governments and enterprises have committed signi�can� reso�rces �o inno�a�ion and infrastructure. However, many organisations continue to rely heavily on manual coordination within complex enterprise systems. To unlock the full economic potential of AI, the region must move beyond using it primarily as an assistive technology. The focus must shift toward deploying AI as an operational work�orce �ha� can e�ec��e work�ows end to end, safely at scale. In the coming years, the competitive advantage will belong to organisations that treat execution as a design problem and deploy autonomous AI teams to eliminate friction across the work�ows �ha� ma��er mos�� software, humans still spend time transferring context between systems, chasing signatures, re-entering data, and reconciling inconsistencies. This is why the next productivity leap will not come from more tools layered on�o �he same work�ows� �� will come �rom redesigning work�ows aro�nd autonomous AI execution. AUTONOMOUS AI TEAMS AND THE FUTURE OF WORK Autonomous AI teams represent a shift from AI as a helper to AI as an executing part of the workforce. Instead of asking employees to do the “glue work” between systems, autonomous AI teams can be deployed to carry o�� m�l�i�s�e� work�ows across real enterprise platforms, with clear go�ernance� a�di�abili��� and de�ned human oversight for exceptions. A recent Microsoft survey shows that 81% of business leaders anticipate AI agents will be moderately to extensively embedded in�o �heir organisa�ions’ �� strategies in the coming months. What can that look like in practice? This means deploying AI teams �ha� can manage com�le�e work�ows across enterprise systems, from opening cases and retrieving customer history to validating eligibility, drafting responses, updating records, and triggering follow-up actions. It also includes handling operational processes such as invoice processing, contract validation, approval routing, anomaly detection, and compliance-ready reporting. By automating these end-to-end activities, organisations can achieve consistent, high-speed execution WWW.BUSINESSTODAY.ME 19
MARKET ANALYSIS As geopolitical tensions reshape global markets, UAE equities are under pressure. But beneath the volatility, fundamentals remain resilient, creating selective opportunities for investors willing to look beyond the noise. BY VIJAY VALECHA T he Middle East conflict has altered the investment landscape in 2026 in ways that are hard to ignore. Uncertainty remains elevated, di�lomac� hasn’� gained meaning��l �rac�ion� and �he risk o� ��r�her escala�ion canno� be r�led o��� �i�h �he ��rai� o� �orm�� clos�re kee�ing oil prices above $100 per barrel and in�a�ion concerns �rml� back on �he �able� �he odds o� a ra�e c�� ha�e fallen sharply. Against that backdrop, in�es�ors aren’� si��ing s�ill � �he�’re reshaping their portfolios, trying to protect against the volatility while also s�a�ing aler� �o �he o��or��ni�ies �ha� corrections like this one tend to create. �lobal e��i�ies ha�e sold o�� since the war began, and UAE stocks have �ollowed� �ho�gh no� �or reasons �ha� hold �� �nder scr��in�� �he ��� General Index has dropped by more �han ��� and �he ��� �eneral �nde� b� more �han ��� since �he con�ic� escala�ed � mo�es �ha� re�ec� �he classic in�es�or ins�inc� �o sell �rs� and ask ��es�ions la�er� �he �nderl�ing ��ndamen�als� howe�er� �ell a di��eren� s�or�� �he�’re more resilien� �han �he �rice ac�ion s�gges�s� and �he�’re likely to reassert themselves once the d�s� begins �o se��le� WHAT THE SELLOFF IS MISSING UAE MARKETS UNDER PRESSURE: �or ��� in�es�ors� �he c�rren� environment is presenting two distinct o��or��ni�ies� �he �rs� is high�di�idend UAE stocks that are now offering yields �re�io�sl� �na�ailable si� mon�hs ago� �he second is ��ndamen�all� s�rong� large�ca� names �rading a� meaning��l disco�n�s �o wha� an� �air assessmen� o� �heir b�sinesses wo�ld ��s�i��� Nei�her o��or��ni�� comes wi�ho�� near��erm �ncer�ain�� � �ha�’s �he na��re o� �he momen� � b�� history is consistent on this point: the in�es�ors who b�ild e��os�re d�ring �eriods o� ma�im�m �ear rarel� regre� it when conditions normalise. The real estate names make the o��or��ni�� ��i�e clear� �maar o��ers a strong 8.7% dividend yield and nearl� ��� ��side �o anal�s� �arge�s� Aldar, backed by its leading position in �b� �habi’s o����lan marke�� o��ers ro�ghl� ��� �o�en�ial ��side� ��� �ro�er�ies s�ands o�� e�en more� wi�h nearl� ���� ��side� s���or�ed b� �he ��coming ��nn �esor� � a long��erm ca�al�s� �ha� remains in�ac� des�i�e �he c�rren� backdro�� Beyond real estate, the case �or selec�i�e e��os�re in banking� �elecoms� and energ� is e��all� compelling. UAE bank stocks have s���ered do�ble�digi� losses since �he war began on �ebr�ar� �� � a sello�� �ha� isn’� en�irel� irra�ional gi�en �he hi�s �o a�ia�ion� logis�ics� �o�rism� and �rade� ��� �he �nancial s�s�em has held� �he ��� �en�ral �ank s�e��ed in wi�h i�s larges� li��idi�� s���or� �ackage since �he �andemic� rein�orcing con�dence in �he s�s�em� It highlighted that banks are sitting on nearl� ��� ��� billion in li��idi��� incl�ding o�er ��� ��� billion in reser�es � a s�bs�an�ial c�shion �ha� signi�can�l� lowers �he risk o� an� credit stress. That strength is showing �� in bond marke�s �oo� �inancial sector bonds have seen price declines o� onl� ���� �hro�gh �he con�ic�� compared to 3–5% for real estate bonds� �n �elecoms� e� is s�r�c��rall� better positioned than most to weather �he disr���ion� wi�h ��� million o� i�s ��� million s�bscribers o��side �he ���� a re�en�e base �ha� is broadl� ins�la�ed �rom single�co�n�r� risk� �he �ncer�ain�� hasn’� disa��eared� ��� �or in�es�ors willing �o look si� to twelve months ahead, these dislocations have a way of looking ob�io�s in hindsigh�� Against this backdrop, investor positioning is beginning to diverge more clearl�� �hile some remain ca��io�s and �riori�ise ca�i�al 20 BUSINESS TODAY MIDDLE EAST | APRIL 2026
preservation, others are selectively increasing e��os�re �o �ake ad�an�age o� c�rren� disloca�ions� HOW INVESTORS ARE POSITIONING IN THE CURRENT MARKET Conservative Investors These types of investors are more risk�a�erse� �re�er �o ha�e high cash �osi�ions and wo�ld wai� �or marke� stabilisation before entering into new positions. They also prefer safer e��i�� and ��ed income alloca�ion� like high dividend yield UAE stocks and Sovereign Bonds. Gold can also be a grea� o��or��ni�� �or s�ch in�es�ors� Gold: �o �ar� gold has �allen aro�nd ��� �rom i�s �re�con�ic� le�els� �his migh� seem s�r�rising a� �rs� glance given that geopolitical tensions typically increase demand for sa�e�ha�en ins�r�men�s� �owe�er� gold’s beha�io�r is in line wi�h how �he �recio�s me�al has �er�ormed his�oricall� d�ring �eriods o� war� marke� dis�ress� and �ncer�ain��� �ha� is beca�se in�es�ors ���icall� �end �o li��ida�e gold �osi�ions �o co�er losses in other riskier asset classes amid �he broader risk�o�� sen�imen� in the markets. However, historical analysis reveals that gold tends to rebo�nd s�rongl� once �he si��a�ion s�abilises making i� an o��or��ne �ime to invest in gold right now. WWW.BUSINESSTODAY.ME 21
UAE Sovereign Bonds: Sovereign UAE bonds offer conservative investors a combination o� high credi� ��ali�� and s�rong �ields� backed b� a �scall� s�r�l�s so�ereign wi�h aro�nd �� �rillion in so�ereign weal�h asse�s� ��r�her� �he dirham’s ��� �eg since ���� elimina�es c�rrenc� risk en�irel�� Aggressive Investors These investors take on more risk and are expected to capitalise on UAE stocks that have declined the mos� recen�l�� �he� co�ld also bene�� �rom in�es�ing in high��ield cor�ora�e bonds, and high beta metals like Silver, �la�in�m� and �alladi�m which are a hedge agains� rising in�a�ion risk� High-Yield Corporate Bonds: UAE real estate bonds are pricing at stressed levels driven by regional geo�oli�ical �ncer�ain��� no� ��ndamen�al credi� de�eriora�ion� �s s�ch� an in�eres�ing o��or��ni�� has o�ened �� �or in�es�ors who are willing �o �olera�e shor���erm �ola�ili��� wi�h �ields o� ������ on ����denomina�ed real es�a�e bonds backed b� one o� �he world’s mos� ac�i�e �ro�er�� marke�s� �he li��idi�� a� mos� iss�ers remains ade��a�e� and ann�al bond re�a�men� obliga�ions look good �n�il ����� ��erage �ields on ��� in�es�men��grade real es�a�e seniors are already clearly above US and ��ro�ean �eers� High Beta Metals: �ommodi�ies ha�e emerged as a �er� �o��lar asse� class in recent years. Investors are increasingly exploring the possibility of holding commodities as a good di�ersi�ca�ion be�� �oreo�er� s�r�c��ral demand and s���l� �ac�ors ha�e also �resen�ed com�elling o��or��ni�ies in �his asse� class� �or ins�ance� sil�er’s Vijay Valecha� �hie� �n�es�men� ���cer� �en��r� �inancial MARKET ANALYSIS recent sharp correction appears more like a shor���erm macro�dri�en rese� �han a breakdown in ��ndamen�als� crea�ing a com�elling se��� �or a rebo�nd� �he �nderl�ing demand s�or� remains s�rong� s���or�ed b� s�r�c��ral grow�h across solar� ��s� �� in�ras�r�c��re� and �ower grids� �� �he same �ime� s���l� remains constrained, with the market heading in�o a si��h consec��i�e ann�al de�ci�� while �hina’s aggressi�e im�or�s and export controls are tightening global a�ailabili�� ��r�her� �he nomina�ion o� �e�in �arsh as �he new �ed chair has also added a tailwind for commodities. Historically, he has been �iewed as da�a�de�enden� and sligh�l� hawkish� b�� his recen� s�ance appears more dovish and aligned with �r�m�’s �re�erence �or lower in�eres� ra�es bene���ing me�als� �he c�rren� en�ironmen� is de�ined b� �ncer�ain��� b�� also by a divergence between marke� sen�imen� and �nderl�ing ��ndamen�als� �hile �rice ac�ion re�ec�s ca��ion� �he resilience across ke� sec�ors s�gges�s a more s�able �ic��re benea�h �he s�r�ace� �he �a�h �orward is �nlikel� �o be linear� b�� �he dis�inc�ion be�ween shor���erm �ola�ili�� and longer��erm �osi�ioning is becoming increasingly important. 22 BUSINESS TODAY MIDDLE EAST | APRIL 2026
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CORPORATE LAW How regional tensions are prompting UAE businesses to revisit Force Majeure clauses and contractual obligations. BY RIMA MRAD R ecent geopolitical developments in the UAE and the wider Gulf region have prompted businesses operating across the GCC to take a closer look at the resilience of their contractual frameworks. While the tensions linked to the Iran-US- �srael con�ic� ha�e drawn a��en�ion to potential impacts on aviation routes, logistics networks and cross border commercial activity, the region continues to operate as a major hub for investment, trade and project development. In this context, the situation has naturally renewed interest in the concept of Force Majeure and the extent to which such events may affect contractual obligations. Many companies are reviewing existing agreements and, in some cases, considering adjustments to Force Majeure provisions in newly negotiated contracts in order to account for potential disruptions. While such reviews are common, it remains important to recall that Force Majeure is a narrowly interpreted legal principle under UAE law and cannot be invoked as a general mechanism to avoid contractual performance. Its a��lica�ion is go�erned b� s�eci�c legal conditions and remains subject to careful judicial scrutiny. CAUGHT BY FORCE MAJEURE Force majeure is a well established concept in civil law systems. It generally refers to an event that is external to the parties, unforeseeable at the time of contracting, and unavoidable in its consequences, such that it renders the performance of a contractual obligation impossible. Under UAE law, the doctrine of force majeure was embedded in the Civil Code (Federal Law No. 5 of 1985) (the “Old Law”), which has now been repealed and replaced by the new Civil Transactions Law (Federal Decree-Law No. 25 of 2025) (the “New Law”), due to enter into force on 1 June 2026. While �he New �aw modernises �he ���’s civil law framework, it largely preserves the existing treatment of force majeure and exceptional circumstances. Under the Old Law, these doctrines were reflected primarily in Articles 273 and 249, which distinguished between situations where contractual performance becomes impossible and those where performance remains possible but excessively onerous. The New Law, notably through Articles 236 and 249, maintains the same conceptual a��roach� con�rming �ha� �orce ma�e�re remains grounded in the notion of objective impossibility of performance resulting from circumstances beyond �he �ar�ies’ con�rol� In practice, UAE courts require a clear causal link between the alleged force majeure event and the impossibility of performance, meaning that the event must constitute the decisive factor preventing the contractual obligation from being ��l�lled� �here �er�ormance remains possible but becomes excessively burdensome due to exceptional public circumstances, Article 249 allows courts or arbitral tribunals to adjust the obligation to a reasonable level in order to restore the contractual balance. As a result, although the New Law reinforces the importance of contractual autonomy, courts will 20 BUSINESS TODAY MIDDLE EAST | APRIL 2026
continue to retain broad discretion when assessing whether the conditions o� �orce �a�e�re are sa�is�ed� Importantly, the concept of Force Majeure exists independently of contractual drafting. As it is embedded in the Civil Code, it may be invoked even where a contract does not expressly include a Force Majeure clause, provided the legal conditions are met. Its application will again de�end on �he s�eci�c �ac��al circumstances of each case and remain s�b�ec� �o �he co�r�’s discre�ion� In the current regional environment, businesses are increasingly assessing whether geopolitical developments may affect the performance of their contractual obligations. While certain sectors may face operational challenges, particularly those dependent on international transportation routes, supply chains, personnel mobility or cross border logistics, the potential impact extends to a broader range of contractual engagements, including long term commercial arrangements, investment transactions and project delivery commitments. As a result, contractual counterparties are paying closer attention to transaction timelines, delivery obligations and the allocation of risk within their agreements. This has led some parties to consider e��anding �he con�rac��al de�ni�ion of Force Majeure, occasionally incorporating broad references to geopolitical instability or security risks. �hile �ar�ies remain �ree �o de�ne Force Majeure events contractually, the drafting of such provisions requires careful consideration. Overly broad or vague definitions may create uncertainty regarding their enforceability. In practice, courts will generally examine whether the event in question constitutes a genuine impediment to performance rather than a mere commercial inconvenience or increase in costs. WWW.BUSINESSTODAY.ME 21
Force Majeure should therefore not be understood as a catch all mechanism for contractual non performance. Even where contracts contain express Force Majeure clauses, courts typically examine whether the event was genuinely unforeseeable, whether it was beyond the control of the parties, whether it directly prevented the performance of the obligation and whether the party invoking the clause took reasonable steps to mitigate its impact. Past experience demonstrates that courts and arbitral tribunals tend to approach such assessments in a careful and �ac� s�eci�c manner� The experience of the COVID-19 pandemic illustrates this approach. Although the pandemic was widely recognised as an extraordinary global event, courts nevertheless evaluated Force Majeure claims on a case by case basis� �oc�sing on �he s�eci�c contractual obligations involved and the actual impact of the disruption on performance. A similar analytical framework may apply in the present context. While regional developments ma� in��ence o�era�ional condi�ions in certain sectors, the existence of geopolitical tensions alone does not automatically constitute Force Majeure. Each situation must therefore be assessed individually in light of the contractual provisions and the factual impact of the event on performance. Against this legal backdrop, careful contractual drafting remains essential. Businesses should ensure that Force Majeure clauses are tailored to the operational realities of their sector and clearly identify the events that may trigger the mechanism. Contracts should also address the duration of a potential Force Majeure situation, the adjustments that may apply to contractual obligations during that period and the solutions available if the disruption continues for an extended time. In practice, agreements may provide for temporary suspension of certain obligations, adjustments of delivery timelines, partial performance of supply commitments or temporary modi�ca�ions �o �a�men� s�r�c��res� Equally important is the obligation of the affected party to take reasonable measures to mitigate the consequences of the disruption. This may include exploring alternative suppliers, adapting logistics arrangements or implementing operational contingency plans. In addition, most contracts require the affected party to notify its contractual counterparties within a specified timeframe if Force Majeure is invoked. Compliance wi�h s�ch no�i�ca�ion re��iremen�s is essential, as failure to follow the agreed procedure may prevent the party from relying on the clause. Periods of geopolitical evolution often encourage businesses to revisit contractual frameworks and ensure that risk allocation mechanisms remain aligned with operational realities. The current regional environment therefore offers an opportunity for companies to re�iew �heir agreemen�s� con�rm �ha� Force Majeure clauses are clearly drafted and ensure that contractual obligations remain appropriately structured. Ultimately, the real challenge rarely lies in invoking the concept of Force Majeure itself, but in understanding the legal conditions governing its application. When agreements are carefully drafted and supported by proactive communication between contractual partners, businesses are well positioned to navigate evolving circumstances while preserving the continuity and stability of their commercial relationships. Rima Mrad, Partner, BSA LAW CORPORATE LAW 22 BUSINESS TODAY MIDDLE EAST | APRIL 2026
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COVER STORY THE NEXT BIG BET O n a warm Tuesday evening in Dubai, a rider from Careem wea�es �hro�gh �he �ra��c o� Jumeirah, a glowing smart bo� s�ra��ed �o �he back o� his bike� �n i�� a real� �ime ad�er�isemen� �or �ed ��ll ��lses across �he dis�la� � �he crea�i�e ��da�ed remo�el�� in real �ime� �rom a cam�aign dashboard kilome�res awa�� No billboard� No screen on a b�ilding� ��s� �he las� mile� reimagined� This is what Flyby has built, and it is no longer an e��erimen�� �he ad�ech s�ar��� has now r�n more �han �� cam�aigns in ���� alone� logging o�er �� million im�ressions across ��� plus neighbourhoods in Dubai, with operations e��ending in�o �b� �habi and ��nich� �� co�n�s �’�r�al� �ed ��ll� �o�orola� �es�ern �nion� and �abasco among i�s ad�er�isers� and ���� ��blicis� and �ango among i�s agenc� �ar�ners� ��s ne�work is in�egra�ed wi�h noon� �alaba�� �areem� and �eli�eroo� �nd now� �he man who �ook one o� �hose deli�er� gian�s ��blic � a� a ����� billion �al�a�ion� in �he larges� global �ech ��� o� ���� � is ����ing his name and credibili�� behind i�� Tomaso Rodriguez turned Talabat into a $10 billion company. As Flyby’s new chairman, he’s partnering with co- founder and CEO Cheyenne Kamran on the platform turning every delivery rider into a moving billboard. BY AYA ZHANG 28 BUSINESS TODAY MIDDLE EAST | APRIL 2026
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COVER STORY The chairman sends a signal Tomaso Rodriguez spent six years as CEO of Talabat, growing the business more than ninefold before orches�ra�ing i�s �ecember ���� ��� on �he ��bai �inancial �arke�� �he lis�ing raised �� billion and was o�ers�bscribed b� do�ble digi�s� �e s�e��ed down in No�ember ���� �ollowing a �lanned leadershi� transition — and his next move landed a� �l�b�� �n �he world o� earl��s�age s�ar���s� a chairman a��oin�men� o� �his calibre ��nc�ions less like a board anno�ncemen� and more like a marke� signal� �odrig�e� is no� lending his name �o an idea� �e is backing a li�e� re�en�e�genera�ing b�siness wi�h a clear �ra�ec�or� � and he knows �he di��erence be��er �han mos�� �� was looking a� where �he mos� in�eres�ing �echnolog� and b�siness model con�ergence was ha��ening� and where �here was a real chance �o b�ild some�hing a� a massi�e scale�� �odrig�e� said� ��l�b� si�s a� �he in�ersec�ion o� �d�ech� mobili��� and smar� ci�� in�ras�r�c��re� �hen � go� in�o �he �rod�c� and me� �he �eam� i� was a �b�ild’ � wan�ed �o be �ar� o��� For Rodriguez, the opportunity today mirrors what early advertisers �o�nd on �ns�agram and �oogle � a new medium, with outsized returns �or �hose willing �o mo�e �rs�� ��he first ones experimenting with a new medium are usually the ones bene���ing �he mos� �rom i��� he sa�s� ��his is one o� �he mos� com�elling �echnological lea�s in �he ind�s�r�� and i�’s an e�ci�ing momen� �o be �ar� o� a �eam rede�ning a whole ca�egor��� �he deli�er� �ee� is �he �la��orm� �he rider is �he channel� BY THE NUMBERS $10.1B Talabat IPO valuation — the largest global tech IPO of 2024, led by Rodriguez 37M+ Impressions logged by Flyby in 2025 across its active network 95+ Campaigns run in 2025, spanning brands from L’Oréal to Western Union 40+ Neighbourhoods active in Dubai alone 10,000 Smart boxes targeted by ���� � with � fi�e��e�r roadmap to 50,000 3 Markets already operational: Dubai, Abu Dhabi, Munich Building a category from scratch �he�enne �amran� �l�b�’s co� founder and CEO, has been b�ilding �his �rom �he gro�nd ��� The hardest part, he says, is b�ilding �he ca�egor� i�sel�� ��here’s no e�is�ing ���� no �roc�remen� �a�h� no media �lan �or wha� we do� �o�’re de�lo�ing new �echnolog� �ha�’s going �o �ra�el h�ndreds o� kilome�ers a da�� e�er� da�� and 30 BUSINESS TODAY MIDDLE EAST | APRIL 2026
�o�’re crea�ing �he marke� aro�nd i� a� �he same �ime�� �he earl� �ilo�s across ��nich� Abu Dhabi, and Dubai were as m�ch abo�� �rod�c� disco�er� as marke� �alida�ion� �iders sha�ed �he hardware� real�world condi�ions re�ned �he dis�la� �echnolog�� and clien� �eedback reb�il� �he so��ware la�er� ��n �he ad�er�ising side� we learned wha� clien�s ac��all� need in �erms o� �ea��res and re�or�ing�� �amran sa�s� The advertiser proposition is now well�es�ablished� �rands can en�er wi�h b�dge�s �rom ��� ����� �o ��� �������� and e�er� cam�aign comes wi�h ��ll re�or�ing� ��he h��er��arge�ing� �he sched�ling� and �he abili�� �o ��da�e crea�i�es instantly gives advertisers tools and results that traditional OOH can’� deli�er�� he sa�s� �n ecos�s�em con�rol� he is e��all� clear� �l�b� works across a com�le� web o� aggrega�ors� �lee� o�era�ors� agencies� and regulators — but deliberately s�a�s in i�s lane� ��e don’� own �he �ee�� �e don’� own �he rider� �e own �he medi�m� and we enable �he ecos�s�em �o mone�ise and im�ro�e road sa�e���� ����������������������� We don’t own the rider. We own the medium, and we enable the ecosystem to monetise and improve road safety. � �he�enne �amran Cheyenne Kamran, �l�b�’s co��o�nder and CEO WWW.BUSINESSTODAY.ME 31
COVER STORY The ambition is to build the �������������� infrastructure layer for last-mile delivery, not just in the GCC, but globally. � �omaso �odrig�e� 32 BUSINESS TODAY MIDDLE EAST | APRIL 2026
The scale question �l�b�’s �eries � is imminen�� and �he ca�i�al will go �o one �hing� bo�es� �he com�an�’s roadma� �arge�s ������ smar� deli�er� bo�es b� ����� wi�h a ��e��ear �ision o� ������ across �he ��� and ��ro�e� �� �ha� scale� �he ne�work becomes some�hing qualitatively different — a media channel �ha� also genera�es a rich� real��ime �iew o� �rban mobili�� across en�ire ci�ies� crea�ing �al�e across ad�er�ising� logis�ics� and smar� ci�� in�ras�r�c��re� Rodriguez, having navigated the com�le�i�� o� scaling �alaba� across eigh� marke�s and ��� million ac�i�e c�s�omers� is direc� abo�� wha� ma��ers mos� in a ne�work�e��ec�s b�siness� ��ore smar� deli�er� boxes means more visibility, more da�a� more ad�er�iser con�dence�� he sa�s� ��� �o� don’� hi� densi�� in �o�r core marke�s �as� eno�gh� �o� lose �he com�o�nding ad�an�age�� �amran echoes �his� and is candid about the operational pressure points ahead� ��oda�� some elemen�s o� �ee� managemen�� so��ware ��da�es� and cam�aign de�lo�men� s�ill ha�e man�al �o�ch�oin�s�� he sa�s� ��ha� works a� ����� bo�es� �� doesn’� work a� ������� �he s�s�em has �o manage i�sel� as �he ne�work grows�� The answer, Kamran says, is a��oma�ion� �he �l�b� �or�al� �he de�ice managemen� s�s�em� �he o�er��he�air ��da�es � all o� i� has �o r�n a��onomo�sl�� A platform, not a product �ha� makes �l�b� s�r�c��rall� in�eres�ing � and s�ra�egicall� ambitious — is how deliberately it has been b�il� no� �o own e�er��hing� �l�b� does no� own �he �lee�� �� does no� em�lo� �he rider� �� owns the medium, and it enables the ecos�s�em aro�nd i�� ��he �em��a�ion is �o �r� �o con�rol e�er��hing�� �amran sa�s� ��e don’�� �e �ar�ner wi�h agencies and aggrega�ors� and we le� each �ar� o� �he ecos�s�em do wha� i� does bes�� Flyby plugs in at the points where we crea�e �he mos� �al�e�� �or �odrig�e�� �he s�ra�egic logic is �amiliar� �e has seen wha� i� looks like when a �la��orm reaches cri�ical mass � when �he ne�work e��ec�s kick in� when �he da�a com�o�nds� and when �he b�siness becomes some�hing �ha� is gen�inel� di��c�l� �o re�lica�e� �e is clear on wha� i� will �ake �o ge� �here� ��o� ha�e �o reach cri�ical mass�� he sa�s� ��nd �o� ha�e �o �ri�le down on sales earl�� �os� com�anies in �his s�ace �oc�s on de�lo�men� �rs� and commercial �rac�ion second� �l�b� is b�ilding bo�h in �arallel�� �he �ee� agreemen�s are in �lace� �he reg�la�or� clearances are sec�red� �he commercial in�ras�r�c��re � agenc� rela�ionshi�s� direc� ad�er�iser partnerships, aggregator integrations � is being b�il� now� no� a��er scale� ��alaba� was once in a li�e�ime� and �ha� s�or� has been �old�� �odrig�e� sa�s� ��his isn’� abo�� re�ea�ing �ha�� ��’s abo�� b�ilding and scaling �he ne�� business, and growing Flyby into the bigges� �ersion o� wha� i� can be� �he ambi�ion is �o b�ild �he de�ning media in�ras�r�c��re la�er �or las��mile deli�er�� no� ��s� in �he ���� b�� globall��� WWW.BUSINESSTODAY.ME 33
TELECOM Amit Somani, CEO of Sama X, explains how Starlink is turning satellite connectivity into critical infrastructure for Gulf economies. BY AYA ZHANG 34 BUSINESS TODAY MIDDLE EAST | APRIL 2026 CONNECTIVITY ABOVE THE GULF
WWW.BUSINESSTODAY.ME 35 E ven in a region wired wi�h �bre and ��� some �laces remain digi�all� in�isible� �eser�s� o��shore �la��orms� and remo�e comm�ni�ies �ace �ersis�en� connec�i�i�� ga�s �ha� can slow grow�h� risk e��cienc�� and limi� inno�a�ion� �mi� �omani is re�hinking wha� i� means �o be �online�� �sing sa�elli�e �echnolog� �o make high�s�eed in�erne� as �bi��i�o�s as elec�rici��� �n �he �iddle �as�� �he ne�� �hase o� digi�al �rans�orma�ion ma� de�end less on cables and �owers and more on wha�’s orbi�ing abo�e�
TO START, HOW WOULD YOU DE�INE S��� �’S RO�E IN T�E RE�ION’S E�O��IN� CONNECTIVITY LANDSCAPE? �i�h �he arri�al o� ��arlink’s �nri�aled low��ar�h�orbi� ����� sa�elli�e cons�ella�ion� �he region’s connec�i�i�� landsca�e is e�ol�ing �as�� wi�h ado��ion b� co�n�ries accelera�ing� �hile �ama � is a global a��horised reseller o� ��arlink� i� has a regional �N� and �oc�s� combined wi�h a �ni��e b�siness model and �ailored o��ering designed �o ser�e �he local needs o� each marke�� �e go �he e��ra mile �o es�ablish a local �resence in �he marke�s where we o�era�e� ens�ring reg�la�or� a��ro�als are in �lace �or �s �o resell ��arlink a� a local le�el� where �ricing is se� �or each co�n�r� �o ma�ch economic condi�ions� �l�ima�el�� we com�lemen� ��arlink’s direc� selling model wi�h a local� �h�sical al�erna�i�e �or �ro�essional�grade sa�elli�e broadband in�erne� connec�i�i��� �n addi�ion� as a green�eld s�ar����� �ama � is no� enc�mbered b� legac� wa�s o� doing �hings� ��r sole �oc�s �oda� is on deli�ering ��arlink sol��ions �o o�r c�s�omers �he wa� �he� need i�� in �he bes� �ossible wa�� WHY IS SATELLITE INTERNET NOW BECOMING A CRITICAL PART OF NATIONAL INFRASTRUCTURE RATHER THAN JUST A BACKUP SOLUTION? �a�elli�e in�erne�� es�eciall� �sing ad�anced ��� s�s�ems s�ch as ��arlink� is shi��ing �rom a back�� o��ion �o essen�ial na�ional in�ras�r�c��re gi�en co�n�ries �oda� are increasingl� relian� on �bi��i�o�s� �nin�err���ed� high�s�eed connec�i�i�� �or e�er��hing �rom commerce �o ��blic ser�ices� ��� ne�works deli�er �bre�like s�eeds wi�h la�enc� ��he dela� in da�a �ransmission� as low as ��ms� making �hem s�i�able �or �rimar� comm�nica�ion needs ra�her �han emergenc��onl� �sage� �s go�ernmen�s� en�er�rises� and ke� ins�i���ions digi�ise �heir o�era�ions� �he� need connec�i�i�� �ha� works e�er�where� e�en in remo�e� o��shore� or in�ras�r�c��re��oor en�ironmen�s� ��arlink’s sol��ion ens�res s�able comm�nica�ions �or hos�i�als� schools� research cen�res� emergenc� res�onse �eams� cri�ical in�ras�r�c��re and ind�s�ries� making resilien� sa�elli�e connec�i�i�� a ��ndamen�al la�er o� na�ional digi�al resilience� �n addi�ion� ��arlink is a �er�ec� com�lemen� �o e�is�ing �erres�rial ne�works� �n man� ins�ances� e��ending a �� mobile ne�work �o ser�e more remo�e �se cases is ��s� no� �easible� �iber or microwa�e backha�l cos�s and �he cos� o� �he si�e i�sel�� �l�s ongoing o�era�ions �e�g� �ower cons�m��ion� main�enance� �or wha� is �l�ima�el� a similar� or o��en less ca�able� sol��ion do no� make sense� ��arlink easil� �lls �ha� ga�� bringing �he �o�al cos� o� ownershi� down signi�can�l�� �he�her direc�l� �o end��sers� �o a comm�ni�� �i��i sol��ion� or �o �ro�ide cell�lar backha�l �o e��end �N� reach e��cien�l�� ��arlink is �he missing �iece o� �he ����le� Satellite connectivity is opening new territories for digital services, strengthening business continuity, and supporting critical sectors such as energy, maritime, healthcare, education, and emergency response, areas where traditional operators often face high deployment costs or logistical challenges. TELECOM 36 BUSINESS TODAY MIDDLE EAST | APRIL 2026
Amit Somani� ��� o� �ama � WHERE DO YOU SEE THE BIGGEST CONNECTIVITY GAPS IN THE MIDDLE EAST TODAY, AND HOW CAN THEY REALISTICALLY BE CLOSED? �he �iddle �as� �aries grea�l� when i� comes �o connec�i�i�� ga�s� based on si�e and ma��ri�� o� �heir �elecoms ne�works� �hile i� is ob�io�s �ha� �he mos� signi�ican� connec�i�i�� ga�s �ersis� in remo�e� o��shore� and in�ras�r�c��re�limi�ed areas s�ch as deser�s� r�ral comm�ni�ies� ind�s�rial si�es� and mari�ime en�ironmen�s� e�en in �rban or semi��rban areas� connec�i�i�� iss�es are o��en �aced �ha� can easil� be o�ercome b� sa�elli�e al�erna�i�es� �iber connec�i�i�� WWW.BUSINESSTODAY.ME 37
de�ends on �ndersea cables� �� ne�works de�end on seamless backha�l� all o� which can become conges�ed� or e�en c�� com�le�el� when �he �ne��ec�ed ha��ens� �esilience is inheren�l� b�il� in�o �he ��arlink s�s�em� wi�h m�l�i�le sa�elli�es in �iew a� an� �oin� in �ime� �n com�arison� geos�a�ionar� sa�elli�e links are anchored �o a single sa�elli�e� o��en wi�h a �ro�rie�ar� ne�work la�er� which makes i� e��remel� di��c�l� �o migra�e �o ano�her sa�elli�e in �he e�en� o� a �ail�re in s�ace� �� enabling seamless� reliable co�erage across �nderser�ed areas� sa�elli�e ne�works can s�reng�hen na�ional digi�al resilience and hel� economies across �he region accelera�e �heir digi�al��rans�orma�ion agendas� HOW IS LOW EARTH ORBIT TECHNOLOGY, THROUGH PLATFORMS LIKE STARLINK, CHANGING THE ECONOMICS OF CONNECTIVITY FOR BUSINESSES? �o��om line� �he economics ha�e com�le�el� shi��ed �rom �re�io�s genera�ions o� sa�elli�e connec�i�i�� o��erings� and ��arlink o��ers �remi�m connec�i�i��� ��ali��� a��ordabili��� and ease o� �se when com�ared �o older �echnologies� �he ease o� �se sho�ld no� be �nderes�ima�ed� No� onl� are �he �ser �erminals m�ch more a��ordable� �he� are also sim�le �o ins�all and mo�e aro�nd� making ��arlink a m�ch be��er al�erna�i�e com�ared �o more com�le� sa�elli�e�based o��erings �rom o�her com�anies� ��� �echnolog� is resha�ing b�siness connec�i�i�� b� remo�ing �he �radi�ional cos� barriers �ied �o �h�sical ne�works� �ns�ead o� wai�ing �or �bre lines or in�es�ing in com�le� in�ras�r�c��re� com�anies can access high�s�eed� low�la�enc� in�erne� ins�an�l�� wi�h be��er economics� �his shi�� enables �as�er de�lo�men�� �redic�able cos�s� and reliable ser�ice across loca�ions where �radi�ional �ro�iders s�r�ggle� ��� also s�reng�hens b�siness con�in�i��� �i�h de�endable �rimar� or back�� connec�i�i��� organisa�ions a�oid cos�l� down�ime and sa�eg�ard �rod�c�i�i��� es�eciall� in sec�ors where �nin�err���ed digi�al access is mission�cri�ical� s�ch as heal�hcare� ed�ca�ion� research� and emergenc� ser�ice� �a�enc� being so low is ano�her clear bene��� ��arlink la�enc� is as low as �� milliseconds� com�ared �o �� �o aro�nd ��� milliseconds �or geos�a�ionar� al�erna�i�es� �a�enc� signi�can�l� im�ac�s en�er�rises b� a��ec�ing �ser e��erience� �rod�c�i�i��� and� �l�ima�el�� �ro�i�abili��� �or ins�ance� high la�enc� can hinder online �ransac�ions� red�ce �he acc�rac� o� �rades in �inancial marke�s� and nega�i�el� im�ac� real��ime a��lica�ions� like �ideo con�erencing� �n ind�s�rial se��ings� low la�enc� is cr�cial �or a��lica�ions like real��ime con�rol and a��oma�ion� where e�en minor dela�s can ha�e serio�s conse��ences� WHAT INDUSTRIES IN THE REGION STAND TO BENEFIT THE MOST FROM RELIABLE HIGH SPEED CONNECTIVITY IN REMOTE OR HARD-TO-REACH ENVIRONMENTS? �e�eral ind�s�ries s�and �o gain signi�ican�l� �rom high�s�eed sa�elli�e connec�i�i��� es�eciall� �hose o�era�ing in challenging or geogra�hicall� dis�ersed TELECOM 38 BUSINESS TODAY MIDDLE EAST | APRIL 2026
en�ironmen�s� �ec�ors s�ch as oil and gas� o��shore and mari�ime �ee�s� and remo�e ind�s�rial o�era�ions rel� hea�il� on s�able comm�nica�ions �or sa�e��� �rod�c�i�i��� and real��ime da�a access� �ri�ical ��blic�sec�or ser�ices� incl�ding hos�i�als� schools� research ins�i���ions� and emergenc� res�onse �eams� also bene�� �rom �nin�err���ed digi�al access� ens�ring essen�ial o�era�ions con�in�e smoo�hl� e�en when �erres�rial ne�works �all shor�� �oge�her� �hese ind�s�ries gain a s�rong �o�nda�ion �or con�in�i��� digi�al �rans�orma�ion� and im�ro�ed ser�ice deli�er� across �he region� HOW DO YOU SEE SATELLITE NETWORKS RESHAPING THE COMPETITIVE LANDSCAPE FOR TRADITIONAL TELECOM OPERATORS IN THE COMING YEARS? �a�elli�e connec�i�i�� is o�ening new �erri�ories �or digi�al ser�ices� s�reng�hening b�siness con�in�i��� and s���or�ing cri�ical sec�ors s�ch as energ�� mari�ime� heal�hcare� ed�ca�ion� and emergenc� res�onse� areas where �radi�ional o�era�ors o��en �ace high de�lo�men� cos�s or logis�ical challenges� �a�her �han com�e�ing head��o� head wi�h mobile ne�works� sa�elli�e ne�works are resha�ing �he marke� b� �lling co�erage ga�s� enabling be��er and chea�er cell�lar backha�l� enabling h�brid sol��ions� and gi�ing o�era�ors new wa�s �o deli�er reliable ser�ice across wider geogra�hies� �his shi�� �l�ima�el� accelera�es na�ional digi�al �rans�orma�ion and raises �he o�erall s�andard o� connec�i�i�� across �he region� WHAT ROLE WILL CONNECTIVITY PLAY IN ENABLING THE NEXT PHASE OF DIGITAL TRANSFORMATION ACROSS THE GULF ECONOMIES? �onnec�i�i�� will �l�ima�el� de�ine how �ar and how �as� ��l� economies can ad�ance in �heir ne�� cha��er o� �n �ha� sense� ad�anced sa�elli�e connec�i�i�� doesn’� ��s� close co�erage ga�s� i� �nlocks o��or��ni��� �� gi�es na�ions con�dence �ha� �heir digi�al ambi�ions can scale in line wi�h �heir social and economic ambi�ions� �onnec�i�i�� is �he �o�nda�ion ��on which ����re inno�a�ions can be b�il� � i� is no� ��s� an enabler o� �rans�orma�ion� i�’s �he ca�al�s� �or �he ne�� era o� grow�h� digi�al �rans�orma�ion� �s �he region ��shes �oward smar�er ind�s�ries� more resilien� na�ional s�s�ems� and ��ll� digi�al ��blic ser�ices� �he real di��eren�ia�or will be �he abili�� �o s�a� seamlessl� connec�ed� �ha� once de�ended on �h�sical in�ras�r�c��re will now be enabled b� �bi��i�o�s� high��er�ormance ne�works �ha� em�ower �rogress wi�ho�� geogra�hic limi�s� WWW.BUSINESSTODAY.ME 39
ENTREPRENEURSHIP F or many business owners, the early stages of building something from scratch are de�ned b� one sim�le habi� which is saying yes to everything. Yes, to every client enquiry, every o��or��ni��� e�er� las��min��e re��es�� and every hour required to make it work� �� is o��en glori�ed �his wa� o� working as it should be. The long days, the late nights, and the weekends sacri�ced in �he name o� grow�h� �his level of commitment is often necessary in the beginning. Building a business requires resilience, consistency, and an enormous amount of effort. It is what creates momentum, fills the diary, and begins to generate income. �owe�er� wha� is rarel� s�oken abo�� is wha� ha��ens ne��� BY KATIE GODFREY IF WORK STOPPED TOMORROW, WOULD THE BUSINESS CONTINUE TO GENERATE INCOME? As the business grows, so do the demands. The diary becomes b�sier� e��ec�a�ions increase� and ins�ead o� �hings easing� �he �ress�re in�ensi�es� �ha� once �el� e�ci�ing can begin to feel overwhelming, and many business owners find themselves quietly questioning whether this is wha� �he� signed �� �or� �� is no� �ncommon �o reach a �oin� where your work feels heavier than it ever did in a ��� �ob� wi�h less s�r�c��re� less time off, and in some cases, less �nancial reward� This is where many realise that, rather than building a business, they ha�e inad�er�en�l� crea�ed a �ob �or themselves and often a far more demanding one. Sometimes not even a �ob b�� a �er� e��ensi�e hobb�� How to go from overworked to actually owning your time (and income). 40 BUSINESS TODAY MIDDLE EAST | APRIL 2026
�he reali�� is �ha� mos� �eo�le do no� go in�o b�siness solel� �or �nancial gain� �hile income is� o� co�rse� im�or�an�� �he dee�er dri�ers are �s�all� �e�ibili��� �reedom� and �he ability to take control of how time is s�en�� �e� wi�ho�� conscio�s decisions as the business grows, the outcome can look very different. �hen income becomes direc�l� �ied �o �ersonal o������ and e�er��hing relies on one individual to function, s�e��ing awa� is no longer an o��ion without everything coming to a halt. At this stage, it becomes essential to �a�se and reconnec� wi�h �he original intention behind starting the business. �ha� was �he goal� �ore �ime wi�h family, greater autonomy, financial sec�ri��� or sim�l� a be��er ��ali�� o� li�e� �hen �his �wh�� is �orgo��en� i� is easy to fall into a cycle of constant doing� where da�s are s�en� reac�ing rather than leading. One of the most common contributors to feeling overworked is a lack of clear boundaries. In an effort �o �ro�ide a grea� ser�ice and kee� clien�s ha���� man� b�siness owners make themselves available at all times. �essages are answered ins�an�l�� work s�ills in�o e�enings� and �he line be�ween �ersonal and �ro�essional life becomes increasingly blurred. �hile �his ma� �eel like good c�s�omer service, it often leads to burnout and diminishing returns. �o�ndaries� when im�lemen�ed correctly, do not create distance; they create clarity. They allow clients and �eams �o �nders�and e��ec�a�ions� s�ch as working ho�rs and res�onse �imes� while also �ro�ec�ing �he b�siness owner’s energ� and �oc�s� �hen �here is s�ace �o swi�ch o��� the quality of work delivered during working ho�rs im�ro�es signi�can�l�� Energy is no longer diluted across cons�an� in�err���ions� and decisions can be made with greater clarity and intention. Alongside boundaries, time management becomes a crucial factor in regaining control. It is not sim�l� abo�� being organised� b�� about being deliberate with how �ime is alloca�ed� �an� b�siness owners o�era�e in a cons�an� s�a�e o� busyness, moving from task to task without a clear structure, which often res�l�s in �eeling �rod�c�i�e wi�ho�� making meaning��l �rogress� Creating structure within the week, whether through time blocking, dedica�ing s�eci�ic da�s �o cer�ain tasks, or defining clear start and �nish �imes� allows �or grea�er �oc�s and e��cienc�� ��s� as im�or�an�l�� i� ens�res �ha� �ersonal �riori�ies� s�ch as e�ercise� social �ime� and �ro�essional de�elo�men�� are no� con�in�all� ��shed aside� �hese are no� l���ries� b�� essen�ial com�onen�s of maintaining the energy required to run a business effectively. However, there is a natural limit to wha� one �erson can achie�e alone� No ma��er how dri�en or ca�able� a��em��ing �o do e�er��hing ine�i�abl� leads �o e�ha�s�ion and s�agna�ion� Building a team is often the turning �oin� be�ween a b�siness �ha� relies entirely on its owner and one that has �he ca�aci�� �o grow� �his does no� sim�l� mean hiring �eo�le� but leading them effectively. Clear s�s�ems� �raining� and e��ec�a�ions are wha� enable a �eam �o o�era�e con�iden�l� and consis�en�l�� �hen individuals understand their roles and res�onsibili�ies� �he� become an e��ension o� �he b�siness� con�rib��ing not only to the workload but also to its grow�h and �ro��abili��� �� is a� �his �oin� �ha� �o� will see the business change. Instead of being solel� de�enden� on �he owner’s �ime� it starts to function as a collective effort, where income can be generated wi�ho�� cons�an� �ersonal in���� �his crea�es �he s�ace �or �he b�siness owner �o s�e� back �rom da���o� da� �asks and �oc�s on higher�le�el ac�i�i�ies �ha� dri�e long��erm grow�h� �orking on �he b�siness� ra�her �han solel� in i�� is where �r�e ownershi� begins� �his incl�des re�ning s�s�ems� e��loring new re�en�e s�reams� strengthening the brand, and making strategic decisions that move the b�siness �orward� �� re��ires s�e��ing out of the comfort zone of being busy and in�o a �osi�ion o� leadershi�� � o��en ask� ��� work s�o��ed tomorrow, would the business continue �o genera�e income�� �� �he answer is no� �hen �here is an o��or��ni�� �o b�ild something more sustainable, whether �hro�gh �eam de�elo�men�� s�s�ems� or income streams that are not directly tied to time. Ultimately, the transition from feeling overworked to genuinely owning both time and income is not about doing more, but about doing things differently. It requires a shift in mindset, from reacting to leading, �rom doing e�er��hing �ersonall� �o b�ilding s���or�� and �rom �rading �ime for money to creating a business that works beyond individual effort. The goal of starting a business was never to be busy. It was to create something �ha� �ro�ides bo�h �nancial reward and �ersonal �reedom� �i�h �he righ� s�r�c��re� bo�ndaries� and s���or� in �lace� �ha� o��come is no� onl� �ossible� b�� en�irel� wi�hin reach� Katie Godfrey, Business Strategist, Podcaster and Best selling Author ��e� o�� �he �ools� WWW.BUSINESSTODAY.ME 41
REAL ESTATE INVESTMENT John Stevens, CEO of Chestertons MENA, reveals how global investors are learning to pick their real estate battles in the UAE and Saudi Arabia. C A P I TA L I S G E T T I N G BY AYA ZHANG 42 BUSINESS TODAY MIDDLE EAST | APRIL 2026
H OW DO YOU SEE THE REAL ESTATE INVESTMENT LANDSCAPE IN THE UAE AND SAUDI ARABIA EVOLVING AS THESE MARKETS MATURE AND ATTRACT A MORE SOPHISTICATED CLASS OF GLOBAL INVESTORS? As the UAE and Saudi Arabia mature, we are seeing a clear transition from transaction-led growth to strategy-driven institutionally aligned investment. �he ��� remains �he region’s mos� established and transparent real estate market, having already gone through multiple cycles of institutionalisation. �ha� ma��ri�� is now re�ec�ed in more disciplined capital behaviour, stronger governance expectations, and a greater focus on income durability and asset quality rather than short- term momentum. Saudi Arabia, in particular, is at an im�or�an� in�ec�ion �oin�� �he grad�al opening of the market to foreign ownership, albeit still regulated, combined with Vision 2030-led development and broader economic di�ersi�ca�ion ini�ia�i�es� is widening �he investor base and increasing the need for structured, on-the-ground advisory. What differentiates this phase of market maturity is that capital is becoming more selective. Investors are no longer pursuing exposure for growth alone, but are increasingly focused on governance, long-term fundamentals, and execution capability. Across both markets, we are seeing a convergence toward institutional behaviour, where local insight must be paired with global standards. Advisory quality and disciplined delivery now carry as much weight as the opportunity itself. WWW.BUSINESSTODAY.ME 43
WHAT ARE THE MOST IMPORTANT STRUCTURAL SHIFTS YOU ARE OBSERVING IN HOW INVESTORS EVALUATE REAL ESTATE OPPORTUNITIES IN THE MENA REGION TODAY COMPARED TO PREVIOUS MARKET CYCLES? Investor behaviour today is markedly more analytical and risk-aware than in earlier cycles. There is far less reliance on headline yields or market momentum, and a much stronger focus on what actually underpins performance over time. In the UAE, where longer data histories and clearer regulatory frameworks are in place, investors are applying more rigorous underwriting standards, a shift that is now starting �o be re�ec�ed more widel� across the region. Investors are now looking closely at asset quality, income durability, tenant covenant strength, and lease structures, alongside a far deeper assessment of governance, regulatory clarity, capital controls, and exit visibility. There is also a growing John Stevens, CEO of Chestertons MENA As the UAE and Saudi Arabia mature, we are seeing a clear transition from transaction-led growth to strategy-driven institutionally aligned investment. REAL ESTATE INVESTMENT 44 BUSINESS TODAY MIDDLE EAST | APRIL 2026
expectation that real estate should be managed as an operating business, not simply traded as an asset. Environmental and sustainability considerations are increasingly embedded into decision-making, particularly among institutional capital, and are now viewed as drivers of resilience and value rather than compliance obligations. Overall, the market has become more disciplined. Capital is still available, but it is more patient, more selective, and far more focused on execution risk and downside protection than in the past. This re�ec�s a broader ins�i���ionalisa�ion of the market, where investment committees and capital partners are applying global benchmarks to regional opportunities. CHESTERTONS IS EMPHASISING A MORE INTEGRATED, DATA- DRIVEN ADVISORY APPROACH. HOW IS DATA CHANGING THE WAY REAL ESTATE DECISIONS ARE MADE AT THE INSTITUTIONAL AND HIGH-NET- WORTH LEVEL? Data is now central to how sophisticated investors approach real estate. Decisions are no longer driven primarily by sentiment or relationships, but by real-time intelligence, scenario analysis, and portfolio-level performance assessment. In the UAE, increased market transparency and data availability have already transformed how institutional investors assess risk and capital allocation. In Saudi Arabia, improving data quality is starting to drive a similar shift. At both the institutional and high-net-worth level, investors are increasingly using data to understand risk, stress- test assumptions, and compare opportunities across markets and asset classes. This allows for much more precise capital allocation and, importantly, better downside management. While the UAE has made meaningful progress in institutionalising governance and reporting standards, execution risk remains a consideration across the region, especially on large- scale or complex developments where delivery timelines, cost control, and operational readiness can materially impact IRR. In some cases, there is still a disconnect between projected returns and the management intensity, governance, and operational discipline required to deliver them. As global capital becomes more active in the region, expectations are increasingly shaped by mature international markets. Closing these gaps will be critical to sustaining long-term investor confidence and maintaining momentum. AS MARKETS BECOME MORE COMPETITIVE, WHAT DIFFERENTIATES A REAL ESTATE ADVISORY FIRM IN DELIVERING LONG-TERM VALUE BEYOND TRADITIONAL BROKERAGE SERVICES? In a more competitive environment, differentiation comes from depth rather At Chestertons, this has reinforced the move toward a fully integrated advisory model. By aligning research, valuation, and transactional insight, we provide a “single source of truth” across the investment lifecycle. Data does not replace experience or ��dgmen�� b�� i� signi�can�l� enhances transparency, reduces uncertainty, and supports more informed decision- making. Increasingly, it is also enabling clients to move faster with greater conviction, which is critical in competitive markets. WHERE DO YOU SEE THE BIGGEST GAPS TODAY BETWEEN INVESTOR EXPECTATIONS AND THE ACTUAL EXECUTION OR TRANSPARENCY WITHIN REGIONAL REAL ESTATE MARKETS? Despite the progress made across the region, there are still areas where expectations and reality do not always align. This is most evident around data consistency, reporting standards, and transparency at both the asset and developer level, particularly in emerging or rapidly evolving segments. WWW.BUSINESSTODAY.ME 45
Data does not replace experience or judgment, but ���������������� enhances transparency, reduces uncertainty, and supports more informed decision- making. away from opportunistic, short-term investment toward more structured, partnership-driven strategies. Investors are placing greater emphasis on local relationships, operational expertise, and alignment with national development objectives. This is why Chestertons is aligning its structure to meet these needs, including our intent to relocate our global headquarters to Saudi Arabia �o be��er ser�e �his cross�border in���� �his �osi�ioning re�ec�s o�r �iew �ha� proximity to capital and clients will be a key differentiator in the next phase of market evolution. LOOKING AHEAD, WHAT DO YOU BELIEVE WILL DEFINE A TRULY RESILIENT AND HIGH- PERFORMING REAL ESTATE MARKET IN MENA OVER THE NEXT DECADE? Over the next decade, resilience will be de�ned less b� headline grow�h and more by the successful balance of scale and sustainability. The strongest markets will be those that combine regulatory transparency with consistent governance, supported by reliable data and professional asset management standards. Central to long��erm resilience is a marke�’s capacity to innovate, ensuring a competitive edge that is supported by a robust and transparent Ease of Doing Business environment. The UAE already demonstrates many of these characteristics, while Saudi Arabia is progressing rapidly �oward �hem� �conomic di�ersi�ca�ion will remain a critical driver of real demand, while sustainability and technology will play an increasingly central role in how assets are designed, operated, and managed. This includes not only energy e��cienc� and green b�ildings� b�� also the intelligent use of data and technology to enhance performance over time. Ultimately, high-performing markets will be those that can deliver stable, risk-adjusted returns across cycles, underpinned by discipline, transparency, and long-term thinking. Those markets that successfully institutionalise these principles will be best positioned to attract and retain global capital. Both the UAE and Saudi Arabia are progressing along this path, albeit at different stages of maturity. than volume. Investors are no longer looking for transactional support alone; they are looking for long- term partners who understand both the local market and the standards expected by global institutional capital. In the UAE, where the market is increasingly crowded, value is added by firms that can navigate complex regulatory frameworks and provide cross-border connectivity. True value is delivered through integrated, end-to-end advisory. This means moving beyond “the deal” to support clients not just at the point of acquisition, but throughout asset management and ultimately at exit. �or a �rm like �hes�er�ons� wi�h more than 220 years of heritage, true differentiation lies in becoming a strategic partner rather than a mere intermediary. Credibility is built on consistent delivery, disciplined advice, and alignment with client objectives over the long term. That level of alignment is increasingly what sophisticated investors value most. HOW IMPORTANT IS THE ROLE OF CROSS-BORDER CAPITAL IN SHAPING REAL ESTATE STRATEGIES IN THE UAE AND SAUDI ARABIA, AND WHAT TRENDS ARE YOU SEEING IN INVESTOR ORIGIN AND BEHAVIOR? �ross�border ca�i�al is �he de�ning force for the next decade. While the UAE has long been a global cross-border hub, we are seeing a shift in behaviour from purely private wealth toward more structured ins�i���ional and �amil� o��ce in�ows from Europe, Asia, and North America. In Saudi Arabia, cross-border in�eres� is �la�ing a de�ning role in shaping real estate strategy. What has changed is the sophistication of the entry strategy; there is a clear move REAL ESTATE INVESTMENT 46 BUSINESS TODAY MIDDLE EAST | APRIL 2026
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�������������������������������������������� �������������������� S P E C I A L F E AT U R E Influential Women in Saudi Arabia TOP 10 48 BUSINESS TODAY MIDDLE EAST | APRIL 2026
�a�di �rabia’s �rans�orma�ion �nder �ision ���� has �rod�ced some�hing �ha� wo�ld ha�e been �n�hinkable a genera�ion ago� a cohor� o� women a� �he �er� �o� o� �nance� di�lomac�� media� �echnolog� and in�erna�ional go�ernance� �emale labo�r �orce �ar�ici�a�ion has risen �rom ��� �o o�er ���� s�r�assing �he original �ision ���� �arge� ahead o� sched�le� ��� �he �en women on �his lis� re�resen� some�hing be�ond s�a�is�ics� �he� are �he �ioneers who b�il� �he �a�h� and who are s�ill walking i�� WWW.BUSINESSTODAY.ME 49
Sarah Al-Suhaimi F ew fig�res in S��di ��siness histor� ��rr� the weight th�t ���n� �����n does� She �eg�n her ��reer �t the �����n �in�n�ing �om��n� in ����� �t � time when women in S��di �or�or�te �e�dershi� were �irt����� �nhe�rd of� �nd s�ent the fo��owing fo�r de��des ��iet�� resh��ing wh�t w�s �ossi��e� She ser�ed �s ��� for o�er �� �e�rs �efore ste��ing into the �h�irm�nshi� of �he �����n �ro���s �or�or�te �o�rd� �n ����� she �e��me �h�ir of S��di �ww�� ��nk �S���� one of the kingdom�s most signifi��nt fin�n�i�� instit�tions� She w�s ��so the first wom�n to �oin the �o�rd of � S��di��isted �om��n�� �n ��to�er ����� she w�s ���ointed �o��h�ir of the �S�S��di ��siness �o�n�i� ��ongside �iti ��� ��ne �r�ser� re�e�ting her end�ring ro�e �s the �ridge �etween S��di �nd g�o��� ��siness� �����n ho�ds �ositions on � n�m�er of g�o��� �d�isor� �odies� in���ding �k��nk� ��nk of �meri��� ��k���t� �ong �ong ���h�nges �nd ��e�ring ������� �nd �ot���nergies� She ��so ser�es �s � Senior �d�isor to �h�th�m �o�se �nd is ��rt of the ��o��� �o�rd of �d�isors �t the �o�n�i� on �oreign �e��tions� ��ongside this� she is � tr�stee of �oth ��� �nd the �or�d ��onomi� �or�m� � mem�er of the �si� ��siness �o�n�i�� �nd � �o�rd dire�tor �t �em�sek �r�st�s �hi��nthro�� �si� ���i�n�e� �er �hi��nthro�i� work in���des �e�ding the S��im�n S� �����n �o�nd�tion �s �resident �nd �h�iring ��f�n�r� � �����sed org�nis�tion wide�� re�ognised �s the first �ent�re �hi��nthro�� initi�ti�e in the �r�� wor�d� �����n is not mere�� � tr�i�����er� She is the st�nd�rd �g�inst whi�h S��di women in ��siness �ontin�e to �e me�s�red� S �r�h ���S�h�imi h�s �e�ome one of the defining fig�res of S��di �r��i��s fin�n�i�� tr�nsform�tion� o�er�ting �t the interse�tion of ���it�� m�rkets� �or�or�te go�ern�n�e �nd n�tion�� e�onomi� str�teg�� �n ��n��r� ����� she w�s ���ointed �h�ir�erson of ��tion�� Shi��ing �om��n� of S��di �r��i�� where she now o�ersees the str�tegi� dire�tion of one of the region�s �e�ding �ogisti�s �nd tr�ns�ort�tion gro��s �s it e���nds g�o����� in �ine with �ision ����� She is �est known �s �h�ir of S��di ��d�w�� �ro�� sin�e ����� where she o�ers�w � �eriod of m�rket tr�nsform�tion� in���ding g�o��� inde� in���sion �nd the ��ndm�rk ��� of S��di �r�m�o� ��d�w�� h�s sin�e e�o��ed into � f���� integr�ted m�rket infr�str��t�re ���tform� ��r�ier in her ��reer� ���S�h�imi ser�ed �s ��� of S�� ���it�� �former�� ��� ���it��� from ���� to ����� where she �ed the firm�s tr�nsform�tion into one of the region�s �e�ding �sset m�n�gers �nd in�estment ��nks� signifi��nt�� e���nding its �ssets �nder m�n�gement �nd instit�tion�� re��h� �e�ond her e�e��ti�e ro�es� she ser�es �s �h�ir of ����rd�s fin�n�i�� �d�isor� ��siness in ���� �nd ho�ds �o�rd �ositions �t st� �nd S��di �r��i�n �ir�ines� ��ross these ro�es� ���S�h�imi �ontin�es to sh��e the str�tegi� �nd instit�tion�� fr�meworks �nder�inning S��di �r��i��s e�onomi� di�ersifi��tion� e�tending her in��en�e we�� �e�ond ���it�� m�rkets� Lubna Olayan CHAIRPERSON OF THE BOARD OF DIRECTORS, NATIONAL SHIPPING COMPANY OF SAUDI ARABIA (BAHRI) CHAIR OF THE CORPORATE BOARD, OLAYAN GROUP 50 BUSINESS TODAY MIDDLE EAST | APRIL 2026
Princess Reema bint Bandar Al Saud W hen ����� �rin�ess �eem� �int ��nd�r �� S��d w�s ���ointed S��di �r��i��s �m��ss�dor to the �nited St�tes in �e�r��r� ����� she m�de histor� �s the first wom�n in the kingdom�s histor� to ser�e �s �m��ss�dor� She h�s he�d the ro�e �ontin�o�s�� sin�e� re�resenting S��di �r��i� thro�gh two ��S� �dministr�tions �nd �d��n�ing the �ingdom�s e�onomi�� ���t�r��� �nd di��om�ti� initi�ti�es� �efore di��om���� her ��reer w�s rooted in the �ri��te se�tor �nd ����i� �d�o����� She ser�ed �s ��� of ��f� �ntern�tion�� � ��r�e� �i�ho�s �i��dh from ���� to ����� where she �ommissioned one of the kingdom�s first st�dies on work����e ��rriers for women �nd o�ened its first in�offi�e �hi�d��re �entre� She ��ter �ed women�s �ff�irs �t the S��di �ener�� S�orts ��thorit� �nd �e��me the first wom�n to �e�d � m��ti�s�ort feder�tion in the kingdom� �er �m��ss�dori�� ro�e e�tends �e�ond �i��ter�� re��tions � She is � mem�er of the �ntern�tion�� ���m�i� �ommittee �nd ser�es on m��ti��e ��� �ommissions� in���ding those for gender e����it�� di�ersit� �nd in���sion� �rin�ess �eem� ����s �n ongoing ro�e in fostering S��di �r��i��s intern�tion�� ��rtnershi�s �nd initi�ti�es� H ��� �eem�h ����h�� ho�ds � tit�e th�t is �oth histori� �nd �onse��enti�� � she is the fo�nding Se�ret�r�� �ener�� of the �igit�� �oo�er�tion �rg�nis�tion ������ �nd the first S��di wom�n to �e�d �n intern�tion�� org�nis�tion� ���ointed in ���� �nd re���ointed in ��� ���� for � se�ond fo�r��e�r term� she �e�ds � m��ti��ter�� �od� dedi��ted e����si�e�� to digit�� e�onomi� �oo�er�tion� whi�h h�s grown from fi�e fo�nding mem�er st�tes to si�teen n�tions re�resenting o�er ���� tri��ion in �om�ined ��� �nd more th�n ��� mi��ion �eo��e� �efore �oining the ���� her ��reer in���ded senior ro�es �t �i�rosoft �nd �t the S��di �inistr� of �oreign �ff�irs� where she �ed its e�ser�i�es initi�ti�e� She ��ter ser�ed �s ��� of the ��tion�� �igit�� �r�nsform�tion �nit� �e�ding the �ingdom�s n�tion�� digit�� str�teg� �nd initi�ti�es s��h �s the S��di �odes �rogr�mme� whi�h tr�ined more th�n ��� mi��ion �eo��e in digit�� ski��s� She is ��so the fo�nder of �omen S��rk� � non��rofit th�t h�s tr�ined more th�n ������ women in the te�hno�og� ind�str� sin�e its in�e�tion in ����� �n ��r�h ����� she re�ei�ed the �e�hno�og� �i��om��� �w�rd �t �he �ontgomer� S�mmit � re�ognition of her work ��i�ding � new instit�tion from the gro�nd �� in one of the most �om��e� �ren�s in g�o��� go�ern�n�e� She ��so sits on the �o�rd of S��di ��tion�� ��nk� SECRETARY-GENERAL, DIGITAL COOPERATION ORGANISATION Deemah AlYahya SAUDI AMBASSADOR TO THE UNITED STATES WWW.BUSINESSTODAY.ME 51
Jomana Alrashid W hi�e her sister ���n� h�s sh��ed the �����n �ro���s �resen�e in the �idd�e ��st� ��th�m �����n h�s s�ent fo�r de��des ��i�ding its g�o��� in�estment �rm from �ew �ork� �s ��� �nd �resident of �����n �meri��� she o�ersees the gro���s �orth �nd So�th �meri��n in�estment �ortfo�io� �n ����� she �e��me the first S��di wom�n to �oin the �o�rd of � m��or �S ����i� �om��n�� �hermo ��e�tron �or�or�tion� � mi�estone th�t �re�eded �ision ���� �� ne�r�� three de��des� She h�s ser�ed �s � dire�tor of �org�n St�n�e� �nd w�s ���ointed to the �o�rd of �rookfie�d �sset ��n�gement in ��n��r� ����� ��th�m o�er�tes ��rge�� �w�� from the ����i� e�e� ��t her in��en�e on S��di �r��i��s intern�tion�� in�estment st�nding is �ong�est���ished �nd signifi��nt� J om�n� ��r�shid w�s ���ointed ��� of S��di �ese�r�h �nd �edi� �ro�� in ��to�er ����� �e�oming the first wom�n to �e�d the kingdom�s ��rgest integr�ted medi� gro��� �nder her �e�dershi�� S��� � whi�h re��hes o�er ��� mi��ion �eo��e wor�dwide thro�gh �� tit�es in���ding �sh�r� ����ws�t �nd �r�� �ews � h�s �ndergone � �om�rehensi�e digit�� tr�nsform�tion� forged g�o��� ��rtnershi�s with ��oom�erg �edi�� ��rner �ros� �is�o�er�� �he �nde�endent �nd �i���o�rd� �nd grown its re�en�es signifi��nt��� �n ����� she w�s ���ointed �h�irwom�n of the �ed Se� �ntern�tion�� �i�m �o�nd�tion� o�erseeing one of the region�s most �rominent ���t�r�� ���tforms� S��� re�orted re�en�es of ���� mi��ion in the first three ���rters of ���� �nd h�d tot�� �ssets of ���� �i��ion� She ��so ser�es on the �o�rds of �rg��m �n�estment �om��n� �nd �ing S��d �ni�ersit�� ��r�shid is the ��e�rest e��ression of wh�t S��di �r��i��s ���t�r�� �m�itions �ook �ike when � ������e o�er�tor is gi�en the m�nd�te to e�e��te them� Hutham Olayan CEO & PRESIDENT, OLAYAN AMERICA CEO & BOARD MEMBER, SAUDI RESEARCH AND MEDIA GROUP (SRMG) 52 BUSINESS TODAY MIDDLE EAST | APRIL 2026
Lama Al-Sulaiman D r� ��m� ���S���im�n is � �ioneering S��di ��siness �e�der �nd �d�o��te for in���si�e e�onomi� de�e�o�ment� She is �o�owner �nd �o�rd �em�er of �o���o �o�dings� � di�ersified f�mi�� ��siness� �nd ser�es on the �o�rds of �ingdom �o�ding �om��n�� �ed Se� �ntern�tion��� �nd the �ntern�tion�� �h�m�er of �ommer�e ����� ��e��ti�e �o�rd in ��ris� �n ����� she �e��me one of the first women e�e�ted to the �edd�h �h�m�er of �ommer�e �nd �nd�str�� ��ter ser�ing �s its �i�e �h�ir �nd �e�ding the �h�di��h �int �h�w�i�ed �enter to s���ort S��di ��sinesswomen� ��m� h�s re�resented the �ri��te se�tor �t intern�tion�� for�ms s��h �s the �ntern�tion�� ���o�r �rg�nis�tion ����� �nd the ���� �romoting gender e����it� �nd workfor�e ��rti�i��tion� �n ����� she m�de histor� �s one of the first fem��e m�ni�i��� �o�n�i� mem�ers in S��di �r��i�� resigning short�� there�fter in �rotest of renewed gender segreg�tion� � �ertified �o�rd dire�tor �nd str�tegi� �d�isor� she ��so mentors the ne�t gener�tion of �e�ders �nd ����n�es her ��reer with r�ising fo�r �hi�dren� B �sm�h ������m�n ho�ds � distin�tion th�t is e�s� to �nderst�te � she is the first ��� n�tion��� �nd the first wom�n� to ho�d � region�� �e�dershi� �osition �t the �nited ��tions �or�d �o�rism �rg�nis�tion� She h�s ser�ed �s ����� �egion�� �ire�tor for the �idd�e ��st sin�e ����� m�king her one of the most senior S��di women in intern�tion�� instit�tion�� go�ern�n�e� �er ��reer s��ns o�er �� �e�rs �t the S��di �ommission for �o�rism �nd ��tion�� �erit�ge� where she ��i�t � dee� e��ertise in destin�tion de�e�o�ment �nd to�rism �o�i��� She ��so est���ished the �or�d �o�rism ���dem� in S��di �r��i� in �oo�er�tion with the ������ �n ����� the �or�d ��nk re�ognised her �s one of the ���� region�s �o�ngest ���s� �t � moment when S��di �r��i� is st�king signifi��nt e�onomi� �m�ition on to�rism � from the �ed Se� �ro�e�t to �iri��h ��te � her ro�e �t the intern�tion�� �od� th�t sets g�o��� to�rism st�nd�rds ����es her �t � �ni��e�� im�ort�nt interse�tion of n�tion�� str�teg� �nd m��ti��ter�� in��en�e� REGIONAL DIRECTOR, MIDDLE EAST, UN WORLD TOURISM ORGANISATION Basmah Al-Mayman CO-OWNER & BOARD MEMBER OF ROLACO HOLDINGS WWW.BUSINESSTODAY.ME 53
Enji Al-Ghazzawi R �ni� ��sh�r m�de histor� in ���� when she �e��me the first fem��e ��� of S�m�� �in�n�i�� �ro��� one of S��di �r��i��s ��rgest ��nks� �er ���ointment w�s � ��ndm�rk moment in S��di �or�or�te go�ern�n�e � � sign��� �t the time� of how ��i�k�� the kingdom�s fin�n�i�� se�tor w�s e�o��ing� �n �e�r��r� ����� she mo�ed to the ����i� �n�estment ��nd �s �e�d of �om��i�n�e� �o�ern�n�e �nd Senior �d�isor� �er ro�e ����es her �t the he�rt of one of the kingdom�s most im�ort�nt e�onomi� instit�tions� the ����i� �n�estment ��nd� whi�h h�s grown to m�n�ge �ssets e��eeding �� tri��ion� She sits on the �o�rds of st�� the S��di ��d�w�� �ro��� the ��tion�� �enter for �erform�n�e �e�s�rement� the S��di S���e �ommission� �nd the S��di �o�o �eder�tion� �er tr��e�tor� � from �ioneering ��nk ��� to senior �d�isor �t ��� � re�e�ts the �ro�der stor� of S��di women mo�ing from �re�king indi�id��� ��rriers to sh��ing s�stemi� ones� E n�i ����h����wi �eg�n her ��reer �t �i��d ��nk in ����� ��er �� �e�rs� she worked her w�� thro�gh e�er� �e�e� of the instit�tion � �or�or�te ��nking� o�er�tions� ��� of o�er�tions� ��� of �or�or�te ��nking � �efore �e�oming �hief ��er�ting �ffi�er in ����� one of the most senior e�e��ti�e ro�es he�d �� � wom�n in S��di ��nking� �n ��r�h ����� she w�s ���ointed �hief ��m�n ���it�� �ffi�er� o�erseeing the �eo��e str�teg� of one of the kingdom�s m��or fin�n�i�� instit�tions� ��ring her ten�re� �i��d ��nk ���n�hed the first �� �entre in the S��di ��nking se�tor� �o����or�ted with S�� ��o��� on the �i��d ��nk S�� �nde�� �nd �osted � net �rofit of ���� �i��ion in the first nine months of ����� �er stor� � ��i�t entire�� within one instit�tion� ��ross ne�r�� three de��des of �onsistent �d��n�ement � is � different kind of S��di s���ess stor�� �ot � �ioneer �� ���ointment� ��t �� �ersisten�e� Rania Nashar CHAIR OF THE CORPORATE BOARD, OLAYAN GROUP CHIEF HUMAN CAPITAL OFFICER, RIYAD BANK HEAD OF COMPLIANCE, GOVERNANCE & SENIOR ADVISOR, PUBLIC INVESTMENT FUND (PIF) 54 BUSINESS TODAY MIDDLE EAST | APRIL 2026
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THE MAKING OF THE CAMEL ECONOMY Hesham Abd El Hakim, Acting CEO of Camelicious 56 BUSINESS TODAY MIDDLE EAST | APRIL 2026
Hesham Abd El Hakim, Acting CEO of Camelicious, is leading the transformation of a centuries-old tradition into a modern global camel milk business. C AMELICIOUS RUNS THE �OR�D’S ��R�EST CAMEL DAIRY FARM WITH NEARLY 7,000 CAMELS. HOW DID THE BRAND EVOLVE FROM A NICHE IDEA INTO � ��O��� ���E� �I�� BUSINESS? Camel milk has been part of Middle Eastern life for centuries, deeply connec�ed �o �he region’s c�l��re and heritage. Camelicious was founded in 2006 as part of Emirates Industry for Camel Milk & Products with a clear vision: to transform a traditional regional product into a modern, world- class dairy brand. Inspired by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the goal was not simply to produce camel milk, but to build a globally recognised UAE food innovation story. Over the years we have invested heavily in advanced farming technology, research and world-class production standards to ensure camel milk could be produced consistently and safely at scale. Today Camelicious operates the largest and most advanced camel dairy farm in the world in Dubai, home to nearly 7,000 camels and producing approximately three million litres of milk annually. By combining traditional knowledge with modern dairy science, Camelicious has helped move camel milk from a niche regional product into the global conversation around wellness, nutrition and alternative dairy. ���T �ERE T�E �I��EST �����EN�ES IN T�RNIN� ���E� �I��� TR�DITION���� �ONS��ED IN T�E RE�ION� INTO A SCALABLE COMMERCIAL PRODUCT? Camel milk production is fundamentally different from conventional dairy. Camels produce signi�can�l� less milk �han cows and require specialised care and farming expertise. Developing a system capable of maintaining high animal welfare standards while managing thousands of camels was one of the early operational challenges. At the same time, there was also the challenge of building awareness. Outside the Middle East, camel milk was relatively unknown to many consumers. Introducing it to international markets required education as much as production — helping people understand its n��ri�ional bene��s� heri�age and �he quality standards behind it. Scaling the category meant investing not only in farming and production, but also in research, product development and consumer awareness. Over time those investments have helped Camelicious build credibility and trust in markets both regionally and internationally. �S ��TIN� �EO� ���T �RE �O�R �E� �RIORITIES IN DRI�IN� T�E NE�T ���SE O� �RO�T� �OR ���E�I�IO�S� My focus is on continuing to build Camelicious as a global brand, while preserving the heritage and authenticity that make camel milk truly unique. BY AYA ZHANG WWW.BUSINESSTODAY.ME 57
There are three key priorities guiding our next phase of growth. �irs�� i�’s abo�� em�owering more consumers to discover camel milk, �he ���’s original s��er�ood� �hro�gh initiatives like our farm tours and our promise of farm to table in 48 hours, we want to bring people closer to the source, build trust and make camel milk part of everyday life - not just a niche product, but a daily ritual. Second, innovation remains at the heart of our strategy. We are continuously developing new products and formats that make camel milk more accessible, relevant and appealing to modern consumers, from functional offerings to convenient, on- the-go formats. And third, international expansion. As global demand for alternative dairy and functional nutrition accelerates, we see a strong opportunity to position camel milk on the world stage, proudly rooted in the UAE, but built for global consumers. Ultimately, Camelicious represents more �han a �rod�c�� ��’s a s�or� of how the UAE can take a deeply rooted tradition and transform it into a future-forward, globally relevant food category through innovation, research and responsible farming. CONSUMER DEMAND FOR ALTERNATIVE AND FUNCTIONAL D�IR� �ROD��TS IS RISIN� WORLDWIDE. HOW IS ���E�I�IO�S �OSITIONIN� ���E� �I�� IN T�IS ��O��� TREND? Camel milk naturally aligns with many of the trends shaping global food and wellness today. Consumers are increasingly looking for natural, functional foods that support balanced nutrition and overall wellbeing. �amel milk con�ains a rich �ro�le of vitamins, minerals and easily digestible proteins, and many cons�mers �nd i� gen�ler on diges�ion compared with traditional dairy products. As awareness around gut health, immunity and naturally functional nutrition continues to grow, camel milk is gaining recognition as a valuable alternative dairy option. Our role at Camelicious is to position camel milk not as a novelty, but as a credible, high-quality dairy product that fits naturally within modern lifestyles. T�E �R�ND ��S E���NDED INTO �ROD��TS �I�E CHOCOLATE AND ICE CREAM. HOW IMPORTANT IS DIVERSIFICATION TO YOUR �ON��TER� STR�TE��� �i�ersi�ca�ion �la�s a �er� im�or�an� role in helping camel milk reach a wider audience. While fresh camel milk remains at the heart of our brand, developing new product formats allows consumers to experience camel milk in ways that �� �heir e�er�da� li�es� THE MAKING OF 58 BUSINESS TODAY MIDDLE EAST | APRIL 2026
Products such as flavored milk, ice cream and chocolate allow us to introduce camel milk to new consumers who may be discovering it for the �rs� �ime� �hese �orma�s make the ingredient more accessible and enjoyable, particularly in international markets where consumers may be less familiar with camel dairy. �l�ima�el� di�ersi�ca�ion hel�s us build the category. It allows camel milk to move beyond a single product and become a broader dairy offering that appeals to different tastes, lifestyles and markets. �OO�IN� ��E�D� ��ERE DO YOU SEE CAMELICIOUS AND THE CAMEL DAIRY INDUSTRY IN T�E NE�T DE��DE� I believe the camel dairy industry is only just at the beginning to realise its global potential. As consumers continue to explore alternative dairy products and seek more natural sources of functional nutrition, camel milk is increasingly gaining recognition internationally. Over the next decade we expect to see greater awareness of the n��ri�ional bene��s o� camel milk� increased investment in research and production, and expansion into new markets around the world. Camelicious intends to remain at the forefront of that growth. Our goal is to continue leading innovation in camel dairy while maintaining the highest standards of quality, responsible farming and product development. In many ways Camelicious represents the future of how traditional products can evolve into global food innovations — combining heritage, science and modern consumer demand in a way that respects the past while building the future. WWW.BUSINESSTODAY.ME 59
AI Mohammed Alkhotani, Senior Vice President and General Manager, Middle East at Salesforce, explains why AI adoption in the UAE is strong but turning ambition into real business impact depends on data, systems, and execution. YOU REAP WHAT YOUR DATA SOWS BY AYA ZHANG 60 BUSINESS TODAY MIDDLE EAST | APRIL 2026
U AE MARKETERS TRUST AI MORE THAN THEIR GLOBAL PEERS, BUT ARE THEY OVERESTIMATING THEIR READINESS? The UAE market is not overestimating its ambition, it is moving with intent. There is a clear and justified con�dence in ��� re�ec�ed in how quickly organisations are embracing it and embedding it into customer engagement. That level of trust is, in itself, a competitive advantage. What we are seeing now is a natural transition from adoption to operational maturity. While many organisations have accelerated the deployment of AI capabilities, the focus is increasingly shifting to the foundations that allow those capabilities to deliver consistently and at scale. This is less about readiness in absolute terms, and more about alignment, bringing together data, systems, and teams to fully unlock the value of AI. The next phase for the market is about converting momentum into measurable impact, ensuring that AI is not just present in the experience, but driving outcomes in a way that is connected, scalable, and sustainable. WWW.BUSINESSTODAY.ME 61
IF DATA IS THE BIGGEST BOTTLENECK, WHY ARE SO MANY ORGANISATIONS STILL STRUGGLING TO FIX IT? Data bottlenecks are rarely a technology issue in isolation, they are structural and organisational. Most organisations have built up data across multiple systems over time, each designed �or a s�eci�c ��nc�ion� The challenge is not the absence of data, but the absence of cohesion. Bringing that together requires cross- functional alignment, sustained investment, and, increasingly, a clearer de�ni�ion o� ownershi� and accountability. There has also been a tendency to view data primarily as an enabler, rather than a strategic asset. In an AI- driven environment, that distinction becomes critical.. AI is only as effective as the data it can access, trust, and act upon. What we are seeing now is the shift of attention at the leadership level. Data is increasingly being recognised as central to growth, experience, and trust. Organisations that move decisively to unify and operationalise their data will be the ones that fully unlock the value of AI, translating insight into action in a way that is consistent, scalable, and measurable. WHAT DOES EFFECTIVE AI IN MARKETING ACTUALLY LOOK LIKE TODAY BEYOND PILOTS AND HYPE? Effective AI is no longer defined by experimentation or isolated use cases� �� is de�ned b� in�egra�ion and impact. At its most effective, AI enables organisations to move from static campaigns to dynamic, continuous engagement. It allows brands to respond in context, anticipate needs, and optimise interactions in real time. This is a fundamental shift from segment-based marketing to individual-level relevance. The real differentiator, however, is not the presence of AI tools, but how they are orchestrated across the organisation. Leading organisations Mohammed Alkhotani, Senior Vice President and General Manager, Middle East at Salesforce are embedding AI into decision-making �rocesses� work�ows� and c�s�omer journeys. They are measuring success in commercial terms, whether that is con�ersion� re�en�ion� or e��cienc�� In that sense, effective AI is not a layer. It is an operating model. It changes how organisations plan, execute, and evaluate marketing altogether. ARE BRANDS IN THE UAE REDESIGNING THE CUSTOMER JOURNEY FOR AI, OR JUST LAYERING AI ONTO OLD SYSTEMS? In the short term, most organisations have taken a layering approach. It is pragmatic and allows for rapid deployment. It also enables early proof points, which are important in building internal momentum. AI 62 BUSINESS TODAY MIDDLE EAST | APRIL 2026
The leading sectors share a common characteristic. They are directly linking AI adoption to measurable business outcomes. The financial services sector is a clear frontrunner. The sector operates in a highly competitive and regulated environment, which creates both the incentive and the discipline to use AI effectively. This is visible in areas such as personalised engagement, risk management, and o�era�ional e��cienc�� Retail and ecommerce are also advancing rapidly, driven by the need to optimise conversion and customer experience at scale. These sec�ors bene�� �rom high �ol�mes o� customer data and a strong focus on real-time interaction. The public sector in the UAE is a leading force in this space. With a clear strategic mandate around digital transformation and innovation, AI is being embedded into service delivery, enabling more proactive, efficient, and citizen- centric experiences at scale. What these sectors have in common is not just early adoption, but clarity of purpose, using AI to sol�e s�eci�c� high��al�e �roblems and embedding it into core operations rather than treating it as a standalone capability. WHAT WILL SEPARATE COMPANIES THAT SUCCEED WITH AI FROM THOSE THAT FALL BEHIND OVER THE NEXT TWO YEARS? �he de�ning �ac�or will be e�ec��ion discipline. First, data maturity will be cri�ical� �rganisa�ions wi�h a �ni�ed� trusted data foundation will have a structural advantage in deploying and scaling AI. Second, operational integration will matter more than strategy alone. The ability to embed AI into da���o�da� work�ows� align �eams aro�nd i�� and con�in�o�sl� re�ne i�s application will differentiate leaders from those who remain in pilot phases. Third, trust will become a competitive differentiator. As AI becomes more embedded in customer interactions, organisations will need to demonstrate transparency, accountability, and responsible data use. Finally, mindset will play a decisive role. The organisations that succeed will treat AI as a transformation of their operating model, not as an incremental enhancement. They will invest accordingly, build the right capabilities, and remain focused on outcomes rather than activity. Over the next two years, AI will move from advantage to expectation. The organisations that lead will be those that translate capability into consistent, measurable value. However, layering has inherent limitations. If the underlying systems remain fragmented, AI will amplify inconsistency rather than resolve it. Over time, this becomes a constraint on both scale and quality. What we are now beginning to see is a transition. More organisations are recognising that to fully realise the value of AI, they need to redesign elements of the customer journey and the supporting architecture. This includes how data is structured, how teams collaborate, and how decisions are made. The long-term advantage will go to those who design for AI natively, rather than those who continue to re�ro�� i� in�o legac� en�ironmen�s� WHICH SECTORS IN THE UAE ARE GENUINELY AHEAD IN TURNING AI INTO MEASURABLE BUSINESS IMPACT? WWW.BUSINESSTODAY.ME 63
FINTECH With 60 per cent of Dubai residents ����������������������������� projected to hit $5.71 billion by 2029, standing still is no longer an option for �������������������������� INNOVATE OR FALL BEHIND D �bai has ra�idl� emerged as one o� �he world’s �n�ech h�bs� d�e �o i�s ad�anced digi�al in�ras�r�c��re and s���or�i�e reg�la�or� en�ironmen�� a��rac�ing signi�can� in�es�men� and �he ne�� genera�ion o� en�re�rene�rs� �or e�am�le� ��bai has s�eci�call� �oc�sed on de�elo�ing �nancial �ones� incl�ding �he ��bai �n�erna�ional �inancial �en�re ������� which o��ers s���or�i�e meas�res s�ch BY GHADY RAYESS 64 BUSINESS TODAY MIDDLE EAST | APRIL 2026
as the Golden Visa for entrepreneurs �o hel� es�ablish new �rms as �ar� o� i�s �ro�b�siness en�ironmen�� �s an increasing n�mber o� �nancial �ro�iders ha�e commi��ed �o �ackling legac� banking challenges in �he region� �he ��� has ��ickl� become a �owerho�se o� inno�a�ion� where next-generation solutions are being widel� ado��ed across �n�echs� banks� b�sinesses� and end users. Digitalisation has transformed how �nancial ins�i���ions ser�e �heir c�s�omers� s�reamlining �rocesses �ha� were once �ime�cons�ming and �edio�s� allowing more �eo�le �han e�er �o access essen�ial banking ser�ices and manage �heir �nances �rom an�where� a� an� �ime� �oreo�er� as reg�la�or� clari�� aro�nd �ir��al asse�s con�in�es �o e�ol�e in �he ���� incl�ding �oc�sed �rameworks in �he ���� and o�her �inancial �ones� ins�i���ions are exploring regulated digital asset sol��ions� �his incl�des �r���o ��s�od� �alle�s and s�ablecoin in�ras�r�c��re �ha� can s���or� bo�h retail and institutional demand. �ec�re� com�lian� c�s�od� models and �okenisa�ion ca�abili�ies are becoming essen�ial elemen�s o� a modern �nancial ecos�s�em� �n �his en�ironmen�� where �echnolog� and inno�a�ion are �hri�ing� cons�mers increasingl� ha�e ele�a�ed e��ec�a�ions� �ar�ic�larl� sa���� digi�all� dri�en� �o�nger cons�mers� who e��ec� accessible� ins�an� ser�ices� �ccording to the latest Health ���hori�� s�a�is�ics� �� �er cen� o� ��bai residen�s are �nder ��� and i�’s �i�al �ha� ��� �nancial com�anies mee� �he e��ec�a�ions o� �his demogra�hic �or end��o�end� on�demand ser�ices and �a�men� e��eriences �o grow� a��rac�� and re�ain c�s�omers� �hese cons�mer �rends are being seen globall� and widel� across �he �iddle �as�� �o kee� �� wi�h �he demands o� modern cons�mers acc�s�omed �o ra�id change� �nancial ser�ice �ro�iders need �o o��er smoo�h onboarding� ins�an� digi�al ser�ices� real��ime ca�abili�ies� and highl� �ersonalised� da�a�dri�en �rod�c�s� �or e�am�le� a� ���� we recen�l� �ar�nered wi�h eNo�a�e� a s�bsidiar� o� e�inance �n�es�men� �ro��� a leading �ro�ider o� inno�a�i�e digi�al �a�men� sol��ions� �o la�nch �g���’s �rs� whi�e�label mobile a��lica�ion� �arge�ed a� �ni�ersi�� s��den�s who e��ec� smar�� engaging �inancial e��eriences �ha� �� seamlessl� in�o �heir dail� li�es� o�r �eams �ailored �he a�� and ado��ed a lean� mobile��rs� a��roach �o kee� �sers engaged� �inancial ins�i���ions m�s� ��grade their operating models to meet the needs of younger generations and main�ain a com�e�i�i�e edge� starting with adopting fully digital banking archi�ec��res �ha� s���or� end��o�end c�s�omer �o�rne�s� �rom digi�al onboarding and core banking integration to real-time payments and digital asset management. For e�am�le� as cons�mer beha�io�r increasingl� shi��s �owards digi�al �a�men� me�hods� �here is a growing demand for robust digital ser�ices� s�ch as �ard�as�a��er�ice ��aa��� which enables b�sinesses to seamlessly issue and manage �ir��al and �h�sical cards �hro�gh a clo�d�based �la��orm� �hese cards are a �as�� sa�e� and e��ec�i�e wa� �o dis�erse �a�men�s� manage e��enses� and carr� o�� a range o� �a�men� ser�ices� �ddi�ionall�� �� and ad�anced anal��ics are now core enablers o� ne���genera�ion digi�al banking �la��orms� �owering �ersonalisa�ion� risk insigh�s� and �ric�ionless e��eriences� �in�echs and banks need to explore how to safely deploy this �echnolog� �o �ro�ide �he da�a� dri�en� Ghady Rayess� Co-Founder and �anaging �irec�or a� ��� WWW.BUSINESSTODAY.ME 65
�ersonalised ser�ice c�s�omers ha�e come �o e��ec�� �o be s�ccess��l in a modern� digi�al socie��� �nancial ser�ices need �o be �ailored �o �he s�eci�c needs o� di��eren� c�s�omer gro��s� �� o��ers a sol��ion �o �his� as �achine �earning algori�hms can anal�se �as� amo�n�s o� da�a �o �redic� cons�mer beha�io�r� allowing �nancial ins�i���ions �o deli�er a more �ailored� c�s�omised e��erience based on �ni��e �ser �re�erences and beha�io�rs� �� im�lemen�ed correc�l�� �his ���dri�en �ersonalisa�ion will enhance c�s�omer sa�is�ac�ion and im�ro�e o�erall o�era�ional e��cienc�� �n emerging �rend �ha� all �nancial institutions should also be aware of is embedded �nance� in which �nancial ser�ices are seamlessl� in�egra�ed in�o non��inancial �la��orms� �his crea�es a more �ric�ionless c�s�omer �o�rne�� �or e�am�le� b� in�egra�ing ad�anced �a�men� s�s�ems direc�l� in�o re�ailers’ ser�ice o��erings� a smoo�her� �as�er� and more reliable checko�� �rocess is ens�red� where a �arie�� o� �a�men� me�hods and c�rrencies can be accommoda�ed� �ddi�ional �ea��res can also be embedded in�o a b�siness’s closed� loo� mobile walle�� a digi�al �a�men� s�s�em designed �or cons�mer �se wi�hin a s�eci�c brand or merchan� ne�work� �� embedding �ea��res s�ch as ins�an� re��nds� lo�al�� rewards� and �ersonalised o��ers� re�ailers and o�her b�sinesses can �ro�ide c�s�omers wi�h a seamless� all�in�one �a�men� and rewards e��erience� s�reng�hening engagement and retention. �longside embedded �inance� �okenisa�ion� and digi�al walle� in�ero�erabili�� are gaining �rac�ion across �he region� �ons�mers increasingl� e��ec� seamless FINTECH connec�i�i�� wi�h �hird��ar�� walle�s and con�ac�less ecos�s�ems� re��iring �nancial ins�i���ions �o ado�� sec�re �okenisa�ion �rameworks �ha� s���or� global �ro�isioning s�andards� �i�h �nancial ser�ices embedded in�o s�aces where cons�mers alread� sho�� work� �la�� and in�es�� cons�mers can checko�� seamlessl� and access ser�ices� s�ch as ins�rance and credi� ins�an�l� in �he e�ac� momen� �he� need �hem� �or e�am�le� �ollowing �he e��ansion o� e�commerce� �he ��� Now �a� �a�er ��N��� marke� in �he ��� is e��eriencing ra�id grow�h� �his �a�men� me�hod allows c�s�omers �o immedia�el� �nance ��rchases a� checko�� and �a� �hem back in ��ed ins�almen�s o�er �ime� ��bai is �he �rimar� h�b o� �N�� ac�i�i��� acco�n�ing �or nearl� �� �er cen� o� �ransac�ion �ol�me in �he ���� ��er �he ne�� �wo �o �o�r �ears� �he �N�� landsca�e in �he region is e��ec�ed �o become more com�e�i�i�e� �his e�ol��ion will likel� res�l� in more inno�a�i�e and di�ersi�ed �N�� o��erings� �mbedded �nance has also made �ar�nershi�s essen�ial� �or e�am�le� banks are increasingl� o��ering �anking�as�a��er�ice ��aa��� a �inancial �echnolog� sol��ion �ha� le�s non�bank b�sinesses direc�l� o��er ser�ices �radi�ionall� res�ric�ed �o licensed banks� �ar�nershi�s be�ween banks and agile �n�echs are also becoming increasingl� common� wi�h banks le�eraging �hird��ar�� e��er�ise �o enhance �heir ser�ices and in�egra�e new �ea��res s�ch as �N��� �his collabora�i�e model is also expanding into digital asset ser�ices� where banks and �n�echs are working �oge�her �o in�rod�ce com�lian� c�s�od� sol��ions and s�ablecoin�based se��lemen� models wi�hin reg�la�ed �rameworks� �he ���’s �in�ech marke� is �ro�ec�ed �o grow �o ��� ���� billion b� ����� and �� �er cen� o� ��� cons�mers now �se digi�al��rs� bank acco�n�s� �lacing �he region among �he world’s mos� ad�anced �n�ech ecos�s�ems� �ooking ahead� �nancial ser�ices will con�in�e �o e�ol�e as �he digi�al econom� accelera�es� digi�al banking ca�abili�ies ma��re� and reg�la�ed digi�al asse�s become more in�egra�ed in�o mains�ream �nancial in�ras�r�c��re� �o remain com�e�i�i�e� banks� �n�echs� and b�sinesses m�s� embrace con�in�o�s inno�a�ion� c���ing�edge sol��ions� and new o��or��ni�ies in a ra�idl� changing digi�al landsca�e� �� is onl� �hro�gh res�onding �o marke� change �ha� organisa�ions can s�a� ahead o� new �echnologies� �rends� and ser�ices� 66 BUSINESS TODAY MIDDLE EAST | APRIL 2026
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CARS Chery’s TIGGO 8 CSH doesn’t ask you to ��������������������������������������� ������������������� THE LONG GAME T here is a particular kind of freedom that comes with a full tank and an open road. The TIGGO 8 CSH, �he la�es� addi�ion �o �her� ���’s growing hybrid lineup, takes that feeling and extends it — to the tune of 1,200 kilometres on a full tank and a fully charged battery. For the driver who moves between cities, clients, and commitments without wanting to stop, that number means something. Chery UAE, represented in the country by AW Rostamani Group, has launched the TIGGO 8 CSH as part of its expanding Super Hybrid lineup. It is a car built around a simple but compelling premise: that you should not have to compromise on �er�ormance �o dri�e e��cien�l�� or sacri�ce com�or� �o dri�e smar�� THE TECHNOLOGY UNDERNEATH At the heart of the TIGGO 8 CSH is �her�’s �i��h�genera�ion h�brid platform, the CSH — short for Chery Super Hybrid. The name is deliberate. The platform is built around three principles: Super Range, Super Power, and Super Quiet. Together, �he� de�ne a dri�ing e��erience �ha� feels as capable on a highway sprint as i� does na�iga�ing �he s�o��s�ar� rh��hm o� ci�� �ra��c� The numbers are worth pausing on. Fuel consumption sits at just 1.9L per 100 km under WLTC standards � a �g�re �ha� wo�ld ha�e seemed unlikely in a vehicle of this size just a few years ago. A 1.5TGDI engine works alongside a stepless Super Hybrid DHT transmission, achieving �� �o ����� mechanical e��cienc�� generating 141 hp and 215 Nm of peak torque. For those moments when the road opens up, the TIGGO 8 CSH moves from 0 to 100 km/h in 8.5 seconds. And when conditions allow, it can cover up to 90 km on pure electric power alone — silently, smoothly, without a drop of fuel. The platform has been tested across 30 countries, in environments ranging �rom e��reme hea� �o high� speed highway driving. For UAE drivers who know what Gulf summers demand of a vehicle, that detail is not a footnote — it is a reassurance. DESIGNED TO BE NOTICED Step back and the TIGGO 8 CSH makes its presence felt immediately. Signature LED headlights sit 68 BUSINESS TODAY MIDDLE EAST | APRIL 2026
complete visibility around the vehicle. A full suite of intelligent driver assistance features — including Adaptive Cruise Control, Autonomous Emergency Braking, Forward Collision Warning, Blind Spot Detection, Lane Departure Prevention, and Integrated Cruise Assist — works quietly in the background to support confident, aware driving. A new chapter for Chery in the UAE Zaher Sabbagh, Director of Chery UAE, framed the launch plainly. “This model brings together intelligent h�brid �echnolog�� re�ned design� and the level of protection and connectivity �ha� �oda�’s dri�ers e��ec��� he said� “Introducing the TIGGO 8 CSH to the UAE market marks a necessary step toward meeting the demands of a new genera�ion o� mobili���� It is a considered statement for a considered car. The TIGGO 8 CSH is not chasing headlines with a single s�ando�� s�eci�ca�ion� �� is making a broader argument — that hybrid technology has matured to the �oin� where e��cienc�� �er�ormance� comfort, and design can all occupy the same vehicle without tension. The TIGGO 8 CSH is available now across Chery showrooms in the UAE. alongside automatic LED daytime running lights, framing a standout diamond grille that anchors the front �ascia wi�h ��ie� con�dence� ��ll� width LED taillights stretch across the rear� while bold ���inch allo� wheels complete a silhouette that feels considered rather than overworked. Sculpted side character lines run the length of the body, giving the car a sense of motion even when it is standing still. It is the kind of exterior design that works in the underground parking of a business hotel as well as it does pulling up to a weekend destination. Inside, where the detail lives Open the door and the cabin sets its tone immediately. Available in Black or Brown in�erior �nishes� �he ����� � ��� offers a level of refinement that feels deliberate at every touchpoint. ��l�i�colo�r ambien� ligh�ing and an illuminated pedal allow drivers to set the atmosphere for the journey ahead, while acoustic glass in both the front and rear windows keeps the outside world exactly where it belongs. Comfort has been thought through care��ll�� �he dri�er’s sea� o��ers �� �o ��wa� elec�ric ad��s�men�� wi�h memory, heating, and ventilation functions built in. The front passenger sea� mirrors m�ch o� �his wi�h ��wa� electric adjustment, ensuring that whoever is in the car is catered for, not just the person behind the wheel. A panoramic sunroof draws natural light into the cabin, and the interior has been designed to offer generous space for both passengers and l�ggage wi�ho�� sacri�cing �he sense o� re�nemen� �ha� de�nes �he res� o� the car. �or �hose who s�end signi�can� time behind the wheel, the TIGGO 8 CSH understands that connectivity is not optional. Eight speakers provide a rich audio backdrop for any �o�rne�� � �����inch cen�ral con�rol display anchors the dashboard, with seamless wired and wireless Apple CarPlay and Android Auto integration keeping drivers connected to navigation, music, and applications without distraction. A 50W wireless mobile charger means phones stay powered throughout — no cables, no interruptions. BUILT AROUND THE DRIVER The TIGGO 8 CSH offers three driving modes — ECO, NORMAL, and ����� � gi�ing dri�ers �he �e�ibili�� to adapt to the road rather than the other way around. Whether the �riori�� is e��cienc� on a long cross� emirate drive or responsiveness on a �as��mo�ing highwa�� �he car ad��s�s accordingly. Safety has been given equal weight. Up to 8 airbags provide comprehensive protection for all occupants, and a 540° HD panoramic camera ensures WWW.BUSINESSTODAY.ME 69
LUXURY From the shores of Mauritius to the ancient streets of Italy, these destinations offer the kind of reset the season calls for. THE SPRING EDIT 70 BUSINESS TODAY MIDDLE EAST | APRIL 2026
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MAURITIUS LUX RESORTS & HOTELS Few destinations balance ease and elegance quite like Mauritius, and LUX* Resorts & Hotels has built its reputation on exactly that tension. The collection spans six distinct properties across the island — from the contemporary LUX* Grand Baie and the beachfront LUX* Belle Mare, to the retro- inspired LUX* Grand Gaube, the nature-led LUX* Le Morne, the intimate SALT of Palmar and the vibrant Tamassa Bel Ombre. Each property has its own character, but all share the same philosophy: luxury that feels lived-in rather than performative. Days here unfold between beachside dining, wellness rituals, spa treatments and movement sessions, with evenings bringing live music and cultural performances by the sea. For those travelling with family, the properties offer creative workshops and activities across age groups. For those travelling without, the resorts offer something rarer — genuine quiet. ITALY PORTRAIT HOTELS Milan, Florence and Rome each offer a different version of Italy, and Portrait Hotels has built a �ro�er�� in each �ha� re�ec�s i�s ci�� wi�ho�� mimicking it. The collection takes a suite-led, residential approach to luxury — fewer rooms, more considered design, service that feels personal rather than procedural. In Milan, 10_11 Bar | Giardino | Ristorante offers a setting for unhurried lunches and relaxed evenings, with curated menus that shift with the season. Florence moves to its own cultural rhythm, wi�h �he ci��’s his�oric s�ree�s and ar� ins�i���ions best experienced slowly, from a base that feels like a home rather than a hotel. Rome, as ever, rewards those willing to wander — Portrait Roma offers an in�ima�e re�rea� �rom which �he ci��’s galleries� piazzas and open-air moments are all within reach. For the business traveller extending a trip, or the discerning leisure traveller who wants Italy without the crowds, Portrait Hotels offers a quietly compelling proposition. LUXURY 72 BUSINESS TODAY MIDDLE EAST | APRIL 2026
DUBAI ONE&ONLY THE PALM For those who prefer to stay closer to home this spring, One&Only The Palm offers a compelling case for the staycation done properly. Set within the tranquil surroundings of Palm Jumeirah, the resort brings together beachfront living, exceptional dining and considered wellness in a setting that manages to feel removed from the city while remaining entirely within it. Dining is a particular strength. STAY by Yannick Alléno delivers refined French cuisine through elegant multi-course menus, while ZEST offers a more relaxed setting with live cooking stations, seasonal menus and family-friendly programming. For a premium waterfront experience, 101 Dining Lounge & Marina focuses on seafood in a setting that makes the most of its marina views. Away from the table, the Guerlain Spa offers a 90-minute seasonal ritual combining a �ersonalised �acial� re�e�olog� and ��ll spa access, while the Palm Paradise pool and beach day package provides access �o �he resor�’s �acili�ies wi�h redeemable dining credit. Cabana experiences are also available for those looking to make a full day of it. All four destinations offer something distinct, but share a common quality — the kind o� e��erience �ha� ��s�i�es �he �ime away. Spring, with its particular quality of light and pace, is the right moment to book. SAUDI ARABIA THE RED SEA �he �ed �ea is one o� �he region’s mos� signi�can� emerging des�ina�ions� and s�ring is among the best times to experience it. Set along �a�di �rabia’s wes� coas�� where deser�� sea and mountains converge, the destination is home to a growing collection of world-class resorts — among them Six Senses Southern Dunes, St. Regis Red Sea Resort, Nujuma a Ritz-Carlton Reserve, and Desert Rock, alongside the developing Shura Island. What sets The Red Sea apart is the breadth of what it offers beyond the resort gates. �ala�ea brings g�es�s in�o �he des�ina�ion’s vibrant coral reefs, WAMA leads water-based experiences along the coast, and Akun offers stargazing and guided desert exploration that reframes the landscape entirely. Wellness is woven throughout, with nature-led treatments and spaces designed around rest and restoration. For those looking for a spring escape that feels genuinely different — expansive, unhurried and rooted in an extraordinary natural setting — The Red Sea is worth serious consideration. WWW.BUSINESSTODAY.ME 73
FASHION A NEW LENS Magda Butrym’s debut eyewear line is a natural next step for a brand that has always understood that true style lives in the details. M agda Butrym has long understood that the most compelling fashion statements are made in the details. With the launch of its debut eyewear line, the brand extends that philosophy into a new category, and does so with the same deliberate precision that has de�ned i�s read���o�wear since �he beginning� Conceived as a natural continuation of the Spring/Summer 2026 collection, the e�ewear is no� an a��er�ho�gh�� �� is a �nishing touch designed with the same hand as the silhouettes it accompanies, translating the brand’s signa��re balance o� sens�ali��� s�reng�h and modern romance in�o a new �eld of design. The line comprises three carefully considered shapes, each expressing a distinct a��i��de while remaining �rml� roo�ed in �he ho�se’s aes�he�ic codes� ��ailable in dark brown� black and clear beige� �he �rames are designed �o work bo�h as a com�lemen� �o �he ��ll ��ring���mmer ���� look and as a s�rong s�andalone s�a�emen�� �on�den�� �eminine and in�en�ional � �he e�ewear re�ec�s e�ac�l� how Magda Butrym approaches dressing. For a brand that has built its identity around the idea that femininity can be both powerful and re�ned� e�ewear is a logical ne�� s�e�� The frames say what the clothes have always said. They just say it differently. 74 BUSINESS TODAY MIDDLE EAST | APRIL 2026
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