Business and Finance

his Excellency, Faisal Al Bannai, Vanguard of the United Arab Emirates’ Advanced Technology Ambitions By Editorial Desk Rapid technological transformation and evolving security dynamics define this period. His Excellency Faisal Al Bannai stands at the forefront of the United Arab Emirates’ drive to become a global powerhouse in advanced technology and defence innovation. As Chairman of the Board of Directors of EDGE Group, he plays a pivotal role in shaping not only the UAE’s defence capabilities but also its broader knowledge-based economy. With a career spanning entrepreneurship, cyber security, telecommunications, and high impact research governance, Al Bannai’s leadership reflects a deep understanding of how emerging technologies intersect with national resilience, economic diversification, and global competitiveness. EDGE was established to consolidate and accelerate the UAE’s advanced defence and technology capabilities under one integrated platform. As its former CEO and Managing Director, and now Chairman of the Board, Al Bannai has been instrumental in guiding the group’s transformation into one of the world’s leading advanced technology conglomerates for defence and beyond. Leveraging a range of emerging technologies that define the new era of hybrid warfare, EDGE is structured around four strategic business clusters: Platforms and Systems, Missiles and Weapons, Electronic Warfare and Cyber Technologies, and Trading and Mission Support. This integrated model enables EDGE to address the full spectrum of modern defence requirements, from advanced autonomous systems and precision guided munitions to cyber resilience and mission critical support services. Under Al Bannai’s leadership, EDGE has embraced innovation as a core principle, investing in next generation technologies such as artificial intelligence, autonomous systems, secure communications, and advanced manufacturing. By aligning operational excellence with cutting edge research and development, Al Bannai has positioned EDGE not merely as a defence supplier, but as a technology driven enterprise capable of responding to complex and evolving global security challenges. Beyond his role at EDGE, Al Bannai serves as Secretary General of the Advanced Technology Research Council, a central pillar in Abu Dhabi’s strategy to cultivate high impact research and development. ATRC was established to accelerate a culture of innovation and discovery in the emirate, focusing on advanced technology domains that can deliver transformative economic and societal impact. In this capacity, Al Bannai plays a critical role in shaping Abu Dhabi’s research agenda, ensuring that investments in science and technology translate into tangible outcomes for both the public and private sectors. Under his stewardship, ATRC strengthens collaboration between academia, industry, and government institutions. This integrated ecosystem supports the development of intellectual property, commercialization pathways, and a sustainable pipeline of talent. By reinforcing Abu Dhabi and the UAE’s position as a global innovation hub, Al Bannai contributes directly to the nation’s long term economic diversification strategy. Al Bannai’s commitment to education and institutional development further underscores his broader vision for a knowledge driven economy. He serves as a Member of the Board of Trustees for Khalifa University of Science and Technology, one of the region’s leading research universities focused on applied science and engineering. Khalifa University plays a crucial role in nurturing critical thinkers and innovators who can contribute to advanced industries such as aerospace, artificial intelligence, robotics, and renewable energy. Through his involvement at the board level, Al Bannai helps ensure that academic programs align with national priorities and industry needs. In addition, he is a board member of the Emirates Research and Development Council and a council member of United Arab Emirates University. These roles collectively position him at the intersection of research governance, higher education, and strategic policymaking. His cross sector engagement reflects a holistic approach. Defence innovation cannot thrive in isolation. It must be supported by world class research institutions, forward thinking regulatory frameworks, and a strong culture of scientific inquiry. Al Bannai’s work across these bodies demonstrates his understanding that national security, economic resilience, and academic excellence are deeply interconnected. Long before leading EDGE and ATRC, Faisal Al Bannai had already established himself as a visionary entrepreneur. Earlier in his career, he founded DarkMatter, a global cyber security service provider. Under his leadership, DarkMatter grew into a US$400 million business, delivering advanced cyber solutions to governments and enterprises. The company’s rapid expansion reflected both the increasing global demand for cyber resilience and Al Bannai’s ability to anticipate emerging threats in the digital domain. Prior to DarkMatter, he founded Axiom Telecom, which became the largest distributor of mobile devices in the Middle East. With an annual turnover reaching US$2.5 billion, Axiom Telecom demonstrated his capacity to scale operations, build strong partnerships with global technology brands, and manage complex regional supply chains. Since 2005, Al Bannai has continued to serve as a member of Axiom Telecom’s board, maintaining his influence in the telecommunications and consumer technology sectors. These entrepreneurial achievements provided him with practical experience in building organizations from the ground up, experience that later proved invaluable in structuring and scaling national level technology entities such as EDGE. Al Bannai’s impact has been widely recognized through numerous accolades and rankings. In 2005, he received the Lifetime Achievement Award, presented by Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This prestigious recognition underscored his early and sustained contributions to the region’s technology and business landscape. He was named Technology Business Leader of the Year at the Gulf Business Awards in 2017, highlighting his influence within the regional technology sector. In 2021, he ranked number 20 on Forbes Top CEOs in the Middle East list, reflecting his leadership at EDGE during a period of rapid growth and international expansion. He also appeared in Arabian Business 100 Inspiring Leaders in the Middle East ranking in 2018, as well as the Gulf Business Arab Power List in multiple years. These recognitions collectively affirm his standing as one of the region’s most influential technology leaders. Faisal Al Bannai holds a bachelor’s degree in Finance from Boston University in the United States and a master’s degree in Shipping Trade and Finance from City University in the United Kingdom. His international education provided

From Startups to Stability, Inside the UAE’s SME Boom By Marina Ezzat Alfred Not long ago, starting a business in the United Arab Emirates felt like stepping into unfamiliar territory reserved for large corporations and seasoned investors. The process was often perceived as complex and expensive. It seemed designed for companies with legal departments, established networks, and significant financial backing. For individual entrepreneurs or small teams with limited capital, the barriers appeared high and the risks daunting. Today, that perception has changed dramatically. Across the Emirates, a new generation of founders is building companies with confidence and clarity. What once felt intimidating now feels attainable. The environment has shifted from exclusivity to accessibility, and that shift has unlocked a powerful wave of small and medium sized enterprises across the country. This is the new SME gold rush. It is not driven by speculation or hype. It is fueled by practical reforms, streamlined systems, and a mindset that values independence and ownership. Entrepreneurs are no longer waiting for perfect conditions. They are acting, launching, testing, and refining in real time. From Side Projects to Structured Companies One of the clearest indicators of this transformation is the type of businesses being launched. Many of today’s SMEs did not begin as formal companies. They started as side projects. An online store managed in the evenings. A freelance consultant offering services through personal networks. A small creative studio built around individual expertise and reputation. In the past, formalizing such activities into licensed businesses felt like a major leap. Today, that leap is smaller and far less intimidating. Licensing pathways have become more transparent. Costs are easier to calculate. Application processes are faster and more digital. The stigma once attached to starting small has faded. Launching lean is now seen as a smart strategy rather than a sign of weakness. Entrepreneurs across Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah, and Ajman are making decisions based on logic and efficiency rather than prestige alone. They evaluate jurisdictions according to setup speed, visa flexibility, and cost effectiveness. This practical approach has led to a more balanced distribution of company formation activity across the Emirates. Instead of one dominant center, multiple hubs of entrepreneurship are emerging, each offering distinct advantages. A Destination for Global Founders The surge in SME formation is not limited to local entrepreneurs. The United Arab Emirates has positioned itself as a preferred base for international founders seeking stability, connectivity, and regulatory clarity. For many, the appeal lies in predictability. The country offers clear rules, efficient administration, and a business friendly legal framework. Operating in English within a globally connected economy allows founders to engage with clients and partners across continents. From the Middle East to Africa, from Asia to Europe, the UAE serves as a strategic bridge. Combined with advanced digital infrastructure and world class logistics, it enables companies to operate internationally from day one. For solo entrepreneurs and small teams, this matters deeply. The ability to open corporate bank accounts, invoice international clients, sponsor residency visas, and operate transparently transforms ambition into action. It creates an environment where ideas can move quickly from concept to execution without unnecessary friction. Where Momentum Is Strongest While the SME boom spans many industries, certain sectors have shown particularly strong and sustainable growth. E commerce remains highly visible. However, the profile of today’s online businesses differs from earlier waves. Many are niche focused and data driven. They often launch with a global mindset rather than limiting themselves to a single market. Models such as drop shipping, print on demand, and partnerships with third party logistics providers allow founders to scale without heavy upfront investment in inventory or warehousing. Social media platforms and short form video have become powerful growth engines. Influencer collaborations and targeted digital advertising enable small brands to reach audiences quickly and cost effectively. With the right positioning and messaging, a modest operation can gain recognition and traction at remarkable speed. Consulting and professional services have also expanded significantly. Professionals in strategy, marketing, finance, human resources, operations, and technology are increasingly choosing independence over traditional corporate employment. Instead of joining large firms, they establish focused consultancies that address specific challenges for defined client segments. Flexible licensing options allow these consultants to operate legally while maintaining agility. The UAE’s diverse business ecosystem generates strong demand for specialized expertise, both locally and internationally. As companies scale and adapt, they require guidance, and SMEs are well positioned to provide it. Media and creative industries are experiencing renewed energy. Content agencies, production studios, podcast networks, and personal brand driven ventures are flourishing. The region’s growing emphasis on storytelling, digital presence, and cultural identity has created space for smaller, nimble players. The rise of the creator economy has lowered entry barriers, enabling individuals and small teams to compete with established firms through authenticity, speed, and specialization. Technology enabled services form another pillar of growth. Many SMEs are not building massive platforms. Instead, they offer focused solutions such as automation tools, artificial intelligence powered applications, software as a service products, and tailored IT support. These companies often begin with minimal overhead, test their offerings quickly, and refine based on real customer feedback. This iterative approach reduces risk and strengthens resilience. Reforms That Reshaped the Landscape The rapid expansion of SMEs in the United Arab Emirates did not occur by chance. It is the result of deliberate policy reforms and regulatory modernization. The introduction of full foreign ownership across many business activities removed a significant psychological and operational barrier. Entrepreneurs now have greater control over their ventures and clearer long term security. This clarity encourages commitment and sustained investment. Simplified license categories, including instant licenses and freelancer permits, have reduced administrative complexity. Multi activity licenses allow companies to evolve without being constrained by rigid classifications. As business models shift, entrepreneurs can adapt their legal structures more easily. Cost structures have also become more flexible. Lower initial fees, installment payment options, and reduced capital requirements have made entry more accessible. For early

Hanan Al Sammak, Redefining Leadership Through Emotional Intelligence & Sustainable Wellbeing By Michelle Clark For decades, leadership success was measured almost exclusively through outcomes, growth charts, profitability, scale, and visibility. The internal state of the leader was rarely part of the equation. Stress was normalized, emotional suppression was rewarded, and resilience was defined as the ability to endure without complaint. In fast-growing markets such as the UAE, where ambition has long been synonymous with progress, this mindset shaped corporate culture for years. Mental health, when acknowledged at all, was treated as a private concern rather than a leadership responsibility. That paradigm is now undergoing a fundamental shift, and few voices articulate this transformation as clearly as Hanan Al Sammak. Working at the intersection of executive leadership, mindset development, and emotional intelligence, Al Sammak has witnessed firsthand how the conversation around wellbeing has evolved,  and why it can no longer be separated from performance, culture, or long-term success. Over the past decade, leaders across the UAE have begun to re-evaluate how they define strength. According to Al Sammak, the most significant change has not been policy-driven but awareness-driven. Mental health is no longer viewed as a soft issue or a secondary HR function. It is increasingly recognized as a strategic factor that directly influences how leaders think, decide, and lead under pressure. The realization is simple yet transformative: organizations cannot outperform the emotional capacity of their leadership. Where once mental wellbeing was discussed quietly, often reactively and behind closed doors, it is now entering boardrooms and leadership conversations with greater openness. Executives are asking different questions, not only about output, but about sustainability. They are beginning to understand that high performance without emotional stability does not last, and that burnout, disengagement, and volatility are not individual failures but systemic signals. Central to Al Sammak’s philosophy is the belief that mindset must come before strategy. In traditional leadership models, strategy is often treated as the primary lever of success, while emotional awareness is positioned as a complementary skill. Al Sammak challenges this hierarchy. From her perspective, no strategy exists independently of the person executing it. A leader operating from fear will make different decisions than one operating from clarity. A leader driven by ego will shape culture differently than one grounded in self-awareness. Insecurity, people-pleasing, and emotional reactivity quietly infiltrate decision-making long before they appear in results. Mindset, she explains, shapes decisions. Decisions shape culture. Culture shapes performance. When leaders neglect their inner world, their outer success becomes fragile. Growth may still happen, but it often feels unstable, driven by constant pressure rather than grounded confidence. Leadership, in this sense, is not merely about actions or competencies. It is about who the leader is internally while navigating complexity, authority, and responsibility. This internal dimension becomes most visible under pressure. Emotional intelligence has become a widely discussed executive competency, yet Al Sammak draws a clear distinction between leaders who speak about it and those who truly embody it. Anyone can reference empathy or self-awareness in a workshop setting. What separates conscious leadership from performative language is behavior during moments of tension. Difficult conversations, criticism, crisis, and uncertainty expose the depth of a leader’s emotional intelligence more than any formal declaration ever could. Leaders who genuinely embody emotional intelligence pause before reacting. They listen without immediately defending their position. They take responsibility not only for outcomes, but for impact. They are able to create psychological safety without sacrificing accountability. This does not mean avoiding hard conversations or lowering standards. On the contrary, it means approaching those moments with awareness rather than impulsivity. Emotional intelligence, in high-performance environments, is not about softness. It is about consciousness. Nowhere is this more critical than in discussions around resilience. In many corporate cultures, resilience has been glorified as endurance, the ability to push through exhaustion, remain constantly available, and absorb pressure without visible strain. Al Sammak cautions that this interpretation blurs a dangerous line. True resilience, she explains, is the ability to recover. Burnout occurs when recovery is absent. When rest, boundaries, and self-awareness are framed as weaknesses, organizations inadvertently reward self-neglect. Sustainable success, in her view, requires energy management rather than perpetual endurance. Leaders who are constantly proving their worth through overwork are not demonstrating resilience; they are depleting the very capacity that leadership demands. Over time, this depletion manifests as disengagement, poor decision-making, emotional volatility, and attrition, outcomes that no performance metric can justify. Among senior executives, Al Sammak frequently observes psychological blind spots that remain largely unaddressed. One of the most common is the fusion of self-worth with achievement. When identity becomes overly attached to titles, status, and results, any challenge feels personal. Feedback becomes threatening. Change feels destabilizing. Leaders in this state often experience internal pressure that is invisible to others but deeply influential in how they lead. Another pervasive blind spot is emotional suppression. Many high performers were conditioned early in their careers to equate strength with stoicism. Vulnerability was discouraged, and emotional expression was seen as a liability. While this approach may have delivered short-term results, unprocessed emotions do not disappear. They resurface through impatience, defensiveness, disengagement, or control. At senior levels, where the ripple effect of leadership behavior is amplified, self-awareness is no longer optional. It is essential. Despite growing recognition of these dynamics, many organizations still approach wellbeing as a benefit rather than a foundation. Wellness initiatives are introduced, but leadership behavior remains unchanged. Sustainable performance cultures, Al Sammak argues, are built not on programs but on consistency. They are reflected in how leaders model boundaries, how openly stress is discussed, and how coaching is integrated into development as a proactive tool rather than a corrective measure. When wellbeing is embedded into leadership rather than positioned as a perk, the effects are measurable, though not always immediately quantifiable. Al Sammak encourages organizations to look beyond surface-level engagement metrics. Real impact reveals itself in behavior. Communication becomes clearer. Conflict is handled with maturity rather than avoidance or aggression. High performers

Hayssam El Masri, Regulation, Real Assets & Investment Resilience By Ami Pandey In the Middle East today, capital is no longer chasing speed. This shift emerges clearly through a wide-ranging interview with Hayssam El Masri, Senior Executive Officer at Ento Capital, whose perspective offers a rare inside view of how regional capital is being reshaped by regulation, governance discipline, and a more mature understanding of risk. It is chasing clarity. The region’s financial markets, once defined by velocity, ambition, and first-mover bravado, are entering a more deliberate phase, one shaped by regulatory maturity, recalibrated risk, and a growing insistence on governance that holds under pressure. Beneath the headlines of mega-deals and sovereign-backed expansion, a quieter transformation is taking place: investors are learning to value endurance over immediacy. This shift is not accidental. It is the result of repeated cycles of growth, correction, and consolidation that have forced market participants to confront a hard truth, capital that moves quickly but lacks discipline rarely compounds. What replaces it is a more experienced investor mindset, one that understands that the real test of strategy is not entry, but survival across cycles. At the center of this evolution sits a redefinition of risk itself. In earlier eras, attractive risk in the Middle East was often associated with access, access to deals, access to relationships, access to growth stories that promised scale before scrutiny. Today, attractive risk is being repriced through a different lens. Investors are less concerned with being first and far more focused on being right over time. This has reshaped behavior across capital markets. Due diligence runs deeper. Decision-making takes longer. Governance structures are interrogated with an intensity once reserved for valuation models. To an outsider, this recalibration can resemble hesitation. In reality, it signals confidence, confidence born from experience. Investors now recognize that resilience, not velocity, is what generates durable returns. The Middle East’s capital base has matured to a point where patience is no longer viewed as weakness, but as strategy. Regulation has played a defining role in this transition. Long regarded as a necessary constraint, regulation is increasingly understood as an enabler of better decisions. When regulatory frameworks demand transparency, capital adequacy, and fiduciary accountability, they force complexity to be addressed upfront rather than deferred. Structural ambiguity, the hidden risk that quietly erodes value, has less room to survive. In the MENA region, where international capital continues to flow in search of growth and diversification, regulation has become a credibility multiplier. Rather than slowing activity, it often accelerates conviction. Clear rules reduce interpretive risk, align stakeholder expectations, and allow investors to commit capital with greater confidence. Regulation, when well-designed and consistently enforced, does not suppress ambition. It disciplines it. This discipline becomes most visible inside the deal room, particularly during large-scale acquisitions. From the outside, such transactions appear bold, even aggressive. Inside, the calculus is far more restrained. Valuation and structure matter, but they are rarely decisive on their own. The variable that carries the greatest weight is operating control after closing. Post-acquisition ambiguity has undone more deals than price miscalculations ever have. Investors increasingly recognize that value creation depends on clarity, clarity around leadership continuity, governance authority, and decision rights. Cultural alignment, often underestimated, can determine whether synergies materialize or dissolve. The most successful acquisitions are not those with the most sophisticated financial engineering, but those where accountability is unmistakable from day one. This emphasis on control and governance extends naturally into real assets, a cornerstone of Middle Eastern portfolios. For decades, real assets benefited from an almost unquestioned assumption of stability. Physical presence was treated as a proxy for safety. That assumption no longer holds. Today, stability depends less on what an asset is and more on how it operates. Assets bound to rigid revenue models or inflexible cost structures can underperform sharply when macro conditions shift. Investors are increasingly evaluating real assets through an operating lens, focusing on utilization rates, pricing power, capital intensity, and adaptability. Tangibility alone no longer guarantees resilience. This reassessment reflects a broader truth: capital preservation is now inseparable from operational excellence. Ownership without operational insight exposes investors to hidden fragilities, particularly in an environment where economic conditions can change rapidly. The Middle East’s real asset strategies are evolving accordingly, favoring flexibility over form. Inside boardrooms, these pressures manifest differently depending on liquidity conditions. During periods of abundance, expansion is often approved with enthusiasm that outpaces stress-testing. During uncertainty, restraint can harden into paralysis. One behavioral pattern repeats itself with remarkable consistency, short-termism disguised as prudence. Boards frequently delay strategic action in volatile environments under the banner of caution, even when inaction carries equal or greater risk. Conversely, they may pursue growth aggressively when liquidity is plentiful, without fully interrogating downside scenarios. The distinction between high-performing boards and average ones lies in their ability to separate cyclical noise from structural reality. The best boards make decisions that remain coherent across market conditions, rather than reactive to them. Nowhere is governance more tested than during financial restructurings. Often described as technical exercises, restructurings are, at their core, organizational stress tests. While balance sheets may be reworked with precision, a recurring weakness continues to surface, fragmented governance. Too many restructurings focus on financial mechanics while leaving decision rights unresolved. When authority is unclear and incentives misaligned, even the most sophisticated restructuring can fail to restore value. Success depends less on technical ingenuity and more on establishing a unified governance framework that can function under pressure. Without it, restructurings become temporary fixes rather than lasting solutions. In this context, regulated financial environments such as the Dubai International Financial Centre play an outsized role in shaping investor confidence. Trust is not built on flexibility alone, but on predictability. Investors value systems where rules are not only well-defined, but consistently enforced, especially in moments of dispute or distress. The DIFC’s strength lies in its ability to deliver legal and regulatory certainty across market cycles. This consistency reassures investors that outcomes will not shift arbitrarily when conditions

Dubai International Financial Centre 2030, The Next Phase of Dubai as a Global Finance Capital By Marina Ezzat Alfred Imagine standing on the bustling streets of Dubai, where cranes sketch bold lines across the sky and ambition hums in every corner like an electric current. The air carries more than desert warmth; it carries possibility. Glass towers rise from the sand with astonishing speed, symbols of a city that has never been content to wait for opportunity but instead builds it. In the heart of this kinetic landscape stands the Dubai International Financial Centre, widely known as DIFC, a district that is more than a cluster of offices and boardrooms. It is a living expression of Dubai’s daring spirit, a carefully engineered ecosystem designed to channel global capital, ideas, and influence into one concentrated, powerful force. As Dubai advances toward its 2030 ambitions, DIFC is not merely expanding in physical scale; it is redefining what it means to be a global financial capital. The transformation is deliberate and strategic. Every regulatory refinement, every new tower, every initiative to attract global firms forms part of a broader narrative: Dubai does not simply participate in the future of finance; it intends to shape it. In a world where financial power has traditionally been anchored in Western capitals, DIFC represents a confident shift of gravity toward the Middle East, a declaration that the region is no longer peripheral to global finance but central to it. Walk through DIFC’s vibrant corridors and you sense this confidence immediately. Glass façades reflect not only the skyline but also the diverse faces of professionals from every continent. Conversations in multiple languages blend into a steady hum of deals, strategies, and negotiations. Investors and executives operate within a legal framework that is clear, transparent, and internationally respected, providing certainty in a world often defined by volatility. This legal and regulatory clarity has been one of DIFC’s greatest strengths, offering global institutions an environment that mirrors the best international standards while remaining agile enough to evolve with emerging trends. Now imagine that environment expanding—not just in square meters, but in vision. New districts and developments are rising to accommodate banks, fintech innovators, advisory firms, insurers, and asset managers. The growth is not chaotic; it is orchestrated to preserve the interconnected nature of the ecosystem. Within a compact geographic footprint, institutions can collaborate, compete, and innovate, creating a density of expertise that rivals far older financial hubs. At the same time, the regulatory architecture is adapting to accommodate new sectors such as digital assets, sustainable finance, and complex cross-border investment vehicles. The message to the world is clear: global players can operate here with confidence, flexibility, and foresight. DIFC’s expansion also reflects Dubai’s broader mosaic of free zones, each designed to nurture specific industries. Yet within this mosaic, DIFC stands as the beating heart of finance. It weaves together capital markets, private wealth, fintech, and professional services into a single, coherent narrative of growth. The district is not an isolated enclave but a strategic bridge connecting regional wealth with global opportunity. Its time zone position, straddling Asia and Europe, enables seamless interaction between Eastern and Western markets, making it a natural crossroads for international capital flows. Step into a DIFC boardroom and you encounter the pulse of asset management at work. Conversations revolve around structuring funds that span continents, allocating capital into emerging technologies, infrastructure projects, real estate portfolios, and private equity ventures. The Middle East’s expanding pools of wealth intersect with global investors seeking diversification and access to high-growth markets. Under DIFC’s frameworks, asset managers can structure vehicles that appeal to institutional investors, sovereign entities, and high-net-worth individuals alike. The environment encourages innovation while maintaining prudence, allowing managers to navigate shifting global conditions with resilience. Private equity firms explore regional opportunities in sectors ranging from renewable energy to logistics and healthcare. Hedge funds analyze macroeconomic shifts and geopolitical realignments, seeking alpha in markets that are increasingly interconnected. Venture capital funds back startups that aim to disrupt industries from fintech to artificial intelligence. Infrastructure funds channel capital into transformative projects that reshape urban landscapes and energy systems. In this context, DIFC functions as a calm harbor amid global financial turbulence, offering stability, legal certainty, and access to a sophisticated professional services network. Parallel to the rise of asset management is the growing prominence of family offices. Behind the glass façades of DIFC’s towers, generations of wealth are being structured and safeguarded with increasing sophistication. Families from across the region and beyond are choosing Dubai as a base not merely to preserve capital but to craft long-term legacies. They establish family offices that integrate governance, succession planning, philanthropy, and diversified investment strategies under one roof. The frameworks available within DIFC provide clarity on legal structures, dispute resolution, and fiduciary responsibilities, giving families confidence as they transition wealth across generations. The appeal extends beyond financial mechanics. Dubai’s safe streets, world-class healthcare, international schools, and seamless global connectivity make it a compelling home for principals and their families. The lifestyle dimension reinforces the financial rationale. As more family offices cluster within DIFC, a complementary ecosystem flourishes: private banks, legal advisors, tax consultants, and wealth planners establish a presence to serve this growing client base. The result is a virtuous cycle, where concentration of expertise attracts more capital, and more capital attracts deeper expertise. Perhaps the most dynamic frontier within DIFC’s evolution lies in digital assets and financial innovation. Enter one of its innovation hubs and you encounter a different rhythm—developers refining blockchain protocols, entrepreneurs pitching tokenization platforms, compliance specialists crafting frameworks for virtual asset service providers. Servers hum quietly while collaborative spaces buzz with energy. Startups and established global banks operate side by side, exploring how distributed ledger technology can enhance transparency, efficiency, and access within financial systems. Tokenized real estate offerings open property markets to fractional investors. Digital payment solutions streamline cross-border transactions. Fintech platforms leverage artificial intelligence to optimize risk assessment and portfolio allocation. Crucially, this innovation unfolds within a

Maxim Haartsen, The Surplus Marketplace How eJaby Is Turning Overstock Into Opportunity By Natalia Davis Culinary culture and premium food consumption are deeply intertwined with lifestyle and identity, food waste remains an often-overlooked challenge. Every year, billions of dirhams worth of perishable products are discarded, either because they fail to find buyers in time or fall short of retail standards. Yet, amidst this challenge, innovation is quietly reshaping the way surplus inventory is handled, offering solutions that are as sustainable as they are commercially viable. At the forefront of this transformation is Maxim, the founder of eJaby, a UAE-based supply chain e-commerce platform that has reimagined overstock management, bridging technology, sustainability, and consumer access in a way previously unseen in the Middle East. Maxim recalls that eJaby began as a simple but profound inquiry: what happens to surplus inventory that cannot be sold through traditional channels, and how could technology intervene? “First we identified the problem and researched the magnitude of it,” Maxim explains. “Then we checked existing solutions to find out how tech potentially could play an important role. After profound research, we connected various revenue models in relation to our tech solution, as well as its scalability.” The approach was methodical. Unlike conventional startups that chase market trends, Maxim and his team began with a deep dive into the practical realities of supply chains in the UAE and beyond. From warehouses to wholesalers, they observed a troubling pattern: overstocked goods either ended up being sold at extremely low prices, effectively a write-off, or, worse, discarded in landfills, often incurring additional fines. A fortunate minority of middlemen would intervene, negotiating prices on distressed sales, but these were ad hoc solutions with limited reach and sustainability. “Existing solutions are mostly brick-and-mortar and short-term,” Maxim explains. “I call them the two ‘D’s: dumping financially or dumping physically. Both are wasteful and lack a structured approach. eJaby is the first supply chain e-commerce platform tackling this problem with a longer-term outlook. We are using technology to unlock these products to a much wider audience, offering direct benefits in affordability, and setting up the marketplace for rapid scaling.” eJaby’s model hinges on leveraging technology not just for distribution but for intelligent inventory management. The platform integrates AI automation tools to connect suppliers’ inventory systems with dynamic pricing algorithms, ensuring that surplus goods reach consumers efficiently without cannibalizing regular retail sales. When asked about concerns over selling discounted products potentially impacting suppliers’ standard operations, Maxim clarified, “Overstock exists because these items cannot be sold through normal channels. By offering them at a lower price point, we are providing a limited, premium-quality promotion, unique, scarce, and not repeated frequently. It does not compete with regular sales.” The concept is simple but elegant: turn dormant inventory into opportunity. By doing so, eJaby not only reduces waste but also creates value for both suppliers and consumers. Current success stories on the platform include premium beef products that typically cater to hotels and restaurants, now accessible to everyday consumers, and organic grocery items, which have long struggled with short shelf lives in traditional retail formats. What makes eJaby truly innovative, however, is its technology backbone. “We are using various generative AI tools, predominantly for in-app automation of product management, pricing, and consumer convenience. Our roadmap involves creating a direct impact on the supplier side as well,” Maxim shares. The implications are profound. By automating pricing and inventory suggestions, eJaby reduces the cognitive load on suppliers, accelerates sales cycles, and ensures that products with shorter shelf lives are sold in time, creating a win-win scenario across the board. The potential for replication is substantial. While eJaby has focused on food and beverages, Maxim believes the model could apply to almost any industry where overstock is a problem, from electronics to fashion, from pharmaceuticals to household goods. “The problem of overstock exists everywhere trading takes place,” he notes. The startup is already exploring verticals beyond F&B, demonstrating an ambition to scale both locally and internationally. Convincing suppliers to embrace this new online model has not been without challenges. Beyond technological adaptation, the more significant hurdles are human habits and behavioral resistance. Many businesses remain accustomed to traditional selling methods and are wary of online channels for surplus goods. Maxim addresses this through education and by showcasing the economic and ecological benefits of the platform, gradually shifting perceptions toward a more data-driven, sustainable approach to inventory management. The company’s alignment with the UAE’s broader sustainability goals has been a natural advantage. eJaby contributes to the country’s Vision 2030, which aims to cut food waste by 50% over the next decade. As active participants in the Ne’ma initiative led by the UAE Ministry of Climate Change & Environment, Maxim and his team see their role as both commercial innovators and social contributors. “We are solving a real problem that benefits society while maintaining a for-profit focus,” he says. The dual impact, economic and environmental, is increasingly rare among startups, making eJaby a standout example of purposeful entrepreneurship. Building eJaby has also reshaped Maxim’s personal perspective on efficiency, surplus, and consumer behavior. As he reflects, “As a startup founder, you are always ‘on,’ and being so invested in your business has a direct impact on how you look at the world. It still cringes when we see perfectly edible food being thrown away at hypermarkets or in the fresh section, knowing that these products will go to waste.” The insight is both human and business-oriented: waste is not only ethically troubling but economically inefficient, and addressing it requires systemic, tech-driven solutions. Looking ahead, Maxim’s vision for eJaby is clear: to build a secondary market infrastructure on existing supply chains. By leveraging a ‘light asset’ model, the company can expand efficiently into new markets without heavy capital investment. The plan is to replicate the success of its UAE platform internationally, offering businesses worldwide a smarter, more profitable, and sustainable way to manage overstock. This vision is grounded in practicality as much as ambition.

A New Milestone in the UAE’s Islamic Sovereign Debt Market The launch of the country’s first 7-year dirham-denominated Islamic Treasury Sukuk marks a significant step in building long-term local capital market depth By Hafsa Qadeer The announcement by the Ministry of Finance that it has successfully issued the UAE’s first 7-year dirham-denominated Islamic Treasury Sukuk may appear, at first glance, like a routine government financing update. In reality, it represents a carefully calculated step in the long-term evolution of the country’s financial markets, one that carries implications far beyond the AED 550 million raised through the transaction. This issuance is not simply about funding; it is about confidence, credibility, and the deliberate construction of a mature Islamic debt market rooted in the local currency. For years, the UAE has been regarded as a global hub for Islamic finance, supported by a sophisticated banking sector, strong regulation, and an economy that combines hydrocarbons with trade, logistics, tourism, and advanced services. Yet even in such an environment, the development of a full and reliable sovereign yield curve, particularly for Islamic instruments, takes time. The introduction of a seven-year Sukuk, the longest maturity under the Islamic Treasury Sukuk programme so far, signals that the market has reached a stage where both issuer and investors are prepared to think further ahead. Maturity length is not a technical detail; it is a statement. Governments do not extend the tenor of their debt unless they are confident in their economic fundamentals and fiscal outlook. Investors, meanwhile, do not commit capital for longer periods unless they believe that stability will persist. The strong demand reported for this issuance therefore reflects a shared assessment between the UAE authorities and the investor community: that the country’s economic direction is steady, its institutions are credible, and its policy framework is reliable enough to support longer-term commitments. Equally important is the decision to issue the Sukuk in dirhams rather than in a foreign currency. Local-currency sovereign debt is the backbone of any resilient financial system. It reduces exposure to external shocks, limits currency mismatches, and allows domestic investors to manage risk more effectively. For Islamic banks in particular, the availability of high-quality, dirham-denominated Sukuk is essential. Such instruments are not merely investments; they are tools for liquidity management, regulatory compliance, and balance-sheet stability. A longer-dated Sukuk expands those possibilities, allowing institutions to better align assets with longer-term liabilities. From a policy perspective, the issuance reflects a broader shift in how the UAE approaches public debt. Rather than relying on ad hoc or opportunistic borrowing, the government has been methodically building a structured programme that emphasizes transparency, predictability, and market engagement. This approach mirrors best practices in advanced sovereign debt management and helps foster a more active secondary market. Over time, this liquidity is what transforms individual issuances into a functioning ecosystem.  The Islamic dimension of the Sukuk is also worth examining beyond the usual talking points. Islamic finance is sometimes discussed in symbolic terms, as an identity-driven alternative to conventional finance. In the UAE’s case, however, it is increasingly treated as a fully integrated component of the national financial architecture. Islamic Treasury Sukuk are not positioned as niche products; they sit alongside conventional instruments as equal pillars of the government’s funding strategy. That parity matters, because it reinforces the idea that Shariah-compliant finance can operate at scale, with the same standards of governance, disclosure, and efficiency expected in global markets. Investor interest in this issuance also speaks to the changing profile of demand for Islamic assets. While regional banks remain a core constituency, international investors are paying closer attention to sovereign Sukuk issued by countries with strong credit profiles and clear regulatory frameworks. For many of these investors, Islamic instruments offer diversification benefits and, in some cases, alignment with ethical or sustainability-focused mandates. The UAE’s ability to attract this interest for a longer-tenor Sukuk suggests that its market is increasingly viewed through an international, rather than purely regional, lens. The broader economic context cannot be ignored. Global financial markets continue to navigate uncertainty, shaped by shifting monetary policy expectations, geopolitical tensions, and uneven growth prospects. In such conditions, capital tends to be selective. Investors look for jurisdictions that combine economic resilience with institutional clarity. The success of this Sukuk issuance indicates that the UAE continues to be perceived as such a destination. That perception has been built over years through prudent fiscal management, economic diversification, and a consistent commitment to regulatory reform. For the domestic market, the implications are potentially far-reaching. Sovereign Sukuk serve as benchmarks for pricing across the economy. As the government extends its yield curve, it provides reference points that corporate issuers, government-related entities, and financial institutions can use when accessing the market themselves. This, in turn, can encourage more private-sector issuance, deepening the Islamic debt market and broadening investor choice. Over time, a more active and diverse Sukuk market enhances financial stability by spreading risk and improving price discovery. There is also a strategic dimension to consider. By steadily expanding its Islamic Treasury Sukuk programme, the UAE is reinforcing its ambition to remain at the forefront of Islamic finance globally. Leadership in this field is not achieved through isolated, high-profile deals, but through consistency and depth. Regular issuance, a range of maturities, and active engagement with investors all contribute to that leadership. The seven-year Sukuk fits squarely within this long-term vision. It is worth noting that the size of the issuance, while meaningful, is less important than its structure and reception. AED 550 million is a manageable amount within the context of the UAE’s overall fiscal position. The true value lies in the signal it sends and the groundwork it lays. By demonstrating that longer-dated Islamic instruments can be successfully placed in the local market, the Ministry of Finance has opened the door for further extensions of the curve in the future. Of course, sustaining this momentum will require discipline. Investor confidence is built slowly and can be eroded quickly if issuance becomes unpredictable or if