Markaz: Kuwait Stocks Witness Strong Gains in Q1 2025
The Kuwait Financial Centre’s Monthly Market Review report for March 2025 revealed that the Kuwait equity market was the top performer among GCC markets, gaining 9.7% for Q1 2025. However, the market was slightly negative, with mixed performance across sectors. The country passed the public debt law, allowing it to raise debt in international markets. The S&P GCC Composite index declined by 1.1% in March 2025, while Saudi Arabia’s real GDP grew by 4.4% in Q4 2024. Global markets were negative, with MSCI World and S&P 500 indices declining.
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Kuwait Financial Centre “Markaz” released its Monthly Market Review report for March 2025. Kuwait equity market has been the top performer among GCC markets in Q1 2025, gaining 9.7% for the quarter. Following five consecutive months of positive performance, Kuwait markets were slightly negative in March 2025. Kuwait’s All Share Index declined by 0.3%, with mixed performance across sectors. Healthcare and insurance were the top gainers, rising by 9.9% and 3.3% respectively. The banking sector index gained 0.7% for the month. Among banking stocks, Burgan Bank and Commercial Bank of Kuwait were the top gainers, with a monthly return of 6.2% and 5.3% respectively. Commercial Bank of Kuwait’s net profit for FY 2024 increased by 41.4% y/y due to higher loan loss recoveries, increase in net interest income and fee income. Among Premier market stocks, Integrated Holding Company and Jazeera Airways were the top gainers, rising by 8.6% and 6.9% respectively for the month. Integrated Holding recorded a net profit of KD 6.88 million for FY 2024, an increase of 67.7% y/y. Steady increase in demand for equipment services and reversal of provision for doubtful debt due to realization had contributed to the rise in profit.
Kuwait has passed the long-awaited public debt law, which would enable the country to raise debt in the international markets. The new law sets the ceiling for public debt at KD 30 billion (USD 97.4 billion) and the ceiling for maturities of issued financial instruments at 50 years. In its budget for FY 2025/26, in the light of lower oil prices (estimated at USD 68/barrel) and production cuts, the country has estimated a budget deficit of KD 6.3 billion. With the earlier debt law expiring in 2017, the country has been drawing from its General Reserve Fund to fund its deficit. The new law would enable it to finance the deficit by raising debt from international markets. Kuwait’s CPI rose by 2.49% y/y in February 2025, remaining steady compared to 2.5% y/y increase in January 2025. The food and beverages segment continued to be the major driver, rising by 5.23% y/y.
The S&P GCC Composite index declined by 1.1% in March 2025 with all GCC markets in red weighed by trade war concerns and geopolitical tensions. Saudi equity index declined by 0.7% during the month. ACWA Power and Saudi Aramco had declined by 7.6% and 1.3% respectively for the month. Saudi Aramco’s net profit for FY 2024 declined by 12.4% y/y to USD 106.2 billion on the back of lower oil prices. Saudi Capital Market Authority has approved the listing of flynas, Saudi Arabia’s budget airline, making it the third such listing from an airline company in GCC, after Air Arabia (UAE) and Jazeera Airways (Kuwait). Abu Dhabi’s equity index declined 2.0% in March 2025, amid broad-based declines. Dubai’s equity index declined by 4.2% for the month. Emirates NBD and Dubai Islamic Bank declined by 8.6% and 7.2% respectively for the month. Qatar’s equity markets lost 2.0% for the month, despite positive corporate earnings and a 7.4% rise in natural gas prices during the month. Qatar’s listed companies’ net earnings increased by 8.7% y/y in 2024.
S&P has revised up Saudi Arabia’s rating from A to A+, citing ongoing social and economic transformation. The country’s real GDP grew by 4.4% y/y in Q4 2024, with non-oil GDP rising by 4.6%, and oil GDP rising by 3.4%. According to the Central Bank of UAE, the country’s real GDP has grown by 3.9% y/y in 2024 on the back of strong performance of sectors such as tourism, transportation, financial services, construction and real estate. It is projected to grow at 4.7% y/y in 2025 and 5.7% y/y in 2026 on the back of heavy investments in projects, unwinding production cuts by OPEC+ and implementation of reforms.
Global markets were negative during March 2025. MSCI World and S&P 500 indices declined by 4.6% and 5.8% respectively. Concerns over ongoing tariff announcements and economic weakness pressured markets during the month. Following levy of tariffs on imports from Canada, Mexico and China, U.S President Trump announced 25% levy on all imported automobiles. This has in turn raised concerns over the country’s growth prospects with many market participants, such as Goldman Sachs and Morgan Stanley lowering their GDP forecasts for 2025 to 1.7% (down from 2.2%) and 1.5% (down from 1.9%) respectively. The U.S Fed has revised its expectation for inflation upwards to 2.7%, up from 2.5%, while revising its outlook on GDP growth downwards to 1.7%, from 2.1%. The MSCI EM index gained 0.4% during the month with 0.4% gain in Chinese equities and 5.8% gain in Indian equities. Chinese equities were supported by the government’s pledge for stronger fiscal and monetary support for the economy while favorable economic data such as declining inflation have supported Indian equities.
U.S inflation stood at 2.8% y/y in February 2025, a slight decline from the 3.0% y/y reading in January 2025. Food prices had increased by 2.6% y/y. On a monthly basis, CPI increased by 0.2%, driven by shelter costs, which accounted for more than half of the increase. The U.S. labor market added 151,000 jobs in February, up from 125,000 jobs added in January. While sectors such as construction and healthcare have reported gains, there have been about 10,000 job cuts by the Federal government. With the U.S government looking to cut spending, it is widely expected that such job cuts would continue in the upcoming months.
The yield on the 10-year US treasury notes remained volatile and closed at 4.23% at the end of March 2025, down by 1 bps compared to the previous month. While the Fed’s expectation of lower interest rates pressured yields, concerns over slower economic growth and higher inflation on the back of tariff imposition held up yields. During the month, U.S Fed kept rates unchanged at 4.25%-4.50% and maintained its expectation of lowering interest rates by 50 bps in 2025.
Oil (Brent) prices closed the month at USD 74.7 per barrel, up by 2.1% during the month. While oil prices were weighed by OPEC+’s decision to hike output by 138,000 barrels per day from April 2025, concerns over tightening of supply supported prices during later part of the month. The U.S has imposed tariff on countries that purchase oil and gas from Venezuela, citing the country’s lack of progress on handling migrant returns and electoral reforms. The country has also placed restrictions on Iranian oil trade. Gold prices closed at USD 3,084, gaining 9.3% during the month and 19.0% during Q1 2025 on the back of safe haven demand amid persistent tariff concerns and expectation of lower interest rates.
Recent levy of trade tariffs by U.S and retaliatory tariffs by countries like China present a downside risk to global economic activity. Such tariffs and efforts to reduce Federal spending in the U.S have increased uncertainty around the country’s growth prospects and inflation. These factors are likely to continue to impact GCC equity markets as well. However, with OPEC+’s planned unwinding of production cuts, the likely improvement in oil GDP and continued implementation of reforms could render some support to markets.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Amwaj International has acquired an 18% stake in Dubai-based development firm Cledor, marking its entry into the UAE’s growing real estate market. The partnership will enable Cledor to attract top talent and manage operational expenses, while Amwaj’s global team and procurement network will accelerate future growth. Cledor is also exploring emerging markets.
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Amwaj International, a billion-dollar multi-national conglomerate with over 10,000 employees and a global footprint across 27 cities, has acquired 18% stake in Dubai-based development firm Cledor, founded by industry veteran Omar Gull. The investment marks Amwaj’s entry into the rapidly growing real estate market in the UAE, with Cledor’s post-money valuation hitting USD 100 million.
This investment is a key part of Amwaj’s strategy to expand into one of the world’s most vibrant real estate markets. For over 30 years, Namir El Akabi has successfully directed developments and investments worth more than $60 billion across nearly every sector of the real estate industry.
Under the partnership, Cledor will manage and spearhead Amwaj’s upcoming real estate ventures in the UAE, harnessing its expertise in luxury real estate development. The funds will enable Cledor to attract top talent and manage operational expenses until its projects generate liquidity. Cledor will also leverage Amwaj’s global team of professionals, procurement network, and expertise to accelerate future growth.
Dubai’s real estate sector is witnessing exceptional growth, with record-breaking transactions and rising investor confidence. In 2024, Dubai reached an all-time high in real estate transaction values, totaling over AED 760.7 billion from 226,000 transactions. The boom has been fueled by foreign direct investment, a growing demand for luxury properties, and a pro-business regulatory framework.
As a thriving global business hub, Dubai offers an unparalleled environment for startups, enabling rapid scaling for companies like Cledor. With a tax-free income regime, ease of doing business, and a dynamic investment ecosystem, the city continues to attract ambitious companies ready to disrupt industries.
“Dubai provides the ideal environment for entrepreneurs to dream big and scale quickly,” said Omar Gull, Founder of Cledor. “In just under a year, we secured AED 2.3 billion in Gross Development Value (GDV) and more than 1.3 million square feet in projects. We have also demonstrated our ability to execute, having launched and sold out our first development in just four days, with a GDV of AED 435 million. Our partnership with Amwaj will further fuel our growth, allowing us to capitalize on Dubai’s booming real estate market.”
Omar’s illustrious career path has seen him achieve sales upwards of USD 30 billion. He has previously held key leadership roles including the Chief Sales Officer of Dubai Holding, Head of Sales at Emaar Properties, General Manager of Emaar Saudi Arabia, Head of International Business at DAMAC Properties, as well as prior consulting experience at JLL.
Namir El Akabi, Founder and Chairman of Amwaj Group stated: “We are deeply confident in the vision and leadership of Omar Gull, who brings invaluable experience in the Dubai real estate market. The remarkable speed and scale at which Cledor has grown in under a year is testament to its vast potential. We are excited to support its journey and join hands in redefining the UAE’s real estate sector.”
While Cledor’s primary focus remains Dubai, the firm is also exploring high-growth emerging markets such as Far East Asia and Eastern Europe for potential expansion opportunities.
Through current and upcoming projects spanning approximately 20 million sqm of land, Amwaj aims to provide 50,000 units to accommodate 200,000 residents. To date, the company has invested about $2.4 billion in real estate assets that are either sold or under development in Iraq alone. These assets include residential, retail and office properties in Iraq’s premier property market.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Kuwait’s 2025-2026 budget allocates $6 billion for infrastructure projects, including rail, roads, water, electricity, and Mubarak Al Khabeer Port construction, with 5.7 billion in capital spending.
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Kuwait has allocated nearly $6 billion towards infrastructure and services projects in its 2025-2026 budget with special focus on rail, roads, water, electricity as well as the construction of the Mubarak Al Khabeer Port, said media reports.
The budget includes capital spending of nearly KD1.7 billion ($5.7 billion) and more than 90 projects.
The government has set a number of goals to be achieved through such projects in the current budget…they include increasing growth rates, expanding the private sector’s role in the economy and boosting non-oil revenues, it stated.
The Kuwaiti government is embarking on 90 new projects in various sectors, including roads, education, health, and infrastructure.
“For example, two new football stadiums are being planned in the new cities in the northern parts of Kuwait, at a total cost of KD1.7 billion,” he stated.
While the budget is ambitious, we need projects that provide long-term benefits, help maintain our competitive edge, and create job opportunities for the estimated 25,000 new graduates entering the workforce each year.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
Qatar Development Bank introduces M&A program to support private sector growth and business sustainability, offering integrated solutions, strategic partnerships, and exit strategies, covering up to 70% of advisory costs.
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As part of its ongoing efforts to support the private sector and strengthen the sustainability of Qatari businesses, Qatar Development Bank (QDB) has announced the launch of its Mergers and Acquisitions (M&A) program. The strategic initiative offers integrated solutions to companies seeking growth, access to new opportunities, strategic partnerships, or structured and efficient exit strategies. The program facilitates both mergers—combining two or more companies to create stronger, more competitive entities—and acquisitions, where one company acquires another in whole or in part. It delivers a suite of specialized services designed to enhance competitiveness and promote a more sustainable business environment across various industries in Qatar.
The M&A Program is one of QDB’s innovative offerings tailored to support SMEs, private enterprises, and Qatari factories at different stages of their business lifecycle. It provides a full range of advisory services backed by a clear methodology, enabling companies to identify and pursue the most suitable merger or acquisition opportunities. Through the program, QDB covers up to 70% of advisory service costs via a dedicated M&A Minha (grant). Companies can list their opportunities on the newly developed M&A portal—an interactive platform that connects businesses and investors with certified experts and advisors. This allows companies to unlock new opportunities for growth, expansion, and sector-specific matchmaking.
QDB CEO Mr. Abdulrahman bin Hesham Al-Sowaidi emphasized that the program addresses the evolving needs of the Qatari market and aligns with the bank’s strategic focus on innovative solutions to boost competitiveness and the growth of Qatari companies. “The program aims to diversify funding sources and attract both individual and corporate investors seeking partial or full acquisitions of businesses looking to offer their shares. It also supports companies in achieving their strategic goals—whether through expansion, improved operational efficiency, or successful exits. At Qatar Development Bank, we are committed to providing comprehensive, integrated solutions that support businesses at every stage of their development.”
The M&A journey is structured into three main steps. The initial evaluation step involves assessing the company’s financial and operational data to determine its market value, business goals, and strategic direction. Next is Company Listing on the M&A Portal, where the company is showcased on the portal to connect with potential investors or buyers. Finally, Negotiating and Completing M&A, which includes entering negotiations, finalizing the merger or acquisition, and agreeing on the deal terms.
Mergers and Acquisitions Portal Benefits
Through the M&A program and its dedicated portal, QDB offers an end-to-end support ecosystem—from initial planning to deal completion—along with accurate business valuations. The portal enables companies to create professional, secure listings with detailed profiles, while maintaining high standards of privacy and confidentiality. Expert guidance is also available to help determine accurate market valuations.
For investors, the portal provides a streamlined path to new acquisition opportunities. It offers access to pre-vetted companies, allows comparison of multiple profiles, speeding up the matching process.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
Oxford Leadership Development and Research (OxfordLDR) has discovered that developing world-beating leadership skills could increase UAE company profits by 15%, adding $7.8bn per year to listed companies. The research highlights the importance of investing in leadership development, as only 12% of companies worldwide report confidence in their leadership pipeline. OxfordLDR is launching two initiatives to address this gap.
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Research by Oxford Leadership Development and Research (OxfordLDR) suggests that the development of world-beating leadership skills could increase UAE company profits by around 15% and, therefore, add around $7.8bn pa to UAE listed companies’ profits.
OxfordLDR’s research is consistent with global research (cited), which found that companies with high quality leadership are three times more likely to be among the top performing organizations financially. while also driving important additional benefits for organizations of higher employee engagement, productivity, retention, and loyalty.
Given the enormous financial impact of high-quality leadership, forward thinking companies are right to focus investment into developing their leaders. In 2023, training industry research suggests that organizations invested round $3.5 billion annually in leadership development solutions and programs. But still, OxfordLDR found that only 12% of companies worldwide report confidence in the quality of their leadership pipeline and only 40% of leaders feel that they are equipped to handle future challenges.
The enormous investments in training over many years do not seem to have materially raised the overall standards of leadership. This data underscores the need for a more effective and tailored approach to leadership development.
But what is ‘world-beating leadership effectiveness’ and how can it be achieved?
Professor William Scott-Jackson of OxfordLDR points out that the term ‘leadership’ is used to mean anything from the strategic direction of a multi-billion business through to the man-management of a small team. Of course, the goals, responsibilities and tasks involved are completely different for each role. However, OxfordLDR’s research has found that high quality training for ‘first-line’ leaders is often either non-existent or based on anecdotal observations and generic frameworks of successful transformational leaders. At the other extreme, the expensive training or coaching of mid-level and senior strategic leaders is frequently based on generic theories, styles, practices and case studies of low relevance. If these methodologies had worked, then effective leadership could be achieved by simply replicating the style and practices outlined in any successful CEO’s memoir. But, in fact, the essence of strategic leadership is that the context is completely unique, and every strategic leader must be consistently effective in dealing with the unique circumstances that ultimately drive organizational success – whether that is growth, value creation or other strategic priorities. Development must be designed to meet those very specific challenges.
Based on OxfordLDR’s experience working with GCC governments, well known organizations and entrepreneurial family firms, we aim to help UAE organizations address these opportunities and to raise their leaders (at all levels) to even greater heights and to achieve world-beating levels of leader effectiveness (with all the benefits that provides). For organizations, OxfordLDR will provide precision-tailored leadership development to achieve specified organizational goals based on robust forensic analysis and impact forecast. For example, in one major retailer, tailored leadership development led to four-fold increase in profits in the targeted stores and in OxfordLDR’s study with the Chartered Management Institute the top indicator of value for investors was the quality of leadership.
OxfordLDR is launching two key initiatives designed to address the leadership effectiveness gap:
- Bespoke Leadership Development for Leaders
Effective leadership development must be tailored to an organization’s unique context, challenges, and strategic goals. As the foundation of any new leadership development program, the OxfordLDR will conduct an in-depth analysis—leveraging existing data sources such as engagement surveys — to identify critical leadership issues and opportunities. This analysis will shape our customized leadership methodologies to ensure leaders develop the skills necessary to achieve specific organizational objectives and drive value for their organization.
- Impact Research Initiative to maximize Leadership Standards Across the UAE
OxfordLDR is launching an extensive research project to identify the most effective leadership strategies worldwide, contextualizing these insights for the UAE’s unique environment. By analyzing best practices and distinctive regional leadership capabilities, the initiative aims to recommend high-impact actions to elevate leadership effectiveness to world-class standards that deliver a measurable impact on business growth and generate value.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Ajman Bank’s Q1 2025 financial performance showed a 24% increase in profit before tax and a 2% rise in net operating income. The bank’s capital position and asset quality improved year-on-year. CEO Mustafa Al Khalfawi praised the bank’s commitment to long-term value creation, innovation, human capital, and customer-centric solutions.
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The strong financial performance of Ajman Bank is evidence of the success of our strategic initiatives and resilience of the national economy.
His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Board of Ajman Bank, chaired the bank’s board meeting, also attended by Sheikh Rashid bin Humaid Al Nuaimi, Chairman of the Municipality and Planning Department of Ajman and Vice Chairman of the Bank’s Board.
During the meeting held at Ajman Ruler’s Court, the board discussed several financial and administrative matters, reviewed routine business activities, and issued its decisions accordingly.
Ajman Bank achieved a “Profit Before Tax” of AED 145 million in Q1 2025, reflecting a 24% increase. The Bank reported the Net Operating Income of AED 199 million, up by 2% for Q1 2025, reflecting continued strength in core business performance with continued focus on strong recoveries, cost rationalization, increasing efficiencies through digitization and automation of IT infrastructures. These strong results are underpinned by a robust balance sheet growth, with Total Assets reaching AED 25 billion (up by 7%), Customer Deposits rising to AED 21 billion (up by 8%), and Total Shareholder Equity standing at AED 3.1 billion (as compared to 2024 year end).
The Bank’s capital position and asset quality continue to demonstrate solid improvement year-on-year as well as on a sequential quarterly basis. The Capital Adequacy Ratio (CAR) stood at 18.2% with Tier 1 Capital at 17.0%.Return on Shareholder Equity (ROE) was reported at 17.4% (up by 161 bps), while Return on Assets (ROA) stood at 2.3% (up by 49 bps). The Non-Performing Loan (NPL) Ratio improved to 9.7% (from 9.9% as of 2024 year end).
His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, said, “The progress of Ajman Bank reflects the strength of our vision for Ajman’s future and the pivotal role financial institutions play in shaping resilient and inclusive economies. As the banking sector continues to evolve, Ajman Bank stands at the forefront—guided by sound governance, national values, and a commitment to responsible growth. This achievement is not only a reflection of performance, but of purpose. I commend the Board, management, and every member of our team whose dedication and professionalism continue to drive our journey forward and contribute to the broader success of the United Arab Emirates.”
Mr. Mustafa Al Khalfawi, CEO of Ajman Bank, stated, “Ajman Bank’s Q1 2025 results reflect the strength of our ongoing transformation and our ability to deliver consistent, value-driven performance. We remain focused on creating long-term value for our shareholders while continuing to invest in innovation, human capital, and customer-centric solutions. Our commitment to speed, service, and specialization continues to shape a bank where customer experience, innovation, and impact are at the core of everything we do. I am deeply grateful to our Board of Directors, our exceptional team, and our valued customers for their continued trust and loyalty. We are also proud to contribute to the growth of the resilient and dynamic UAE economy, which continues to offer a strong foundation for sustainable progress. Together, we are shaping an institution that is agile, responsible, and fully aligned with the future of Islamic finance.”
With a solid and strengthening financial foundation, continued momentum in its transformation journey, and the support of a resilient UAE economy, Ajman Bank is well-equipped to maintain its growth momentum and deliver sustainable profitability throughout 2025 and the years ahead.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Canada Business Holdings Inc. closed its “New Era” Fund, aiming to boost Tunisian-born startups’ growth in the Product-Market-Fit and Mid-Growth phases, with the World Bank investing USD 5 million.
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Canada Business Holdings Inc. (CBH) is pleased to celebrate the UGFS North Africa (Tunisia), successful first closing of the “New Era” Fund, an investment vehicle dedicated to fueling innovation-driven growth in Tunisia and the broader North Africa region.
CBH considers this important milestone a marking of a new chapter of strategic investment in sectors shaping the future: Artificial Intelligence (AI), BioTech, and GreenTech. The fund specifically targets Tunisian-born startups in the Product-Market-Fit and Mid-Growth phases, offering them access to smart capital and value-added global support.
CBH is delighted also to acknowledge the commitment of the World Bank to invest USD 5 million through the Anava Fund of Funds into the New Era Fund.
The New Era fund is structured to deliver strong returns. Forecasted results include a 23% yield, a 20% gross IRR, and net IRR multiples of 2.3x, making it a highly attractive opportunity for institutional and impact investors.
CBH Inc is committed to continue working together with UGFS North Africa and our global partners to building bridges between capital and innovation in emerging markets.
The celebration event, held in Tunis, brought together fund partners, industry leaders, and international institutions—underscoring the collective commitment to accelerating sustainable and inclusive economic growth through technology and entrepreneurship.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
AlRayan Bank has introduced the first-ever Self-Service Digital Zone (ALRAYAN GO Kiosk) in Qatar, aiming to improve customer experience through digitalization and maintain high service standards. The zone offers 24/7 essential services, including cash withdrawals and instant card printing.
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As part of its ongoing transformation journey, AlRayan Bank has officially launched the first-of-its-kind standalone Self-Service Digital Zone (ALRAYAN GO Kiosk) in the State of Qatar. This innovative concept reflects the bank’s continued commitment to enhancing customer experience through digitalization while upholding high service standards.
The Self-Service Digital Zone is designed to bring convenience and efficiency to the way customers manage their banking needs. The ALRAYAN GO Kiosk combines the best of both worlds: the speed and flexibility of digital banking, and the reliability and familiarity of traditional in-branch services — all in one seamless, integrated experience.
Customers can independently perform a variety of essential services such as cash withdrawals and deposits, instant card printing (initiated through the ALRAYAN GO app), and immediate cheque book issuance. The service is available 24/7 and will be gradually rolled out across various strategic locations across Qatar, offering customers greater accessibility and flexibility in how they bank.
“The launch of the Self-Service Digital Zone marks a key milestone in our transformation agenda,” said Omar Al Emadi, Acting Group Executive Officer at AlRayan Bank. “Our goal is to empower customers with smart, secure, and user-friendly tools that simplify their banking journey while maintaining the personalized care they expect from AlRayan Bank.”
Houssam Itani, Group Chief Transformation Officer at AlRayan Bank, added: “At AlRayan Bank, we are committed to driving our transformation in a way that genuinely benefits our customers. The launch of the Self-Service Digital Zone is part of our larger vision to transform banking into a smoother, more efficient, and more personalized experience.”
By introducing this concept, AlRayan Bank continues to reinforce its position as a pioneer in digital transformation, offering innovative solutions that improve service quality and respond to the evolving needs of its customers.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Abu Dhabi Islamic Bank (ADIB) has introduced a Cardless Cash Withdrawal feature via its mobile app, enabling customers to withdraw cash from ATMs without a physical debit card and send money to friends and family, as part of its 2035 Vision.
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Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has launched the new Cardless Cash Withdrawal feature through the ADIB Mobile App, allowing customers to withdraw cash from ADIB ATM without the need for a physical debit card and quickly and securely send cash to friends and family, including non-ADIB customers, through any of ADIB’s 500-plus ATMs. The new service is part of the bank’s commitment to delivering convenient and accessible banking experiences through ongoing digital innovation.
This feature enables customers to access cash for themselves or send money using only their mobile phones. The experience is fully digital and designed for ease of use, offering a fast and secure way to access cash. Customers or recipients receive a one-time Collection Code via SMS or in-app notification, which can be used at any ADIB ATM to withdraw the specified amount within a two-hour window. They can also send money to a UAE mobile phone using the payments functionality on the Transfers services by choosing the cardless cash option on the mobile app.
Amit Malhotra, Global Head of Retail Banking at ADIB said: “While cardless withdrawal are not new to the industry, our priority has always been to deliver solutions that meet the highest standards of security and safety. This feature was designed to offer a safer, more controlled way to access cash. For ADIB, it is not just about keeping up with technology, it is about delivering innovations that truly serve our customers’ needs.”
The launch of Cardless Cash Withdrawal reflects ADIB’s broader strategy to enhance mobile banking functionality as part of its 2035 Vision. This long-term roadmap focuses on pioneering new technologies, including Gen AI and advanced digital features, to create seamless and personalized experiences for customers.
The Cardless Cash Withdrawal feature adds to ADIB’s growing portfolio of digital banking services aimed at enhancing convenience, improving access, and reducing reliance on physical tools or branch visits. As part of its Vision 2035, ADIB continues to explore and implement secure, customer-first innovations that reflect the bank’s commitment to excellence and growth.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The Abu Dhabi Exports Office (ADEX), the UAE’s export-financing arm, partnered with TXF Middle East & Africa 2025 in Dubai to promote cross-regional partnerships and align economic development strategies. ADEX supports UAE’s export sector, AI, and renewable energy investments, and recognized its syndicated facility with BGN as Deal of the Year.
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The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), took part as a key sponsor in the TXF Middle East & Africa 2025, held over three days in Dubai.
This edition of TXF marked the first time the conference merged its Middle East and Africa editions into one comprehensive platform, uniting decision-makers, financiers, and exporters from both regions to promote cross-regional partnerships, explore common interests, and align strategies that support economic development.
Khalil Al Mansoori, Executive Director of ADEX, delivered a keynote address highlighting ADEX’s role as a strategic enabler of the UAE’s export sector. “At ADEX, we believe meaningful progress begins with meaningful partnership. Collaboration is the foundation of everything we do,” he said.
Al Mansoori noted that ADEX’s role continues to evolve in line with national ambitions such as Operation 300 Billion, Abu Dhabi’s Industrial Strategy, and the UAE Centennial 2071. “We are committed to helping the UAE become a global hub for innovation and trade. Supporting exports and investments in key sectors like AI and renewable energy plays a vital role in achieving a competitive, knowledge-based economy,” he added.
To support this vision, ADEX has expanded its financing solutions beyond traditional loans and guarantees for foreign buyers of UAE goods and services. The agency now also provides direct loans to UAE-based businesses to help scale production and invest in capital expenditure, in addition to offering multilateral risk repurchase agreements that unlock liquidity for high-impact export deals.
“These tools make us more agile, more responsive, and more aligned with the needs of our exporters and partners,” Al Mansoori explained. “They also allow us to support the UAE’s efforts to diversify its economy while opening new opportunities for local companies abroad.”
One of the highlights of the event was TXF’s recognition of ADEX’s syndicated facility with BGN as one of its Deals of the Year, acknowledging the creative structuring and impact of the transaction in supporting UAE exports in emerging markets.
The event included insightful panel discussions, country-focused workshops, and roundtables of heads of export and project finance.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
AJEX Logistics Services, a Middle East-based specialist in express distribution and shipping solutions, was named ‘Last-Mile Provider of the Year’ at the Logistics and Transport KSA Awards 2025, renowned for its fast, reliable, and innovative customer-focused solutions.
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AJEX Logistics Services, the leading Middle East-based specialist in express distribution and shipping solutions, was named ‘Last-Mile Provider of the Year’ at the Logistics and Transport KSA Awards 2025. The award ceremony, which brought together the Kingdom’s top logistics players, took place at the Voco, Riyadh, Saudi Arabia. The award was accepted on behalf of AJEX by Chief E-Commerce Officer, Ken Robertson, and Director of E-Commerce Operations in Saudi Arabia, Vladimir Rulevoy.
This latest recognition underscores the rapid rise of AJEX in the logistics sector and its growing role in shaping the future of last-mile delivery in the Kingdom. Since launching operations in 2021, AJEX has built a strong reputation for fast, reliable, and innovative customer-focused solutions—attributes which have become essential in today’s fast-growing eCommerce-driven economy.
“We are delighted to be recognized at the Logistics and Transport KSA Awards 2025 as the leading last-mile provider in Saudi Arabia,” said Ken Robertson, Chief E-Commerce Officer at AJEX. “At AJEX, we pride ourselves on our customer-centric and tech-driven approach, which continues to fuel our success. Today, we are proud to lead the market, setting new benchmarks for speed, reliability, and innovation in the last-mile sector”.
With operations spanning the Kingdom and beyond, AJEX offers a full suite of last mile services tailored to the needs of both B2C and B2B clients. B2C solutions include eCommerce Express, eCommerce Same Day, and eCommerce Reverse Pick-up, while B2B solutions include parcel and palletized road services to FTL and industrial solutions.
Backed by a robust logistics infrastructure—comprising over 1,000 vehicles, 60 + facilities, seven transportation hubs, and a workforce of more than 1,800 team members—AJEX has a high-performance network designed to ensure the reliable and timely delivery of critical shipments across urban and remote areas in support of Vision 2030 goals.
As AJEX continues to expand its footprint and invest in future-ready technologies, this latest award marks another milestone in its mission to redefine last-mile logistics and become the delivery partner of choice for businesses and consumers across the region.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Arthur D. Little (ADL) has identified Saudi Arabia as a potential powerhouse in feeder shipping, a high-potential segment of maritime trade set to grow to $451 billion by 2030. Saudi ports are poised to capture up to 45% of Red Sea feeder trade and 35% of Gulf trade, driven by infrastructure investment, geographic advantage, and Vision 2030’s logistics transformation agenda.
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As global logistics undergo rapid transformation, new research from Arthur D. Little (ADL) positions Saudi Arabia as a future powerhouse in feeder shipping, a high-potential segment of maritime trade set to grow to $451 billion globally by 2030. The Middle East, East Africa, Turkey (MEEAT), and South Asia region alone is forecast to account for $8 billion of that total, making it one of the most strategically valuable feeder markets in the world.
At the heart of this regional surge is the Kingdom of Saudi Arabia. According to ADL’s latest viewpoint, “Unlocking Opportunities in the Feeder Shipping Sector Saudi” ports are poised to capture up to 45 percent of Red Sea feeder trade and 35 percent of Gulf trade, driven by infrastructure investment, geographic advantage, and Vision 2030’s logistics transformation agenda. Red Sea throughput alone is projected to nearly double from 12 million TEUs in 2021 to 23 million by 2030, positioning the Kingdom as a linchpin for intra-regional and East–West container movement.
Feeder shipping, the practice of transporting containers between smaller regional ports and major global hubs, is attracting growing interest from operators and investors due to returns on assets of 17 to 23 percent. This performance significantly outpaces returns in other freight and logistics segments such as rail, trucking, and traditional maritime transport. While historically overlooked, the sector has become an increasingly vital part of the global shipping ecosystem.
“Saudi Arabia sits at the intersection of macroeconomic shifts in global trade, regional port infrastructure growth, and heightened investor appetite for logistics assets that deliver strong, stable returns,” said Paolo Carlomagno, Partner at Arthur D. Little “Its ability to combine geographic proximity to high-growth corridors with government-backed investment strategies creates a uniquely scalable feeder shipping environment that few markets globally can match.”
ADL’s analysis outlines a phased strategy for capturing this opportunity. New entrants to the Saudi market are encouraged to adopt asset-light models, chartering vessels and building lean, responsive operations before scaling through asset ownership and deeper integration with major liners, freight forwarders, and regional exporters. This approach helps reduce capital risk while allowing operators to adapt quickly to demand and align with specific Saudi trade flows in the Red Sea, Gulf, and Arabian Sea.
“Saudi Arabia offers a rare combination of volume potential, policy alignment, and port readiness that makes it a natural launchpad for feeder shipping operations,” said Alexandre Sawaya, Principal at Arthur D. Little, Middle East. “The Kingdom is no longer a peripheral player in maritime trade. It is fast becoming a focal point for regional connectivity and a strategic base for operators seeking scale and resilience.”
The report also highlights feeder shipping’s compatibility with Saudi Arabia’s environmental priorities. Feeder vessels, being smaller and more agile, are easier to retrofit for clean fuels such as methanol, biodiesel hybrids, or hybrid-electric propulsion. This flexibility supports the Kingdom’s goals to reduce carbon emissions by 25 percent by 2030 and reach net-zero by 2060.
With container volumes rising, infrastructure expanding, and consolidation accelerating across the shipping landscape, ADL concludes that Saudi Arabia is uniquely positioned to lead the next phase of growth in feeder shipping.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
UAE retail investors are increasingly using fintech platforms, with half using crypto exchanges and 32% using personal finance apps. However, understanding complex crypto assets remains challenging, necessitating accessible, investor-friendly education.
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According to a survey by eToro, (87%) of UAE retail investors now rely on fintech platforms—signaling a major shift in how financial services are accessed and trusted. But with one in three investors finding crypto and ETFs complex, fintech’s rise underscores the importance of accessible, investor-friendly education.
George Naddaf, Managing Director MENA, eToro said: “Dubai’s position among the world’s top 5 fintech cities reflects a broader transformation in how investors across the UAE are engaging with financial services. eToro’s data shows a clear preference for fintech solutions, with half of retail investors now using crypto exchanges, and many turning to personal finance apps (32%) and robo-advisors (20%) to manage their money.
“This growing reliance on fintech isn’t marginal—it’s mainstream. Over a quarter of investors (26%) use only fintech providers for their financial needs, while (36%) lean on them for most of their activity. Even those still working with traditional institutions are blending in fintech tools, creating a more hybrid financial experience.
“But while adoption is widespread, understanding still lags. Crypto assets top the list of the most difficult products to grasp (33%), followed by ETFs (29%) and commodities (30%). This underlines a critical challenge: as fintech platforms become the go-to for financial engagement, there’s a growing need to support investors with accessible, high-quality education.
Fintech is clearly shaping the future of finance in the UAE—not just by offering new tools, but by redefining how and where investors make decisions. Ensuring those decisions are informed will be key to sustaining this momentum.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
Abu Dhabi Exports Office (ADEX) has signed a syndicated loan agreement worth AED 863 million with Sumitomo Mitsui Banking Corporation (SMBC) and Commercial Bank of Dubai to support Trafigura in acquiring UAE-produced commodities. The agreement aims to strengthen the UAE’s trade hub position and promote sustainable economic development, increasing access to Emirati products in international markets.
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In a strategic move to empower UAE exporters and advance the nation’s economic diversification goals, the Abu Dhabi Exports Office (ADEX) has signed a US$ 235 million (AED 863 million) syndicated loan agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) and Commercial Bank of Dubai (CBD) to support Trafigura, a market leader in the global commodities industry, to acquire commodities originating from the UAE. The agreement underscores ADEX’s commitment to strengthening the UAE’s position as a globally competitive trade hub while accelerating the country’s sustainable economic development.
Under the agreement, ADEX spearheaded the financing with US$ 150 million, supporting Trafigura’s acquisition of UAE-produced commodities across strategic sectors such as energy, metals and minerals. CBD contributed US$ 65 million, while SMBC coordinated the syndication with a contribution of US$ 20 million. This collaboration will amplify access to Emirati products in international markets, directly aligning with the UAE’s vision to diversify its economy and build resilient trade partnerships.
The agreement was signed by Khalil Fadel Al Mansoori, Executive Director of the Abu Dhabi Exports Office, alongside representatives of Trafigura, SMBC, and CBD. Officials from Abu Dhabi Fund for Development and other participating entities also attended the signing ceremony.
His Excellency Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee at the Abu Dhabi Exports Office, said: “This agreement is a testament to ADEX’s mission of empowering UAE businesses to compete globally. By providing flexible financial solutions, we are unlocking opportunities for national companies to expand into new markets, drive sustainable economic growth, and strengthen the UAE’s role as a bridge between regional and global trade networks.”
Laurent Christophe, Group Treasurer for Trafigura emphasized the transformative potential of the agreement: “This collaboration allows us to integrate high-quality UAE commodities into our global supply chains, reaching fast-growing markets while supporting the UAE’s economic ambitions. Together with ADEX, SMBC and CBD, we are further integrating the country’s resources into international supply chains and contributing to the UAE’s vision of long-term prosperity.”
Highlighting the UAE’s strategic significance, Jonathan Joseph-Horne, Co-Head of Global Trade Finance Department, EMEA at Sumitomo Mitsui Banking Corporation n, said: “As a global financial leader, we recognize the UAE’s growing influence in shaping international trade. This agreement reflects confidence in the UAE’s export capabilities and its commitment to sustainable development. We are proud to support initiatives that enhance cross-border economic resilience and align with the UAE’s diversification agenda.”
Fahad Al Muhairi, General Manager – Institutional Banking, at Commercial Bank of Dubai also emphasized the strategic impact of the agreement, stating, “By streamlining innovative financing solutions, we are strengthening the UAE’s position as a global trade hub. This partnership exemplifies our dedication to fostering economic progress, both locally and internationally, through forward-thinking collaborations that drive job creation and technological advancement.”
The agreement marks a milestone in the UAE’s journey towards a diversified, future-ready economy. By connecting UAE exporters to Trafigura’s global networks, ADEX continues to champion sustainable trade practices while supporting the UAE’s broader economic objectives enshrined in the Abu Dhabi Economic Vision 2030 and We the UAE 2031, while also highlighting the power of public-private partnerships in achieving shared economic success.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
A SAS study shows AI interest outpaces implementation, with only 18% having AI/ML solutions in production. Despite regulators cooling on AI, machine learning is increasingly effective in large data areas.
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Using AI technology in anti-money laundering (AML) processes has become critical for financial institutions as they work to comply with regulations and combat financial crime. Even so, a new AML technology study from data and AI leader SAS, featuring contributions from SAS Partner KPMG, finds that interest in AI continues to outpace its full implementation. Based on a global survey of 850 members of the Association of Certified Anti-Money Laundering Specialists (ACAMS), the study reveals:
- Adoption of AI and machine learning (ML) remains modest. Only 18% of survey respondents report having AI/ML solutions in production. Another 18% are piloting AI/ML solutions, while 25% plan to implement AI/ML in the next 12-18 months; 40% have no current plans to adopt AI/ML.
- Interest in generative AI technology is robust but seemingly cautious. Nearly half of respondents say they are currently piloting GenAI (10%) or are in the discovery phase (35%) – no small amount for an emerging technology. Still, that leaves 55% with no plans to adopt GenAI.
The road to integration: The state of AI and machine learning adoption in anti-money laundering compliance, a follow-up to a similar survey published in 2021, explores the current state of AI/ML adoption for anti-money laundering. SAS has also published a data dashboard that allows users to explore, visualize and filter survey insights by region and institution size.
“The survey indicates that AML practitioners believe regulators have cooled on AI,” said Kieran Beer, Chief Analyst and Director of Editorial Content at ACAMS. “Fifty-one percent said their regulator promotes or encourages AI/ML innovation – a 15-point drop from 2021. Those who said regulators are apprehensive or cautious about AI/ML adoption rose from 28% to 36%, and those describing regulators as ‘resistant to change’ more than doubled from 6% to 13%.”
“AI and machine learning aren’t a magic fix for every financial crimes challenge. But they are showing to be increasingly effective in certain areas – especially those involving large amounts of data,” said Timo Purkott, Global Fraud and Financial Crime Transformation Lead at KPMG International and Partner at KPMG in Germany. “That includes automating alerts from transaction monitoring, generating enterprisewide risk assessments, reporting suspicious activities, AML checks, striving to reduce false positives and more. It all depends on data. Organizations must invest in their data management infrastructure to maximize the value of AI and ML and stay ahead of financial criminals.”
AI and ML are producing value – when fully implemented
The survey produced a number of insights on how AI technology is being used in anti-money laundering and why companies may be slow to fully integrate it into their operations:
Organizations are identifying more uses for AI/ML. In the first edition of the survey in 2021, 78% of respondents cited either improving the quality of investigations and regulatory findings (40%) or reducing false positives (38%) as their primary reason for AI/ML adoption. This year, the answers to that question were more diverse. Those top two answers were still the same, but the combined percentage dropped by 11 points to 67%. Meanwhile, detecting complex risks rose from 17% to 21%, and “none of the above” jumped from 5% to 13%.
Reasons for not adopting AI/ML have also evolved. In 2021, the top obstacle for passing on AI was budget constraints, at 39%. That slipped to 34% in this survey and was overtaken by the lack of a regulatory imperative, up slightly to 37%. Lack of available skills is also becoming less of a concern, with the percentage falling by nearly half to 11%. However, the “Other” category saw a significant rise from 5% to 19%.
Reducing false positives is a growing priority. When asked about their priorities for AI/ML deployment, AML experts cited the reduction of false positives in existing surveillance systems at 38% (an 8% increase since 2021). Automating data enrichment for investigations and due diligence (25%) and detecting new risks with advanced modeling techniques (23%) also remained popular responses, though both dropped by several points from the previous survey. The remaining 13% of respondents cited customer segmentation for behavioral analysis.
Reducing false positives and negatives was also the top answer for which area offers the most value from AI/ML, at 38%. However, the other two available choices – better and faster investigations (34%) and triaging high- and low-risk alerts (28%) – weren’t far behind.
Machine learning is making a big impact – but don’t sleep on NLP. When asked to rank three technologies based on their impact, machine learning was once again the top choice by far at 58%, up 6% since 2021. Robotic process automation saw a corresponding drop to 28%, while natural language processing (NLP) was the last choice at 14%. While machine learning’s ability to identify patterns in large amounts of data is certainly impactful, might the low response for NLP indicate that compliance teams are missing early warning signs due to underdeveloped capabilities?
Laying the groundwork for a competitive advantage
“The key to unlocking the full potential of AI and machine learning is integration of data sources, teams and technology. The first step toward that integration is establishing a data ecosystem that combines data from all sources,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS. “In this ACAMS survey, 86% of respondents reported doing some form of integration between AML, fraud and information security processes. Nearly a third have a fully integrated case management capability across those functions. Another third collaborate through cross-functional teams to deploy controls to prevent financial crimes exposure.
“Some organizations may be waiting on regulatory guidance. Firms that press ahead with integrating data and operations with governance in mind are laying the groundwork for responsible innovation in AI and ML and will enjoy a competitive advantage over those who hesitate.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The Abu Dhabi Securities Exchange (ADX) experienced a strong performance in Q1 2025, with a significant increase in foreign investor trades and foreign net investment. The value of foreign investor trades rose by 62.2% to AED69.79 billion, while foreign net investment grew by 151% to AED8.5 billion. The market capitalization rose by 3.2% to exceed AED2.93 trillion, and Exchange-Traded Funds (ETFs) saw a significant increase in market value. Liquidity increased by nearly 21% to AED83.3 billion, and institutional investors saw a 22% increase in trading value.
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Abu Dhabi Securities Exchange (ADX) posted strong performance in the first quarter of 2025 compared to the same period in 2024, driven by significant increases in liquidity and investment activity, particularly from foreign and institutional investors.
According to ADX data, the value of foreign investor trades (buy and sell) rose by approximately 62.2 percent to around AED69.79 billion in Q1 2025, up from AED43.03 billion in Q1 2024.
Foreign net investment recorded a substantial growth of 151 percent, increasing from about AED3.4 billion to over AED8.5 billion, reflecting growing confidence of international investors in the UAE market.
The contribution of foreign investors to total trading value grew to 42 percent in Q1 2025, up from 31 percent in the same period of 2024, marking an 11-percentage-point increase.
The market capitalization rose by approximately 3.2 percent to exceed AED2.93 trillion at the end of Q1 2025, compared to AED2.84 trillion at the end of Q1 2024.
Exchange-Traded Funds (ETFs) witnessed a notable increase, with market value rising by 109 percent to approximately AED1.64 billion, compared to AED784.4 million, highlighting growing investor interest in this asset class.
In terms of liquidity, the total trading value grew by nearly 21 percent to AED83.3 billion in Q1 2025, compared to AED68.95 billion in Q1 2024. The traded volume rose by 39 percent to over 22.45 billion shares from 16.11 billion shares, while the number of executed trades increased by around 41 percent to reach 1.35 million, up from 961,800 trades in the same comparison period.
Institutional investors also recorded a 22 percent increase in trading value (buy and sell), reaching over AED134.9 billion in Q1 2025, compared to around AED110.6 billion in the same period last year.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.
