Private Credit Is on the Hunt for Credit-Card Debt
Private credit is rapidly moving into consumer lending as banks pull back, with fintechs like Bilt turning to firms such as Goldman Sachs, KKR, and Blue Owl Capital to fund billions in loans through forward-flow deals; while this model fuels growth and flexibility, rising economic pressures and investor caution are beginning to test the durability of this credit boom.
5 min
When Wells Fargo told the fintech Bilt that it would no longer be the lender for its rent-rewards credit card, Bilt scrambled to find another large bank partner. When that failed, Bilt wound up with private-credit funding.
In February, Bilt struck a deal to move roughly $1.2 billion of credit-card balances with funding arranged by a group including Blue Owl Capital OWL 2.07%increase; green up pointing triangle and Stone Point Capital as well as Goldman Sachs GS 2.88%increase; green up pointing triangle and TD TD 1.19%increase; green up pointing triangle, according to people familiar with the deal.
The companies also agreed to fund hundreds of millions of dollars of credit-card balances that Bilt cardholders will incur in the future, the people said.
Consumer debt has become one of the hottest categories in private credit, increasingly sought after by funds and investment arms of insurance companies on the hunt for high-yielding investments.
Private credit is in focus on Wall Street right now because of the loans that fund managers have made to software and other companies, often as part of private-equity buyouts, that are now running into trouble. Investors are pulling money away.
In consumer debt, the private-credit engine is powering a variety of companies including financial-technology firms to turn out more and more loans.
Imagine a Harley-Davidson customer at the dealer who takes out a loan to purchase a new motorcycle. The loan is provided by Harley-Davidson Financial Services, which has a deal to sell about two-thirds of its new loans to KKR KKR 1.55%increase; green up pointing triangle and the bond giant Pimco. Funds run by those firms get a debt security backed by the hog, and Harley gets to make another loan to the next customer quickly. The customer sees no apparent difference, as Harley continues servicing the loan.
The same thing is happening when consumers purchase a mattress with financing from buy-now-pay-later firm Affirm AFRM 7.00%increase; green up pointing triangle, sign up for a student loan from Sallie Mae or borrow for their ATV from Octane Lending.
Private-credit funds held $350 billion of consumer-loan balances last year, compared with less than $200 billion in 2019, according to estimates from Jefferies. Those sums are a mixture of previously originated loans that lenders unload to private credit and increasingly so-called forward-flow arrangements, which involve agreements to buy future loans that haven’t been originated, similar to the Bilt and Harley pacts.
Much of this debt is personal loans that are often unsecured and that consumers can use for almost anything they want to buy.
Last year, about a quarter of newly originated personal loans were funded by private-credit forward-flow arrangements, up from about 6% the year before, according to Jefferies. The funding mechanism is also picking up for auto and private student loans.
“Private credit is looking to broaden its addressable market, which has historically been skewed towards the commercial side,” said Mike Taiano, vice president in the financial institutions group at Moody’s Ratings. “It’s a diversification play to some degree.”
Making this funding possible has been the steady stream of capital coming from investors into private-credit funds and insurers that need to be invested quickly.
Fintechs and other nonbanks are attracted to these deals because they lack large balance sheets and need to grow by originating more loans. They can remain “capital light” and less levered since they are unloading large chunks of debt, often at a premium.
Among the deals: TPG TPG 3.93%increase; green up pointing triangle this year agreed that it would buy around $2.4 billion of mostly personal loans from OneMain Financial, which lends to people who typically don’t have high credit scores. Late last year, KKR entered into a partnership with private student loan lender Sallie Mae that involves buying at least $2 billion of new loans each year for three years.
Blue Owl now has a dedicated asset-backed finance strategy after buying alternative asset manager Atalaya in late 2024. It entered into nearly $18 billion of forward-flow agreements last year across several lenders including PayPal, SoFi and LendingClub, according to data tracked by Jefferies.
Insurance companies, many of which are now owned by or affiliated with private investment funds, are also expanding. Affirm last year signed forward-flow agreements for roughly up to $9.75 billion from Liberty Mutual Investments, the investment firm of Liberty Mutual; PGIM, the asset-management business of Prudential Financial; and New York Life. The funding is being used for Affirm’s monthly installment loans.
Some private-credit executives say consumer debt can be less risky, pointing to the current relatively low delinquency rates on credit cards and other consumer loans. They also find comfort knowing the credit-score and other underwriting requirements around the loans that they buy from consumer lenders.
Others are bearish on consumers, especially those who don’t have mortgages. They point to inflation, wage stagnation and a slowing job market, all of which can reduce consumers’ ability to pay off debts.
The chase for consumer loans has also contributed to the recent headline concerns. A mortgage lender in the U.K., Market Financial Solutions, grew rapidly in recent years pledging its loans to private-credit firms. But it imploded this year, and firms have accused it of using loans as collateral several times.
Stone Ridge Asset Management, which has an interval fund with consumer and small-business loans from fintech lenders, has faced particularly high redemption requests.
A fintech addiction
Nonbank lenders have traditionally relied on warehouse financing, which functions like a line of credit, to make loans to consumers. Forward flow is an extra mechanism to fund loans. In an ideal scenario, the mix of funding sources gives the lender the ability to originate more or larger loans to consumers.
Octane Lending, which finances motorcycles, ATVs, RVs and other outdoor recreational equipment, entered into up to $700 million of agreements with New York Life, Equitable and a unit of MetLife. Octane expects north of $2 billion in new agreements from insurers to come together by the end of the second quarter.
The goal, said Chief Executive Officer Jason Guss, is to continue growing at a reasonable pace without getting overlevered itself. He also wants his firm to have capital on the sidelines in case of an economic slowdown.
“Quite a few fintechs are addicted to forward flow,” said Jordan Miller, CEO of fintech Yendo, which issues credit cards backed by collateral including people’s cars and homes and receives much of its funding from private credit.
It isn’t all upside, fintech and private-credit executives say. Providers of forward-flow arrangements can pull those deals easily—citing reasons ranging from increased delinquencies to macroeconomic conditions.
In the Bilt deal, the credit-card debt was moved to Fidem Financial, which acts as a balance sheet and gets funding for the program from Goldman, TD, Blue Owl and Stone Point. (Stone Point is also an owner of Fidem.)
Shortly before the Bilt deal was scheduled to be finalized in early February, Blue Owl raised concerns: It wouldn’t continue with the deal, it told parties involved in it, unless several things occurred.
Blue Owl wanted a guarantee that would involve its receiving the first tens of millions of dollars of profit generated by the credit-card program and wanted to dig more into the feasibility of Bilt’s forward-looking projections, according to people familiar with the matter.
Blue Owl blessed the deal on the eve before the card program was scheduled to transfer its balances away from Wells Fargo.
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
AI is reshaping banking—but trust is still catching up. A new report from SAS shows that while banks lead in AI investment, only 11% have both high trust in AI and truly trustworthy systems, with nearly half stuck between underusing reliable tools or over relying on unproven ones—highlighting a clear gap between AI ambition and real readiness.
The UAE’s Ministry of Economy and Tourism and the Dubai Financial Services Authority (DFSA) have signed an MoU to strengthen financial oversight, enhance regulatory cooperation, and support the growth of the financial services sector. The agreement focuses on improving supervision of auditors and non-financial businesses, boosting transparency, and reinforcing efforts to combat financial crime—while further positioning Dubai and the UAE as leading global financial hubs.
Mubadala and Qatar Investment Authority have backed WHOOP in a $575 million funding round that values the wellness firm at $10.1 billion, as investors double down on tech-enabled preventive healthcare. The capital will support global expansion as WHOOP scales its wearable platform focused on real-time health, recovery, and performance tracking.
Daman Investments and AllianzGI have signed an MoU to introduce risk-based, target-driven investment options to the UAE’s end-of-service savings program, expanding beyond capital-protected solutions. The move combines local market expertise with global investment capabilities to offer employees greater flexibility and support the evolution of workplace savings in the UAE.
2 min
Daman Investments (PSC), a leading asset manager in the UAE, has signed an MoU with Allianz Global Investors (“AllianzGI”), one of the world’s leading active asset managers, to collaborate on offering risk-based investment options as part of the MOHRE-approved Daman Investments End-of-Service Program.
This initiative will expand the existing program, which currently provides a capital-protected savings solution for end-of-service benefits, by introducing additional investment options designed to give employees greater choice in how their savings are managed.
The collaboration will combine Daman’s understanding of the UAE’s regulatory and workplace savings landscape with AllianzGI’s global expertise in long-term investment and retirement solutions. The two firms already share an established relationship, having previously launched the first onshore feeder fund in the UAE.
Daman selected AllianzGI as its preferred partner for this initiative based on its superior offering and strong track record in target driven investment solutions, which can be customized to local needs and can bring together public and private market exposure for long-term investment outcomes.
Commenting on the initiative, Shehab Gargash, Founder & Chairman of Daman Investments, said: “We are honored to be among the select MOHRE-approved service providers for End-of-Service benefits management in the UAE. Our collaboration with Allianz Global Investors reaffirms our commitment and belief in the strength and resilience of the UAE economy.”
Ahmed Khizer Khan, CEO of Daman Investments, added: “The UAE continues to make important progress in modernizing workplace savings frameworks. Through this collaboration, we aim to build on the foundation of our End-of-Service program by introducing additional investment options that support the evolving needs of employers and employees.”
Alexandra Auer, Head of Distribution EMEA at Allianz Global Investors, said: “We are pleased to partner with Daman on this initiative as part of our ongoing commitment to the region. The UAE is an important market for long-term savings solutions, and we look forward to leveraging AllianzGI’s unique expertise in holistic retirement solutions through risklab by contributing our global advisory and investment services to support the continued development of the country’s workplace savings ecosystem.”
Paine Schwartz joins BERO as a new investor as the year-old company seeks to triple sales.
The sports-car maker delivered 279,449 cars last year, down from 310,718 in 2024.
Commodities have overtaken crypto as the top asset class among UAE retail investors, with growing exposure to gold and oil amid geopolitical tensions, according to eToro, as investors show strong confidence in price gains and shift toward real assets and energy-linked sectors.
3 min
Against a backdrop of geopolitical turmoil, commodities have now surpassed crypto as the most popular asset class among retail investors based in the UAE, according to the fifth edition of eToro’s UAE Retail Investor Beat.
The survey of 1,000 UAE retail investors points to a preference for gold and oil in particular, in anticipation of higher prices in the next six months.
Commodities become the top choice, surpassing crypto
Commodities have been a hot topic for a while now, especially in the UAE. The survey shows that 56% of local investors are now investing in commodities such as gold and oil, up from 47% in August 2025, the last time eToro conducted its survey. Among all asset classes, commodities recorded the highest jump in holders, whereas crypto, previously the most popular asset class, saw no change in its share of holders (54%).
Commodities are drawing particular interest from local investors amid the current geopolitical climate. Among the 80% of investors who have already adjusted or plan to adjust their portfolios in response to tensions in the Middle East, 56% are buying more precious metals and 43% are buying more energy commodities.
Energy, materials and renewables see stronger interest
Further to this, sector allocations linked to commodities have increased. 40% of investors are currently invested in the energy industry, up from 31% in August 2025. The materials industry also saw a jump from 22% to 27%, while renewables saw a rise from 21% to 25% over the same period. Renewables were named the sector that most investors plan to invest in within three months (41%), as recent volatility in oil and gas prices highlighted the importance of energy diversification.
George Naddaf, Managing Director at eToro (MENA) commented: “UAE retail investors are showing they can read the room and quickly adjust their portfolios in response to evolving macro conditions. With ongoing geopolitical tensions, investors are actively looking for opportunities amidst the volatility in commodities and related sectors. This also aligns with the broader long-term shift towards real assets and exposure to the ‘old economy’ that we are seeing globally.
“Moreover, growing interest in renewables shows that retail investors are not only focused on the immediate picture. In the UAE, where non-oil sectors already contribute more than 70% of GDP, clean energy is part of a much bigger diversification story. Recent disruptions have shown us how exposed global markets can be to energy supply shocks, which is why energy diversification is increasingly being seen as both a strategic priority.”
Gold takes the gold
Among those invested in commodities, nearly half (47%) allocate more than 20% of their portfolio to the asset class. Gold is the most widely held commodity with 88% of commodity investors holding the precious metal, followed by oil at 47%, silver at 41% and natural gas at 29%. Popular agro-commodities include coffee (11%), wheat, cocoa, and sugar (all at 7%).
The survey found that retail investors were largely split between two motivations for holding gold: its role as a long-term store of value, and the expectation that prices may continue to rise – each cited by 53% of respondents.
UAE investors expect oil and gold prices will rise
The survey also shows investors’ bullishness about the top two most popular commodities. 92% of investors think oil prices will rise in the next 6 months, while 84% think gold prices will rise over the same period.
Investors don’t just think prices will rise slightly – almost half (46%) think oil prices will surge more than 15%, while over half (57%) think gold prices will jump more than 10%.
George Naddaf, Managing Director at eToro (MENA), commented: “Gold and oil have experienced notable volatility in recent months, largely influenced by ongoing developments in the Middle East. Both assets carry particular cultural and economic importance in the UAE. Despite recent price fluctuations, sentiment among local investors remains constructive over the coming six months, with attention on underlying factors such as continued central bank activity in gold and supply dynamics in the oil market.”
Paine Schwartz joins BERO as a new investor as the year-old company seeks to triple sales.
Parts for iPhones to cost more owing to surging demand from AI companies.
UAE retail investors bought the AI and software dip in Q1 despite geopolitical and SaaS concerns, signaling strong long-term conviction.
3 min
Against a backdrop of geopolitical conflict in the Gulf and rising investments in AI, retail investors increased their exposure to software and AI infrastructure stocks whose share prices have taken a hit in the first quarter of 2026, according to the latest data from trading and investing platform, eToro.
eToro looked at which companies saw the largest proportional change in holders quarter-on-quarter and also examined the 10 most held stocks on the platform among users based in the UAE.
Software and SaaS names featured prominently in the Q1 top risers list, suggesting UAE investors used the sector-wide sell-off to buy the dip. ServiceNow topped the list with a 125% jump in holders as its share price fell around 32% in Q1, although in the same quarter it announced partnerships with AI heavyweights OpenAI and Anthropic. Adobe ranked third (54% increase in holders) even as the stock came under pressure over concerns about its ability to defend its core software business against AI disruption. Shares were down about 25% by mid-March, along with news that the chief executive would step down, suggesting UAE investors were buying during the pullback.
AI infrastructure was another clear theme in Q1: Super Micro Computer (+65%) in second place, followed by Micron (+39%) in fifth, and Oracle (+38%) in sixth. Investors appear to have bought into a late-quarter sell-off with Super Micro Computer. The stock had traded largely sideways before tumbling 33% after US prosecutors charged the co-founder over an alleged scheme to smuggle Nvidia-powered servers to China. Oracle also fits the buy-the-dip theme. The stock has been volatile amid concerns about spending tied to its AI cloud expansion.
The standout exception was Micron, one of the few names in the group to post stock price gains over the quarter. The move was driven by stronger momentum from surging demand for AI memory chips and limited new supply.
George Naddaf, Managing Director at eToro (MENA), said: “In Q1, UAE investors approached technology with selectivity and opportunism. Some of the companies that drew the strongest increase in holders had fallen to around 25% to 33%, suggesting investors were willing to buy into the sell-off where they still saw long-term value.”
He added: “Despite talk about the ‘Saaspocalypse’, the idea that AI will dismantle traditional SaaS business models, UAE investors showed sustained interest in software. They are honing in on companies that they believe have a clear role in the tech value chain and potential for monetization. While geopolitical tensions added to market volatility, the pattern in holdings suggests UAE investors were driven more by sector conviction than by a broad risk-off mindset.”
Other Q1 risers spanned multiple sectors. Investors pushed e.l.f. Beauty to fourth place by increasing holdings 52%. They also drove gains in Duolingo, Gorilla Technology, Hims & Hers Health, and SoFi Technologies, highlighting interest in companies across digital education, IT services, telehealth, and fintech.
Q1’s ‘top fallers’ list featured a mix of industries. Twist Bioscience Corporation led the pack with a 90% decrease in holders, followed by Okta (-49%) and CoreWeave (-47%). BioMarin Pharmaceuticals also saw a big decline, with holders down 35% QoQ.
The most widely held stocks were largely unchanged from last quarter, with only minor reshuffles in the top half. NVIDIA held onto first place, while Amazon rose to second, and Microsoft to fourth. Tesla slipped to third and Apple to fifth, while positions six to ten remain unchanged.
Naddaf remarked: “Local investors’ selective approach to technology is further evidenced by the fact that AI and tech companies feature in both the risers and fallers lists. They appear to be making efforts to distinguish between the winners and laggards of the AI revolution.”
Looking at the most held ranking, he added: “It suggests UAE investors are continuing to treat these names as core positions rather than short-term trades. NVIDIA held onto the top spot, while Amazon moved up to second and Microsoft climbed to fourth, but the ranking is largely unchanged. This points to continued conviction in mega-cap technology companies contributing to AI infrastructure and enterprise applications. In a quarter marked by uncertainty, that kind of stability points to a confidence in scale, earnings visibility, and relevance.”
New research suggests that bonuses make employees feel more like a mere cog in a wheel.
Many of the most-important events have slipped from our collective memories. But their impacts live on.
AI is reshaping banking—but trust is still catching up. A new report from SAS shows that while banks lead in AI investment, only 11% have both high trust in AI and truly trustworthy systems, with nearly half stuck between underusing reliable tools or over relying on unproven ones—highlighting a clear gap between AI ambition and real readiness.
4 minIn banking, trust isn’t optional – it’s everything. Yet, even as banks accelerate AI investment faster than other sectors, most are deploying AI without the oversight and infrastructure needed to earn that trust. That’s the central tension revealed in new banking insights from SAS’ Data and AI Impact Report: The Trust Imperative, with research insights by IDC.
Among the four sectors examined in the study, banking outpaces government, insurance and life sciences both in AI spending and adoption of trustworthy AI practices. In fact, about one-quarter (23%) of banks operate at the highest level of IDC’s Trustworthy AI Index. But even with these advantages, most banking institutions fall far short of the report’s “ideal state,” which combines high trust with high trustworthiness. According to the report:
- Only 11% of banks have achieved both high internal confidence in AI and AI systems that are demonstrably trustworthy.
- Nearly half (47%) fall into what IDC calls the “trust dilemma” – either underusing reliable AI because they don’t sufficiently trust it or overrelying on AI systems that haven’t been adequately validated.
“On trustworthy AI, banking leads every sector in this study – and even so, most banks’ foundational readiness is nowhere near where it needs to be,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS. “Roughly nine in 10 banks have yet to fully align trust with proof, and about one in five are still running on siloed data. Closing the gap between AI ambition and AI readiness should be a top-down priority for all banks.”
As the UAE’s Vision 2031 and wider digital transformation efforts continue to gain momentum, banks across the Middle East are increasingly adopting advanced technologies to improve efficiency, strengthen resilience, and deliver better customer experiences.
Michel Ghorayeb, Managing Director at SAS UAE, said: “Banks in the Middle East are well-positioned to build on strong foundations, with robust data, clear governance, and effective oversight enabling AI investments to scale and deliver reliable results. At the same time, prioritizing transparency and making AI decisions easier to understand will play a key role in strengthening confidence. Banks that place responsible AI at the heart of their strategy will be best positioned to drive innovation, earn trust, and create sustainable long-term value.”
Investment is rising, but foundations remain fragile
The report, based on a global, cross-industry survey of 2,375 IT and business leaders, reveals a troubling pattern: Investment in AI capabilities is not being matched by investment in the responsible innovation pillars that make AI dependable. In an industry where a single model failure can trigger regulatory penalties or erode consumer confidence overnight, that’s a dangerous disconnect.
And the problem isn’t a lack of investment: Banks’ AI spending trajectory exceeds all other sectors in the study, with most banks (60%) expecting growth between 4% and 20%. A smaller subset (12%) anticipates even steeper increases. Despite this momentum, the study found significant foundational weaknesses remain, including:
- Data silos. Nearly one in five banks (19%) still operate with a siloed data infrastructure – the worst rate among the study’s focus industries.
- Insufficient data foundations. A significant portion of banks lack effective data governance (45%) and/or a centralized or optimized data infrastructure (41%).
- Talent gaps. Many banks (42%) also face shortages of specialized AI skills.
To address these issues, more than half (52%) of banks plan to expand their AI architecture; another 43% plan to form or grow dedicated AI teams. But fewer than one-third (31%) plan to focus on developing and tuning AI models themselves. The takeaway: These aren’t abstract or theoretical barriers; they’re structural.
“The banking sector clearly understands AI’s potential, but understanding and execution are not the same,” said Kathy Lange, Research Director of the AI and Automation Practice at IDC. “Without strong data architectures, governance frameworks and talent pipelines, banks risk pouring money into AI initiatives that can’t deliver ROI – or worse, that undermine the very trust they depend on.”
Responsible innovation, not cost savings, drives AI ROI
The report also challenges the assumption that AI’s primary value in banking is cost cutting. To the contrary, banking stands alone in ranking product and service innovation above process efficiency as the leading source of AI-driven value.
Cross-industry ROI figures show banks are onto something. Organizations using AI to improve customer experience reported the highest return – $1.83 for every dollar invested – followed closely by those centered on expanding market share ($1.74). Those focused on cost savings reported the lowest – $1.54 per dollar. Moreover, organizations that prioritized trustworthy AI were 60% more likely to report doubling overall return on their AI initiatives. That’s solid proof that responsible innovation is a growth accelerator that more than pays for itself.
Banks are also moving more decisively than other sectors toward agentic AI, with nearly one-third planning increases in trustworthy AI investment to support more autonomous systems. But as AI systems gain greater decision-making authority, the consequences of weak governance grow more significant.
“Regulators are watching. Customers are watching. And right now, nearly half of banks are using unproven AI – or hesitating to tap AI they’ve validated,” said Alex Kwiatkowski, Director of Global Financial Services at SAS. “No bank wants to become an ‘also-ran’ in this highly competitive race, and cost savings alone won’t keep them in it.
“The banks that win will be ones that invest in governance, explainability, transparency and strong data foundations before they scale, not after something breaks.”
New research suggests that bonuses make employees feel more like a mere cog in a wheel.
Two coming 2027 models – the first of the “Neue Klasse” cars coming to the U.S. early next year – have been revealed.
The UAE’s Ministry of Economy and Tourism and the Dubai Financial Services Authority (DFSA) have signed an MoU to strengthen financial oversight, enhance regulatory cooperation, and support the growth of the financial services sector. The agreement focuses on improving supervision of auditors and non-financial businesses, boosting transparency, and reinforcing efforts to combat financial crime—while further positioning Dubai and the UAE as leading global financial hubs.
2 minThe Ministry of Economy and Tourism of the United Arab Emirates (UAE), and the Dubai Financial Services Authority (DFSA), the independent regulator of banking, wealth & asset management, and capital markets in Dubai International Financial Centre (DIFC), today signed a Memorandum of Understanding (MoU) to enhance cooperation and facilitate the exchange of information relating to the regulatory oversight of auditors and Designated Non-Financial Businesses and Professions (DNFBPs) within their respective jurisdictions.
H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Tourism, said: “The UAE has placed significant emphasis on developing a robust and advanced infrastructure for the financial services sector, given its importance as one of the main pillars for building a knowledge economy based on innovation and flexibility. The signing of this Memorandum of Understanding reflects our continued commitment to strengthening national regulatory frameworks in support of economic growth. Through closer coordination with the DFSA, we aim to enhance the effectiveness of supervision over auditors and Designated Non-Financial Businesses and Professions, fostering investor confidence and reinforcing Dubai International Financial Centre, Dubai, and the UAE’s position as a leading global financial hub.”
Fadel Al Ali, Chairman of the DFSA, commented: “This Memorandum of Understanding marks an important step in reinforcing our collaborative approach to regulatory oversight within Dubai International Financial Centre. By strengthening cooperation with the Ministry of Economy and Tourism, we enhance the Dubai Financial Services Authority’s ability to uphold robust standards across the sectors that we supervise, while contributing to Dubai and the United Arab Emirates’ broader efforts to combat financial crime and support the sustainable growth of its financial services sector.”
The MoU establishes a framework for collaboration between the two authorities, supporting their shared objective of maintaining high standards of transparency, accountability, and integrity across financial and non-financial sectors. The agreement reflects a mutual commitment to effective supervision and enforcement in line with international best practices.
In particular, the MoU aims to strengthen cooperation between the two authorities, and further reinforces their joint commitment and effort towards combating money laundering, the financing of terrorism, and the proliferation of illicit activities, to the extent permitted by the respective laws and regulations governing each authority.
The MoU underscores the importance of information sharing and coordinated oversight in addressing evolving regulatory challenges and fostering a resilient, transparent, and growth-oriented financial services ecosystem in DIFC, Dubai, and the United Arab Emirates.
Two coming 2027 models – the first of the “Neue Klasse” cars coming to the U.S. early next year – have been revealed.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Mubadala and Qatar Investment Authority have backed WHOOP in a $575 million funding round that values the wellness firm at $10.1 billion, as investors double down on tech-enabled preventive healthcare. The capital will support global expansion as WHOOP scales its wearable platform focused on real-time health, recovery, and performance tracking.
< 1 minGulf sovereign wealth funds Mubadala and Qatar Investment Authority (QIA) have invested in WHOOP, an American wellness firm that seeks to extend human healthspan and prevent disease through its wearable device.
The two entities joined other investors in the recent $575 million Series G funding that brought the company’s valuation to $10.1 billion.
The investors include Abu Dhabi-based 2PointZero Group, as well as Collaborative Fund, which led the funding round, Abbott, Mayo Clinic and Macquarie Capital, alongside popular athletes including Cristiano Ronaldo and Rory Mcllroy.
Proceeds from the funding round will support expansion in the US, Europe, the GCC, Latin America and Asia.
WHOOP operates an app that helps people live healthier and longer lives. Those who sign up for it can track their health in real time through a 24/7 wearable health device or fitness band that provides guidance across sleep, recovery, strain, fitness and longevity.
QIA said its investment is in line with its strategy to support tech-enabled firms that are making an impact in various industries, including the future of personalized and preventive healthcare.
New research suggests that bonuses make employees feel more like a mere cog in a wheel.
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
Dubai’s property market is showing resilience despite regional tensions, with off-plan apartment sales reaching nearly $5 billion in March, up 12.9% year-on-year. Strong demand—particularly in the ultra-luxury segment—continues to position the emirate as a safe-haven for investors, with S&P Global noting that recent reforms and long-term residency initiatives are reinforcing stability even as broader markets face volatility.
2 min
Dubai’s property investors are showing resilience against a backdrop of volatility and uncertainty, with apartment sales in the emirate reaching nearly $5 billion in the weeks since the US-Israeli war on Iran began.
Off-plan residential apartment sales in Dubai hit AED 17.5 billion ($ 4.8 billion) in March 2026, marking a 12.9% increase compared to a year ago, according to an analysis of Dubai Land Department (DLD) data by Al Masdar Al Aqaari, a platform specialising in UAE property market insights.
Transaction volumes in the off-plan segment also rose 2.3% to 7,983 deals during the same period, indicating strong buyer interest in Dubai real estate.
Iran has launched drone attacks and strikes in the UAE since the conflict began on February 28, leading market analysts to question the emirate’s safe-haven status for high-net-worth individuals (HNWIs). The conflict has also stoked chaos across financial markets outside the region.
DLD sales data showed that property seekers in Dubai showed strong interest in apartments in areas like Madinat Al Mataar and Dubai Islands. The increase in sales has been attributed to the “ultra-luxury” segment and strategic development near Al Maktoum International Airport (DWC).
One of the developments, Aman Residences, saw record-breaking deals, with one buyer snapping up an apartment for AED 422 million.
The analysis, however, did not take into account sales transactions in the villa segment or secondary and completed properties.
S&P has said that Dubai is not likely to lose its safe-haven allure soon nor will it undergo a property market crash similar to that of 2008 despite the regional conflict, highlighting that recent government reforms have changed the buyer profile from speculative to long-term.
While there has been a “flight to liquidity” during the initial phase of the conflict, some investors are doubling down on tangible assets in Dubai to use as a hedge against currency instability in the rest of the Middle East.
“We believe that the UAE government’s visa reforms will create a degree of stability and stickiness for residents and home/property owners … initiatives such as the Golden Visa grant long-term residency to investors,” the ratings agency said.
S&P also noted that so far, the damage to real estate assets in Dubai that were struck by drones, missiles, shrapnel or debris has “not been to a degree beyond repair.”
Two coming 2027 models – the first of the “Neue Klasse” cars coming to the U.S. early next year – have been revealed.
Interior designer Thomas Hamel on where it goes wrong in so many homes.
SpaceX is preparing for what could become the largest IPO in history, with a valuation exceeding $1.75 trillion and plans to raise up to $75 billion—surpassing Saudi Aramco. The listing would give investors first-time access to Elon Musk’s space ecosystem, spanning Starlink, Starship, and AI ambitions through xAI, but raises questions around valuation as capital-intensive expansion accelerates.
2 min
SpaceX is reportedly preparing to go public in what could become the largest IPO in history, with a potential valuation exceeding USD $1.75 trillion and plans to raise up to USD $75 billion. If confirmed, this would surpass Saudi Aramco’s 2019 listing, which raised USD $29.4 billion.
The listing would mark the first opportunity for public market investors to gain exposure to Elon Musk’s space ecosystem. SpaceX has established itself as a global leader, with its Starlink broadband network generating significant revenue and its launch capabilities dominating the commercial space sector.
Proceeds from the IPO are expected to fund the continued development of Starship, expand Starlink into new verticals, support defense-related initiatives, and accelerate investments in AI infrastructure, including the concept of space-based data centers.
The company’s recent merger with xAI introduces an additional dimension for investors. While the move creates a vertically integrated innovation platform spanning space and artificial intelligence, it also raises questions around valuation, given xAI’s capital-intensive nature.
Josh Gilbert, Market Analyst at eToro, commented: “SpaceX’s IPO represents a watershed moment for global markets. It’s not just about gaining exposure to a leading space company, but about investing in a broader ecosystem that spans connectivity, defense, and artificial intelligence. However, the complexity of the business model — combining a highly profitable space and broadband operation with a capital-intensive AI venture — means investors will need to carefully assess whether the proposed valuation is justified.”
The IPO also has implications for Tesla investors, as Tesla holds a stake in SpaceX following its USD $2 billion xAI investment. Increasing operational ties between the companies have fueled speculation about a potential future merger, which could create a new type of multi-sector technology conglomerate.
Notably, SpaceX is expected to allocate a significant portion of shares to retail investors, potentially up to 30%, signaling a shift in how major IPOs engage with individual market participants.
As anticipation builds, the key question for investors remains whether the scale, ambition, and integration of SpaceX’s business lines can support what would be one of the most ambitious valuations ever seen in public markets.
New research suggests that bonuses make employees feel more like a mere cog in a wheel.
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
Wall Street’s strong start to 2026 has faltered as rising energy prices and Middle East tensions rattle markets, pushing U.S. stocks toward their worst quarter in years and raising fears of a potential global recession.
4 min
It was supposed to be a banner year for Wall Street. Now investors are just hoping to avoid a global recession triggered by a historic run-up in energy prices.
U.S. stocks are set to deliver their worst quarter in nearly four years. The tech-heavy Nasdaq composite lurched into correction territory on March 26, meaning it had fallen 10% below its recent high. A day later, the Dow Jones Industrial Average (a benchmark for the real economy) joined it.
Flashback to December: Economic growth was accelerating, the Federal Reserve appeared poised to make further interest-rate cuts and markets had moved past the uncertainty created by U.S. disputes with its international trading partners. Together, the trends pointed to the potential for double-digit returns, and investors came into 2026 confident the rally was about to sweep up many of the stocks that sat out the rise of Big Tech, Nvidia and the artificial-intelligence boom.
“We had a perfect backdrop for a broadening—all the stars aligned,” said Michael Kantrowitz, chief investment strategist and head of portfolio strategy at Piper Sandler. “Then this just put a huge pause in it.”
For the first two months of the year, there were encouraging signs. While some tech stocks stalled, investors flocked to overlooked corners of the market, enticed by lower valuations and the idea that the economy would heat up.
There were some reasons for concern. Fears that AI could disrupt industries such as software have dragged down stocks in the once-hot industry, and many investors are watching the private-credit market closely for additional cracks. But on the whole, the U.S. stock market kept grinding higher.
What changed was war in the Middle East. Since Feb. 28, when the U.S. and Israel launched a series of strikes on Iran, oil prices have surged 55%, gold has been sinking and bond yields have climbed sharply. The S&P 500 has erased all of its gains for the past seven months.
In March, the market did experience a broadening many investors had foreseen, though not in the direction most wanted. Through Monday, 10 of the S&P 500’s 11 sectors were down this month, by an average of 8.3%. Energy was the lone exception.
The war has jacked up the price of oil and snarled supply chains for a variety of other important commodities, from aluminum to urea. That has raised the prospect of higher inflation and upended bets that the Fed will move to cut interest rates this year. Before the conflict broke out, traders priced in a nearly 80% chance that the central bank would cut rates twice by the end of the year. Now, those odds have dropped to less than 2%.
The Federal Reserve decided to hold interest rates steady as the U.S. conflict with Iran drives oil prices higher and clouds economic forecasts. WSJ’s Nick Timiraos explains.
Stock indexes posted relatively modest declines in the opening week of the war, reflecting expectations that any disruption to oil exports through the Strait of Hormuz would be short-lived. As that disruption enters a second month, Wall Street is having to confront a darker scenario.
“If a prolonged conflict means that we never get any more oil out of the Gulf, we will absolutely have a global recession,” said David Kelly, chief market strategist at J.P. Morgan Asset Management. “But I think both the U.S. administration and the Iranians will at some stage want to find an off-ramp.”
As stock declines accelerated in the back half of March, investors who hoped their bond portfolios would serve as a hedge found little relief. The worst rout in Treasurys since last April’s tariff chaos means a traditional 60% stocks and 40% bonds portfolio is performing almost as poorly as holding stocks alone.
BlackRock CEO Larry Fink sounded the alarm on the high stakes of the Iran conflict last week. If Iran is accepted back into the global trading community after the fighting, the resulting supply would lower and stabilize global energy prices, Fink told the BBC. But if Tehran remains a threat, he fears years of oil prices well above $100 a barrel.
“The $40 oil implication is one of abundance and growth,” Fink said. “The other one is an outcome of probably stark and steep recession.”
By some measures, stocks remain on solid footing: Analysts are projecting a sixth-straight quarter of double-digit earnings growth for S&P 500 companies during the first three months of 2026, according to FactSet. And some investors are impressed stocks haven’t fared even worse this month, given the circumstances.
Individual investors have still been buying stocks on a net basis, though the pace of their purchases has cooled from prewar averages, estimates from Citadel Securities and Vanda Research show.
But the pressures on markets are mounting, and traders are finding it more difficult to shrug off the conflict the way they did in the days following the initial attack, when they seemed to follow the TACO, or “Trump-Always-Chickens-Out,” playbook learned during last April’s tariff drama.
“Despite all the TACO hopes, it seems folks are increasingly realizing that it takes two to TACO these days,” Bob Elliott, chief executive of Unlimited Funds, wrote to clients on Sunday.
Investors are now scrutinizing the strength of a U.S. economy that has proved resilient despite a sluggish job market. The oil shock threatens to drag on growth, raising energy costs for consumers and businesses.
“The main risk is you had an economy that was a little wobbly heading into Q1,” said Steven Blitz, chief economist at TS Lombard. “Now, you’ve put an energy tax on it.”
The recent volatility has minted some winners—stocks in the S&P 500 energy sector are up 39% this year, on track to notch their best quarterly performance on record. Other “asset-heavy” industries such as materials also outperformed, as investors scout for companies that would be tough for AI to disrupt.
Many of the most-important events have slipped from our collective memories. But their impacts live on.
GCC economies are set for a slight contraction in 2026 as regional tensions weigh on trade, travel and investor confidence, with GDP expected to dip by 0.2% before rebounding strongly by 8.5% in 2027, according to ICAEW. While energy markets offer partial support, disruptions to tourism and logistics are driving uneven impacts across the region, with recovery hinging on how quickly stability and confidence return.
2 min
GCC economies are forecast to contract this year as recent regional escalations continue to weigh on economic activity, according to ICAEW’s latest Economic Insight Q1 2026 report, produced in partnership with Oxford Economics. Set against a softening global growth backdrop, the report forecasts GCC GDP to decline by 0.2% in 2026, reflecting sustained disruption to energy trade, travel and investor sentiment. However, the report also indicates a strong recovery, with GCC GDP forecast to expand by 8.5% in 2027.
The pace and strength of recovery will depend on how conditions evolve in the coming months, with a prolonged disruption presenting a more challenging outlook.
Within the current conditions, economies with greater exposure to international trade, tourism and logistics, are likely to see more pronounced near-term adjustments. While others are expected to remain relatively more resilient, reflecting differences in economic structure, export flexibility and exposure to global demand.
Energy markets remain central to the outlook. Elevated oil prices have provided some support; however, this has been offset by constraints on production and export volumes, with only Saudi Arabia and UAE able to export through alternative pipelines. GCC oil sector output is forecast to decline by 5.8% in 2026, before recovering strongly by 18.2% in 2027.
Beyond energy, the effects on tourism and travel are predicted to be more sustained. Airspace disruption and weaker sentiment have led to a decline in international visitor flows, with arrivals to the Middle East projected to fall by between 11% and 27% this year. This equates to up to 38 million fewer visitors and as much as $56bn in lost spending.
This will weigh on broader non-oil activity across the region, with growth projected to remain largely flat at 0.1% in 2026, before recovering to 6.4% in 2027 as confidence returns.
Heightened uncertainty is expected to drive more cautious consumer and business behavior in the near term, with precautionary savings rising and investment activity softening. Financial markets have already reflected this shift, particularly in more internationally exposed markets.
From a fiscal perspective, the impact will vary across the region. Higher oil prices will likely support government revenues in some economies, while others may face pressure due to constrained export volumes. Government spending is expected to increase across the GCC as authorities support economic stability prioritize strategic sectors including financial services, technology and healthcare.
Commenting on the findings, Hanadi Khalife, Regional Director of MEASA, ICAEW, said: “Recent regional developments have created a more challenging near-term environment for GCC economies, with disruption to energy trade and softer confidence weighing on activity. While this has placed pressure on growth in the short term, the region’s underlying fundamentals remain strong, supporting a recovery as conditions stabilize.”
Azad Zangana, Head of GCC Macroeconomic Analysis, added: “The impact across the GCC reflects differences in economic structure and exposure to external demand. While energy markets are anticipated to recover as trade flows normalize, sectors such as tourism may take longer to recover, which could weigh on diversification momentum in the near term. The strength of the rebound will depend on how quickly stability returns and confidence is restored.”
Many of the most-important events have slipped from our collective memories. But their impacts live on.
Qatar Central Bank unveiled new measures to support liquidity and safeguard the banking system amid regional tensions, including a reserve requirement cut, expanded repo facilities, and temporary relief for affected borrowers.
< 1 min
Qatar Central Bank (QCB) has announced a series of monetary policy and borrower support measures to mitigate the impact of the Iran war on the banking system and ensure adequate liquidity.
The central bank, in a review of the financial system, said liquidity remains strong and capital levels continue to exceed regulatory requirements. The QCB added that banks maintain substantial equity positions in both domestic and foreign currencies.
Despite this, the external environment remains uncertain, and conditions may change, it said. In light of this, the central bank decided to introduce a few precautionary measures.
As part of the package, QCB will reduce the reserve requirement on deposits to 3.5% from 4.5%, releasing additional liquidity into the banking system.
The central bank will also offer an unlimited amount of Qatari riyal (QAR) repurchase (repo) facilities against eligible securities held by banks, to maintain QAR liquidity in the local market.
In addition to the existing overnight repo facility, QCB will introduce a term repo facility with maturities of up to three months, enabling banks to manage cash flows with greater certainty during the current period.
On the borrower support front, QCB will allow banks to offer customers affected by the conflict the option to defer loan principal and interest payments for up to three months.
Earlier this month, the UAE Central Bank rolled out a resilience package aimed at reinforcing liquidity in the banking system.
The sports-car maker delivered 279,449 cars last year, down from 310,718 in 2024.
Gulf markets slipped as rising regional tensions weighed on sentiment, with losses in Dubai, Abu Dhabi, and Qatar, while Saudi Arabia edged higher on banking and energy gains.
2 min
Most Gulf stock markets slipped in early Monday trading after Yemen’s Houthis launched attacks on Israel over the weekend, further escalating the U.S.-Israel conflict with Iran and its proxies in the Middle East.
Amid the rising tensions, U.S. President Donald Trump said Washington and Tehran had been communicating both directly and indirectly, describing Iran’s new leadership as “very reasonable.”
At the same time, additional U.S. troops arrived in the region, while the Israeli military said it was targeting Iranian government infrastructure across Tehran on Monday. Late Sunday, the Financial Times reported that Trump said the U.S. could seize Kharg Island in the Persian Gulf — a key hub for Iran’s oil exports — though he also suggested that a ceasefire could be reached quickly.
Meanwhile, Iran said it was prepared to respond to any U.S. ground offensive, accusing Washington on Sunday of planning a land assault even as it continued to pursue negotiations.
Dubai’s main share index dropped 1.1%, dragged down by a 3.1% slide in top lender Emirates NBD and a 1.9% decline in sharia-compliant lender Dubai Islamic Bank.
In Abu Dhabi, the index lost 0.5%, hit by a 4.1% plunge in Abu Dhabi Ship Building and 0.1% fall in Aldar Properties.
Meanwhile, shares in Fertiglobe, a producer of ammonia and urea, climbed 2.3%.
Emirates Global Aluminium, the Middle East’s largest producer of the metal, said on Saturday that its Al Taweelah production base in the UAE had suffered significant damage in Iranian missile and drone attacks, while Aluminium Bahrain (Alba), which operates the world’s largest single-site smelter, said on Sunday it was assessing damage from the strikes. Alba shares were down 0.9%.
The Qatari index declined 0.9%, with the Gulf’s biggest lender Qatar National Bank retreating 1.1%.
Saudi Arabia’s benchmark index bucked the regional trend to gain 0.3%, helped by a 0.8% rise in Al Rajhi Bank and a 0.5% increase in oil giant Saudi Aramco .
Elsewhere, ADES Holding added 0.6%, after the oil drilling group beat analyst expectations with a 2% rise in annual net profit and reiterated its strong growth forecast for this year despite some rig suspensions last year and recent halts due to the war.
Saudi crude exports redirected from the Strait of Hormuz to the Yanbu port in the Red Sea reached 4.658 million barrels per day last week, according to Kpler data, easing some concerns around supply disruption.
Oil prices extended gains on Monday, with Brent headed for a record monthly rise.
The sports-car maker delivered 279,449 cars last year, down from 310,718 in 2024.
Ninja moves forward with IPO plans despite market volatility, targeting Tadawul listing by 2027.
< 1 min
Saudi Arabian startup Ninja is going ahead with plans to launch an initial public offering (IPO) and list on the Saudi Exchange (Tadawul) despite volatility in the capital markets caused by the Middle East conflict.
Founded in 2022, the quick-commerce firm’s representatives have held meetings with investors recently and participated in a banking conference in the United Kingdom this month, according to Bloomberg.
Ninja is weighing which investment banks to commission for the IPO, with the selection process now in the final stages, the news agency said, quoting sources familiar with the matter.
The listing is slated for later this year or early 2027.
The private startup has been heavily supported by investors in the kingdom, including institutional and semi-government entities.
Since its launch, the firm has scaled up rapidly, expanding into Bahrain, Kuwait and Qatar, and has reached unicorn status with a valuation of more than $1 billion.
Paine Schwartz joins BERO as a new investor as the year-old company seeks to triple sales.
Egypt accelerates debt repayments to international oil companies, aiming to boost investment and revive domestic energy production amid rising import costs.
< 1 min
Egypt will settle $1.3 billion in arrears to international oil companies by June, the petroleum ministry said on Saturday, accelerating its previous timetable for repayments.
Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 due to a prolonged foreign currency shortage that delayed payments and weighed on investment and gas output. The shortage has since eased, though some companies have said that arrears have been once again accumulating.
Under its prior timetable, announced in January this year, the government had expected to still have arrears of some $1.2 billion by June.
Clearing debt may encourage foreign oil and gas companies to resume drilling, which would boost local production that has been steadily falling since peaking in 2021.
More local production would help the North African nation to reduce its energy imports.
Egypt’s energy imports bill has more than doubled since the outbreak of the U.S.-Israeli war with Iran and the government is considering asking employees to work remotely and closing shops by 9 p.m. (1900 GMT) five days a week to cut energy consumption.
According to a recent note by the Institute of International Finance, the additional cost of oil could lead to an increase in expenditure of between 0.2% and 0.55% of the country’s GDP at a time when its economy is barely recovering from successive shocks.
New research suggests that bonuses make employees feel more like a mere cog in a wheel.
Egypt introduces sweeping real estate tax reforms to ease pressure on households, including raising the exemption threshold to EGP 8 million, capping penalties, and offering new incentives for timely payment and dispute resolution.
< 1 min
Egypt’s Minister of Finance, Ahmed Kouchouk, has announced a package of unprecedented incentives and facilitative measures aimed at easing the burden of real estate taxes on citizens, as part of broader efforts to support household finances amid ongoing economic pressures.
In a statement issued on Friday, the minister revealed that the tax exemption threshold for primary residential properties has been raised to EGP 8 million, a move expected to significantly reduce the number of taxable homeowners. He also emphasized that late payment penalties will not exceed the original tax amount, providing further relief to taxpayers.
Kouchouk noted that no real estate tax will be imposed on properties that are demolished or rendered unusable due to exceptional circumstances. Additionally, for the first time, taxpayers will be allowed to request full waivers of both tax liabilities and associated penalties in cases deemed necessary.
The reforms also include provisions for refunding any excess payments made beyond legally due amounts, while penalties will be waived for individuals who settle their dues either before or within six months of the new amendments coming into effect.
In a notable step, all unresolved appeals currently under review will be dismissed, while taxpayers will be allowed to settle ongoing disputes by paying 70% of the contested tax amount, enabling faster resolution of cases.
To encourage compliance, the government is introducing tax incentives, including a 25% discount for timely filing on residential units and 10% for non-residential properties. An additional 5% discount will be granted for early payments.
The reforms also allow taxpayers to submit a single unified tax return for multiple properties and facilitate electronic payments and filings, signaling a shift toward a more efficient and taxpayer-friendly system.
Parts for iPhones to cost more owing to surging demand from AI companies.
