Public-Private Partnerships Shaping Abu Dhabi’s Future

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Dubai International Financial Centre (DIFC) today reaffirmed the strength, resilience and long-term outlook of its ecosystem, as global clients across banking, insurance, wealth and innovation sectors expressed continued confidence in Dubai and the UAE.

Essa Kazim, Governor of DIFC, said: “Over the past few weeks, countries in the Middle East have been navigating a period of regional uncertainty together. During these times, the true strength of DIFC has been our clients and community. What defines us is a shared belief in long-term opportunities that Dubai and the UAE offer to access the 77 markets across the Middle East, Africa and South Asia.

Together, we are building the future of finance and advancing Dubai’s journey towards becoming one of the world’s top four global financial centers.”

Arif Amiri, Chief Executive Officer of DIFC Authority, said: “From global banks to FinTech disruptors, firms operating within DIFC say the current environment has not prompted retreat but rather reinforced the strategic importance of Dubai as a gateway to growth across the region. For many, the current environment serves as a reminder of why they chose DIFC in the first place: a stable and enabling legal and regulated framework, and globally connected platform capable of unlocking future growth.”

Recent milestones reinforce DIFC’s trajectory, including Dubai’s rise to 7th globally in the Global Financial Centres Index in March, which is its highest ever ranking and underscores sustained global confidence in the emirate’s financial ecosystem.

An integral part of the DIFC ecosystem are 290 banks and capital markets firms, including 17 of the world’s 19 global systemically important banks. This reflects the vital role DIFC plays in connecting major players to opportunities in the region and being the bridge between markets in the East and West. Global banking leaders from Citi, Julius Baer and Standard Chartered highlighted DIFC’s critical role as a stable platform connecting international capital with opportunity.

Ebru Pakcan, Middle East & Africa Cluster and Banking Head at Citi, noted: “At a time when geopolitical dynamics are reshaping markets, the ability to deliver cross-border solutions, maintain liquidity, and stay close to clients is critical. DIFC enables Citi to do exactly that. Citi has maintained a continuous presence in the Middle East for over six decades, recognizing its integral role in our global network.”

“Since establishing a presence at DIFC in 2006, we’ve seen the financial hub transform into a strategic platform that connects capital, clients, and opportunities across the Middle East, Africa, and South Asia. From supporting sovereign issuances and corporate funding to enabling efficient treasury and liquidity management, DIFC allows Citi to operate at the center of regional and global capital flows.”

Regis Burger, Head of Middle East & Africa and Chief Executive Officer, Julius Baer (Middle East) Ltd, highlighted: “The UAE has established itself as a leading global financial center and the foundations that underpin that position remain firmly intact. Its connectivity, business-friendly regulatory environment, tax-efficient framework, and world-class infrastructure continue to set it apart and attract investors, entrepreneurs, and institutions from around the world. DIFC has been at the heart of that story.

Julius Baer saw that potential before most. As the oldest organization in DIFC, we were here at its founding, driven by a conviction that this region would emerge as one of the world’s most important centers of wealth creation and a magnet for global capital. That belief has only deepened over two decades of being embedded in this market, across our offices in the UAE, working closely with our clients in creating and preserving their wealth and building relationships across generations.

The region is approaching a historic transfer of nearly $1 trillion in wealth across generations by 2030, and the families navigating that journey require more than financial expertise. As an organization with its own origins as a family business, Julius Baer has been through the entire business transformation cycle and understands what it takes to guide clients and their families through it.

We remain deeply committed to the UAE, the wider region, and to the clients and partners who trust us with their financial futures. That commitment does not waver in periods of uncertainty and it is precisely in these moments that our role as a wealth manager matters the most.”

Rola Abu Manneh, Chief Executive Officer, UAE, Middle East, and Pakistan at Standard Chartered, added: “We have been in the UAE for over 65 years, and DIFC has been our regional home since 2004. Our commitment to the country is firm and unchanged.

The UAE entered this environment from a position of strength, supported by robust balance sheets, strong institutions, and a well-regulated financial system.

Client activity across the UAE reflects continued engagement, with businesses using the UAE as a base to access opportunities across regional and international markets. Through our global network, we connect clients to those opportunities while ensuring continuity of service and access to banking solutions.”

The insurance industry has been growing in DIFC with gross written premiums doubling to over $4.2 billion in the last four years. Insurance leaders are emphasizing DIFC’s role in strengthening risk management capabilities across the region.

Omar Gemei, Senior Executive Officer of Marsh DIFC and Head of Global Placement & Bowring Marsh, India, Middle East & Africa, said: “Dubai has firmly established itself as a leading international hub for the insurance and risk management sector. It brings together insurers, brokers, and risk professionals to support clients facing increasingly complex and interconnected risks, underpinned by a strong understanding of the globally evolving business and regulatory landscape.

DIFC has been a key catalyst in that growth, providing a business-friendly environment that attracts global firms and supports innovation. For the insurance and risk management community, it provides access to regional markets writing global and regional business, reinforced by Dubai’s continued investment in infrastructure, talent, and regulation to further grow the sector.”

Dubai is home to the highest concentration of wealth in any Middle Eastern city and according to Henley & Partners, in 2026, the UAE has so far attracted more millionaires than any other country in the world. This has made DIFC the region’s preferred hub for wealth and asset management, with over 500 firms from the sector choosing to operate from the Centre.

Peter Clark, Chief Executive Officer, Bentley Reid, said: “Bentley Reid has been advising clients for almost fifty years, and over that time, we have successfully navigated diverse economic, market and political uncertainties. The lesson we draw from each of these episodes is that it seldom pays to make knee-jerk reactions or allow short-term turbulence to drive major strategic decisions.

Whilst the firm is a relative newcomer to DIFC, it soon became apparent that the UAE’s economic success has been built on several key fundamentals: its favorable fiscal environment, a pro-business culture, a dynamic and increasingly diverse economy, an exceptional quality of life and deep global connectivity. We are confident that this compelling mix will reassert itself as soon as the regional situation eases, rewarding those with patience and resolve.

The families, entrepreneurs and businesses who typically fare best during uncertain periods are those who focus on the long-term and return to first principles – asking themselves why they committed to a particular jurisdiction and whether those reasons still hold. In the case of Bentley Reid and the DIFC, the answer is an unequivocal yes.

This is reinforced by what we are witnessing on the ground. Very few – if any – in our HNW and UHNW network view current events as an existential threat to Dubai’s trajectory, or to their decision to make the UAE their home. This includes wealthy families planning relocations to the region; few are abandoning those plans, although some are understandably choosing to let the situation settle before finalizing their arrival.

For our part, Bentley Reid came to the DIFC for the long term. What we have seen, both leading up to the conflict and ever since, points to Dubai continuing to offer significant advantages to wealthy families and their advisers. If anything, the current environment reinforces the value of having a trusted and experienced international wealth manager at one’s side. That is exactly what Bentley Reid is here to provide.”

ICICI Prudential Asset Management Company established an office in DIFC in February this year. Nimesh Shah, Managing Director and Chief Executive Officer of ICICI Prudential Asset Management Company highlighted: “Dubai and DIFC are a natural fit for ICICI Prudential AMC’s global ambitions given their strong regulatory ecosystem, global connectivity and access to institutional investors. Our presence here reflects our confidence in India’s long-term growth story and our commitment to building enduring partnerships with global investors seeking India-focused opportunities.”

DIFC continues to be at the leading-edge for developing clear laws, regulations and operating frameworks for the digital assets and FinTech industries.

In 2020, Ripple established their regional headquarters for the Middle East and Africa in DIFC. This month, they announced a further expansion to their presence in the Centre.

Reece Merrick, Managing Director, Middle East and Africa, Ripple commented: “Ripple established its regional headquarters for the Middle East and Africa in the UAE in 2020. Since then, we have substantially grown our presence, expanding our team, signing new clients and forging innovative partnerships, to meet growing demand for digital assets infrastructure. During this time, we’ve also witnessed first-hand how much the country has strengthened its position as a global financial hub.

This doesn’t happen without a strong foundation, and the UAE provides exactly that: a forward-looking market underpinned by clear and progressive regulation that has reinforced its position as one of the leading global centers for our industry.

The local authorities have played a central role in establishing the UAE as one of the world’s leading hubs for digital assets. The clarity and ambition of the regulatory frameworks that have been put in place, combined with a mature financial ecosystem and access to institutional capital, gives companies the confidence to lay solid foundations here. That is a hard thing to build, and the UAE has achieved it, setting a benchmark not just for the wider region, but globally.”

Stake has been using its DIFC presence to develop innovative PropTech solutions, recognizing the importance of the real estate industry to the UAE. Manar Mahmassani, Co-Founder & Co-CEO, Stake commented: “Stake was born in Dubai in 2021, when global uncertainty was at its peak. Today we are the largest fractional investment platform in the world because we started here.

“When we launched Stake, choosing to set up in DIFC was a no-brainer. It wasn’t just about operating in the most credible financial jurisdiction in the region. As a start-up, DIFC gave us exactly what we needed: a launch pad and a plug-and-play co-working environment that was bustling with innovation. The address, the infrastructure, the retail and F&B, the caliber of professionals in every corner, and the proximity to our regulator, the DFSA – DIFC offered us as founders and our teams a work-play lifestyle that is genuinely second to none.

“For a FinTech like Stake, building the future of real estate investment demands regulatory clarity, access to world-class capital partners, and a standard of governance that global investors recognize instantly. DIFC delivers all three, and it has been one of the most important accelerants of our growth.”

The payments industry is significant in the UAE and Taptap Send has been using Dubai to develop their offering. Michael Faye, Chief Executive Officer at Taptap Send added: “DIFC has been a genuine home for our team, our relationships, and our ambition. It has built something rare: a world-class environment where ambitious FinTech companies can access deep talent, global connectivity, and an infrastructure that leads international standards. For Taptap Send, the UAE is exactly the right base from which to do it, connecting underserved communities to the global financial system from one of the world’s great international hubs. That ambition mirrors our own, and I can’t imagine a better place to pursue it.”

The collective voice of global financial institutions, insurers, asset managers and future-focused innovators reinforces DIFC’s position as a resilient, trusted and forward-looking financial ecosystem. Despite a complex global backdrop, firms continue to deepen their presence, guided by confidence in the Centre’s internationally credible legal and regulatory environment, global connectivity and long-term growth prospects.

As momentum builds across traditional and emerging sectors alike, DIFC remains central to enabling capital flows, fostering innovation and supporting sustainable economic expansion, further cementing Dubai’s standing as a leading global financial hub.

At times of intensified uncertainty and dispersion like today, investing becomes less about forecasting and more about favouring more liquid, high quality assets that can be resilient across a variety of scenarios.

Global growth has been more resilient than expected despite growing divergence below the surface. What has changed is the addition of a major new source of risk: the conflict in the Middle East. If this proves to be a short-term disruption, as markets are currently pricing, then the baseline outlook still assumes moderate global growth. However, a prolonged disruption would pose more significant challenges and increase global recession risks.

Geopolitical risks tend to transmit to the economy through changes to consumer and business confidence, financial conditions, and – most importantly today – energy prices. The Strait of Hormuz, a critical waterway for oil and energy shipments, remains effectively blocked. Similar to Russia’s invasion of Ukraine in 2022, this threatens to spark a global energy supply shock.

Energy supply shocks are stagflationary

Unlike in 2025, when divergent trends left global growth broadly unchanged, the Middle East conflict is likely to be stagflationary, lifting inflation while hurting growth. We see four main transmission channels: higher energy and food prices; disrupted supply chains and trade flows; tighter financial conditions; and lower business and consumer confidence.

Negative oil supply shocks are inflationary for all economies, while growth effects will differ. Higher energy prices are stagflationary for net oil importers – transferring income abroad through more expensive energy imports while reducing household real (inflation-adjusted) income and business real profit – and expansionary for net oil exporters.

Within developed markets, Europe, the U.K., and Japan are energy importers and face larger downside growth risks. Canada and Australia should benefit from their net energy export status. Two decades of shale production increases have turned the U.S. from a net energy importer to a slight exporter. However, the U.S. is still a large economy with an energy sector as opposed to a commodity economy. Since energy is an important input into all goods it imports, the U.S. will likely still behave as a net energy importer to some extent.

Central banks face a tug of war – but this isn’t 2022

The risk of higher inflation alongside lower growth puts central banks in a tricky spot. Conventionally, central banks tend to look through supply shocks, especially in economies that are net energy importers. After the elevated post-pandemic inflation period, however, central banks will be closely focused on the risk that a large supply shock could lead to more persistent pressures as inflation expectations and wages also adjust higher.

Yet economies are in much different positions than they were in 2022. At that time, the world was still dealing with pandemic-related pent-up demand, and governments had injected trillions of dollars into the private sector. The result was a large demand shock on top of a large supply shock. Labor markets were also extremely tight, driving both nominal wages and prices higher.

Today, by contrast, fiscal policy is tight across many regions as elevated post-pandemic sovereign debt forces restraint. Labor markets are much looser. Monetary policy is already neutral to slightly restrictive across most developed market economies.

As a result, economies are much more likely to adjust to the current shock through lower real incomes, weaker nominal wage adjustments, and greater recessionary risks.

Investment implications: resilience, quality, and liquidity

This is not an environment set up to reward bold forecasts or narrow bets. Instead, today’s conditions favour more liquid, high quality portfolios built to weather shifts in market sentiment and a range of potential outcomes.

Resilient headline growth alongside widening dispersion strengthens the case for high quality fixed income. Starting yields are much higher today than in 2022, providing cushion against inflationary tail scenarios and strengthening the role of bonds as both a return generator and a hedge against downside risks.

Markets rarely price geopolitical risk well. When there is a global shock, portfolio liquidity can allow investors to take advantage of market inefficiencies and valuation gaps that arise. As volatility rises and dispersion widens, the ability to manage downside risk and redeploy capital as conditions evolve matters more than trying to capture incremental yield by forfeiting liquidity.

High quality bonds once again play a meaningful role in portfolios and look attractive across a variety of economic scenarios. For portfolios that have drifted heavily toward equities, this is a practical moment to consider rebalancing. Yields across more liquid fixed income remain attractive, laying a solid foundation for market-driven income and return.

We prefer a modest overweight to duration and more balanced curve exposure, as yields look attractive across a range of maturities.

The case for global diversification remains strong. Differences across countries are widening, creating both risks and opportunities.

Looking across the continuum of public and private credit today, we see the greatest value in areas including U.S. agency mortgage-backed securities (MBS), investment grade issuers with stable, predictable cash flows, and high quality securitized credit.

Currency positioning matters more in this environment, particularly given the growing divergence between energy exporters and importers.  Inflation-sensitive assets also deserve a more deliberate role in portfolios today. Commodities, real assets, and Treasury Inflation Protected Securities (TIPS) can help hedge real-world purchasing power and diversify returns when traditional asset relationships become less reliable. These exposures may help improve portfolio resilience.

Conclusion – recentre towards fixed income?

This is a market that rewards preparation for an uncertain set of outcomes. Higher yields, wider dispersion, and greater volatility create a favourable backdrop for active management when portfolios are built with liquidity and flexibility in mind.

For investors, this is a moment to consider recentring portfolios toward fixed income, to use global diversification and inflation tools intentionally, to treat liquidity as an asset, and to emphasise quality and resilience in the face of layered uncertainty.

The Dubai Department of Economy and Tourism (DET) will showcase the emirate’s advanced, future-ready manufacturing ecosystem at the Dubai Pavilion during ‘Make it in the Emirates 2026’, the fifth edition of the UAE’s flagship industrial forum, taking place from 4–7 May at ADNEC Centre Abu Dhabi. The participation comes at a time when Dubai continues to demonstrate operational continuity and economic resilience, reinforcing its position as a stable and globally connected industrial hub.

Held under the theme ‘Advanced Industry. Emerging Stronger’, the forum reflects the UAE’s commitment to building a sustainable, technology-driven industrial base anchored in innovation and global partnerships. Dubai enters the forum bolstered by a standout performance, having achieved 6.4% GDP growth in Q4 2025, with total GDP reaching AED937 billion for the full year, underscoring steady economic momentum despite global headwinds. DET’s participation aligns with the goals of the Dubai Economic Agenda, D33, which targets more than doubling manufacturing value-added output in the decade up to 2033, while reinforcing Dubai’s position as a leading destination for industrial investment.

As one of the UAE’s most significant industrial gatherings, ‘Make it in the Emirates’ unites government entities, national champions, manufacturers, and SMEs to drive tangible outcomes, from offtake commitments and investment deals to technology transfer and strategic partnerships. 

DET will present Dubai as a globally connected hub for advanced manufacturing, underpinned by world-class infrastructure, integrated logistics, and seamless access to international markets. Attendees will gain an understanding of how manufacturers operating in Dubai benefit from connectivity to more than 130 export destinations, supported by Comprehensive Economic Partnership Agreements and advanced customs facilitation measures that ensure reliable trade flows. At the Dubai Pavilion, DET will bring together key entities including Dubai Industrial City, National Industries Park, Dubai Integrated Economic Zones Authority (DIEZ), Dubai Chambers, Dubai Future Foundation, Food Tech Valley, and other strategic partners.

His Excellency Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC), the economic development arm of DET, said: “Dubai’s leadership has consistently taken decisive, policy-driven action to safeguard growth and stability. Our manufacturing sector reflects this approach: it is diversified, technologically advanced, and fully integrated into global value chains. Even amid regional pressures, business continuity remains seamless across logistics, trade and industrial operations. Through the Dubai Economic Agenda, D33 we are also strengthening our value proposition for manufacturers by enabling new investments and plant expansions through tailored incentive frameworks. These include support mechanisms designed to enhance cost competitiveness, reduce barriers to entry, and accelerate scale-up for high-impact projects.

Our participation in ‘Make it in the Emirates’ is an opportunity to translate that vision into partnerships and close the deals that will strengthen local manufacturing, drive economic momentum, and further reinforce Dubai’s position as a leading hub for export-led growth.” 

The Dubai Pavilion will serve as a central platform to engage investors, manufacturers, and stakeholders, offering insights into the emirate’s competitive advantages. DET representatives will also participate in high-level engagements focused on industrial development, investment facilitation, and market expansion into and from Dubai.

As part of its participation, DET will highlight a range of initiatives designed to support industrial scale-up and export expansion. These include the Export Assistance Programme (EAP), which enables Dubai-based manufacturers to access international markets, and the Elite Buyer Programme, which strengthens Dubai’s position as a global sourcing hub. Additional initiatives such as Industry 4.0 enablement programmes, In-Country Value (ICV) promotion, and industry-friendly power policies will also be showcased, reinforcing Dubai’s commitment to advanced manufacturing technologies and local capacity building.

DET will also use the platform to strengthen national collaboration, working closely with the Ministry of Industry and Advanced Technology and other stakeholders to ensure alignment with the UAE’s broader national strategy. Several strategic partnerships with major entities in the logistics and banking sectors are expected to be formalised during the forum, further demonstrating sustained institutional confidence in Dubai’s industrial trajectory.

Building on the strong investment momentum of previous editions, this year’s ‘Make it in the Emirates’ represents a pivotal platform for translating D33 industrial ambitions into measurable outcomes for businesses across the emirate and beyond.

One of the major surprises about the gravest energy shock since the 1970s is how resilient much of the world has been so far.

The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) at 3.65%.

This decision was taken following the US Federal Reserve’s announcement today to keep the Interest Rate on Reserve Balances (IORB) unchanged.

The CBUAE has also decided to maintain the interest rate applicable to borrowing short-term liquidity from the CBUAE at 50 basis points above the Base Rate for all standing credit facilities.

The Base Rate, which is anchored to the US Federal Reserve’s IORB, signals the general stance of monetary policy and provides an effective floor for overnight money market interest rates in the UAE.

Saudi Aramco’s net profit after minority interest is expected to rise by 13.8% year-on-year (YoY) and 56.7% quarter-on-quarter (QoQ) to 108.8 billion Saudi riyals ($29.01 billion) in the first quarter of 2026, according to a report by AlJazira Capital.

The net profit is anticipated to increase by 12.6% from the adjusted net profit reported in Q4 2025.

The sequential growth in adjusted net income is likely to be driven by crude oil prices surging 24.8% QoQ, due to better refining margins and reductions in certain operating costs, wiping out the impact of lower production of 600,000 barrels per day (bpd) of crude and 700,000 barrels of oil equivalent per day of hydrocarbons.

Revenue is estimated at SAR 455.3 billion, up 6% YoY and 9.4% QoQ. The upstream revenue is expected to drive topline growth, rising 13.1% QoQ, while the downstream revenue is forecast to rise 6.8% QoQ.

The Saudi-listed oil giant’s revenue in 2026 is projected to increase to SAR 1.9 trillion, while net income is expected to rise to SAR 427 billion.

The brokerage estimates the average oil price of around $86 per barrel.

“We expect higher crude oil prices this year and flexibility to divert exports from east to west coast to reflect positively on Aramco’s revenue and earnings in 2026.”

AlJazira Capital has assigned an “Overweight” rating to Aramco stock, with a target price of SAR 29.6 per share, subject to an upward revision.

Aramco will publish its Q1 2026 results on May 1.

Stocks slipped and oil prices rose Monday, with fresh tensions between the U.S. and Iran casting a shadow over Wall Street.

As fraudsters sprint ahead with AI, organizations report they are struggling to keep pace. That’s the sobering verdict delivered in the latest fraud research by the Association of Certified Fraud Examiners (ACFE) and data and AI leader SAS: Only 7% of anti-fraud professionals say their organizations are more than moderately prepared to detect or prevent AI-fueled fraud – even as criminals hijack inexpensive and plentiful AI tools to drive social engineering schemes, digital forgery and consumer scams to record highs.

The 2026 Anti-Fraud Technology Benchmarking Report – the fourth installment in a research series debuted by the ACFE and SAS in 2019 – is based on a survey of 713 fraud fighters across eight regions worldwide.

“The data paints a worrisome picture: fraud is evolving faster than most organizations can defend against it,” said John Gill, J.D., CFE, President of the ACFE. “AI-powered threats aren’t on the horizon – they’re already here, and they’re accelerating quickly. The profession has made real strides in adopting AI, but this report is a wake-up call. Organizations that don’t strengthen their defenses against AI-charged fraud risk as others do will become bigger targets.”

As fraud risk rises globally, the UAE and Saudi Arabia are uniquely positioned to lead the next generation of fraud prevention. Strong regulatory alignment, government-led digital transformation, and modern financial infrastructure give both markets a structural advantage. With central banks CBUAE and SAMA acting as ecosystem orchestrators, the region has a rare opportunity to leapfrog legacy approaches and move directly to supporting a secure, seamless, and future-ready financial ecosystem.

“Few regions combine high growth with such strong regulatory leadership,” said Abed Hamandi, Senior Director, EMEA Consulting, Fraud and Security Intelligence Practice, SAS. “The UAE and Saudi Arabia are not constrained by legacy in the same way as many mature markets. By embracing real-time, AI-driven, and identity-centric fraud prevention, they can stop fraud before it happens, while delivering the low-friction customer experiences that modern digital economies demand.”

Industries at a crossroads – and in the crosshairs

Respondents represent more than a dozen industries, most prominently government and public sector (26%) and banking and financial services (23%), alongside meaningful participation from professional services, manufacturing, insurance, technology, education, energy and health care. Survey insights reveal that:

• Fraudsters are winning the AI race. Every AI-powered fraud modality examined has risen over the past two years, according to the anti-fraud professionals surveyed. Deepfake social engineering saw the sharpest surge, with 77% of respondents reporting a slight-to-significant increase – followed closely by consumer fraud/scams (75%), generative AI document fraud/forgery (75%) and deepfake digital injection (72%). Looking ahead, 55% expect deepfake social engineering and GenAI document fraud/forgery to increase significantly over the next 24 months.

• AI and machine learning (ML) adoption are accelerating but remain far from ideal. One-quarter of organizations (exactly 25%) now use AI/ML in their anti-fraud programs, according to respondents, up from 18% in 2024. Another 28% expect to adopt it by 2028. For organizations still on the sidelines, the window to build AI competency before competitors and criminals widen the gap is narrowing fast.

• Governance lags dangerously behind AI adoption. Nearly nine in 10 (86%) organizations rate accuracy of results as important or very important in adopting GenAI, yet less than one in five (18%) respondents say their organization tests AI models for bias or fairness. Similarly, 82% say explainability is important, but just 6% feel completely confident explaining how their AI/ML models make anti-fraud decisions. For banks, insurers and other regulated entities in particular, deploying AI in this manner risks regulatory consequences and legal liability on top of reputational damage.

• Budgets are growing – but so are constraints. More than half of respondents (55%) expect their organizations to increase their anti-fraud technology budgets over the next two years. Even so, budgetary and financial restrictions remain the leading barrier to implementation, cited as a major or moderate challenge by 84% of respondents.

Emerging tech: Promise, progress and the cost of waiting

Physical biometrics, agentic and generative AI – and yes, even quantum AI – the technologies transforming the war on fraud are maturing rapidly. But fraudsters’ readiness to exploit them is advancing in parallel, and bad actors have a tremendous advantage.

“Cybercriminals don’t have governance committees, and they don’t wait for budget cycles or regulatory clarity – they just act,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS. “Every quarter business leaders spend evaluating a technology is another quarter lawbreakers get to weaponize it and find organizations underprepared.”

The question isn’t whether to adopt anti-fraud innovations, but rather, can organizations afford to wait? The study revealed these trends in value-proven, emerging technologies:

• GenAI is moving from aspiration to application. Although only 16% of respondents indicate their organizations currently use generative AI as an anti-fraud tool, another 58% plan to in the future. Among those already using GenAI, top applications are phishing and scam detection (49%), risk identification/assessment (46%) and report writing (45%).

• AI agents are hotter still. Nearly one in 10 (8%) of respondents say their organizations use agentic AI for fraud fighting, and nearly one-third (31%) more expect to deploy it by 2028 – the highest near-term adoption expectation of any emerging technology category examined.

• Physical biometrics leads emerging tech adoption – while many neglect the benefits of automation and the cloud. The use of physical biometrics is now the most widely adopted emerging technology in anti-fraud programs gauged in the study, used by nearly half of organizations (45%) surveyed – up from roughly one-third (34%) in 2022. In contrast, cloud-native fraud detection platforms and automation remain significantly underutilized, used by only 10% and 29% of organizations, respectively.

• Quantum computing’s impact on the anti-fraud battlefield is closer than most expect. Most respondents (62%) expect quantum computing and quantum AI to materially impact fraud detection and prevention by 2030 – and a surprising 11% say it already is.

Ready or not…

Whatever their level of preparedness, organizations across sectors face the same AI-accelerated fraud threats. The differentiator? Their ability to fight back. Fraud fighters must be equipped with the right data and technology – and also the appropriate speed, scale and governance – to combat modern-day risks.

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.

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.”

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.”

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.”

In 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.”

The 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.