Latest from Gulf Business
Gulf Business
11 hours ago
- Business
- Gulf Business
MENA's moment: A region becoming a core pillar across asset classes
Image: Supplied 'The greatest danger in times of turbulence is not the turbulence – it is to act with yesterday's logic.' – Peter Drucker The global investment playbook is being quietly, yet decisively, redrawn. No longer relegated to the margins or regarded merely as a 'must-visit' stop for capital raising, the Middle East is asserting its place on the global stage. What was once viewed as a subset of emerging markets is now standing firmly on its own: a region of rising strategic significance across public and private markets, infrastructure, real assets, and venture capital. Structural reforms driving real economic power The numbers tell a compelling story. Gulf sovereign wealth funds now manage approximately $12tn globally as of 2024, with forecasts pointing to $18tn by 2030 (Deloitte). To put this in perspective, that represents nearly two-thirds of China's entire GDP and over 40 per cent of US GDP. These funds are no longer passive pools of petrodollars; they have become strategic investment vehicles actively shaping global market dynamics. At the heart of MENA's transformation is economic diversification. Nations such as Saudi Arabia and the UAE are pushing well beyond oil dependency, guided by forward-looking visions like These comprehensive strategies emphasise industrial expansion, digital transformation, clean energy, tourism, logistics, financial services, advanced manufacturing, healthcare, education, and knowledge-based sectors. This diversification is supported by institutional reforms, improved regulatory frameworks, and financial infrastructure modernisation that together are driving investor confidence. Market activity and institutional depth MENA's capital markets are gaining in both scale and sophistication. In 2024, the region saw 54 IPOs raise $12.6bn (EY). Meanwhile, the GCC bond market surged, with a 71 per cent year-on-year increase in issuances. The total GCC market capitalisation reached $4.2tn. Momentum continued into 2025. According to EY's These developments are backed by improved institutional infrastructure. Exchanges have adopted global standards, regulatory regimes have become more transparent, and financial free zones offer globally competitive environments. Governance and oversight now match international benchmarks, creating conditions that are attracting long-term institutional capital. Sectoral evolution and strategic growth Diversification is not only occurring at the macro level. MENA's sectoral landscape is expanding rapidly. Fintech is one of the standout sectors, with more than 1,000 firms now active and four unicorns already in existence (McKinsey). Between 2023 and 2024, $1.9bn was invested in 237 fintech deals, driven by progressive regulation and digital penetration. The energy transition is another defining theme. The region is leveraging its natural advantages in solar and wind to become a global leader in renewable energy. Saudi Arabia's renewable capacity is projected to surpass that of many European nations within the decade. Egypt, Morocco, and the UAE are also developing large-scale solar and wind assets, with support from both public and private investment. Technology and innovation remain central to MENA's strategy. The UAE expects artificial intelligence to contribute 14 per cent of its GDP by 2030. It is launching the Stargate AI campus in partnership with OpenAI, Oracle, Nvidia, and Cisco – part of over $2tn in committed regional investments including those from Saudi Arabia and Qatar. Demographics, fiscal discipline, and domestic capital formation The region's young, increasingly educated population is a key growth driver. This demographic dividend is translating into rising demand for housing, healthcare, infrastructure, and digital services. Governments are also fostering retail investor participation through financial literacy programs and accessible investment platforms, which is helping to deepen domestic capital pools and support market liquidity. Underpinning this progress is a remarkably resilient fiscal foundation. Most Gulf economies are currently operating with positive fiscal balances, buoyed by strong commodity prices, particularly in oil, metals, and petrochemicals. Importantly, the commodities supercycle has not triggered a return to past complacency. Austerity measures introduced during the COVID-19 pandemic, including subsidy rationalization and VAT implementation, remain largely in place, demonstrating a discipline that strengthens long-term investment credibility. At the heart of this evolving landscape, asset management firms like ASB Capital are stepping into a pivotal role – bridging investor needs with on-the-ground insights to help unlock value on both sides of the equation: channelling regional growth to the world and directing global capital into the region's most transformative opportunities. MENA as an integral force across asset classes: No longer a theory The next great investment opportunity is rarely found where everyone is looking – it emerges where fundamentals quietly shift before the world catches on. The case for MENA as a core component of global asset class allocations is no longer speculative. Its economic cycles are increasingly uncorrelated with the West. Its reform trajectory is aligned with global capital priorities. And its return profile is no longer just competitive – it is indispensable. The writer is the senior executive officer of ASB Capital.
Gulf Business
12 hours ago
- Gulf Business
‘Left to die': British adventurer Adrian Hayes on resilience at 8,300 metres
British adventurer, author and leadership coach Adrian Hayes (66) recently returned from a perilous expedition to Kanchenjunga, the world's third-highest mountain. Known for tackling some of the planet's toughest environments – including summiting K2, reaching the North and South Poles, and crossing Greenland and the Empty Quarter – Hayes faced one of his greatest tests yet on the 8,586-metre Himalayan peak in May this year. After reaching the summit, he ran out of oxygen, broke his hand, suffered frostbite and was eventually left behind in what climbers call the 'death zone.' In this interview with Gulf Business podcast Situation Today , Hayes reflects on the experience, the mental and physical resilience it required, and how the lessons from extreme environments apply to leadership and business today. Watch the full interview here: An edited version of the interview is also posted below. What inspired you to take on Kanchenjunga? It's the third-highest mountain in the world and nearly as steep as K2, but twice as long. It's got the longest summit push from top camp to summit of any mountain. It's brutal. Not avalanche-prone like some peaks, but exhaustion and exposure are the real killers. The mountain is on the eastern Nepal border with Sikkim, close to Tibet. I served in the Gurkha Regiment years ago and used to recruit in that area. I saw the mountain 30 years ago and always told myself, 'One day.' I've been adventuring since I was 17. For me, it's always been about experience, growth and the pursuit of excellence. I had to stop for seven years to raise my daughter — my toughest challenge — but came back to it. We tried Kanchenjunga last year and didn't summit. This year was a second attempt. By all accounts, mountaineering has changed a lot over the years. Has it become too commercial or attention-driven? Yes. Most expeditions are now Sherpa-led, and social media has made everything a performance. People want to prove themselves: show they've done something impressive. It's no longer enough to run a marathon; now it's an ultra-marathon on a mountain. Everest has become a circus. There's a record for everything now: the youngest, fastest, first from a certain country. That shift happened especially after Nirmal Purja climbed all 14 eight-thousanders. It became a Netflix documentary, and suddenly, it was about flying between base camps and beating records. I think we need to get back to the core reason for doing these things: for the experience, the solitude, the clarity. And that doesn't have to be the Himalayas. The UAE mountains are fantastic too — I'm out there every winter weekend. Tell us about the summit attempt. Were you climbing alone or in a team? There were eight of us and eight Sherpas for the summit push. Earlier acclimatisation rotations were mostly solo or with a teammate. By the time we attempted the summit, only five climbers remained, and the conditions weren't great. Everything felt rushed. We left the lower top camp at 6:30 PM on May 10 and reached the summit at 2:30 PM the next day: 20 hours later. I ran out of oxygen on the way up because my Sherpa was behind me. At one point, I ended up leading. Eventually, I got oxygen back and summited strong. But I was desperate for water. READ MORE: How long can you realistically survive without adequate oxygen? You can't, really, not for long. If you're used to climbing with oxygen and it suddenly runs out, it's like pulling the plug on an electric car. You just stop. My Sherpa was inexperienced. I don't want to be harsh, but he was young. I eventually got oxygen again, and we reached the summit in horrible weather. We took a quick photo, quick video, and we started descending. That's when you injured your hand? Yes. On the descent, another climber tripped and crashed into me. I was knocked off a ledge and caught by the fixed rope, but all my weight went onto my hand. It wrapped around the rope and was basically put out of action. Descending with one hand is incredibly difficult. It took us three to four hours to descend just 200 metres. Everyone else made it back to Camp 4. Tragically, one French woman died on the way down: it was her first 8,000-metre peak. Then, I ran out of oxygen again. That's when I started suffering from HACE (high-altitude cerebral edema). I became disoriented and irrational. I told my Sherpa to leave me. I was hallucinating: seeing climbers, lights, even entire teams that weren't there. Eventually, I passed out at 8,300 metres. What was that descent like? It took more than a day to get from 8,300 to around 7,700 metres. I took a wrong turn, slid 30 metres, hallucinated villages and teammates. I talked to people who weren't there. But I kept going. Eventually, I crashed again. Then I heard a voice. A Sherpa had come up with oxygen. He clipped me in, gave me a mask, and got me down to Camp 4. The next day, we reached Camp 2, and I was airlifted out. I'm only here today because I managed to get low enough and because that Sherpa came for me. And you suffered frostbite as well? Yes, in several fingers and my right foot. It's healing. One finger is still bad, and the foot is painful. But it's a small price to pay. I've been told very few people have survived a solo descent like that from the death zone. What kept you going through this experience? Three things. First, a kind of autopilot. That instinct to get down. Second, fitness: I was in top condition. Third, belief. I've descended Everest without oxygen before. I've done big climbs. I knew it was possible. I also shut everything else out. No fear. No panic. No thinking about family. Just one focus: descend. People have asked if I'll suffer PTSD (post-traumatic stress disorder). I've relived the experience, sure, but there's no trauma. I'm just happy to be alive. You draw lessons from this for the business world too. How does that tie into your work? I've been coaching for 20 years. I'm not just a motivational speaker: I speak on leadership, growth mindset, change, risk and resilience. Resilience is a big one. Many senior execs tell me their teams lack it, especially the younger generations. We've grown up in a risk-averse culture, sanitised and wrapped in cotton wool. That has an impact. We're not teaching people how to think; just what to think. With smartphones and now AI, we've outsourced problem-solving. We've lost basic skills. People can't even navigate without GPS anymore. But life isn't always smooth. Things go wrong. The more you challenge yourself, the better prepared you are. So what advice would you give to business leaders trying to build resilience in their teams? Start with culture. Encourage honest feedback: it's the greatest gift. Get your team aligned on how you work and what culture you want. Create an environment where risk-taking is encouraged, and mistakes are seen as part of growth. Promote problem-solving and critical thinking. Encourage difficult conversations. We need people who can think independently, challenge the status quo, and communicate openly. That's how you build resilience. And finally — what's next? Will you keep climbing? This was my last 8,000-metre peak. I don't see the point in going back to chase all 14. That's been done. But I do plan to return to the 7,000-metre ranges in Tibet, India, or Nepal. Not immediately, but maybe next year. It's not about records anymore. It's about getting away from the noise, being in nature, and reconnecting. And you don't have to go to the Himalayas: the mountains in Hatta, Ras Al Khaimah, and Oman are incredible too. Pictured: Adrian Hayes on a previous expedition.
Gulf Business
a day ago
- Business
- Gulf Business
DP World to pilot autonomous magnetic rail freight at Indian port
Image courtesy: WAM/ For illustrative purposes DP World, the Deendayal Port Authority (DPA), and mobility tech firm Nevomo have signed a memorandum of understanding (MoU) to explore the deployment of magnetic rail technology for autonomous cargo movement within Indian ports — a national first that could reshape India's freight logistics. The MoU paves the way for a 750-metre pilot of Nevomo's MagRail system at Deendayal Port in Kandla, Gujarat. If successful, the trial will mark the first time MagRail's self-propelled, electric-powered freight wagons are tested in a live port environment in India. The collaboration is intended to enhance cargo movement speed, reduce CO₂ emissions, and cut logistics costs, while improving yard efficiency and port-hinterland connectivity. The initiative aligns with India's National Logistics Policy and PM Gati Shakti program, which aim to modernise and integrate the country's transport and logistics ecosystem. 'This collaboration is a strategic advancement in port infrastructure, enhancing capacity and operational efficiency to support growing cargo demands,' said Shri Sushil Kumar Singh, chairman of the Deendayal Port Authority. ' DP World's strategy is to adopt technologies that 'future-proof terminals' The MagRail system uses linear motor technology and can be installed on existing tracks, allowing autonomous operation without extensive civil infrastructure upgrades. The system promises to automate short-haul cargo transfers, reducing the need for diesel vehicles in yard operations. Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, said the pilot aligns with the company's strategy to adopt technologies that 'future-proof terminals' and enable 'faster, more sustainable cargo flows.' 'Piloting solutions like MagRail aligns with our focus on enhancing speed, efficiency, and sustainability in logistics,' Sulayem said. Rizwan Soomar, CEO and MD for the Middle East, North Africa and India Subcontinent at DP World, said the pilot represents a long-term vision for transforming freight transport. 'Our commitment goes beyond individual projects — we are partnering to accelerate India's ambition to expand and integrate port-led logistics ecosystems,' he said. Przemek (Ben) Paczek, CEO of Nevomo, described the agreement as a 'significant step towards advancing sustainable logistics in India,' noting the opportunity to validate the system's real-world potential at scale. If successful, the Deendayal pilot could serve as a model for similar applications across Indian ports and inland terminals, supporting India's push for greener, smarter, and more competitive supply chains. Read:
Gulf Business
a day ago
- Health
- Gulf Business
Fake Dubai-inspired chocolate bar recalled in UK over safety risk
Image: FSA website A chocolate bar inspired by the viral 'Dubai chocolate' trend has been urgently recalled across the UK after it was found to pose a serious health risk to people with peanut allergies. The Noesis Schokolade Love of Dubai , a 95g chocolate bar manufactured by NOESIS SCHOKOLADE, Gida ve Unlu Mam Ltd and distributed in the UK by Black Sea Trading Ltd. The product contains undeclared peanuts, an allergen that is not listed on the label. 'We are notifying consumers and food business who have purchased Noesis Schokolade Love of Dubai chocolate that this product contains peanut, which is not mentioned on the label, making it a possible health risk to anyone with an allergy to peanuts,' the FSA said. Read: The recall applies to all lot numbers and all best-before dates of the product. The FSA has directed food businesses to 'immediately stop sales and to undertake product withdrawals, and where there have been retail sales, to undertake product recalls.' The supplier, Black Sea Trading Ltd, has been uncontactable, adding urgency to the recall effort. 'This is because the product presents a serious risk to anyone with an allergy to peanuts,' the agency added. Investigation Enforcement authorities are now working with the FSA to investigate the supply chain and ensure all affected products are removed from the market. Allergy advocacy organisations have also been informed. The FSA advises consumers: 'Don't buy this product, and if you have bought it, don't eat it, especially if you have a peanut allergy. Dispose of the product at home and get in touch with your local Trading Standards in Great Britain or Environmental Health Officers in Northern Ireland, to let them know where you purchased it.'
Gulf Business
a day ago
- Business
- Gulf Business
PRYPCO Mint hits Dhs9m in tokenised property sales in first month
Image: Supplied/ Prypco Mint PRYPCO Mint, the MENA region's first real estate tokenisation platform, has crossed Dhs9m in tokenised property investments within a Licensed by Dubai's Virtual Assets Regulatory Authority ( The platform enables fractional ownership of premium properties, making real estate more accessible through blockchain technology. PRYPCO Mint has struck a chord with investors Since going live, PRYPCO Mint has attracted investors from over 50 nationalities living in the UAE. Properties listed on the platform are fully funded in minutes, with an average funding Among the standout investments are a unit in Sobha Creek Vistas Grande, which was funded in 10 minutes by 213 investors from 38 nationalities, and a unit in Liv Residence, Dubai Marina, funded in 3 minutes by 258 investors from 47 nationalities. Average investment sizes were Dhs7,512 and Dhs7,210, respectively. 'This momentum shows just how strongly the market is moving toward tokenised real estate,' said Amira Sajwani, founder and CEO of PRYPCO. 'Investors are looking for transparency, flexibility, and access to high-value markets with lower entry barriers.' With government backing and regulatory clarity, PRYPCO Mint is positioning itself as a frontrunner in digital property ownership in the UAE.
