Each year, our Discovery Series gives us space to reflect on the people who serve in critical but unsung roles in the UAE economy. This year, we felt a mix of pride and concern.

Pride in the women who continue to step forward in the financial services sector, a sector that is central to the country’s economic ambitions. However, a concern is that, in the roles that protect organisations from risk and uphold integrity, women are still not represented in the way the UAE deserves.

Women leaders on boards

The study covered 73 listed financial institutions. Women now hold 15.8 per cent of listed board seats in those institutions, which signals real progress and is a greater proportion than the country as a whole (14 per cent). However, eight companies still have no female board members at all, and the picture changes even more sharply when we look at the specialist roles that act as a safeguard against instability. Only three identified chief risk officers are women, and only six women serve as heads of internal audit. These functions are critical to how institutions maintain clarity under pressure and respond to uncertainty.

The financial services industry is a cornerstone of the UAE’s economic diversification strategy. Contributing over 13 per cent to GDP, it underpins the nation’s shift from oil dependency towards a knowledge-driven economy. Anchored by hubs like DIFC and ADGM, the sector attracts global investment, fosters fintech innovation, and strengthens governance. Its role extends beyond banking to include insurance, asset management, and Islamic finance, supporting SMEs and sustainable growth. By enabling capital flows and risk management, financial services drive resilience and competitiveness, positioning the UAE as a leading regional hub and advancing national visions such as “We the UAE 2031” and Centennial 2071.

Given the sector’s criticality to the UAE, these gaps matter even more. Emiratisation targets require banks to reach 45 per cent Emirati representation and insurers 30 per cent by the end of next year. At present, less than 10 per cent of critical specialist roles have traditionally been held by UAE nationals. The opportunity is clear. Seventy per cent of UAE nationals in the private sector are women, indicating the country already has a strong, capable talent base to support these functions.

Progress does not happen by chance

During our interviews with senior women across banks, insurers and investment firms, we heard stories of determination, encouragement and responsibility. Many spoke about leaders who had given them confidence, and about the pride they feel when they can open doors for the next generation. Their reflections made one thing clear. Progress does not happen by chance. It happens when someone is willing to trust a talented woman with a role that carries weight.

The UAE is building a knowledge-driven economy that relies on strong governance. For financial services to support that ambition, women, including Emirati women, need to be visible in risk and audit roles. These roles influence judgement, culture and long-term stability.

The talent exists. The ambition exists. Now we must place more women in the positions that define organisational resilience. The sector, and the country, will be stronger for it.

Read: 44 women leaders share advice to power your success

Dana Alyazeedi is a partner, Business Risk Services at Grant Thornton UAE and Professor Dame Heather McGregor is the provost and vice principal of Heriot-Watt University Dubai.

The UAE is preparing for a sustained spell of unstable weather as forecasts from the National Center of Meteorology (NCM) point to rainfall, strong winds, reduced visibility and rough sea conditions across several parts of the country in the coming days.

The evolving weather pattern is already affecting parts of the country, with heavy to moderate rainfall reported across areas of Fujairah earlier this week, and additional rainfall and wind activity expected to extend into coastal, northern and eastern regions.

Read more-UAE braces for rain, strong winds: Here’s what to expect this week

The National Centre of Meteorology (NCM) has forecast partially cloudy to occasionally cloudy conditions, with the formation of convective clouds accompanied by rainfall over the islands and extending into parts of the coastal, northern and eastern regions.

In a statement, the NCM said winds will be moderate to active, becoming strong at times, raising dust and sand and leading to reduced horizontal visibility. Winds are expected to blow from southeasterly to northeasterly directions at speeds ranging between 15 and 30 km/hr, with gusts reaching up to 50 km/hr at times, according to a WAM report.

Sea conditions are forecast to remain moderate in the Arabian Gulf, becoming rough at times, while the Sea of Oman will experience light to moderate waves.

Fujairah sees heavy rainfall and valley runoff

Weather impacts have already been felt on the ground, particularly in the emirate of Fujairah and surrounding areas, which witnessed scattered rainfall on Monday, December 15. Rainfall ranged from heavy to moderate and affected areas including Murbah, Masafi, Al Farfar and central Fujairah city.

The rainfall was accompanied by a noticeable drop in temperatures, as the country continues to be influenced by an active low-pressure system. Heavy rain led to runoff in several valleys and mountain streams in mountainous areas, creating striking natural scenery but also raising safety concerns.

Authorities urged motorists to exercise caution and avoid valley crossings to ensure public safety. Emergency teams from the Fujairah Government remain on standby, closely monitoring weather conditions and responding swiftly to reports in order to maintain traffic flow and minimise potential impacts associated with the rainfall.

Unstable weather pattern expected to persist through Saturday

Looking ahead, the National Center of Meteorology has forecast a broader period of unstable weather across the UAE starting Wednesday and continuing through Saturday, bringing rainfall, strong winds, reduced visibility and rough sea conditions to multiple areas.

According to the NCM, Wednesday, December 17, will see partly cloudy to cloudy skies, with a chance of rainfall over the islands and some coastal and northern regions. Winds will remain moderate to fresh from the southeast to northeast, strengthening at times and causing blowing dust and sand, which may further reduce horizontal visibility. Wind speeds are expected to range from 15 to 30 km/hr, with gusts reaching up to 50 km/hr. Sea conditions are forecast to be moderate to rough in the Arabian Gulf, while the Oman Sea will remain slight to moderate.

Stronger winds and rougher seas forecast later in the week

Weather conditions are expected to intensify on Thursday, December 18, as convective cloud formations develop across scattered parts of the country, bringing rainfall. Winds will shift from southeasterly to northwesterly and remain moderate to fresh, becoming strong at times, particularly near cloud activity. These conditions are likely to result in blowing dust and sand and further deterioration in visibility. Wind speeds are forecast between 15 and 35 km/hr, with gusts of up to 55 km/hr.

By Friday, December 19, unstable conditions are expected to persist, accompanied by a significant drop in temperatures. Rainfall is forecast over scattered areas, with skies remaining partly cloudy to cloudy. Winds are expected to shift between northwesterly and southwesterly directions and may strengthen further, potentially reaching 60 km/hr, causing dust and sand storms and poor visibility in some locations.

Sea conditions are forecast to become rough in the Arabian Gulf and moderate to rough in the Oman Sea.

Conditions are expected to gradually improve on Saturday, December 20, although partly cloudy to cloudy skies will remain. The NCM has indicated a continued chance of convective cloud formation and rainfall, particularly over northern and eastern regions, with winds remaining moderate to fresh and becoming strong at times over the sea.

Authorities have advised residents, motorists and sea-goers to exercise caution during periods of strong winds, reduced visibility and rough seas, and to remain updated with official weather alerts issued by the National Center of Meteorology.

Kaspersky Threat Research has uncovered a new malware campaign targeting macOS users, exploiting paid Google search ads and shared conversations on the official ChatGPT website to distribute the AMOS (Atomic macOS Stealer) infostealer along with a persistent backdoor.

According to Kaspersky, attackers are purchasing sponsored search ads linked to queries such as “chatgpt atlas” and redirecting users to what appears to be an installation guide for “ChatGPT Atlas for macOS”. The page is hosted on chatgpt.com and presented as a shared ChatGPT conversation. In reality, the content has been generated through prompt engineering and stripped down to display only step-by-step installation instructions.

The guide instructs users to copy a single line of code, open the Terminal application on macOS, paste the command, and grant all requested permissions. Kaspersky’s analysis shows that executing the command downloads and runs a malicious script from an external domain, atlas-extension[.]com.

The script repeatedly prompts users for their system password, validating it by attempting to execute system-level commands. Once the correct password is entered, the malware proceeds to download and install the AMOS infostealer using the stolen credentials, before launching it on the device. The infection method is a variation of the “ClickFix” technique, which relies on persuading users to manually execute shell commands that retrieve malicious code from remote servers.

Once installed, AMOS harvests sensitive data that can be monetised or reused in subsequent attacks. This includes passwords and cookies from popular web browsers, data from cryptocurrency wallets such as Electrum, Coinomi and Exodus, and information from applications including Telegram Desktop and OpenVPN Connect. The malware also scans for TXT, PDF and DOCX files stored in Desktop, Documents and Downloads folders, as well as notes saved in the macOS Notes app, exfiltrating the data to attacker-controlled infrastructure.

A backdoor

In parallel, the campaign deploys a backdoor that is configured to persist across system reboots, providing attackers with remote access to compromised devices and duplicating much of AMOS’s data-collection functionality.

Kaspersky said the campaign highlights a broader trend in which infostealers have emerged as one of the fastest-growing cyber threats in 2025. Attackers are increasingly leveraging AI-related themes, fake AI tools and AI-generated content to enhance the credibility of their lures. The Atlas-themed activity extends this trend by abusing a legitimate AI platform’s content-sharing features.

Read: Inside Kaspersky’s plan to build cyber immune systems for the GCC

“What makes this case effective is not a sophisticated exploit, but the way social engineering is wrapped in a familiar AI context,” said Vladimir Gursky, malware analyst at Kaspersky. “A sponsored link leads to a well-formatted page on a trusted domain, and the ‘installation guide’ is just a single Terminal command. For many users, that combination of trust and simplicity is enough to bypass their usual caution, yet the result is full compromise of the system and long-term access for the attacker.”

Kaspersky advised users to exercise caution when encountering unsolicited guides that require running Terminal or PowerShell commands, particularly those involving one-line scripts copied from websites, documents or chat messages. The company also recommended verifying suspicious commands using security tools, avoiding unclear instructions, and ensuring reputable security software is installed and kept up to date on macOS systems.

Address Downtown has become one of the first hotels in Dubai to introduce a fully integrated Digital Check-In Experience, aligning with the city’s broader vision to set new benchmarks for smart hospitality services.

The new system allows guests to complete pre-arrival verification remotely, enabling faster, more seamless arrivals and allowing hotel teams to personalise services in advance. Upon arrival, guests can transition directly into their stay with minimal administrative interaction, reducing waiting times while maintaining a high-touch hospitality experience.

The launch supports Dubai’s wider digital transformation agenda, which focuses on improving service efficiency while enhancing convenience for residents and visitors. The Dubai Digital Hotel initiative is designed to modernise hotel operations across the emirate, leveraging technology to improve operational readiness, guest satisfaction and overall service quality.

Read: No desks, no delays: Dubai unveils fully contactless hotel check-in system

Address Hotels + Resorts said the introduction of digital check-in reflects its commitment to adopting technology that complements personalised service rather than replacing it. The group views the initiative as part of a broader effort to integrate innovation into luxury hospitality in a way that enhances comfort, efficiency and guest engagement.

With Digital Check-In now operational at Address Downtown, the hotel joins the first wave of properties contributing to Dubai’s ambition to redefine the future of hospitality through smart, guest-centric solutions.

WeFi’s co-founder and group CEO Maksym Sakharov has positioned himself at the centre of a financial shift that is starting to reshape how money moves, how value is stored, and who gets real control over their wealth. Leading the world’s first deobank, he sits at the intersection of traditional finance, blockchain, and global regulation, arguing that the next big leap in banking won’t come from sleeker apps or faster KYC, but from rebuilding the system on-chain. In this conversation with

Read more-Experts outline next phase of digital finance at Bitcoin MENA

Gulf Business, he breaks down what a deobank actually is, why he believes the model is inevitable, and how WeFi plans to bridge familiar banking habits with decentralised infrastructure for a world that increasingly lives, works, and earns across borders.

You now lead WeFi from Dubai, but originally you come from Ukraine. How did your personal journey, from Ukraine to the Middle East, influence your ambition to build a deobank?

I grew up in Ukraine, a place where money isn’t just numbers on a screen, but something, unfortunately, deeply fragile and uncertain. Over the years, I saw how savings and livelihoods could be destabilised by inflation, restrictive banking practices, or economic turbulence. That background taught me that financial systems built on outdated legacy rails often strip individuals of real control over their own wealth.

When I later moved through different fintech and crypto projects, and ultimately settled in Dubai, this lesson followed me. In the Middle East, I saw a future where finance could be more inclusive, more global, and fairer. It’s a world where people from different countries, backgrounds, and incomes could access banking without bureaucracy or borders. The question raised logically: if we really believe in financial inclusion and user sovereignty, why don’t we rebuild banking from the ground up, not merely repackage old banks as digital?

The deobank idea is a synthesis of those experiences. It takes the skepticism you develop in a volatile environment and combines it with the openness and regulatory ambition. And then channels it into a model where people hold the keys to their assets, move value globally in real time, and rely on transparent, programmable accounts. For me, WeFi is a very personal answer to a problem I’ve watched from both sides of the world.

What exactly is a deobank, and how does it differ from both traditional banks and neobanks? What gap does it fill in today’s financial ecosystem?

A deobank is not a cosmetic update to banking. It is an institution whose core balance sheet lives on-chain. Traditional banks keep money inside closed, proprietary ledgers and settle via legacy rails like correspondent banking. Neobanks improve the interface but usually still sit

on those same rails. A deobank uses blockchain as the underlying accounting and settlement layer, so user balances are held in wallets and smart contracts instead of a black box. Deobank is the world’s first bank where fiat money lives on-chain.

This means users can deposit fiat in a familiar interface and get instant limitless access to stablecoins, with no swaps and no fees. This architectural change means users own accounts with distributed custody, you can retrieve your money under your full control at any moment, but you won’t have to worry about private key management thanks to social recovery. Near-instant global transfers, access to crypto-native tools such as on-chain yield and tokenised assets, all of this is available in an app that feels as familiar as a regular mobile bank.

The gap this fills is the space between two imperfect worlds. On one side, highly regulated but rigid and siloed banking; on the other, powerful but often confusing DeFi protocols. A deobank is designed to combine the sovereignty and transparency of DeFi with the usability and reliability people expect from everyday banking.

With WeFi aiming for “full user control” (distributed custody, blockchain, crypto and fiat under one roof), how do you balance decentralisation with the need for compliance, regulation, and everyday usability?

We don’t treat decentralisation and compliance as enemies. We separate where each one should dominate. On the asset and transaction layer, WeFi is built as an on-chain bank, balances are recorded on public ledgers, and users can opt for distributed custody models that still keep them as the ultimate key-holders. That gives transparency and clear ownership.

Around that, we operate licensed entities in relevant jurisdictions to handle cards and payment flows, which brings us under existing AML, KYC, and consumer-protection frameworks. On the front end, we deliberately make the experience feel familiar: account opening, cards, transfers. People don’t need to understand the technical details of private keys or smart contracts to use it safely.

The balance comes from letting decentralisation govern custody and transparency, and regulation govern how we plug into the real economy and protect users.

As a pioneer in the deobank space, what key challenges have you faced, especially regulatory, tech-related, and customer adoption challenges, while building and launching WeFi globally?

The first big challenge has been regulatory language. When you are an on-chain bank, many regulators instinctively compare you to either a traditional bank or a crypto exchange, even if a deobank sits somewhere in between. We’ve had to spend a lot of time explaining how on-chain custody, stablecoins, and programmable accounts can coexist with licensing regimes built for more traditional intermediaries.

The second challenge is technical. If you want to serve people in multiple regions, you need infrastructure that is scalable, secure, and interoperable across chains and currencies. You also need to manage liquidity, stable coin flows, and tokenised assets in a way that feels invisible to the end user.

And the last one is human, trust and adoption. We invest huge resources in user education to help the mass user understand crypto, stablecoins, and their real-life value. Part of building WeFi has been showing, through real-world use cases and a familiar interface, that an on-chain bank is as stable and usable as any digital bank, while expanding what is possible.

Which use-cases or customer segments benefit most today from WeFi’s combined fiat and crypto offering?

The strongest early fit is people whose lives are already cross-border, freelancers and remote workers who get paid from other countries, migrant workers sending money home monthly, and entrepreneurs who deal with suppliers and customers across multiple currencies. For them, holding stablecoins on-chain while still paying with a card or sending fiat transfers brings real practical value.

Another important group lives in economies where inflation, capital controls, or fragile banking systems make it hard to preserve value. Adoption is already growing fastest in Nigeria, the Philippines and Argentina, where people use stablecoins for remittances and everyday spending. A deobank allows those users to tap that resilience without losing the convenience of everyday banking tools.

How can WeFi meaningfully support financial inclusion across the Middle East, Africa, South Asia, and the wider Global South?

The problem is still large, with 21 percent of adults globally having no formal bank account. Many rely on cash or informal networks that are slow, risky, and expensive.

Because a deobank is mobile-first and on-chain, the entry barrier is low, a smartphone, connectivity, and basic KYC are usually enough. In regions where mobile money and informal remittance channels are common, receiving income directly into a stablecoin-backed on-chain account that also issues a card can be a major upgrade.

In the Middle East, large remittance flows and a young, tech-oriented population are already pushing innovation. The UAE’s work on the digital dirham shows how governments are also exploring new settlement layers for low-wage payments.

How does WeFi ensure transparency, trust, and compliance across different jurisdictions?

We build trust in three ways: structure, transparency, and behaviour.

Structurally, WeFi operates through licensed entities that seek appropriate approvals for fiat, virtual assets, and payment flows.

In terms of transparency, using on-chain infrastructure means large parts of our operations are inherently auditable. Wallets, smart contracts, and flows can be reviewed by regulators or independent third parties where appropriate.

Finally, behaviour, we invest in strong compliance standards: KYC, AML, transaction monitoring, and user education. As regulations evolve, especially in markets like the UAE, serious players must build with that scrutiny in mind.

What’s your vision for WeFi in the next three–five years? Will deobanks coexist with traditional banks or replace them in some markets?

They will coexist, but with different roles. In mature markets, people will still rely on legacy banks for mortgages and corporate services. In parallel, deobanks will increasingly handle cross-border income, digital asset savings, and high-frequency payments for users who value flexibility and global reach.

In emerging markets, the shift will be faster. If someone has never had a local bank account, it’s very likely their first will be mobile-first and on-chain. In many places, people could skip several stages of traditional banking altogether. This is where the next billion crypto users will come from, and WeFi aims to be one of the institutions making that transition safe and useful.

What are the biggest obstacles that could slow global adoption of deobanks, and how is WeFi preparing?

Regulatory fragmentation is the biggest one. Countries treat stablecoins and on-chain custody in very different ways, and the rules keep changing.

The technical side is another, scaling securely while dealing with smart-contract risk, chain congestion, and liquidity management.

Culturally, trust is still a hurdle. For many, the word “crypto” triggers memories of collapses and scams. The only way through that is to build products that work, protect user funds, and operate with transparency. WeFi treats this as a decades-long effort.

What role can the UAE play as a regional hub for deobanking?

The UAE is already a major financial and remittance centre. It hosts a large migrant workforce, a growing crypto founder base, and regulators who are actively shaping digital-asset frameworks.

For WeFi, that means we can test products in a market where cross-border use-cases are normal and work closely with regulators. The challenge is that expectations are high: security, compliance, and user protection are non-negotiable. But this is exactly the environment in which a deobank should prove itself.

Why are events like Abu Dhabi Financial Week important for WeFi?

They bring together regulators, institutional capital, and real users in one place. You can explain the mechanics of on-chain banking to policymakers, demonstrate the product to investors, and shape the wider conversation around crypto beyond speculation. These events let us shift the narrative toward real-world use-cases like remittances, inclusion, and payment rails.

On a personal note, what keeps you up at night, and what excites you most about the future of money in a deobanking world?

I sleep well because I know the work has a real impact. That’s not a slogan, it’s the feedback we get from a community of over 150,000 users globally.

What excites me is the chance to build something from scratch that pushes finance forward. And the idea that within a decade, “on-chain bank” won’t sound unusual at all. In many parts of the Global South, people’s first meaningful interaction with formal finance may come through a deobank. If we make that experience safe, fair, and empowering, the effort will have been worth it.