Amit Kaushal began his career in Dubai in the late 1990s before expanding into the UK and beyond.

Today, as chairman, he heads up the global AKCEL Group, a diversified business spanning IT, real estate, investments, and now motorsport.

In this episode of the Gulf Business podcast, Kaushal tells us about his company’s push into the world of formula racing with AKCEL GP, the group’s branded real estate venture with BNW Developments, and his ambition to build a legacy that leads all the way to Formula One.

Before we get into the motorsport side of things, tell us more about AKCEL Group. It’s quite a diversified business: can you paint a picture for our audience?

Of course. Firstly, thank you for having me. AKCEL Group is built around the concept of transforming aspiration into legacy. That idea is embedded in the name itself:

“A” stands for Aspiration, “K” for Knowledge, “C” for Clarity and Consistency, “E” for Excellence, and “L” for Legacy.

So it’s not just a name — it’s a journey.

In terms of the business, we’re a global conglomerate. Our roots are in IT — specifically consulting and training — and we operate in India, the UK, the US, Ireland, and Dubai. We also own Jetking, which has over 100 IT training centres in India.

We’ve recently entered real estate in the UAE through a branded residence partnership with BNW. Our first flagship project will launch on Dubai Islands, followed by an expansion into Ras Al Khaimah. That’s a huge step for us.

Then, there’s motorsport — which is giving global visibility to our brand. We’re proud to be the first Indian-origin group to own a racing team in this space. It’s a major milestone, especially for the wider South Asian community.

And finally, we have an investment arm that focuses on alternative assets — everything from angel investing to venture capital. So AKCEL Group is built on four key pillars: IT, real estate, motorsport, and investments.

I personally left India around 25 years ago. I started my journey in Dubai back in 1998, then moved to the UK in 2000. And now, life is bringing me full circle — back to Dubai, which has always had a special place in my heart.

Can you tell us more about AKCEL GP and why did you decide to launch it now?

AKCEL GP is our motorsport arm, and we’ve just completed our first season here in the Middle East, competing in Formula 4 and the Formula Regional Middle East Championship. We even made it to a few podiums.

The idea started in Dubai when I met our team principal, Rohit Kaul, a former Formula driver. We shared a common vision, and we realised there’s very little South Asian representation in global motorsport. That inspired us. We wanted to create a platform to nurture young talent and eventually compete in Formula One.

We pulled everything together in just nine months and launched at the Armani Hotel, Burj Khalifa in January 2025. Our drivers come from diverse backgrounds — India, the UK, Romania — and we’re proud to support the Al Qubaisi family too. Amna and Hamda Al Qubaisi are now our brand ambassadors and sit on our advisory board. They’re pioneers in UAE motorsport and have been a huge support.

You’ve decided to make the UAE your global base — tell us why.

Dubai is where I began my journey, and strategically it makes perfect sense. It’s now at the centre of global conversations, whether it’s sports, tech, AI, crypto, real estate or investment. Everything is converging here.

Logistically, it’s also ideal for managing operations across both the Indian subcontinent and Europe. For us, it’s not just home: it’s a launchpad.

The business of motorsports is quite complex — it’s not just what we see on track. What have you learned so far?

A lot! We started with a technical partner, but now we’re building our own in-house technical team for our European F4 and FRACA campaigns. That gives us better control, allows us to build in-house performance models, and elevate our drivers.

We’re also setting up a second base in Milan, Italy to manage the April to October European racing season. After that, we’ll compete in Macau and return to the UAE for the 2026 season.

Every person on the team — from our technical director Matthew Norman, to logistics and operations — plays a critical role. It’s a true team sport behind the scenes.

Do you attend every race yourself?

I try to attend as many as possible, but our team principal Rohit Kaul leads the operations on the ground. My role is more strategic: managing partnerships, sponsor relations, and ensuring smooth execution throughout the season.

Sponsors are crucial. Who are some of your key partners?

We’re fortunate to have a great mix. BNW Developments is one of our lead partners. Gulf Business is on our car too — which we’re very proud of. We also have Century Financial, and LifeCoin as sponsors. Each one plays an important role in the ecosystem we’re building.

You’re competing in Formula 4 and Formula Regional — can you explain the difference?

F4 is the first major step after go-karting — the entry point into the Formula ladder. From F4, drivers move to FR (Formula Regional), which is more powerful and covers specific regions — we just raced across Dubai, Abu Dhabi, Qatar, and Jeddah.

After FR, drivers can progress to F3, F2 and ultimately F1 — the dream. The difference lies in engine power, car weight and complexity. But every step is crucial.

You mentioned AKCEL Academy: what is its role in terms of your overarching approach to motorsport?

The Academy supports the entire talent pipeline. We identify young drivers early. One of our drivers started go-karting at four and is now eight, and is already a champion from Singapore.

We also have a focus on inclusivity. For example, we’ve reserved one seat for a female driver, and we’re proud to support Hamda and Amna Al Qubaisi. We’re also planning an announcement in Barcelona to enter the endurance-based Le Mans series with them.

And we’re supporting Atika, the first Indian female driver to enter an F1 Academy. She’s an inspiration.

So what’s next for AKCEL GP in the next five to ten years?

The short-term focus is to strengthen our presence in F4, F3, and F2. Simultaneously, we’re scaling our Academy and merging racing with IT and engineering.

The long-term aspiration is to reach Formula One and to see our driver on the F1 podium one day. That’s the vision, and we’re fully committed to it.

Pope Francis has died at the age of 88, after suffering complications from pneumonia.

The Vatican confirmed his death this morning, bringing to a close a papacy that spanned more than a decade.

Cardinal Kevin Farrell, Camerlengo of the Apostolic Chamber, made the formal announcement from Casa Santa Marta on Monday.

“With deep sorrow I must announce the death of our Holy Father Francis. At 7:35 this morning, the Bishop of Rome, Francis, returned to the house of the Father. His entire life was dedicated to the service of the Lord and of His Church,” said Farrell.

“He taught us to live the values of the Gospel with fidelity, courage, and universal love, especially in favor of the poorest and most marginalised. With immense gratitude for his example as a true disciple of the Lord Jesus, we commend the soul of Pope Francis to the infinite merciful love of the One and Triune God,” Farrell added.

Francis was hospitalised on 14 February at the Agostino Gemelli Polyclinic with bronchitis. His condition worsened, and doctors diagnosed bilateral pneumonia on 18 February. After 38 days in hospital, he returned to Casa Santa Marta to recover.

Born Jorge Mario Bergoglio, he had a portion of his lung removed in 1957 following a serious infection. In recent years, he struggled with respiratory illness and cancelled a visit to the UAE in late 2023 due to influenza and lung inflammation.

The World Trade Organisation (WTO) warned of a potential contraction in global goods trade in 2025, forecasting a 0.2 per cent decline in world merchandise trade volume under current conditions, with significant downside risks stemming from renewed tariff disputes and policy uncertainty.

The outlook, presented in the WTO Secretariat’s latest Global Trade Outlook and Statistics report published last week, marks a significant downgrade from earlier projections and is nearly three percentage points lower than what might have been expected under a “low tariff” scenario.

The forecast is based on trade policies in effect as of April 14.

North America is expected to bear the brunt of the decline, with exports forecast to drop 12.6 per cent and imports by 9.6 per cent in 2025.

This regional downturn is set to subtract 1.7 percentage points from global trade growth, tipping overall merchandise trade into negative territory.

Director-general Ngozi Okonjo-Iweala expressed concern over continued policy uncertainty and escalating tensions, particularly between the US and China.

Pressure on global trade, WTO report shows

“The recent de-escalation of tariff tensions has temporarily relieved some of the pressure on global trade. However, the enduring uncertainty threatens to act as a brake on global growth, with severe negative consequences for the world, the most vulnerable economies in particular,” she said.

Despite the temporary pause in reciprocal tariffs, the WTO warned that a reactivation of such measures — combined with broader trade policy uncertainty —could push the contraction in goods trade to -1.5 per cent next year.

The report also included, for the first time, a forecast for commercial services trade, which is projected to grow by 4 per cent in 2025, approximately one percentage point lower than previously expected.

While services are not directly subject to tariffs, spillover from weaker goods trade is expected to curb growth in transport, logistics, and travel-related sectors.

WTO chief economist Ralph Ossa highlighted the broader implications of policy instability. “Our simulations show that trade policy uncertainty has a significant dampening effect on trade flows, reducing exports and weakening economic activity,” he said. “Tariffs are a policy lever with wide-ranging, and often unintended consequences.”

In 2024, merchandise trade had grown by 2.9 per cent, outpacing global GDP growth of 2.8 per cent — a rare occurrence outside of the Covid-19 rebound years. But the outlook for 2025 is significantly more subdued.

Regional trade divergence

Asia and Europe are expected to post modest gains in both exports and imports next year, with Asia forecast to see 1.6 per cent growth on both fronts, and Europe anticipating a 1 per cent rise in exports and 1.9 per cent in imports.

The Middle East and other commodity-producing regions are expected to support global trade through energy exports, which typically remain stable across business cycles.

Trade diversion triggered by US-China tensions is likely to bolster Chinese exports to regions outside North America by 4 to 9 per cent.

Conversely, US imports from China — particularly in textiles, apparel, and electronics — are expected to plunge, opening up opportunities for other suppliers, including least-developed countries (LDCs) with similar export profiles.

LDCs, while vulnerable to external shocks, may temporarily benefit from the ongoing trade diversion, especially as they compete in sectors like textiles and electronics.

However, the WTO cautioned that renewed tariffs could severely undermine their fragile export sectors.

Services trade growth to slow

In 2024, services accounted for 26.4 per cent of global trade — the highest share since 2005 — reaching a total of $8.69tn, up 9 per cent year-on-year. The WTO attributed this growth to strong demand and increased digitalisation.

However, economic uncertainty and weakened goods trade are expected to reduce demand for transport and intermediate services in 2025. The organisation noted that international travel, particularly leisure, could be among the first sectors to feel the pinch, with potential ripple effects on professional, R&D, and IT services.

Regional services growth in 2025 will be led by Europe (5 per cent) and Asia (4.4 per cent), while North America is expected to slow to 1.6 per cent.

The Middle East is forecast to grow by 1.7 per cent, with further deceleration in 2026. The outlook is weakest for Africa and Latin America, both expected to record declines.

Looking ahead

At the start of 2024, the WTO had anticipated a more optimistic outlook for 2025 and 2026, with merchandise trade growing in step with GDP and services trade outpacing both. But the introduction of a “large number of new tariffs” since January prompted a major reassessment.

The WTO urged its members to seize the moment to modernise trade rules and reinforce the multilateral trading system. “WTO members have the unprecedented opportunity to inject dynamism into the organisation, foster a level-playing field, streamline decision-making, and adapt our agreements to better meet today’s global realities,” Okonjo-Iweala said.

Read: UAE foreign trade soars Dhs5.23tn in 2024

The UAE’s total foreign trade hit Dhs5.23tn ($1.424tn) in 2024 — up 49 per cent from Dhs3.5tn in 2021, according to the WTO’s latest World Trade Outlook and Statistics report.

The surge cements the UAE’s status as the top trade hub in the Middle East and Africa and among the world’s top 20 trade centres for goods and services.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, emphasised the UAE’s role as a global trade hub, saying, “In a world of economic and trade challenges, the UAE has prioritised openness, connectivity, and the free flow of trade, capital, and people, establishing itself as a vital link between East and West and a global economic centre.”

The numbers

• Trade surplus: Dhs492.3bn in 2024
• Merchandise exports: Dhs2.22tn
• Services exports: Dhs646.6bn — including Dhs191bn in digital services (30 per cent of the total)
• Regional dominance: UAE contributed 41.4 per cent of the Middle East’s merchandise exports
• Global rankings: 11th in merchandise exports, 13th in services exports

Compared to global standards

While global trade saw moderate growth — 2.9 per cent for merchandise and 6.8 per cent for services — the UAE outpaced trends and reinforced its role as a resilient and adaptive global trade hub.

The country’s strategic investments in digital trade, infrastructure, and connectivity have helped it weather rising tariffs and economic uncertainty.

Milestones achieved

According to Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade:

1. The country achieved a trade surplus of Dhs492.3bn in 2024
2. Merchandise exports hit Dhs2.22tn
3. Services exports stood at Dhs646.6bn, with digital services growing 30 per cent
4. UAE ranked 21st globally in digital services exports (Dhs191bn), rising from $37bn in 2021 to $52bn in 2024
5. The nation’s total digital trade hit Dhs345bn, with digital services imports at Dhs154bn, reinforcing the UAE’s standing as a tech-forward economy.

By the sectors

1. Information services: grew by 14 per cent
2. Tourism: rose by 13 per cent
3. Computer services: went up by 12 per cent
4. Financial services: grew 9 per cent
5. Transport, IP, insurance: rose by 8 per cent
6. Services accounted for 26.4 per cent of global trade — the highest since 2005

Looking ahead

Though the UAE’s 2024 trade balance surplus dropped slightly from Dhs573.1bn in 2023, the country remains a key global player:

• Exports: Dhs2.8619tn
• Imports: Dhs2.3696tn
• It contributed 2.5 per cent to global merchandise exports and 2.2 per cent to imports.

Between 2021–2024, the UAE jumped from 17th to 11th globally in merchandise exports and from 18th to 14th in imports.

In services, the UAE advanced from 17th to 13th in exports and 19th to 21st in imports.

The big picture

Global merchandise exports reached $24.43tn in 2024, growing 2 per cent. The UAE’s own merchandise sector saw varied results:

• Office equipment and telecom: grew by 10 per cent
• Electronics: rose by 6 per cent
• Agricultural products, food, clothing: grew by 3 per cent each
• Industrial goods: went higher by 2 per cent
• Chemicals and textiles: rose by 1 per cent
• Fuel, mining, iron, steel and automotive: declined between 1–7 per cent

Foreign trade, GDP: What’s next

Despite a projected 0.2 per cent decline in global trade in 2025, the UAE remains resilient, contributing to a 1.6 per cent regional GDP growth in 2024, with forecasts of 3.2 per cent in 2025 and 3.5 per cent in 2026.

Its strategic vision, diversified economy, and investment in digital infrastructure position it to lead the next phase of global trade evolution.

Dr Al Zeyoudi affirmed, “These achievements stem from national efforts, flexible policies, and strong international partnerships. The UAE will continue to enhance its global role by facilitating trade, expanding collaborations, and integrating with global value chains.”

Read: Abu Dhabi’s non-oil foreign trade touches Dhs306bn in 2024

DHL Express, a division of Germany’s Deutsche Post, said it would suspend global business-to-consumer shipments worth over $800 to individuals in the United States from April 21, as US customs regulatory changes have lengthened clearance.

The notice on the company website was not dated, but its metadata showed it was compiled on Saturday.

DHL blamed the halt on new US customs rules which require formal entry processing on all shipments worth over $800. The minimum had been $2,500 until a change on April 5.

DHL said business-to-business shipments would not be suspended but could face delays. Shipments under $800 to either businesses or consumers were not affected by the changes.

The move is a temporary measure, the company said in its statement.

DHL said last week in response to Reuters questions that it would continue to process shipments from Hong Kong to the United States “in accordance with the applicable customs rules and regulations” and would “work with our customers to help them understand and adapt to the changes that are planned for May 2.”

That came after Hong kong Post said last week it had suspended mail services for goods sent by sea to the United States, accusing the US of “bullying” after Washington cancelled tariff-free trade provisions for packages from China and Hong Kong.