Driven | Forbes Global Properties has been named the exclusive sales partner for the residences at Corinthia Dubai, covering both branded and non-branded units. Developed by Dubai General Properties, the twin towers along Sheikh Zayed Road will also host Dubai’s first Corinthia five-star, ultra-luxury hotel.

“This project stands out for its clarity of vision: an iconic address that pairs a five-star hospitality experience with a versatile residential offering. It’s the kind of development that creates long-term value for residents and investors alike,” said Abdullah Alajaji, founder and CEO of Driven | Forbes Global Properties. “Our team is honored to be leading sales on such a unique, city-shaping project.”

Jassim Al Ali, MD of Dubai General Properties, emphasised the value of choice for buyers. “By bringing Corinthia Branded Residences together with premium non-branded options in one destination, we’re giving buyers genuine choice without compromising on quality. Our ambition extends beyond merely constructing skyscrapers; we aim to create developments that capture the global imagination and forge a lasting legacy in urban design,” he said.

Read more-Sobha Realty launches The Mirage at Sobha Central on Sheikh Zayed Road

Hadi Hamra, managing partner at Driven | Forbes Global Properties, added, “We’re pleased to present this historic project to the world’s most discerning buyers and to continue curating best-in-class residences for our clients.”

An architectural statement

Designed by AtkinsRéalis, Corinthia Dubai is poised to become one of the tallest buildings in the world, soaring over 500 metres. The twin towers will feature a dramatic, cantilevered sky lobby suspended mid-air, creating a striking silhouette on Dubai’s skyline. Inspired by Art Deco elegance, the towers aim to blend timeless aesthetics with contemporary design.

“These towers reflect timeless perfection, standing as an icon on SZR. They epitomize the essence of urban luxury and a modern oasis in the sky. Their crafted geometry scales the sky while gently stepping back, unveiling one-of-a-kind residences with unparalleled vistas of Dubai’s skyline and the Arabian Gulf,” said Timothy Winstanley, AIA, RIBA, design director and lead architect of the project.

Luxury residences with sky-high amenities

The residences are designed with generous, open layouts that maximise uninterrupted sea and skyline views. Select units will include private pools, gyms, and expansive indoor-outdoor entertainment areas. Residents will enjoy privileged access to Corinthia Wellness and the hotel’s renowned amenities, supported by the brand’s signature service standards.

The interior concept, “Stillness in the Sky,” draws inspiration from a blooming garden, featuring soft, tactile materials, champagne-metal finishes, floral motifs, and abundant natural light, transforming everyday living into moments of quiet luxury.

Spanning 330,000 square metres and slated for completion by 2030, Corinthia Dubai promises a multifaceted lifestyle combining cutting-edge architecture, exceptional hospitality, and modern comfort. Supported by Driven | Forbes Global Properties, the project is set to become a landmark that sets global benchmarks for luxury living in the heart of Dubai.

Mubadala Energy, the Abu Dhabi-headquartered international energy company, has signed a Heads of Agreement (HoA) with PLN Energi Primer Indonesia (PLN EPI), a subsidiary of Indonesia’s national electricity provider, to supply gas from its Andaman Sea fields. The agreement represents a major step forward for Indonesia’s energy sector as the country works to strengthen supply resilience and reduce reliance on imported LNG.

Under the proposed partnership, Mubadala Energy and PLN EPI will collaborate to improve energy security in Indonesia by prioritising domestic gas supply for North Sumatra and Aceh. A key component of the plan is the potential development of the Tangkulo gas field, located around 65 kilometres offshore North Sumatra, which holds more than 2 trillion cubic feet (TCF) of gas-in-place.

Abdulla Bu Ali, president director of Mubadala Energy Indonesia, said: “This agreement reflects our unwavering commitment to Indonesia’s energy future. By partnering with PLN EPI, we aim to deliver reliable and sustainable energy solutions that meet domestic needs and strengthen national energy security. This is also an important step for our development plans of the Tangkulo gas project in the South Andaman Sea.”

Indonesia is entering a pivotal period in its energy transition, with a growing need to diversify supply sources and upgrade infrastructure to support future demand. Mubadala Energy’s international operational expertise, combined with PLN EPI’s domestic reach and strategic role in the country’s power sector, positions the collaboration to help address long-term energy requirements.

Rakhmad Dewanto, president director of PLN Energi Primer Indonesia, said: “PLN EPI continues to support the development of new gas fields in Indonesia and welcomes the development of the Tangkulo gas field in the South Andaman Block by Mubadala Energy. This collaboration is also part of the development of a gas supply portfolio for the power sector to support energy security and the energy transition in Indonesia.”

The signing ceremony was attended by the chairman of SKK Migas, Djoko Siswanto, who emphasised the significance of the agreement, noting: “The signing of this HoA marks an important milestone in the development of the Tangkulo Project.”

The HoA establishes a framework for continued technical and commercial discussions. Mubadala Energy’s expanded role in supporting domestic gas supply underscores its long-term commitment to Indonesia, while PLN EPI continues to advance initiatives aimed at securing reliable, sustainable energy for the country.

UnionPay International (UPI) and Amazon Payment Services have announced a strategic collaboration to expand digital payment acceptance across key markets in the Middle East and North Africa (MENA), including the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, Egypt, Jordan and Lebanon. The agreement was signed by Luping Zhang, general manager of UnionPay International Middle East, and Pablo Londono, managing director of Amazon Payment Services, in the presence of senior officials from both organisations.

Zhang commented: “We are excited to collaborate with Amazon Payment Services to enhance UnionPay card acceptance in the region. This partnership aligns with our commitment to providing seamless payment solutions and supporting the growth of digital commerce across the region. By working with Amazon Payment Services, we are enabling more businesses to cater to the growing base of UnionPay cardholders.”

Pablo Londono added: “We are committed to offering merchants a broad range of payment options to meet the evolving needs of their customers. Integrating UnionPay into the Amazon Payment Services merchant network further strengthens our ability to serve international shoppers and facilitate secure, frictionless transactions for businesses across multiple countries.”

Under the collaboration, merchants using Amazon Payment Services will soon be able to accept UnionPay cards, enabling more secure, convenient and seamless transactions. Once integration is complete, millions of UnionPay cardholders will gain frictionless access to the Amazon Payment Services merchant network, while merchants will benefit from UnionPay’s extensive global customer base spanning more than 80 countries and regions.

Family-owned conglomerates remain the backbone of Gulf economies, but the leadership equation inside these businesses is undergoing its most profound shift in decades. According to Nicolas Manset, head of Middle East at Russell Reynolds Associates, the region is now at a pivotal moment: increasing numbers of family enterprises are considering non-family CEOs for the first time. Economic transformation, global competition and emerging governance expectations are accelerating this transition — bringing the GCC closer to global family business trends while presenting distinct regional challenges.

In this interview, Manset shares what is driving the shift, the barriers families face when welcoming external leaders, and the governance frameworks required to ensure long-term success.

You’ve observed that more Gulf family businesses are considering non-family CEOs for the first time. What’s driving this shift, and how significant is it compared to previous decades of family-led management?

“We’re witnessing a significant shift: Gulf family businesses are considering non-family CEOs for the first time.

The driver is clear – the Gulf has become a leading global market attracting foreign businesses and investors. Homegrown enterprises now compete against the best of the best, not just regional rivals. Success at this level demands global mindsets, international benchmarks, and increasingly, global leadership experience.

This is particularly significant for family businesses, which represent an immense financial force in the Gulf states. While the trend is still emerging, we see it driven by three forces: trade uncertainty, intensifying global competition, and technological transformation. These pressures are pushing family enterprises to reconsider leadership structures that served them well for decades.”

How does this emerging trend in the region compare to what you’re seeing globally when it comes to professionalising family business leadership?

“Family businesses worldwide face significant succession hurdles – and the GCC is no exception.

What’s distinctive is timing. The Gulf’s sustained wealth surge over the past half-century insulated the region against external pressures. But that protection is eroding. Business leaders are now starting conversations about transformation, aligning with a rising global sense of urgency.

The numbers tell the story: According to our survey of more than 1,000 global executives, 73 per cent believe their organisation risks going out of business in the next 10 years without changes to their core business model, revenue model, product offerings, or markets. And 78 per cent view transformation as critical to long-term growth and stability.

This urgency has reached the Gulf. When the Abu Dhabi Chamber of Commerce and Industry launched the Abu Dhabi Family Businesses Council in December 2024, it defined the council’s first role as assisting in succession planning. That choice of priority speaks volumes.”

What are the biggest barriers family enterprises in the Gulf face when introducing external leadership — and how do they typically overcome the cultural and trust challenges involved?

“As family businesses in the GCC transition from second- to third-generation ownership, the biggest barriers to external leadership are emotional and cultural – not technical.

Regional cultural sensitivities around challenging elders and discussing retirement can hinder the entire succession process. The transition often stirs deep emotions within family enterprises. This journey requires delicate navigation, blending pragmatism with respect for the profound emotional investment the founding family has made over generations.

Throughout a family enterprise’s lifecycle, pivotal moments emerge when professional management becomes valuable: expansion into new markets, increased operational complexity, or when the next generation isn’t ideally suited for succession.

The path forward involves identifying which aspects of the business represent the heart of the family’s connection—perhaps the foundational purpose, core values, or long-term strategic vision. By deliberately maintaining family oversight in these crucial areas while delegating day-to-day execution, external leaders can create space for their professional expertise alongside the family’s essential influence. This balance is critical to successful transitions.”

Your latest CEO Turnover Index shows average global CEO tenure near a record low. What lessons can regional boards draw from this volatility when planning long-term succession strategies?

“Our latest CEO Turnover Index shows that for leaders across 13 global stock markets, turnover remains elevated, with average CEO tenure near a record low.

What’s driving this? Growing expectations on CEOs, broader responsibilities, and constant pressure to reinvent organisations amid an accelerating business environment. For Gulf family businesses considering external leadership for the first time, these dynamics are particularly relevant—they’re not just hiring a CEO, they’re hiring into a more volatile leadership landscape.

The critical lesson for regional boards: you cannot simply appoint external leadership and assume success. Directors must be able to trust the systems in place to support new CEOs through these pressures.

This explains the growing demand we see for CEO assessment and development services – including CEO readiness evaluations, CEO potential assessments, leadership assessments, and structured development support throughout each stage of the transition. Boards that invest in these support structures position their external leaders to succeed despite the broader volatility we’re seeing globally.”

Many family businesses are strengthening governance structures to prepare for external leadership. What best practices are emerging in board composition, accountability, and succession frameworks?

“Global attention on this region is raising the governance bar – and homegrown businesses have recognised that governance isn’t merely about compliance. It’s about building trusted, resilient, and sustainable brands through best practices.

Before undertaking significant transitions like succession, senior leaders must establish the governance architecture to support their evolving enterprise. Several structures are proving essential:

• Thoughtfully designed family councils create forums for family voices

• Boards with independent directors bring valuable external perspective

These complementary structures provide necessary balance – one preserving family input, the other ensuring objective oversight.

As business challenges grow in number and complexity, pressure on board agendas and members increases. Boards continue to grapple with altering their composition to oversee their entities effectively, with many seeking more specialised experience to match their strategic needs.

The emerging pattern: governance structures must evolve before leadership transitions, not during them. Families that build robust boards and clear governance frameworks first are better positioned to integrate external leadership successfully.”

With geopolitical uncertainty and technological disruption accelerating, what leadership qualities are most in demand among Gulf companies today?

“With geopolitical uncertainty and technological disruption accelerating, three leadership qualities are proving crucial for CEOs across the Gulf states: patience, agility, and respect.

Patience: The shift from informal decision-making to structured reporting relationships represents a significant adjustment. What once happened through casual conversations over family dinners now requires formalised channels. This evolution demands patience from all parties as new habits form and relationships recalibrate.

Agility: Many Gulf family businesses are conglomerates with incredibly diverse portfolios. Running an entire group of very different businesses, each demanding completely unique knowledge and skills, is a highly demanding exercise in agility. Leaders must be able to shift contexts rapidly while maintaining strategic coherence across the portfolio.

Respect: Effective professional managers understand their role isn’t to erase the family business’s history but to build upon it. They approach a company’s heritage with genuine respect, seeking to understand its deeper significance, then introduce changes that complement rather than contradict foundational elements.

Together, these qualities enable external leaders to drive transformation while honouring the family enterprise’s legacy – a balance essential to success in the Gulf market.”

Syria’s economy is growing much faster than the World Bank’s 1% estimate for 2025 as refugees flow back after the end of a 14-year civil war, fueling plans for the relaunch of the country’s currency and efforts to build a new Middle East financial hub, central bank Governor AbdulKader Husrieh said on Thursday.

Speaking via video link at the Reuters NEXT conference in New York, Husrieh also said he welcomed a deal with Visa V.N to establish digital payment systems and added that the country is working with the International Monetary Fund to develop methods to accurately measure economic data to reflect the resurgence.

The Syrian central bank chief, who is helping guide the war-torn country’s reintegration into the global economy after the fall of Bashar al-Assad’s regime about a year ago, described the repeal of many US sanctions against Syria as “a miracle.”

The US Treasury on November 10 announced a 180-day extension of the suspension of the so-called Caesar sanctions against Syria; lifting them entirely requires approval by the U.S. Congress. Husrieh said that based on discussions with U.S. lawmakers, he expects the sanctions to be repealed by the end of 2025, ending “the last episode of the sanctions.”

“Once this happens, this will give comfort to our potential correspondent banks about dealing with Syria,” he said.

Husrieh also said that Syria was working to revamp regulations aimed at combating money laundering and the financing of terrorism, which he said would provide further assurances to international lenders. Syria’s central bank has recently organized workshops with banks from the US, Turkey, Jordan and Australia to discuss due diligence in reviewing transactions, he added.

Growth prospects

The World Bank in July estimated that Syria’s gross domestic product would grow by a modest 1 per cent in 2025 after contracting 1.5 per cent in 2024, amid security challenges, liquidity constraints and suspensions of foreign assistance.

“I don’t think that reflected the reality of the Syrian economy, because we have, like, 1.5 million refugees coming back. Just calculate what’s at the minimum, what such return of refugees could add to GDP,” Husrieh said.

He acknowledged that Syria lacks reliable economic data, but said inflation was down, and the strengthening of the Syrian pound’s exchange rate was a proxy for the economy’s performance.

New currency, eight denominations

Husrieh said that Syria is preparing to launch a new currency in eight note denominations and confirmed plans to remove two zeroes from them in a bid to restore confidence in the battered pound SYP=, which was quoted at 11,057 to the dollar on LSEG Workspace on Thursday.

He said Syria would end seven decades of central bank financing of its government budget deficits, and restore confidence in public finances and central bank management.

“The new currency will be a signal and symbol for this financial liberation,” Husrieh said.

He also welcomed the new agreement with Visa announced on Thursday to develop a digital payments ecosystem that will prompt the company’s return to Syria.

“We are glad that we are working with Visa and Mastercard,” Husrieh said, adding that country officials have further meetings with Visa on Thursday regarding the partnership.

“We are working to have a fully finished payment system in which we have global partners because … our vision is to have Syria as hub — a financial hub — for the Levant.”

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