For more than a century, Kempinski Hotels has defined European elegance and timeless service, welcoming royals, celebrities, and travellers seeking a refined sense of luxury. Today, under the leadership of Barbara Muckermann, its first female CEO, the 128-year-old brand is writing a new chapter. With an ambitious expansion plan that includes more than 30 new hotels and residences across the Middle East, Asia, and Africa, Kempinski is embracing the region’s fast-evolving taste for authentic, curated luxury while staying true to its heritage.

In this conversation with Gulf Business, Muckermann reflects on the balance between tradition and reinvention, the power of diversity, and the trends reshaping what true luxury means for the next generation of travellers.

Kempinski is Europe’s oldest luxury hospitality group, and you’re the first female CEO in its 128-year history. How do you balance preserving its European heritage while adapting the brand to the rapidly evolving Middle Eastern luxury market?

Our brand and heritage are tremendous strengths. As Europe’s oldest luxury hospitality group, they speak to timeless elegance, craftsmanship, and a deeper commitment to service excellence. In discovering the history of the brand, I learned that Kempinski has always been in the vanguard of hospitality, originating several service innovations that we take for granted today. In addition, Kempinski has been the first choice for royals, diplomats, and celebrities throughout its history, which helps drive our commitment to luxury.

For the Middle East, where guests’ expectations are constantly evolving, we see an exciting opportunity to reinterpret true luxury in a way that resonates. For example, we are working to increase the number of historic and resort properties in our portfolio, so that loyal guests can stay within the Kempinski ecosystem throughout their travels.

Equally important has been the process of empowering our regional teams and investing in talent and leadership. Incredible experiences and great service aren’t just about polish – they’re about creating experiences that feed the human spirit and help build connections. That human connection is what brings the Kempinski experience to life, wherever we are in the world.

Kempinski plans to add more than 30 new hotels and residences across the Middle East, Asia, and Africa. What specific opportunities do you see in the GCC, and how will you ensure these new properties resonate with local culture and ultra‑luxury expectations?

We see strong growth opportunities within the region, particularly in destinations that position themselves as global lifestyle and cultural hubs – Riyadh, Doha and Dubai for example – as well as emerging leisure destinations such as Oman and Saudi Arabia. We are enhancing our current properties to ensure that they can provide curated, high-touch luxury experiences that go beyond traditional hospitality.

We know from experience that Kempinski guests seek a genuine connection to the places they visit and want to be immersed in the destination, as opposed to feeling they could be anywhere in the world. So, the more of the destination we can reflect, from the moment someone walks into the lobby, the more meaningful and memorable the stay becomes. A big part of that is working closely with regional developers, artists and designers to reflect the aesthetics, values and expectations in every aspect of the guest experience.

Of course, the MENA region is also an important source of outbound travel for properties in Asia, Europe and Africa. We are seeing strong interest from the region across our portfolio, particularly as we add new properties. A great example is the Kempinski Royal Residence Nymphenburg, just outside of Munich, which we started operating this year.

Nymphenburg was the Royal House of Bavaria for more than 200 years and it is more than a luxurious retreat – it is a living monument to royal history and lifestyle, and that distinct offering is proving very appealing to families from the Gulf region.

You’ve emphasised regional structure rather than central control from Geneva. How does this decentralisation enable your Middle East teams to deliver authentic, localised luxury experiences?

We’ve placed a strong focus on deepening our presence in the key regions of Europe and the Middle East. The former because that is where our roots are and where we work with many institutional partners, and the latter to be close to our shareholders and to benefit from the region’s strong growth. This is strategically very important.

One of the first things I wanted to reinforce when I joined Kempinski was the importance of a strong regional structure. We are immensely proud of our heritage and global standards, but true luxury is always local and needs to reflect the cultural context and nuances of each market. By trusting the people who are closest to the experience, we give them the tools and freedom to shape guest experiences in a way that feels authentic.

In practice, this provides for greater agility and deeper cultural alignment. It also builds stronger relationships with our owners, because we’re able to respond quickly and with a real understanding of what success looks like in their specific market.

Building a diverse leadership team is one of your priorities. Could you share how you’ve championed gender diversity and other inclusive practices since taking the helm?

Building a diverse leadership team can truly shape a stronger, more thoughtful brand. When you bring different perspectives to the table, especially in a space like luxury hospitality, it changes the way you think about everything, from design to guest experience. I’ve been very intentional about bringing more women into senior roles, not just because it’s the right thing to do, but because it genuinely improves the way we operate.

As one example, Nadine Al Bulushi, who was the first Omani woman to become a hotel general manager, leads Kempinski Hotel Muscat and was recently named GM of the Year: Oman in the Hotelier Middle East Awards. Rasha Lababidi joined us as chief product officer and immediately started asking the kinds of questions others might not, spotting small but important things that impact how our guests feel. Karin Raguin, who has joined as the new chief human resources officer, is bringing in a lot of knowledge and experience from the luxury goods and fashion industries, helping us to sharpen our focus on the customer.

That’s what true diversity brings – it changes the way we think and the way we work.

We’re working to make this part of our culture. Whether it’s hiring, mentoring, or developing talent, the goal is to create a space where different voices can grow and lead.

Having driven innovation at Silversea, how are you applying that mindset to Kempinski’s properties in the Middle East, be it through wellness initiatives, digital enhancements, or bespoke culinary experiences?

The mindset of innovation already runs deep in the Kempinski DNA. This is a brand that has always looked for ways to elevate the guest experience, from being among the first to combine entertainment with dining, to launching one of the world’s first weekend resorts. The question now is, how do we carry that legacy forward and make it relevant in 2025?

There are a lot of learnings we can take from the cruise industry into the hotel industry. Hotels have the advantage of completely controlling the product because they’re purpose-built destinations, so you can create a unique and seamless guest experience.

From a functional perspective, we need to focus more on the directionality of demand, because nobody ever showed up in port and said, “I want to take a cruise today”, and yet it happens every day in hotels. So, there is room to rethink the hospitality sector’s current business model, manage demand differently, and provide a more solid and memorable product to guests in parallel.

Key trends that are redefining the hospitality sector – any ones you are keenly focused on.

We’re seeing a clear move towards brand consolidation. For years, the industry has focused on rapid expansion and diversifying brand portfolios, but that’s starting to shift. Guests want to know exactly what a brand stands for and the winners will be those who stay focused and build real emotional connections with guests – not just scale. For Kempinski, this means going back to luxury and redefining and strengthening our luxury appeal, using the strength of our European perspective to make us different and unique – the market only pays for difference and uniqueness.

We can also see a meaningful change in how luxury is defined. Today’s travellers aren’t looking for excess or extravagance, they’re looking for experiences that feel authentic and tailored to who they are and what they need at that point in time. This idea of ‘quiet luxury’, where refinement is subtle and intuitive, is becoming increasingly relevant. At the same time, we can see a rise in adventurous travelers who are curious about the destinations they visit. This opens up a tremendous wealth of opportunities for hoteliers and operators to craft more immersive, story-driven experiences.

Wellness is another area that has become non-negotiable. It’s no longer limited to spa offerings. We’re seeing holistic wellbeing presented across different touchpoints throughout the entire stay. Whether it’s sleep, movement, nutrition, or a sense of calm, guests are expecting wellness to be woven into the full experience, and this is a key pillar that we’ll be focusing on at Kempinski. You can expect to see these experiential changes in the Kempinski offering in the coming months.

Seven in ten UAE retailers are now integrating digital tools into their physical stores, signalling a major shift toward omnichannel retail, according to a new survey by global technology company Zoho Corp.

The study, conducted by Zoho Commerce and titled The UAE Retailer Survey, gathered insights from more than 300 businesses and highlights emerging trends, opportunities, and challenges in the country’s retail segment.

“The retail sector in the UAE is taking a more holistic and intelligent approach to commerce,” said Prashant Ganti, VP, Global Product Strategy, Finance & Operations, Zoho. “Our study shows retailers are building unified experiences by combining online and offline channels, reflecting a trend in how a modern consumer purchases. As the country’s retail sector continues its digital evolution, businesses that invest in the right tools, including AI to enhance buyer experience, will lead the next wave of growth.”

The report found that 57 per cent of UAE retailers operate both physical and digital storefronts, with nearly seven in 10 generating similar revenue from each channel.

Key drivers: What retailers say is making a difference

Retailers cited expanding market access, evolving consumer behaviour, and the need for personalised experiences as key drivers of this transformation.

Despite e-commerce growth, half of the surveyed retailers plan to expand their physical footprint, with pop-up stores and in-store partnerships emerging as popular strategies to provide experiential value.

Social media has become the leading discovery channel, with 69 per cent of respondents saying it is where customers first find products, surpassing search engines and marketplaces.

The survey also noted rising consumer expectations for speed and convenience, with 54 per cent of retailers reporting growing demand for faster delivery and 49 per cent noting a rise in same-day service.

Retailers are investing in in-store technology, with 64 per cent offering mobile payments and over 60 per cent deploying digital screens or tablets to aid product discovery. Nearly 70 per cent said in-store tech improves speed and customer convenience.

However, the report highlighted challenges in omnichannel execution, including balancing online and offline operations (51 per cent), logistics issues, and rising operational costs.

Common customer friction points include high shipping fees online and limited staff or long checkout lines in-store.

Looking ahead, nearly 60 per cent of retailers plan to invest in AI and machine learning to enhance competitiveness, focusing on channel integration, expanded payment options, and hyper-personalised experiences.

Nearly half believe AI will fundamentally reshape the future of online retail.

In other news, Zoho Commerce recently launched a new version of its e-commerce platform with a redesigned interface and enhanced features to support evolving retail needs.

Saudi Arabia’s Hassana Investment Company has partnered with AviLease, the aircraft lessor owned by the Public Investment Fund (PIF), to establish a dedicated aircraft leasing joint venture, the companies said on Monday.

Hassana will hold a majority stake in the venture, while AviLease will act as the aircraft service provider.

The JV will target both international and local investors, aiming to broaden access to aviation financing while supporting Saudi Arabia’s National Aviation Strategy.

JV to acquire aircraft from AviLease

As its first transaction, the joint venture will acquire 10 fuel-efficient aircraft from AviLease, currently leased to Saudi-based airlines.

“This strategic partnership underscores our commitment to investing in resilient assets that generate sustainable, long-term cash flows,” said Hani Aljehani, acting CEO and CIO of Hassana. “Through our collaboration with AviLease, we aim to strengthen our exposure to the aviation leasing sector while advancing the kingdom’s broader aviation aspirations.”

Fahad Al-Saif, chairman of AviLease, said the partnership highlighted the role of Saudi investment institutions in supporting the kingdom’s aviation ambitions and marked the private sector’s first step into this growth area.

He said the venture would also attract both local and international investments to Saudi financial markets.

Edward O’Byrne, CEO of AviLease, said: “Partnering with Hassana reinforces our role as a PIF company delivering long-term value through best-in-class asset management and origination.

“The proposed joint venture is a foundational step in building a scalable platform that supports the growth of Saudi Arabia’s aviation ecosystem.”

Red Sea Global (RSG), the Saudi developer behind The Red Sea and AMAALA tourism projects, will open the first phase of resorts and attractions on Shura Island in the coming weeks, marking a key milestone in the kingdom’s efforts to expand luxury tourism.

The initial launch includes the debut of three hotels, SLS The Red Sea, The Red Sea EDITION, and InterContinental The Red Sea Resort, as well as Shura Links, the country’s first island golf course.

“As the heart of The Red Sea, Shura Island represents everything Red Sea Global stands for: bold ambition, deep respect for nature, and a commitment to redefining tourism in Saudi Arabia and beyond,” said John Pagano, group CEO of RSG. “With the soft opening of Shura in the coming weeks, we move closer to achieving our mission to set new standards in regenerative tourism, while realising Vision 2030.”

Read: Red Sea Global’s CEO shares how the firm is delivering on Saudi’s tourism agenda

Red Sea Global’s Shura Island to be home to 11 resorts

Shura Island will eventually feature 11 resorts, with additional openings planned in the coming months, including properties operated by Faena, Fairmont, Four Seasons, Grand Hyatt, Jumeirah, Miraval, Raffles, and Rosewood.

Designed by Foster + Partners under the “Coral Bloom” concept, the dolphin-shaped island integrates architecture with surrounding coral reefs and runs entirely on renewable energy, RSG said.

The destination will be accessible by boat or electric vehicle across the 3.3-kilometre Shura crossing, which includes Saudi Arabia’s longest internal bridge. Red Sea International Airport, already serving domestic and international routes, will add direct Qatar Airways flights from next month.

Alongside its resorts, Shura Island will also host a limited collection of homes, with the first properties expected to be handed over in late 2025.

Shura Links, the 18-hole golf course opening this month, has been designed with sustainability in mind, using eco-friendly water and landscaping systems.

RSG said its wider projects across The Red Sea and AMAALA are expected to create 120,000 jobs, supporting the Kingdom’s Vision 2030 goals of economic diversification and sustainable development.

Money20/20 Middle East began today at the Riyadh Exhibition and Convention Centre in Malham, marking a major step in the kingdom’s ambition to cement its role as a global fintech hub under Vision 2030. The event will run until September 17.

The event follows the success of 24 Fintech in September 2024, which drew 37,000 attendees, 300 exhibitors, and more than 350 investors. The new edition is nearly double in scale, with over 450 brands, 600 investors, and upwards of 45,000 participants.

Anchored by the theme “Where Money Does Business”, the three-day conference features a high-profile speaker line-up including US CFTC acting chair Caroline D Pham; Ant International president Douglas Feagin; Standard Chartered’s chief data officer Dr Mohammed Rahim; and SWIFT chief innovation officer Tom Zschach.

Sessions across seven stages will cover AI in finance, embedded finance, regulatory harmonisation, and inclusive innovation.

Highlights include Venturescape, a pre-event platform for venture capital deal-making, and the MoneySurge20/20 Pitch Competition, offering $400,000 in equity-free funding for startups.

What participants and attendees have to say about Money20/20

For many, Money20/20 is more than just another fintech gathering. Participants describe it as a rare forum where global players and regional leaders meet on equal footing. Founders view it as a chance to secure capital and partnerships, while banks and regulators see an opportunity to shape the future of finance at a time when policy and innovation are converging in the kingdom and wider Gulf.

We spoke to several attendees, including speakers, about the importance of the event and the opportunities it creates. Their perspectives highlight the different forces shaping the fintech ecosystem — from capital structures and regulation to inclusivity and savings culture — and why Riyadh has become the stage for these conversations. Here are excerpts from discussions.

Armineh Baghoomian, MD and head of EMEA, and co-head of Global Fintech at Partners for Growth, said: “At Money20/20 Middle East, the conversation around funding choices for fintechs is more critical than ever. In markets like Saudi Arabia, equity can be overly dilutive, and commercial banks often lack the flexibility to finance fast-evolving businesses effectively. Growth debt fills that gap, providing a flexible, founder-friendly alternative that enables companies to scale strategically into new markets, invest in talent, or accelerate product development, without giving away too much ownership too soon. At Partners for Growth, we’ve pioneered growth debt globally for over two decades and are proud to bring that expertise to the GCC. In Saudi Arabia, Vision 2030 and the Financial Sector Development Program are fueling fintech innovation at pace, and debt is an essential part of the funding landscape. Partners for Growth was one of the first to introduce structured facilities for fintech in the region, including Sharia-compliant structures, and we have already committed close to $400m to support innovative companies across the GCC.

“I look forward to speaking on the ‘Capital Crossroads: When Should Fintechs Choose Equity, Debt or Credit’ panel to dig into the funding choices fintech founders face. The right capital structure can be the difference between incremental progress and transformative growth, and growth debt is increasingly at the heart of that decision.”

Hisham Al-Falih, co-founder and CEO of Lean Technologies, said: “Money20/20 comes at a time when fintech in the Middle East is moving from the sidelines to the very centre of economic transformation. In Saudi Arabia, the support of Vision 2030 and forward-thinking regulators has created the conditions for this shift, where real-time payments, open financial access, and data-driven innovation are becoming the foundations of a modern economy.

“At Lean, we are building the infrastructure behind this change. It’s what allows the likes of Tabby to extend credit to thousands of consumers traditional lenders overlooked, and what will soon enable freelancers, long excluded from traditional banking, to access the capital they need to grow. Together, these developments signal a financial system being rebuilt for the realities of a digital, inclusive economy, and this is only the beginning of what’s possible for the next generation of financial innovation across MENA.”

Hasan Haider, managing partner, +VC, said: “Money 20/20 is a reminder of how fast fintech is evolving and how much momentum is flowing into the GCC, supporting Saudi Arabia’s Vision 2030 and the Financial Sector Development Program. The conversations around open banking, embedded finance, AI, and regulation speak directly to the realities early-stage founders face. Open banking is unlocking new competition, embedded finance is reshaping customer journeys, AI is moving from hype to practical tools, and regulators are accelerating frameworks for growth. These shifts create opportunity, but for founders, raising capital at this stage remains one of the biggest pain points. Too often it is slow, complex, and lacking in meaningful support.

“At +VC, we exist to change that. We invest early, with transparent terms and rapid decisions, and then partner deeply with founders through mentorship, community, and capital access. This approach has already supported fintech innovators such as Capifly in Saudi Arabia with Sharia-compliant venture finance, Holo in the UAE digitising mortgages, and Mantas building parametric insurance for cloud outages. Our vision is clear: to be the partner of choice for high-growth founders who can execute in these fast-moving spaces. Saudi fintech is just beginning, and we are committed to helping build its category-defining companies.”

Naif AbuSaida, founder of Hakbah, shared, “The Middle East’s fintech sector is poised for significant innovation and growth, as the region strengthens its position as a global financial services hub. In H1 2025 alone, fintech funding tripled YoY to $596m, representing 39 per cent of total capital secured across MENA. Capitalising on this momentum, Money20/20 Middle East is showcasing what the next decade of fintech in the Middle East looks like; the positive impact of public-private partnerships and collaboration; and how innovation in financial services is poised to drive economic growth on a global scale and further contribute to the region’s economic diversification.

“We are delighted to be speaking at the event to illustrate the transformative impact of AI and technology on the region’s savings industry. With more than 1.3 million registered users – 70 per cent of whom are under the age of 30 – there is clear evidence of strong demand for digital solutions that help to transform people’s savings habits. This momentum is helping to build, enable, and empower a new, fully inclusive savings culture in Saudi Arabia, in line with the National Household Savings and Financial Literacy strategy.”