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GCC economies lead a new era of advisory board governance

The use of advisory boards has become a hallmark of credible corporate governance, particularly when engaging with sovereign funds and private equity

Rajiv Pillai
Rajiv Pillai

17 October, 2025

GCC economies lead a new era of advisory board governance
Louise Broekman, founding director of the Advisory Board Centre/Image: Supplied

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Across the Gulf, a quiet governance revolution is taking shape. Family businesses, sovereign investment entities, and corporates are rapidly adopting advisory board frameworks to bring transparency, accountability, and strategic clarity to decision-making. According to Louise Broekman, founding director of the Advisory Board Centre, the pace of this transformation is significant in the GCC.

“While Europe has a long history of advisory boards, they are now gaining significant traction in the GCC,” Broekman said. “The GCC is a region with enormous ambition for the future, and big projects require big thinking. Advisory boards will be a continual mechanism for supporting the region in reaching that ambition because they harness a global mindset – they allow projects or policy intent to tap into dynamic, diverse thinking and experience.”

With the Gulf attracting global wealth and institutional investment, particularly in government-owned entities and family offices, Broekman said the need for structured external advice has become essential. “Wherever there’s a lot of drive, advisory boards can play an effective supporting function,” she added.

Dubai’s emergence as a governance and innovation hub

Broekman sees Dubai at the epicentre of this regional shift. “Dubai is a global hub in international business, with a high population of educated advisory board professionals and key initiatives (such as the DIFC), which collectively instil confidence in investment in the region and trust in good governance,” she said.

For her, the emirate’s light-touch regulatory environment is an advantage. “You can’t harness innovation if you’re making decisions the way you’ve always done — advisory boards and advisory constructs enable transparency around the decision-making process. The UAE is not overburdened by regulation, and this translates to faster-adapting integrated governance systems, where leaders are demonstrating agile approaches to being informed.”

In family businesses — long reliant on informal networks and trusted advisers — the shift to structured advisory ecosystems is accelerating. “The Global Research Council’s 12-month study on advisory boards in families in business found that one of the key drivers is good stewardship, including succession planning and protecting legacy,” Broekman said.

“As generations change and families become complex, there’s a need for governance frameworks to become more transparent, coupled with an increase in responsibility when it comes to due process around the way decisions are being made,” she explained.

Broekman noted that advisory boards are also helping families manage emerging risks. “The shift toward structured advisory board ecosystems is not just about ‘traditional advice’, it’s also in reaction to a need for organisations to deal with the ‘known unknowns’ including digital, cyber and geopolitical risks, to name a few.”

From insight to trust: why institutional investors rely on advisory boards

The use of advisory boards has become a hallmark of credible corporate governance, particularly when engaging with sovereign funds and private equity. “Advisory boards inform better, more confident decision-making,” Broekman said.

She pointed to a recent example: “The Advisory Board Centre is currently supporting a large, private-equity funded company, and they already have expansive understanding of financial management, but are looking to address broader industry issues and are therefore using advisory boards to tap into private market experience, domain expertise and a fresh lens on value drivers.”

This, she said, allows organisations to “see blind spots, avoid mistakes, fill gaps in skills and experience, identify new avenues and accelerate results through confident decision-making. At the end of the day it’s about accessing trusted external expertise — people they don’t already have sitting around the table.”

Globally, advisory boards are evolving — and the GCC is leading some of that change. “Professionals in the region are fast adopting best practice advisory boards into their portfolio of work,” Broekman said. “It’s clear they are hungry for a modern approach to governance and seek a practical way to apply it.”

She highlighted that the region leads the world in participation in the Certified Chair Executive Program, the Advisory Board Centre’s flagship credential. “It sells out in the region faster than anywhere else in the world,” she said.

“Best practice is underpinned by principles and ethical frameworks around how advice is provided and consumed, so it puts the region in good stead for quality, well-informed decision-making by leaders. This is why we’re bringing the Megatrends Summit to Dubai in November — to really explore the potential of the region.”

Government strategies in the UAE and Saudi Arabia are also shaping the advisory ecosystem. “Because of the scale of the policy ambition in the region, organisations are looking for the finest advisory expertise globally — because they are doing things they have never done before,” Broekman said.

She cited Saudi Arabia’s Vision 2030 as a prime example. “There’s wide-reaching ambition across water, housing, education policy, to name a few. The university sector is a pivotal moment for the region, whereby universities are mandated to have global thought leadership advisory boards… an indication of the strategic imperative to embed a global mindset for the future.”

Such frameworks, she added, enable countries to shape governance on their own terms. “It means they are able to control decision-making in their own market (which acts both as an innovation lens and a protective mechanism) in an ever-changing global market. It becomes a strength in the way governance is formed in the region.”

Broekman believes the GCC’s open-mindedness is helping it leapfrog mature governance markets. “Modern governance is being challenged in different ways: over- and under-regulation. In mature governance markets, strong overregulation places constraints on governance boards, where risk and compliance flood the agenda and lead to a conservative mindset,” she said.

“By contrast, underregulated environments like Saudi Arabia are in many ways better positioned to build smart, tech-driven governance systems from the ground up.”

The next decade: embedding governance in transformation

Looking ahead, Broekman said the GCC’s governance evolution will continue to parallel its economic diversification. “The GCC has a unique opportunity to adopt technology swiftly and adapt to a modern governance approach faster than other hubs,” she noted. “With the region pursuing bold initiatives where others lag — spanning infrastructure, communities, international trade, and more — the next decade will see advisory boards and governance frameworks evolve hand in hand with the region’s strategic goals.”

For Broekman, the advisory board model is more than a governance trend; it is becoming a key enabler of institutional maturity. In an era defined by transformation and capital influx, the GCC’s embrace of structured advice may well become one of its most enduring competitive advantages.

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

Kaspersky’s recent telemetry shows a 21 per cent rise in password stealers and 34 per cent increase in spyware across the GCC

Rajiv Pillai
Rajiv Pillai

17 October, 2025

Inside Kaspersky’s plan to build cyber immune systems for the GCC
Emad Haffar, head of technical experts for the Middle East, Turkiye and Africa at Kaspersky/Image: Supplied

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Cyber threats across the GCC are becoming more frequent and sophisticated, driven by the region’s rapid digital transformation and expanding infrastructure. Kaspersky’s latest regional intelligence reveals sharp increases in password stealers and spyware, underscoring the urgent need for cybersecurity models that are proactive, not reactive. At GITEX Global 2025, Emad Haffar, head of technical experts for the Middle East, Turkiye and Africa at Kaspersky, outlined how the company’s Cyber Immunity framework and KasperskyOS are designed to help enterprises build resilience from the ground up.

“The attacks we’re seeing today are largely mass market in nature,” Haffar said. “The objective is to target as many potential victims as possible to maximise the threat actors’ benefit. However, we’re also seeing a slight rise in targeted attacks, especially in the ransomware domain, where threat actors are shifting from broad-based campaigns to highly selective extortion models.”

Kaspersky’s recent telemetry shows a 21 per cent rise in password stealers and 34 per cent increase in spyware across the GCC. Haffar said this pattern reflects a widening scope of opportunistic attacks rather than a surge in advanced persistent threats. “The percentage tells you this is not being used as a targeting attack tool or medium, but rather an attempt to reach a wider audience,” he added.

Cyber immunity and the future of secure-by-design systems

One of Kaspersky’s core strategies for countering evolving threats is its Cyber Immunity concept, which underpins the design of KasperskyOS, an operating system built from the ground up for security-critical environments.

“When we introduced KasperskyOS and the whole concept of Cyber Immunity, we created an ecosystem that developers can use to build their own tools and solutions,” Haffar explained. “Right now, we’ve used it to release two or three different solutions, one of which is Kaspersky Thin Client, which we’re introducing in a new version during GITEX.”

While Kaspersky continues to expand its own secure products, Haffar said the company’s long-term goal is to encourage broader industry collaboration. “The door is open to developers from any part of the world to build their own solutions on top of KasperskyOS. This approach will take some time to become a major trend because it requires cooperation not only from the operating system vendor, but also from developers and end users.”

For Haffar, the shift toward cyber immunity represents a necessary reset in how organisations view security. “It’s about time to change the equation,” he said. “We need to build immune systems that can withstand, if not all, at least the vast majority of threats. Even if a tool or application is compromised, it should be completely isolated without affecting the entire running environment.”

Securing operational technology without downtime

In operational technology (OT) and industrial sectors, security adoption has historically lagged due to concerns over business continuity. “In any OT business, continuity is second to none,” Haffar said. “You cannot afford even one second of downtime in power generation or other critical infrastructure facilities.”

This challenge guided how Kaspersky designed its Industrial Security solutions. “Everything we offer can operate 100 per cent in passive mode,” he explained. “That means we can be in the environment just listening passively—mapping network activity, identifying communication flows, and providing a full picture of how engineering workstations and PLCs interact—without intervening in any industrial processes.”

Once operators are ready, the system can evolve from passive monitoring to controlled response. “When they feel comfortable, we can start introducing controls. The tool can block certain processes, provide analysis, and assist in decision-making,” Haffar said. “Flexibility is key. Operators can use it as ears in the environment first, and then decide when to act.”

Read: Kaspersky warns of surge in scams targeting iPhone 17 launch

Identifying the GCC’s most targeted sectors

Kaspersky’s regional threat intelligence data, drawn from its Kaspersky Security Network (KSN), provides a detailed picture of who is being targeted and how. “Government entities, critical infrastructure, military, finance, and telcos are the most targeted entities in the region,” said Haffar.

He attributes this to both the region’s rapid economic growth and its geopolitical relevance. “Threat actors want to capitalise on the region’s economic expansion and technological adoption,” he said. “Government services, critical infrastructure, and national institutions have all seen huge development, which creates opportunities for threat actors.”

Haffar also emphasised the importance of localised threat intelligence in guiding Kaspersky’s product strategy. “Because we have a solid footprint in the GCC and wider META region, we can translate that visibility into actionable threat intelligence,” he said. “We don’t just provide random intel; we customise it for the region by addressing the threat actors and risks specific to the Middle East.”

This intelligence is delivered in both machine-readable and human-readable formats, allowing enterprises to integrate it directly into their own SOC systems or use it for research and incident response. “It’s a complete cycle,” Haffar added. “The more visibility we have, the better we can generate relevant intelligence that feeds back into both our solutions and those of our clients.”

Data sovereignty and trusted partnerships

Regional partnerships and regulatory alignment form another key pillar of Kaspersky’s strategy. “We have a very close relationships with regulators across the region,” said Haffar. “We’ve signed MOUs with cybersecurity councils in the UAE and Saudi Arabia, and maintain active dialogue with regulators across the region.”

He noted that data sovereignty is one of the defining requirements of cybersecurity solutions in the Gulf. “Unlike Europe or the US, where cloud-first models dominate, regional clients want full control over their data,” he explained. “Anything we provide can operate 100 per cent on-premises, without any link to external sources, while maintaining the same efficiency as an online system.”

By designing its systems with sovereignty and interoperability in mind, Kaspersky aims to bridge the trust gap that often accompanies new technology adoption. “Our goal is to ensure clients not only comply with regulations but also maintain full operational autonomy,” said Haffar.

Kaspersky’s message to regional enterprises is clear: cybersecurity can no longer be an afterthought. Through its focus on cyber immunity, localised threat intelligence, and regulatory collaboration, the company is helping redefine what it means to be secure in an era of digital dependence. For the Middle East, where the stakes of downtime or data loss are higher than ever, building immunity—not just defence—may define the next decade of cybersecurity innovation.

MGX, AIP, BlackRock’s GIP to acquire Aligned Data Centers in $40bn deal

AIP, founded by BlackRock, GIP, MGX, Microsoft, and NVIDIA, aims to expand the capacity of AI infrastructure to support the growth of AI-driven economies

Gulf Business
Gulf Business

17 October, 2025

MGX, AIP, BlackRock’s GIP to acquire Aligned Data Centers in $40bn deal
Image: Abu Dhabi Media Office

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A consortium comprising MGX, the Artificial Intelligence Infrastructure Partnership (AIP), and BlackRock’s Global Infrastructure Partners (GIP) said on Thursday it will acquire 100 per cent of Aligned Data Centers from Macquarie Asset Management and its co-investors, in a deal valuing the company at about $40bn

The transaction marks one of the largest-ever data infrastructure deals and will accelerate the build-out of next-generation cloud and AI infrastructure globally.

AIP, founded by BlackRock, GIP, MGX, Microsoft, and NVIDIA, aims to expand the capacity of AI infrastructure to support the growth of AI-driven economies. Its anchor investors include the Kuwait Investment Authority and Singapore’s Temasek.

In under a decade, Aligned has grown into one of the fastest-expanding data centre operators worldwide, designing and managing campuses for hyperscalers, cloud providers, and enterprise clients.

The company operates or has planned more than 50 campuses with over 5 gigawatts of capacity across key markets in the US and Latin America, including Northern Virginia, Dallas, Phoenix, São Paulo, Querétaro, and Santiago.

Under CEO Andrew Schaap, Aligned has focused on high-density, energy-efficient data infrastructure using proprietary air, liquid, and hybrid cooling systems.

The company will remain headquartered in Dallas, with Schaap and his management team continuing to lead operations.

The consortium said the acquisition combines AIP’s ability to mobilise capital at scale, MGX’s global AI-focused investment strategy, and GIP’s experience managing complex infrastructure assets. The investment will provide Aligned with capital and strategic support to expand capacity and develop sustainable, scalable digital infrastructure.

“This partnership is bringing together leading companies and mobilising private capital to accelerate AI innovation and drive global economic growth,” said Larry Fink, chairman and CEO of BlackRock and chairman of AIP. “With this investment in Aligned Data Centers, we further our goal of delivering the infrastructure necessary to power the future of AI.”

AI bringing in new era, says MGX CEO

Ahmed Yahia Al Idrissi, CEO of MGX and vice chairman of AIP, said AI is ushering in a new economic era. “Computer infrastructure at scale will be foundational to that progress,” he said. “Our investment in Aligned Data Centers will direct scalable capital to an operator built for efficiency and growth.”

Bayo Ogunlesi, chairman and CEO of GIP, said the deal will help build “the infrastructure to support innovation at scale,” while Schaap said the consortium’s backing will help Aligned “scale faster, innovate further, and redefine what’s possible in sustainable data center infrastructure.”

The transaction is AIP’s first investment and a cornerstone of its plan to deploy up to $30bn in equity capital, with the potential to reach $100bn including debt.

It is expected to close in H1 2026, subject to regulatory approvals.

From farm to future: Mirak CEO Nejdeh Ghadimi share insights

Nejdeh Ghadimi, CEO of MIRAK and SVP of Astoria, explains how the new Al Ain facility is strengthening the UAE’s food security goals

Neesha Salian
Neesha Salian

17 October, 2025

From farm to future: Mirak CEO Nejdeh Ghadimi share insights
Image: Supplied

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As part of the UAE’s ongoing efforts to strengthen local food production, MIRAK Group and Astoria are developing a mushroom production facility in Nahil, Al Ain, valued at $49.5m.

The project, supported by the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) and the Abu Dhabi Investment Office (ADIO), covers 24 hectares within a 128-hectare allocated site.

The facility will use AI-based production systems to manage fully enclosed, climate-controlled environments, allowing for year-round cultivation. When fully operational, it will produce up to 14,850 tonnes of mushrooms and 74,000 tonnes of compost annually. It will also include on-site units for canning, freezing, packaging, and other value-added processing, aimed at serving both the UAE and export markets including Saudi Arabia, Bahrain, Qatar, Africa, and Western Asia.

In this interciew, Nejdeh Ghadimi, CEO of MIRAK and SVP of Astoria, discusses how the joint venture supports the UAE’s food security goals, the technologies being implemented, and the company’s broader plans for agricultural innovation and trade in the region.

Tell us about the company and its offerings.

MIRAK is one of the oldest agricultural producers in the UAE, founded in 1983. We have built our reputation on innovation, resilience, and sustainable growth, producing over 60 different varieties of fruits and vegetables, including mushrooms, strawberries, celery, beans, asparagus, lettuce, tomatoes, and herbs.

We operate facilities in multiple countries and export to over 10 global markets. Our approach is rooted in technology adoption, particularly in hydroponics, aquaponics, and vertical farming, to minimse water use and maximise productivity in arid climates.

With over 100 years of combined experience on our senior team and 62 years of construction know how, we have the talent and infrastructure to lead complex agricultural ventures from concept to operation.

Our joint venture with Astoria reflects that ambition. Together, we are not only building infrastructure, we are creating a platform to support future innovation in Agri trade, food processing, and sustainable agriculture for the UAE and beyond.

How does MIRAK and its partnership with Astori align with the country’s vision and its food security strategy?

At MIRAK, food security has been central to our purpose since the company’s founding in 1983. Over the past four decades, we’ve continually innovated to ensure reliable, sustainable agricultural production within the UAE’s unique climatic conditions.

Our latest venture, a joint project between MIRAK and Astoria, is the most ambitious yet. This $49.5m mushroom production facility will be the largest of its kind in the GCC, and is a direct response to the UAE’s National Food Security Strategy 2051, which aims to reduce dependency on imports and localise critical food production.

Currently, 100 per cent of the UAE’s processed mushrooms are imported. With this facility, we are closing that gap. It will supply the majority of the UAE’s processed and fresh mushroom market, and also have the capability to serve surrounding countries like Saudi Arabia, Qatar, and Bahrain.

Moreover, this project localises compost production, which is a strategic move toward supply chain independence. We are producing 39,000 tonnes of compost annually in Phase 1, which not only supports our own operations but smaller regional mushroom producers as well, reinforcing a broader food security ecosystem. In Phase 2, compost capacity will rise to 74,000 tonnes.

Together with Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) and the Abu Dhabi Investment Office (ADIO), we’ve aligned this project with the national vision and created a model that can scale across the region.

What are some of the innovative technologies you’re using at the new mushroom facility?

This facility integrates a full suite of advanced agricultural technologies that allow us to produce mushrooms in a fully enclosed, climate-controlled environment, all 365 days a year, despite the UAE’s external temperatures exceeding 55°C in summer.

Among the core technologies in place:

  • AI and machine learning tools that control and optimize the temperature, humidity, and overall growing environment, these are essential for consistent yields in a desert climate.
  • Advanced automation systems in the growing and processing areas, helping scale production efficiently and reduce labor intensive processes.
  • A closed loop compost system, in which we collect wheat straw that has already been used by horse stables, repurpose it by blending it with manure, and transform it into high grade compost. This system supports sustainability while solving waste disposal challenges for local equestrian businesses.
  • Onsite processing and packaging infrastructure, enabling us to deliver fresh and value added mushroom products (soups, sauces, IQF, and canned goods) directly to retail, HORECA, and export channels.

The project isn’t just about production scale; it’s about smart infrastructure and reducing dependency on volatile global supply chains.

Why is this mushroom facility important for the UAE, and what are your export ambitions?

The facility is important for several reasons:

  • It meets a demand-supply gap: The UAE imports most of its mushrooms, primarily from Europe and Asia. We’re building a localized, premium quality supply that drastically shortens the value chain and ensures freshness.
  • It creates export ready food products: Beyond fresh mushrooms, our processing line will produce canned, frozen, powdered, and ready to cook mushroom products. This includes soups and sauces that are attractive for both consumer markets and institutional buyers.
  • It supports food sovereignty: Locally produced food means less exposure to global supply chain shocks, shipping volatility, or geopolitical restrictions.

From day one, we’ve had export in our DNA. Our broader operations already ship crops like strawberries and leafy greens across Europe, Asia, and the GCC. This new mushroom facility simply adds to that and with Astoria’s procurement and trading footprint, our reach is now amplified furthermore.

This facility is important on multiple fronts. At the national level, it contributes to food independence by replacing imported processed mushrooms and producing essential agricultural inputs (compost) locally.

From a commercial standpoint, it’s a pioneering facility that leverages smart tech and circular agriculture to generate both economic and sustainability returns. Few projects in the region produce both fresh agricultural goods and their base inputs at this scale.

In terms of exports, the project is designed from day one with export capability in mind. The UAE will always be our anchor market, but we are actively targeting neighboring GCC countries as well as MENA, Africa, and Western Asia, where demand for quality mushroom products is rising.

Abu Dhabi’s Zayed National Museum to open on December 3

Opening day celebrations will feature performances, workshops and guided tours, while dining options will include Emirati restaurant Erth, Al Ghaf Café and the Garden Cafés

Gulf Business
Gulf Business

17 October, 2025

Abu Dhabi’s Zayed National Museum to open on December 3
Image: Abu Dhabi Media Office/ WAM

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Zayed National Museum, the national museum of the UAE, will open to the public on December 3, 2025, in the Saadiyat Cultural District, Abu Dhabi’s growing hub for world-class cultural institutions.

The museum will present the history of the UAE through an immersive experience that blends archaeological artefacts, historical objects, audiovisual storytelling and contemporary installations.

The landmark institution pays tribute to the UAE’s Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, reflecting his dedication to cultural heritage, education and national identity.

“As the national museum of the UAE, sitting at the heart of Saadiyat Cultural District, Zayed National Museum presents the story of our land, our people, and our heritage in a way that is alive, evolving, and open to all,” said Mohamed Khalifa Al Mubarak, chairman of the Department of Culture and Tourism – Abu Dhabi.

“In opening these doors, we reaffirm our commitment to culture as a source of knowledge, connection, and inspiration for generations to come.

The inauguration of Zayed National Museum is a defining milestone in the enduring cultural journey of Abu Dhabi.”

Zayed National Museum: Highlights

Designed by Pritzker Prize-winning architect Lord Norman Foster of Foster + Partners, the museum will guide visitors through the story of human inhabitation in the region, tracing the UAE’s evolution through trade, innovation, and cultural exchange. Sheikh Zayed’s legacy is interwoven throughout the museum’s narrative.

The visitor experience begins at Al Masar Garden, an outdoor gallery stretching 600 metres from the Saadiyat coast between Louvre Abu Dhabi and the upcoming Natural History Museum Abu Dhabi.

The garden features native plants, a working falaj irrigation system, sculptures, and installations reflecting the UAE’s landscapes, alongside a timeline of Sheikh Zayed’s life.

The museum’s collection includes more than 3,000 artefacts, with around 1,500 on display.

The permanent galleries chart the UAE’s journey through themes such as leadership, environment, archaeology, maritime heritage and identity.

Highlights include recordings of Sheikh Zayed’s voice, personal belongings, early archaeological finds such as ancient pearls, and immersive recreations of historical sites like the Hili Grand Tomb.

Opening day celebrations will feature performances, workshops and guided tours, while dining options will include the fine dining Emirati restaurant Erth, Al Ghaf Café and the Garden Cafés.

Once open, Zayed National Museum will join an expanding cluster of major cultural landmarks on Saadiyat Island, including Louvre Abu Dhabi, teamLab Phenomena Abu Dhabi, the upcoming Natural History Museum Abu Dhabi and Guggenheim Abu Dhabi, positioning the capital as a leading global destination for culture and heritage.

This Diwali’s gold boom is breaking records: What it means for your wallet?

This Diwali is marked by soaring gold prices, strategic buying patterns, and a fusion of cultural devotion with savvy investment decisions

Nida Sohail
Nida Sohail

17 October, 2025

This Diwali’s gold boom is breaking records: What it means for your wallet?
Image credit: Getty Images

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As Diwali approaches, the festival of lights illuminates more than just homes, it shines on gold, a time-honored symbol of prosperity that is experiencing an unprecedented global rally. For millions in India, the UAE, and around the world, this Diwali is marked by soaring gold prices, strategic buying patterns, and a fusion of cultural devotion with savvy investment decisions.

Read more-UAE Central Bank boosts gold reserves by over 19% in Q1

Gold has always held a unique position at the crossroads of culture and finance. In many parts of the world, especially in India, gold is far more than a precious metal; it is a cultural asset, a store of wealth, and a symbol of auspicious beginnings. The tradition of buying gold during Diwali, particularly on Dhanteras, is steeped in the belief that such purchases invite prosperity and good fortune into the home. This year, that timeless tradition coincides with an extraordinary phase in the global gold market, one of the strongest bull runs in recent memory, with prices having surged more than 44 per cent year-to-date.

This remarkable rally has amplified the significance of gold beyond cultural reverence. Investors and consumers alike are weighing their options between traditional jewellery and more liquid, pure forms of gold such as bars, coins, and increasingly popular digital gold options. The festive period has become a telling moment for the global gold market, reflecting shifts in consumer behaviour, market dynamics, and broader economic trends.

Bullion rally meets festive fervour

2025 has been a landmark year for gold prices. The metal crossed the historic milestone of $4,000 per ounce for the first time earlier this month, registering a price increase of more than 50 per cent compared to the same period last year. This surge is driven by a complex mix of factors. Geopolitical tensions remain elevated worldwide, creating an environment of uncertainty. Central banks across the globe are responding by accumulating gold reserves at record rates, including China, which has now recorded ten consecutive months of central bank gold purchases. These actions underscore gold’s enduring reputation as a safe haven asset.

Vijay Valecha, CIO at Century Financial, emphasises the dual role gold plays, especially in India. “Gold jewellery has deep cultural and emotional significance but comes with extra costs such as making charges, VAT, and generally lower purity,” he explains. “In contrast, gold bars and coins offer higher purity and liquidity. Moreover, digital gold ETFs are gaining traction for investors seeking pure price exposure with minimal costs.”

This year, the contrast between gold and equities in India is stark. The Nifty index has recorded only modest gains of about 5.7 per cent year-to-date, while gold’s returns have significantly outpaced the stock market. Additionally, the depreciation of the Indian rupee by over 3.5 per cent against the US dollar provides a dual advantage to Indian buyers, enhancing the appeal of gold as both a cultural purchase and an investment hedge.

India’s gold imports surged to $5.2bn in August, a nine-month high and 37 per cent higher than July, highlighting strong seasonal demand despite elevated prices. Tax cuts on gold jewellery and bullion are also expected to further support festive buying this Diwali, making this a particularly significant year for the metal.

Diwali 2025: Tradition faces new realities

For millions of Indian expatriates in the UAE and across the Indian subcontinent, the upcoming Diwali celebrations pose a unique challenge. Traditionally, buying gold during Diwali is an auspicious ritual that symbolises hope, wealth, and new beginnings. However, with prices hitting historic highs at $4,164 per ounce, buyers are now grappling with the balance between cultural devotion and financial pragmatism.

Farhan Badami, business development manager at eToro, describes 2025 as “a wild ride” for markets worldwide. The backdrop of geopolitical tensions, trade wars, and currency volatility has pushed central banks to hoard gold at an unprecedented pace. “Gold is the ultimate safe haven when other assets feel unstable,” he says. “This Diwali is historic because it’s the first time the festival coincides with gold prices at such record highs.”

Badami highlights a shift in consumer psychology. While jewellers report brisk business, buying patterns have evolved. “Instead of purchasing heavy, ornate jewellery, many customers are opting for smaller gold coins or lighter pieces. Others are spreading their purchases across the year rather than splurging during the festival alone.”

An interesting financial manoeuvre has emerged among Indian residents in the UAE: many are utilising rupee-linked bank accounts to benefit from currency arbitrage, helping to ease the cost burden of expensive gold. This strategic approach reflects a broader trend where buyers are not just driven by tradition but are incorporating market realities into their decisions.

Dubai Gold Souk: A global barometer of demand

The Dubai Gold Souk Extension, renowned for its VAT advantages, assured purity standards, and vast variety, has become a focal point for Indian gold buyers worldwide, especially during Diwali. This year’s mega Diwali celebrations, running from October 17 to 26, feature an array of promotional offers designed to sustain momentum despite record gold prices.

The Souk is offering shopping vouchers worth Dh150,000, alongside reduced making charges, diamond discounts, and specially launched festive collections tailored to entice buyers. Farhan Badami notes, “What happens in Dubai during Diwali often signals broader trends in the global gold market. Right now, the signal is clear: demand remains resilient, but buyers are being strategic.”

Despite the high gold prices, jewellers report a healthy festive season. The key to this success lies in the evolving buying behaviour of customers. Karim Merchant, CEO and MD of Pure Gold Group, explains, “The Diwali season remains one of the most significant periods for jewellery purchases and is performing even better than expected this year. Customers are celebrating meaningfully by choosing lighter jewellery, gold coins, and strategically spreading their purchases over time.”

Merchant highlights how Pure Gold Jewellers blends tradition with modernity through its collections. “We mark every season, including Diwali, with new designs that reflect craftsmanship and contemporary elegance. This year, our Diwali promotion offers up to 75 per cent off on select exclusive jewellery pieces across all our stores, allowing customers to celebrate the festival with timeless beauty and value.”

Exclusive Diwali offers and festive hospitality

The Dubai Gold Souk Extension, home to over 295 stores specialising in gold, jewellery, perfumes, and watches, is making this Diwali a truly rewarding shopping experience.

From October 10 to 26, customers spending Dhs500 or more at gold, jewellery, and watch stores can enter a raffle to win gold coins and bars, with two winners selected weekly. Promotions include zero or discounted making charges at Popley Jewellers and Ziya Gold & Diamonds; 10 per cent off gold prices at Kanz Jewels; and a unique offer from Thangals Jewellery where customers can lock in today’s gold rate for a month by paying just 10 per cent.

Other festive offers feature up to 60 per cent off diamonds and jewellery at Ziya Gold & Diamonds and Motiwala Gold Jewellers; old gold exchange and shagun promotions at Tanishq; and Dhs100 cash vouchers on diamond and gemstone jewellery purchases worth Dhs3,000 or more at Malabar Gold & Diamonds.

Adding to the festive spirit, select stores are offering exclusive gifts such as complimentary gold coins and diamond rings.

Gold’s medium-term outlook remains bullish, supported by easing real interest rate expectations, ongoing geopolitical uncertainties, and strong festive demand. As investors and consumers blend tradition with market realities, gold continues to hold its unique position as both a cultural symbol and a strategic financial asset.

This Diwali, gold shines not just as an emblem of festivity and heritage but also as a reflection of savvy financial stewardship. With global markets buffeted by volatility and uncertainty, gold’s dual role as a store of value and symbol of prosperity resonates more deeply than ever before.

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