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Revolut’s billionaire CEO shifts base to UAE

Revolut was valued last month at $75bn

Reuters
Reuters

08 October, 2025

Revolut’s billionaire CEO shifts base to UAE
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Billionaire Nikolay Storonsky, the CEO and co-founder of financial technology business Revolut, has changed his residence from the UK to the United Arab Emirates, according to filings in Britain’s corporate registry.

Storonsky, who was born in Russia, changed his residence status in October 2024, a Companies House filing published on Tuesday shows.

A spokesperson for Revolut declined to comment. The filing did not give a reason for the move.

Revolut was valued last month at $75bn. Storonsky, who co-founded Revolut in 2015, owns more than 25 per cent of the company, directly or indirectly, according to the company’s latest annual report.

London-based Revolut is Europe’s most valuable fintech company, having expanded aggressively in recent years as it seeks to take on traditional banks and trading platforms. Last month, while unveiling a new London headquarters, it announced it had more than 65 million customers and said it planned to enter 30 new markets by the end of the decade.

Dubai South’s Aerospace Hub ramps up facilities for global aviation players

MBRAH provides world-class infrastructure and connectivity for international aerospace companies and serves as a free-zone destination for leading airlines, private jet operators, maintenance, repair and overhaul (MRO) firms, and aviation-related industries

Gulf Business
Gulf Business

08 October, 2025

Dubai South’s Aerospace Hub ramps up facilities for global aviation players
Image: Dubai Media Office

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The Mohammed bin Rashid Aerospace Hub (MBRAH) at Dubai South has announced the expansion of its Line Maintenance Units (LMUs) to enhance support for airside operators, including Fixed Base Operators (FBOs), providing them with direct access to their clients.

With this expansion, the total number of LMUs will reach 11, spanning a combined area of 76,000 square feet. Designed as a comprehensive aviation solutions hub, the LMUs will offer services such as storage and maintenance facilities, tooling, engineering support, and a world-class pilot rest area. The development will also include shaded parking, office spaces, and additional amenities tailored to the needs of aviation operators. Construction is underway, with completion scheduled for the third quarter of 2026.

Read: Luxury travel: Dubai South debuts ‘VIP Terminal Boulevard’

Mohammad Al Falasi, deputy CEO of Mohammed bin Rashid Aerospace Hub, said: “We have expanded our services to meet the strong demand from the aviation community for line maintenance support. This milestone underscores our commitment to developing a compelling product strategy and building a dynamic ecosystem that fulfill the aspirations of our valued clients. We will continue to spare no effort in strengthening Dubai’s position as a global leader in aviation.”

MBRAH provides world-class infrastructure and connectivity for international aerospace companies and serves as a free-zone destination for leading airlines, private jet operators, maintenance, repair and overhaul (MRO) firms, and aviation-related industries. Developed by Dubai South, MBRAH also hosts maintenance centres, training facilities, and education campuses, supporting the emirate’s ambition to remain a global hub for the aviation sector.

PureHealth completes EUR800m acquisition of Hellenic Healthcare Group

The transaction values HHG at EUR1.3bn and marks a major step in PureHealth’s plan to build a globally connected, innovation-driven healthcare platform

Neesha Salian
Neesha Salian

08 October, 2025

PureHealth completes EUR800m acquisition of Hellenic Healthcare Group
Image: PureHealth

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PureHealth Holding, the largest healthcare group in the Middle East, has completed the acquisition of a 60% stake in Hellenic Healthcare Group (HHG), Greece and Cyprus’s leading private healthcare provider, for EUR800m.

The transaction values HHG at EUR1.3bn and marks a major step in PureHealth’s plan to build a globally connected, innovation-driven healthcare platform headquartered in Abu Dhabi.

The deal adds HHG’s 11 hospitals and 23 diagnostic centres to PureHealth’s network, expanding access to healthcare services for over 1.4 million patients each year.

HHG’s 6,900 healthcare professionals will now be part of PureHealth’s international ecosystem, reinforcing Abu Dhabi’s position as a global hub for healthcare excellence and investment.

Kamal Al Maazmi, chairman of PureHealth, said: “Finalising this transaction is an important milestone in our journey to create a globally connected healthcare platform. PureHealth has demonstrated the ability to source, execute and secure regulatory approvals in mature markets, reflecting its strengths and international credibility. With HHG, we are now expanding into new geographies, facilitating knowledge exchange, and fostering innovation that will enhance patient outcomes across our network. Importantly, this acquisition has been completed using PureHealth’s strong balance sheet, and we expect to recognise the financial upside from October 1.”

Shaista Asif, Group, CEO of PureHealth, added: “Welcoming HHG into the group accelerates our vision of delivering advanced, patient-centred healthcare across borders.”

PureHealth focused on expansion

The acquisition continues PureHealth’s pattern of disciplined international expansion. It follows the $1.2bn purchase of Circle Health Group, the UK’s largest independent hospital operator, in 2024, and a $500m investment in US-based Ardent Health Services in 2022, culminating in Ardent’s IPO on the New York Stock Exchange in 2024.

Alex Fotakidis, partner and Head of Greece at CVC, said: “We are proud to have supported HHG’s growth into Greece and Cyprus’s leading private healthcare provider. This partnership with PureHealth is a strong endorsement of HHG’s quality, scale, and future potential.”

Dimitris Spyridis, CEO of HHG, said: “Joining forces with PureHealth marks an important milestone for HHG. Together, we will accelerate innovation, enhance patient care, and strengthen our role as the leading healthcare provider in Greece and Cyprus. PureHealth has a large emphasis on technology, AI and healthcare of the future. Therefore we will be looking to integrate best practices not only in clinical practices, but also across the technology ecosystem.”

Following completion, CVC Capital Partners and HHG management retain a 40 per cent stake in HHG, ensuring continuity and supporting future growth.

Dubai Mall to host ‘Festival of Fashion’ in January 2026

Taking place on January 29 and 30, 2026, the two-day event will showcase regional and international style trends, creativity, and innovation

Gulf Business
Gulf Business

08 October, 2025

Dubai Mall to host ‘Festival of Fashion’ in January 2026
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Dubai Mall, the world’s most visited shopping mall, will host the ‘Dubai Mall Festival of Fashion’, a major new event in the global fashion calendar set for January 29 and 30, 2026.

The two-day festival will feature 12 fashion masterclasses across multiple venues in Dubai Mall, offering insights from leading international and regional designers, industry figures, and influencers.

The event will conclude with the Dubai Mall Global Fashion Awards on January 30, 2026, at the Armani Hotel Dubai, bringing together prominent names from the global and regional fashion scene for what is being described as the region’s biggest fashion awards ceremony.

Home to more than 200 luxury and fashion brands, Dubai Mall said the new festival aims to strengthen its position as a global hub for style and creativity.

Dubai Mall: One of the world’s most popular shopping destinations

A Dubai Mall spokesperson said: “As the most visited retail destination on earth, Dubai Mall has always been at the heart of culture, lifestyle, and luxury. With Dubai Mall Festival of Fashion, we are proud to elevate our reputation as not just a shopping destination, but the centre of global fashion. This event will celebrate creativity, diversity, and the timeless appeal of style, while bringing together the brightest talents from around the world.”

The festival will include both invitation-only and public events, with ticketing and registration details to be announced on November 1.

Samsonite at 115: Subrata Dutta on staying relevant, stylish and sustainable  

Samsonite’s president of APAC and Middle East chats to Neesha Salian on how the 115-year-old company blends heritage with modernity, while focusing on innovation

Neesha Salian
Neesha Salian

08 October, 2025

Samsonite at 115: Subrata Dutta on staying relevant, stylish and sustainable  
Image: Supplied

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For 115 years, Samsonite has been more than just luggage — it’s been a companion on journeys, a marker of personal style, and a quiet testament to innovation and durability. From metal trunks strapped with leather in the early 20th century to today’s ultra-light, sustainable, and stylish travel solutions, the brand has consistently anticipated the needs of travellers around the globe.

Here, Subrata Dutta, president of APAC and Middle East at Samsonite, tells Gulf Business editor Neesha Salian about how the company is celebrating its 115th anniversary, blending heritage with modernity, and staying relevant in the fast-evolving Middle East market. From premium collections and digital acceleration to sustainability and collaborations that capture the zeitgeist, he offers a rare glimpse into the strategies and principles that have kept the brand young, agile, and connected to consumers for more than a century.

Samsonite is celebrating a major milestone this year. Tell us about it.

Yes, it’s a big milestone. All of us at some point have owned, or do own, a Samsonite bag. We started 115 years ago, and our ongoing challenge has been, and we’ve successfully met it, to stay young for 115 years. We leverage this history by learning about markets and consumers every year and staying contemporary to their needs.

We are celebrating 115 years with several events, both big and small, internal and external. But more importantly, we’ve accumulated a huge amount of experience. From traveling with metal and wooden trunks strapped with leather, to introducing wheels, converting two-wheelers to four, and pioneering the use of plastic in luggage, it’s been a long journey.

Plastic, often criticised, has actually been indispensable in multi-use applications. It’s durable, versatile, moldable, and long-lasting. We’ve also pioneered responsible use of plastic, which now underpins our sustainability efforts.

I’m proud to have been part of the company during the 100-year celebration, and now, at 115, we continue to evolve, guided by our founder Jesse Shwayder’s principle: “Do unto others as you would have them do unto you”.

And as part of this milestone, you’ve launched the Streamlite collection. How does this collection tie into the 115-year celebration?

Streamlite is a perfect way to celebrate our history while offering something fresh. We’ve taken inspiration from past collections and reimagined them in a modern style. It’s stylish, cool, and flying off the shelves.

The idea is to honor our legacy while giving consumers a fashionable, functional product — something they can travel with and feel proud to own.

Which brings us to strategy. Based on your experience in the Middle East and Africa, what has been the consistent strategy for this region, and how does it differ from others?

Travel goods combine functionality and lifestyle, and every market has its nuances. Culture, social setup, and generational shifts, especially with Asia-Pacific influences, all affect our approach.

In the Middle East, we combine innovation and sustainability with a regional product architecture that meets consumers’ needs.

The MENA region is diverse: Dubai behaves differently from Egypt or Kenya. Our strategy focuses on three pillars:

  • Consumer-centric innovation
  • Digital acceleration
  • Regional relevance

Together, these pillars help us serve the growing appetite for immersive travel and brand experience in the Middle East.

When you mention digital, are you primarily referring to e-commerce and online shopping?

Yes. Traditionally, our strength has been retail — our stores mimic luxury lifestyle experiences. But we know Middle Eastern consumers also value digital convenience. So, we’ve focused on creating a seamless omni-channel experience: experiencing the product in-store, then buying online, or vice versa.

Consumers in this region are affluent and fashion-conscious, so our focus on premium collections, personalisation, and sustainability resonates well. Price sensitivity varies, competition is high, and Gen Z and millennials make up around 60 per cent of our business today. They are discerning and conscious of sustainability, even asking about our sustainability strategy in recruitment interviews.

Speaking of sustainability and innovation, can you share Samsonite’s approach in these areas?

Sustainability is central to everything we do. In Jakarta, for example, we’ve used recycled plastic to create benches, chairs, desks, and even seesaws for schools. We’ve also experimented with paver blocks made from recycled material to pave pathways.

Our long-term goal is a 360-degree recycling solution: consumers can return products to us, and we recycle them completely. Trade-in programmes exist today, though they cover only a small percentage of our business. It’s deeply satisfying and the right thing to do. Our board fully supports initiatives even if they cost 20 per cent more.

That must be reassuring for customers too, knowing their luggage is treated responsibly.

Absolutely. Each bag carries stories : ribbons, stickers, personal touches. Travelling makes you notice how people treat their luggage. It’s all part of that journey.

Baggage weight is a major concern for travellers. How does Samsonite make bags lighter without compromising strength?

Weight is a huge consideration. Back in 2009, we created the lightest and strongest suitcase using polypropylene. It’s dense and strong. We transformed it into strings, wove them together, and pressed multiple sheets under very high pressure. The result was a sheet that’s still polypropylene, but stronger due to its woven orientation, technically biaxially oriented.

This innovation cut cabin bag weight from 4kg to 2kg — better for consumers and airlines. Imagine an A380 with 600 passengers each carrying a bag 50 per cent lighter — the reduction in fuel consumption per kilometer is significant.

That’s impressive, and environmentally beneficial too.

Exactly. And it was also the strongest bag we’d made. We even ran an ad showing a Samsonite Cosmolite bag at BMW’s crash test centre. The bag was placed in a car during an impact test, crushed, and then popped back to its original shape.

What are some of the latest innovations in materials and design?

After Cosmolite, we launched S’Cure, C-Lite, and Proxis. Proxis uses our proprietary Roxkin material — another leap forward in lightness and strength. We’re constantly innovating, and hopefully, in another year, we’ll have an even lighter and stronger bag to show.

Travel retail is significant for Samsonite. Can you elaborate?

Travel goods are top of mind while travelling — both impulse buying and practical need. In Doha Airport, we have two Samsonite stores and a TUMI store, and in Dubai, we’re about to open exclusive new stores for both brands. We also have strong airport retail in Singapore and other major hubs.

Do you see buying spikes during certain periods?

Holidays and festivals, like Dubai Shopping Festival, are key. Weddings drive purchases too. Student travel is also important — when students go abroad for graduation or higher studies, they buy luggage.

How has e-commerce impacted sales in this region?

Five years ago, online sales were in single digits. Today, they hover around 18–20 per cent and are growing. Over the next three years, we expect more omni-channel behavior — browsing online but buying in-store or vice versa. About 6–7 per cent of transactions will be this hybrid type, so we’re heavily investing in omni-channel capabilities.

How has travel behaviour changed since Covid-19, and what impact does that have on your products?

One major shift is short, frequent trips. Millennials started it; Gen Z has taken it further. People now travel for two-day breaks — office on Friday straight into a weekend getaway. Carry-on bags that hold both business and leisure essentials are key.

Budget airlines are stricter with cabin baggage, so lighter bags that let you carry more are in demand. Aesthetic appeal is also critical. Many customers now own three or four carry-ons for different occasions. Travel itself is now part of the holiday experience. People want bags that are Instagrammable and conversation-worthy. But while we focus on design, we never compromise on durability. It’s like designing a car — style cannot come at the expense of the engine.

Read: Middle East travel spend set to soar 50% by 2030: report

Collaborations have become popular in fashion. How does Samsonite approach them?

Collaborations are more important today. In the Middle East, our aluminium luggage collaboration with BOSS has been a hit. We’ve partnered with Maison Kitsuné, New Balance, and, exclusively here, the Pelé Foundation — combining charity with a recognised name.

For American Tourister, we’ve done playful collaborations with Squid Game, Stranger Things, and even Chupa Chups. Each collaboration is chosen carefully so both brands bring something to the table, creating a win-win for consumers.

Beyond collaborations, what can we expect from Samsonite’s strategy in the Middle East?

There’s no need for a revolution; our DNA, ethos, and approach are solid. We focus on constant evolution. The real challenge is anticipating consumer needs before they feel them. We want to create “aha” moments: a product you didn’t know you wanted but now can’t live without.

Finally, what are your personal leadership principles?

First, always be there when a colleague needs me, regardless of my position. Second, give a person a task and leave them alone. Don’t micromanage, check back after a reasonable period. Third, never form a judgment with little information. Seek the facts quickly, then decide.

If I may add a fourth: always hire people smarter than you.

Schneider Electric’s Amel Chadli on The NEST, AI-ready infrastructure

The president of the Gulf Cluster at Schneider Electric, explains how the company is turning sustainability into measurable results and aligning with the UAE’s industrial and clean energy vision

Neesha Salian
Neesha Salian

08 October, 2025

Schneider Electric’s Amel Chadli on The NEST, AI-ready infrastructure
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Few companies have translated the global sustainability agenda into concrete, measurable outcomes as effectively as Schneider Electric. Under the leadership of Amel Chadli, president of the Gulf Cluster, the company has transformed its Dubai headquarters, The NEST, into a benchmark for energy efficiency and carbon neutrality while advancing the Gulf’s transition toward digital, resilient, and locally anchored energy systems.

Amid rapid regional industrialisation, Chadli discusses how Schneider Electric is linking technology with talent, building local capability, and rethinking the future of power and performance across the region.

The NEST is Schneider’s flagship sustainable HQ in Dubai. Beyond the certifications and labels, what concrete results has it delivered so far in terms of energy use, costs, or emissions?

The NEST is more than a new building – it is a living blueprint of Schneider Electric’s commitment to sustainability, innovation, and operational excellence. Beyond its targeted LEED ID+C Platinum, and WELL Equity certifications as well as the recently achieved WiredScore SmartScore Platinum certification, The NEST, designed on four main pillars: Sustainability, People-centricity, Resilience, and Efficiency, offers an energy-efficient environment that is deeply supportive of occupant health, comfort, and productivity. It has already delivered tangible results that underscore its role as a model for future-ready workspaces.

The NEST reached carbon-neutral status within just three months of opening, setting a new benchmark for sustainable commercial spaces in the region.
• Energy efficiency gains: By embedding Schneider Electric’s own EcoStruxure technologies – including Building Operation, Power Monitoring Expert, and Planon – the building has reduced energy consumption by 37 per cent compared to the previous Dubai office.
• Emissions reduction: These energy savings translate into an annual reduction of approximately 572 metric tonnes of CO₂, equivalent to the electricity usage of 77 homes in the UAE. The building is on track to exceed 700 tCO₂e/year in emissions reduction by 2026; equivalent to planting 25,000 trees.
• Operational performance: The NEST anticipates a 30 per cent boost in operational efficiency, driven by AI-powered HVAC systems, occupancy analytics, and automated workflows for facility management.
• Onsite renewable energy: With a target of 47 per cent onsite renewable sourcing, The NEST is actively contributing to the UAE’s Net Zero by 2050 initiative.
• People-centric design: The building integrates daylight harvesting, indoor air quality monitoring, and smart meeting room technologies to enhance employee wellbeing and productivity

When customers come to the NEST, how do you move the conversation from a demo to an actual rollout across their operations?

When customers visit The NEST, they don’t just see a showcase – they see their own future of operations. We start by immersing them in real, tangible demonstrations of how digital energy, automation, and AI-driven platforms perform in practice. Once that spark has been lit, the next step is collaborative – we sit with them to map those solutions against their priorities – whether that is reducing energy costs, improving resilience, or achieving sustainability targets.

Our first-of-its-kind Global Innovation Hub in the Gulf region joins more than 100 such experiential spaces worldwide, offering an immersive walk-through of our technology solutions. A digital twin technology-powered dashboard highlights real-time occupancy in The NEST, as well as which areas of the building are most congested, and how much energy is being consumed in each space.

Featuring IoT-enabled sensors, the interactive environment allows visitors to explore Schneider Electric’s technologies in real-world applications across homes, offices, industrial environments, and data centers.

In the Gulf, cooling demand is massive and building systems are often fragmented. Where are you seeing the biggest roadblocks to sustainable building adoption, cost, regulation, or skills? And if you could fix just one of those tomorrow, which would unlock the fastest progress?

When considering sustainable building adoption in the Gulf’s high cooling demand environment, Schneider Electric sees cost, regulation, and skills as key challenges.

Cost remains the biggest barrier, with high upfront investments in advanced, integrated cooling and building management technologies slowing uptake despite their proven long-term savings. Our focus is on driving down these barriers through scalable, modular solutions and innovative financing models that unlock value from day one.

Regulatory frameworks are advancing but still uneven across the region. Schneider Electric partners closely with governments and regulators to accelerate standards for energy efficiency and smart building integration.

Skills gaps in sustainable building design and operation are also significant, and to be expected for a young and rapidly growing region. We invest in training and digital tools to upskill local talent, enabling successful deployments and long-term value realisation. If one lever could be improved tomorrow, it would be lowering the cost barrier through technology innovation and partnerships. That would have the greatest impact in making sustainable cooling and building automation accessible at scale and accelerating the Gulf’s energy transition.

Schneider just opened a new factory in Dubai and is partnering on Emirati talent development. How do you balance investing in local manufacturing and people with pushing digital services like EcoStruxure and AI?

At Schneider Electric, investing in local manufacturing and people is perfectly aligned with accelerating digital transformation across the Gulf. Our new AI-ready data center manufacturing facility in Sharjah physically roots us in the region, supporting the UAE’s “Make it in the Emirates” vision and advancing supply chain resilience, while creating valuable opportunities for Emirati talent.

Through our Global Innovation Hub at The NEST and training centres, we are equipping local professionals with the skills to lead the region’s energy transition.

At the inauguration of The NEST in May, Schneider Electric announced an Dhs100m education initiative focused on upskilling the next generation of talent in the UAE with the tools and experiences they need to lead in the future.

In line with this announcement, Schneider Electric and DP World collaborated to offer leadership and talent development programs for Emirati youth, including the Future Sustainability Leaders Program and the Talent Exchange Program. Such efforts nurture the UAE’s next generation of leaders in technology and sustainability, aligning with the shared commitment of both entities to Emiratisation and the UAE’s sustainable growth vision.

This investment in human capital amplifies the impact of our digital platforms like EcoStruxure and AI-driven management solutions, ensuring that customers don’t just deploy cutting-edge technology but have the expertise to maximise its value.

Local manufacturing, talent development, and advanced digital services are interconnected pillars of our strategy to enable sustainable, resilient, and future-ready infrastructure in the Gulf.

What are you doing differently in the Gulf compared with, say, Europe or Asia to make that mix work?

In the Gulf, we tailor our approach to localise manufacturing, talent development, and digital services to fit the region’s unique opportunities.

Especially in the UAE, our initiatives explicitly support government-led industrialisation and energy transition programs like the “Make it in the Emirates” strategy. This means our investments are coordinated with national goals, creating long-term ecosystem impact.

Schneider Electric is among the most local of global companies in the region, and we work to create a diverse and equitable talent ecosystem that promotes innovation and addresses local challenges.

While manufacturing in Europe and Asia often focuses on cost efficiency or export, in the Gulf it is a cornerstone of sovereign capability-building and supply chain resilience, critical given the geopolitical dynamics and the push for economic diversification.

Data centres, industry, and buildings all depend on resilient power. What changes in regulation or policy would most help accelerate grid modernisation in the GCC?

The International Energy Agency’s (IEA) 2025 report The Future of Electricity in the Middle East and North Africa calls for global grid investments to double by 2030. For the GCC, this means increasing budget allocations for grid modernization and expansion, prioritising both new infrastructure and digital upgrades.

Permitting timelines average seven–10 years, but to meet climate targets, they must drop below three years. The GCC can accelerate progress by fast-tracking permits and harmonising cross-border approvals for infrastructure projects, reducing bottlenecks and expediting renewables integration.

Policies should also mandate the adoption of digital grid platforms, automation, advanced metering, and real-time monitoring.

Deploying these technologies can cut outages by up to 40 per cent and speed up interconnection by 25 per cent, while boosting renewables and resilience.

With average temperatures in MENA rising at more than twice the global rate and electricity demand projected to surge 50 per cent by 2035, regulators should also establish frameworks for inter-GCC power trading and harmonisation to improve resilience and cost-efficiency across borders.

Are customers here showing interest in outcome-based models — where you guarantee performance rather than just selling equipment?

Yes, there is strong and growing interest from customers in outcome-based models where performance is contractually guaranteed. Rather than simply purchasing equipment, customers today want proven, measurable improvements in efficiency, sustainability, and risk reduction.

Our three-year strategy now places outcome-based services at its core, with more customers requesting models that tie compensation to delivered results such as energy savings, uptime, or emissions reduction — not just asset sales.

This trend is accelerating as organisations push for sustainability and operational excellence targets, making performance guarantees and outcome-based partnerships a preferred model for Schneider Electric’s most forward-looking customers.

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