Finesse, a global provider of AI solutions & leading digital system integrators, has successfully collaborated with ME Solaris Commodities, one of the largest grain traders operating in the Middle East, to centralise their payment processes via Kyriba Treasury Management System (TMS).

This partnership has enabled ME Solaris Commodities to overcome significant challenges in payment decentralisation, thereby enhancing operational efficiency.

The comprehensive solution encompasses bank and cash management, delivering real-time insight into global cash positions, along with streamlining payment capabilities and enhanced fraud protection. This implementation has optimised ME Solaris’s payment processes, ensuring secure transactions and providing real-time visibility.

“We are delighted to partner with Finesse to achieve full global visibility and control of our finances through Kyriba” – Khalid Mammadov, Chief Accountant. “This has been a game-changer, allowing the treasury team to focus on strategic growth instead of operational issues”, said Andrey Ivanov, Group Head of Treasury.

“We are proud to have partnered with ME Solaris on their Kyriba implementation. Special thanks to Mr. Andrey Ivanov for his innovative ideas and steadfast support, which were instrumental in the success of this project. It was a pleasure collaborating with such a forward-thinking team” said Manoj Panicker VP – Sales Finesse.

“We’re delighted to have supported ME Solaris Commodities in unlocking greater treasury efficiencies with Kyriba. Special thanks to Mr. Andrey Ivanov for championing innovation and steering this project to success” said Dhwani Sejpal, VP – Treasury Transformations at Finesse. Adding to this Dheeraj Khanna Pendum, AVP – Kyriba Projects commented “We value the trust ME Solaris Commodities placed in us for this strategic implementation. Working alongside this team, whose vision and commitment inspired us throughout, has been truly rewarding.”

ME Solaris Commodities is now better equipped to handle complexities, using real-time data and analytics for strategic decisions. The implementation has provided benefits such as real-time cash visibility across currencies and regions, streamlined payments, and improved financial control. Finesse thanks ME Solaris Commodities for trusting us with this initiative. Their cooperation and commitment were key to the project’s success. We look forward to supporting ME Solaris’s ongoing growth.

Commodities have long served as a barometer of global economic health. Today, they are sending a mixed and somewhat cautious message. Some prices have rebounded, while others remain subdued. The question is whether this signals resilience or reflects deeper uncertainty in the global economy.

The backdrop is important. Recent efforts to cool trade tensions between the US and other economies have brought some optimism to financial markets. But that optimism is tempered by the reality that tariffs remain higher than before.

The US’ more aggressive stance on trade policy is prompting concern about its potential impact on global growth.

While equity markets have largely recovered from earlier declines, commodity markets have not fully followed suit.

Rise and fall: What commodities show us

Different types of commodities are telling different stories. Gold, for example, has been rising strongly, which suggests that investors are still seeking safety. This may reflect ongoing worries about global debt levels and geopolitical uncertainty.

Energy commodities like oil have lagged behind. Prices were impacted by an increase in production from oil-producing countries around the time of key trade policy announcements. Despite hopes of stronger demand, oil prices remain well below their recent highs, although they could remain sensitive to any increase in tensions in the Middle East. Industrial metals, including copper, have recovered slightly, but remain vulnerable to any slowdown in global growth. Agricultural commodities have also seen modest losses, which could be linked to shifting demand patterns and supply dynamics.

These trends echo what we have seen in previous periods of economic stress. During past US recessions, gold tended to perform well, while commodities like copper and oil struggled. That pattern appears to be emerging again. Although not all signs point to a recession, the behaviour of these assets suggests that markets are still weighing the risks carefully.

It is worth noting that commodity prices do not always move in lockstep with economic indicators. Their performance can be influenced by a variety of factors, including supply chain disruptions, policy decisions, and investor sentiment. In this cycle, the aftermath of the pandemic and shifting geopolitical alliances have only added complexity.

Still, the year-to-date divergence among commodity returns reflects one thing clearly: uncertainty. Gold’s strength may be linked to fears about geopolitics or debt. The weakness in oil and copper may reflect doubts about whether global growth can gain momentum.

Even agricultural goods are behaving cautiously, lacking any strong upward pressure.

Commodities should not be overlooked in investment portfolios

In this context, the role of commodities in investment portfolios should not be overlooked. While gold may continue to offer diversification, other commodities could remain sensitive to changes in growth expectations. A sharper slowdown could weigh heavily on cyclical assets like energy and metals, especially if trade disruptions persist.

Ultimately, commodities are not just passive indicators. They are active participants in how investors interpret the world. Right now, they seem to be flashing a yellow light — not full alarm, but a warning to remain attentive. As trade policy continues to evolve and global uncertainties persist, commodity markets may be a crucial piece in the mosaic of where we truly stand.

The writer is a multi-asset strategist at Invesco.

Read: GCC, tariffs and the new world trade order

The Gulf’s personal luxury market is thriving, bucking global trends with $12.8bn in sales and a 6 per cent year-on-year growth in 2024, according to Chalhoub Group’s landmark GCC Personal Luxury 2024: Unstoppable report.

In this interview, Jasmina Banda, chief strategy officer and president of Joint Ventures at Chalhoub Group, unpacks the key findings — from the booming beauty segment and rising digital luxury adoption to the growing influence of tourism and the emergence of next-gen luxury brands in the region.

Tell us about the key findings of the report; what intelligence did your team harness to develop this landmark report?

As we analyse the findings of our latest GCC Personal Luxury report, one of the most significant findings is that the luxury sector in our region continues to demonstrate resilience and adaptability despite global economic challenges.

With retail sales reaching $12.8bn and a growth trajectory that outpaces the international average, we see tremendous potential for brands to leverage this momentum.

This document consolidates data from Chalhoub Group, its partners, and estimates for both offline and online markets across six GCC countries: the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman.

Within its scope, the report analyses luxury trends across four categories: 77 high-end fashion brands, over 1,000 prestige beauty brands and retailers, 30 luxury watch brands, and 16 fine jewellery brands.

Consumer insights are grounded in proprietary Chalhoub Group research studies conducted between 2023 and 2025 across various GCC markets.

The GCC luxury market grew over 6 per cent in 2024, defying global declines. What key factor is driving this regional resilience and momentum?

Several key factors are propelling the upward trajectory of luxury in the GCC:

Favourable economic conditions: Strong government initiatives, particularly in Saudi Arabia and the UAE, foster a conducive environment for luxury spending.

Retail expansion: The luxury retail landscape is evolving with new store openings and high-end mall developments enhancing consumer access to luxury brands.

Consumer spending habits: Resilient consumer confidence and rising disposable incomes drive robust demand for luxury goods.

Tourism resilience: Despite regional geopolitical challenges, an influx of affluent tourists continues to drive luxury sales.

E-commerce growth: The transition towards online shopping is accelerating, with the e-commerce luxury segment outpacing global growth rates as consumer behaviours evolve.

Fashion remains the largest category, while beauty saw the fastest growth at over 12 per cent. What are the consumer behaviours and trends behind this shift?

In 2024, fashion remained the largest luxury category in the GCC, accounting for 43 per cent of total personal luxury spend, with a strong over 6 per cent year-on-year growth, mainly driven by ultra high-end brands and new store openings.

However, prestige beauty outpaced all categories, registering the fastest growth at over 12 per cent, with skincare emerging as the top-performing subcategory, growing over 17 per cent versus 2023. Fragrance continues to dominate the beauty mix, contributing 49 per cent of total beauty sales.

This shift reflects resilient consumer sentiment, with 97 per cent of GCC consumers intending to maintain or increase spending over the next three months. This is also driven by the ongoing retail expansion in the region — enabling greater access and visibility for luxury beauty brands.

Despite luxury e-commerce in the GCC accounting for only 13 per cent of sales, it grew over 13 per cent — far ahead of the global average. What’s enabling this digital acceleration, and where do you see the biggest opportunities online – either via AI, new products, new client segments?

The GCC region is experiencing a surge in luxury e-commerce, with online sales now accounting for 13 per cent of the market — still below the global average of 20 per cent, but showing strong growth potential. In 2024, the region’s online luxury channel grew by over 13 per cent, significantly outpacing the global market, which saw a decline of minus 4 to minus 1 per cent.

This digital acceleration is fuelled by several factors: high domestic demand, an influx of affluent international shoppers, strong adoption of digital and omnichannel experiences, and the rapid expansion of emerging categories such as skincare and Asian beauty.

With tourism rebounding and affluent visitors like Russians making up 16 per cent of luxury spend, how are tourist flows influencing purchasing patterns across categories — any specific categories to monitor?

Tourism is playing a critical role in shaping luxury consumption in the UAE. With international visitors — particularly affluent travellers from markets like Russia, China, and India — making up a significant share of luxury spend, we’re seeing strong demand across categories such as leather goods, watches, and jewellery.

Dubai offers a strong concentration of top brands from these categories and remains a renowned destination for luxury shopping.

The report notes a strong Q1 2025, helped by store openings and the Ramadan effect. How critical is physical retail — especially new mall developments — to sustaining growth in the region?

Physical retail remains absolutely critical. Despite the rise of e-commerce, in-store experiences continue to drive discovery, brand engagement, and high-value purchases — especially in luxury, where sensory experience and personalised service are essential.

In Q1 2025, fashion grew by over 11 per cent and beauty by over 23 per cent, with part of this growth driven by the opening of Solitaire Mall in February in Saudi Arabia.

Seven new malls featuring luxury brands are scheduled to open across the UAE and Saudi Arabia by 2027, and these developments will definitely help boost the GCC luxury sector further.

What opportunities do you see for newer-to-region luxury brands like Jacquemus and Zimmermann, and how are they tailoring their approach to the GCC market?

We’re seeing strong momentum from a new generation of luxury brands expanding in the region. The recent flagship openings of Jil Sander and Maison Margiela at Mall of the Emirates reflect growing demand for new and emerging brands in the GCC. This next phase will be driven by rising consumer expectations, generational shifts, and a stronger desire for emotional connection, storytelling, and curated experiences.

Looking ahead, new retail developments will give brands more opportunities to elevate service and experience to meet the evolving expectations of the GCC consumer.

With the market expected to reach $15 bn by 2027, what new or emerging categories (for example, skincare, wellness, athleisure, Asian beauty) do you expect to drive the next wave of growth?

The GCC personal luxury market is poised for continued growth, projected to reach $15bn by 2027, driven by:

• Robust local spending along with continued inflow of tourists and wealthy expats

• New retail developments, particularly in Saudi Arabia and UAE (eight malls with luxury brands)

• New generation of luxury brands entering and expanding in the region (for example, Jil Sander, Zimmermann, Jacquemus)

• Development of new categories (for example, skincare, wellness, athleisure, Asian beauty)

• E-commerce acceleration, particularly pure players

With the recent introduction of Dubai Law No 2 of 2025, the DIFC Courts have entered a new chapter — one focused on clarity, efficiency, and tech-driven justice. Gulf Business met with Ayesha Bin Kalban, who serves as registrar at DIFC courts, to discuss the impact of the new law, and how mediation, technology, and a user-first approach are reshaping dispute resolution in Dubai.

Bin Kalban also discusses her path from case progression officer to leading court registry operations and how her journey can inspire Emirati women interested in pursuing a career in the legal profession.

Here are excerpts from the conversation.

To begin, Tell us a bit about your background and how your journey with DIFC Courts began.

Sure. I started out in law because I genuinely wanted to do good — maybe it sounds clichéd — but I really wanted to make a difference and improve people’s lives. I trained as a lawyer and qualified after about a year and a half in practice, but I quickly realised that being a lawyer wasn’t where I could contribute most meaningfully. Then an opportunity came up with the DIFC Courts in 2015, and I took it.

I joined as a case progression officer, ensuring filings were timely, parties were complying with rules and procedures, and judges and registrars were kept up to date. Through that role, I absorbed a lot — learning from judges, lawyers, and just by being immersed in the process. Over time, I saw how improving court systems could truly help people, and that’s when I realised I wanted to contribute on a structural level.

Since then, I’ve steadily grown with the DIFC Courts — first as assistant registrar in 2018, then as deputy registrar of the Small Claims Tribunal in 2019, followed by deputy registrar of the DIFC Courts in 2020.

I hold a degree in Law and Political Science from the University of Saint Joseph Dubai and am qualified to appear before both local and federal courts in the UAE.

And you became the registrar in 2022, right?

In November 2022, I was appointed Registrar. Being appointed to the position was a big step, and I was hesitant at first — big shoes to fill. But my vision aligned with the DIFC Courts’ ambition to become a leading commercial court globally. I saw it as a challenge to enhance people’s experience in dispute resolution and contribute to Dubai’s legal and economic strategy.

Today, I oversee case progression, sit as a judge and mediator with the Small Claims Tribunal, and hear applications in the Court of First Instance, Court of Appeal, and the Enforcement Department.

I often say that during my eight-hour workday, I’m in the “hot seat,” ensuring cases move efficiently and that parties feel heard and understood.

Are there any cases — without naming specifics — that really shaped your approach at DIFC Courts?

Several, yes. Many reminded us to remain agile. Sometimes, rules must evolve to accommodate fairness and efficiency. We’ve had situations that challenged our existing frameworks, particularly around jurisdiction, and these helped us revisit and update our processes.

At DIFC Courts, we welcome stakeholder feedback and use it to enhance user experience.

Let’s shift to Law No 2 of 2025. What are the most important updates from your perspective?

It consolidates previous laws — Dubai Law No 12 of 2004 and DIFC Law No 10 of 2004 —into one statute. This improves transparency and removes outdated or conflicting clauses. It clarifies our jurisdiction over civil, commercial, employment matters, non-Muslim wills, trusts, and enforcement of arbitral awards.

It also strengthens governance, giving the Chief Justice greater authority and clearly separating judicial and administrative functions.

Additionally, it supports digital innovation, allowing us to continue enhancing our tech-driven court processes.

How has this law helped you in your role as registrar?

It’s given me more clarity and streamlined procedures. With expanded enforcement powers and refined jurisdiction, we’re able to navigate hurdles faster, and thereby serve users.

How does the law strengthen judicial independence while aligning with UAE legal reforms?

It creates a clearer separation between judicial decision-making and court administration. It expands the chief justice’s authority over judge assignments and ensures decisions remain independent.

This framework supports the UAE’s broader judicial reforms aimed at investor confidence and modernised dispute resolution.

On mediation — how does this initiative impact court efficiency and user experience?

Mediation is less formal, faster, and often more effective. It’s been used since ancient times and is making a resurgence in modern justice. When parties agree on outcomes, they’re more likely to comply. This helps reduce caseloads, lowers stress on judges, and fosters faster dispute resolution — sometimes in a matter of hours. It’s better for business continuity and overall satisfaction.

What about clearer jurisdictional boundaries — how has the new law improved this?

It refines our role, particularly in enforcement of civil and employment matters involving DIFC entities.

It streamlines our power to recognise arbitral awards and provide interim relief, especially in support of foreign proceedings, this being in line with common law practice.

What’s being done to speed up litigation and improve case management?

We’re focusing on the user experience — creating efficient, affordable procedures and fast-tracking hearings. Some emergency hearings can be scheduled within an hour. All of this reinforces Dubai’s global standing as a hub for agile and tech-savvy dispute resolution.

How has technology helped the DIFC Courts enhance efficiency and service delivery?

Technology is central to our court strategy and aligns with Dubai’s broader vision of becoming a global leader in smart, efficient dispute resolution. From advanced digital case management tools to the ability to fast-track hearings — including emergency matters within just an hour — technology is transforming how justice is delivered.

For users, this means greater convenience and flexibility; they no longer need to worry about travel or scheduling conflicts, as proceedings can be seamlessly integrated into their daily lives. Additionally, the digital shift has significantly reduced paperwork, eliminated delays, and improved transparency across the entire legal process.

We actively listen to our community — lawyers, litigants, stakeholders — and use their feedback to refine our digital services. Whether it’s about court processes or areas where convenience can be improved, our aim is always to deliver a seamless user experience. Technology is never implemented for its own sake; it must serve our users.

You mentioned mediation earlier. What are your top three tips for a successful negotiation?

1. Active listening: It’s not just about hearing someone, but making them feel heard. That alone can defuse a lot of tension.
2. Empathy: Put yourself in the other person’s shoes — understand their context before relaying it to others.
3. Read the room: Know who you’re speaking to, build rapport, and be curious about them. Understanding what matters to the other side improves outcomes.

I’ll add a fourth—be curious. It helps create connection and trust, which is essential in negotiations.

Finally, what advice would you give other Emirati women pursuing a career in the legal profession?

We sometimes start on the back foot, especially if we have responsibilities at home. But those experiences — like motherhood — instill resilience, compassion, and understanding, which are essential in roles like mine. My advice is: don’t compartmentalise your life, use your strengths from both personal and professional spheres.

Work-life balance is important, but it’s okay for those sides to overlap sometimes.

Kuwait has officially launched a new electronic visa (e-visa) system, aimed at simplifying and accelerating entry procedures for travelers, residents, and official visitors, as part of its broader digital transformation and tourism strategy.

The newly implemented platform, managed by the Ministry of Interior, supports four visa categories — tourist, family, business, and official — and is expected to reduce processing times and eliminate administrative hurdles.

The tourist visa allows a stay of up to 90 days and is designed for individuals wishing to explore Kuwait’s cultural and leisure offerings.

The family visa, valid for 30 days, enables Kuwaiti residents to invite relatives for short-term stays, facilitating family reunification.

The business visa, also valid for 30 days, is tailored to foreign professionals, entrepreneurs, and corporate representatives visiting for meetings, events, or commercial negotiations.

The official visa category is granted to diplomats and government delegations on formal missions, including international conferences and bilateral meetings, based on invitations from Kuwaiti authorities.

How to apply on the e-visa platform

The e-visa platform is accessible through the Ministry of Interior’s official portal.

The move aligns with Kuwait’s long-term strategy to enhance digital public services and reinforce its position as a key destination for tourism, investment, and diplomacy.

The new system complements other regional initiatives, including the anticipated GCC Grand Tours Visa, a multi-country permit that is expected to be launched soon.

Read: Kuwait moves ahead: Gulf rail link design contract signed