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Gulf Business gears up for debut Saudi summit on 3 September

The discussions will cover key themes relevant to any business aiming to operate or expand within Saudi Arabia

Rajiv Pillai
Rajiv Pillai

05 August, 2025

Gulf Business gears up for debut Saudi summit on 3 September

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Gulf Business is set to host its first-ever event in Saudi Arabia with the launch of the Saudi Business and Investment Summit, taking place on September 3, 2025, at the Sheraton Riyadh Hotel & Towers.

As the Kingdom accelerates its economic transformation under Vision 2030, the summit will gather influential voices from government, private enterprise, and global institutions to explore the key drivers behind Saudi Arabia’s sustained growth. The event is designed to serve as a strategic platform for dialogue, knowledge exchange, and high-level networking around the evolving opportunities in the Saudi market.

Register to attend: https://bit.ly/46TxMQw
View the full agenda: https://bit.ly/46lqC7u

Themed “Saudi Rising: Key Driving Forces behind the Kingdom’s Economic Growth”, the half-day summit will highlight the role of innovation, public-private collaboration, regulatory reform, and sector-specific investment in positioning Saudi Arabia as a globally competitive economy.

Attendees can expect an event filled with expert-led panels, keynote sessions, and fireside conversations with some of the most influential names shaping the Saudi’s business arena. Confirmed speakers include Charbel Sarkis, country director, Google Saudi Arabia; Michael Champion, CEO, Tahaluf; Saud Adham, director of policy & innovation, Ministry of Culture, Saudi Arabia; Turki Alsubaihi, CEO Public Transport, SAPTC; and Main Canaan, general manager, GE Aerospace Middle East, and many more.

The summit agenda is anchored in actionable insights and real-world case studies that explore how businesses—local and international—can navigate and capitalise on Saudi Arabia’s rapid transformation. From localisation and market entry to strategic partnerships and digitalisation, the discussions will cover key themes relevant to any business aiming to operate or expand within Saudi Arabia.

This milestone summit marks an expansion of Gulf Business’ regional footprint and reinforces its commitment to supporting economic dialogue and business intelligence across the GCC. For partnership and sponsorship enquiries, contact Manish Chopra at [email protected].

AI is rising, but can it replace the Majlis? The GCC still runs on relationships

In the Gulf, the real decision-making power still lies in something far more human: relationships

Mohamed Tee Hashem
Mohamed Tee Hashem

04 August, 2025

AI is rising, but can it replace the Majlis? The GCC still runs on relationships
Mohamed Tee Hashem, known as Tee Hashem, is a sales enablement leader, trainer, and podcast host.

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AI is transforming B2B sales, from scoring leads to forecasting pipelines with more precision than ever before. But in the Gulf, the real decision-making power still lies in something far more human: relationships.

Having worked with enterprise clients across the region, from IBM and Microsoft to media agencies and start-ups, I’ve seen first-hand that while AI, data, ROI calculations, and great demos might get you into the room, it’s trust, personal credibility, and genuine human connection that close the deal.

The power of relationships in Gulf sales

Across the GCC, especially in the UAE and Saudi Arabia, 70 per cent to 80 per cent of enterprise buying decisions are heavily influenced by personal relationships, according to regional sales leaders and internal studies.

Unlike Western markets, where procurement often follows strict, transactional processes, decision-makers in the Gulf prioritise trust, face-to-face rapport, and long-term familiarity with the seller or their network.

In fact, over 60 per cent of B2B buyers in the region prefer to buy from someone they know: even if competitors offer better pricing or features.

This isn’t just a cultural quirk; it’s a strategic advantage. In a region where business and trust go hand in hand, relationships are a form of capital.

This human-first sales culture is why sellers who build authentic connections consistently outperform those who rely solely on automation.

After 15 years in tech sales, from cold calls to enterprise deals to shaping enablement across the EMEA region, I’ve seen every new tool come and go.

Rethinking enablement for the Middle East: AI + human-centred coaching

In a region where trust and personal connection win deals, sales training should focus on improving human skills, with AI as a support tool, not a replacement.

Because sales isn’t just about data: it’s about feelings.

As Maya Angelou said: “People won’t remember what you said or did, but they will always remember how you made them feel.”

Final thought: the enablement opportunity in the GCC

AI is here to stay. But in the Gulf, the magic still happens in moments between people – over coffee chats, in the majlis, and through trust built over time.

  • Mohamed Tee Hashem, known as Tee Hashem, is a sales enablement leader, trainer, and podcast host with over 15 years’ experience working with IBM, Microsoft, media agencies, and high-growth start-ups across the Middle East and EMEA region. He helps sales teams combine modern tools with timeless human skills, focusing on storytelling, influence, and relationship-based selling. You can follow his content on YouTube (@TeeTalksss), connect with him on LinkedIn, or find him on Instagram at @teetalks___.

Here is a recent podcast that he did with Dariush Soudi:

OPEC+ countries to reduce oil output by 547,000 bpd in September

The eight producers also reiterated their pledge to fully compensate for any overproduction since January 2024

Rajiv Pillai
Rajiv Pillai

04 August, 2025

OPEC+ countries to reduce oil output by 547,000 bpd in September
Image: Getty Images

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The eight OPEC+ countries that previously announced additional voluntary production cuts — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — convened virtually on August 3, 2025, to assess global oil market conditions and the economic outlook.

Following their earlier decision on December 5, 2024, to gradually and flexibly phase out the 2.2 million barrels per day (bpd) in voluntary cuts beginning April 1, 2025, the group confirmed it would implement a production adjustment of 547,000 bpd for September 2025, relative to August’s required levels. This move represents four incremental monthly increases.

The countries noted that the adjustment decision reflects steady global economic indicators, healthy oil market fundamentals, and low inventory levels. However, they underscored that the rollback of the voluntary production cuts could be paused or reversed depending on future market developments, providing the group with necessary flexibility to maintain market stability.

Read: Oil prices ease as traders assess US tariffs, OPEC+ output hike

Additionally, the nations affirmed this step would allow participating countries to accelerate compensation for past overproduction. They reaffirmed their full commitment to the Declaration of Cooperation and the voluntary adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting on April 3, 2024.

According to Saudi Press Agency, the eight producers also reiterated their pledge to fully compensate for any overproduction since January 2024.

Monthly meetings will continue to monitor compliance, market conditions, and compensation levels, with the next meeting scheduled for September 7, 2025.

Arab Postal Day: Emirates Post issues joint commemorative stamp

The initiative underscores Emirates Post’s commitment to pan-Arab cooperation and advancing regional integration within the postal sector

Gulf Business
Gulf Business

04 August, 2025

Arab Postal Day: Emirates Post issues joint commemorative stamp
Image credit: WAM

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Emirates Post has launched a commemorative stamp in partnership with Arab postal administrations to mark Arab Postal Day, celebrated annually on August 3. The stamp highlights the evolving role of postal services in fostering community connection and supporting socio-economic development across the region.

Read-Ramadan in Dubai: Visitors welcomed with a special stamp

According to the Emirates News Agency (WAM), the initiative underscores Emirates Post’s commitment to pan-Arab cooperation and advancing regional integration within the postal sector.

The stamp design reflects the transformation of Arab postal services—from manual processes to the integration of advanced digital technologies and artificial intelligence. It features a human arm, symbolizing traditional methods, alongside a robotic arm to represent the sector’s digital evolution. Additional elements such as envelopes, stylised electronic signals, and a blue background signify communication, innovation, and technological progress.

This joint release showcases the collective efforts of Arab postal entities to embrace modernisation and enhance regional connectivity. It also highlights the importance of collaboration in promoting sustainable, inclusive development through advanced postal infrastructure.

Emirates Post said the stamp is both a tribute to the sector’s history and a symbol of its forward-looking vision for a digitally connected Arab world.

Mitsubishi Power, ANRPC complete MENA’s first hydrogen boiler retrofit

The collaboration also reinforces Egypt’s strategy to emerge as a key player in the global hydrogen economy

Rajiv Pillai
Rajiv Pillai

04 August, 2025

Mitsubishi Power, ANRPC complete MENA’s first hydrogen boiler retrofit
Image: Supplied

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Mitsubishi Power, a brand of Mitsubishi Heavy Industries (MHI), has successfully completed and handed over a groundbreaking hydrogen fuel conversion project at the Alexandria National Refining and Petrochemicals Company (ANRPC) refinery in Egypt. The initiative marks the first industrial application of hydrogen as fuel in an industrial boiler in both Egypt and the wider MENA region.

Announced in 2022 as a full turnkey contract, the project involved Mitsubishi Power managing the design, engineering, supply, and installation of equipment and control systems. The team rehabilitated and upgraded a 100-tonne-per-hour boiler, enabling it to operate entirely on hydrogen, transitioning from its previous use of heavy fuel oil and natural gas.

The project enables the reuse of 14,000 tonnes of hydrogen-rich gases annually from production units, slashing natural gas consumption by an estimated 24,000 tonnes and cutting carbon emissions by roughly 65,000 tonnes per year.

This milestone aligns with Egypt’s broader energy transition and sustainable development objectives, positioning the country as a regional leader in clean energy. It also reflects Mitsubishi Power’s dedication to delivering decarbonisation technologies, while spotlighting the role of hydrogen in transforming Egypt’s industrial energy landscape.

Sayed Al-Rawi, chairman and managing director of ANRPC, said: “We are proud to be part of Egypt’s journey towards a clean energy future and to contribute to achieving Egypt Vision 2030 with this pioneering milestone to using hydrogen as a fuel. This project represents an unprecedented achievement for ANRPC, Egypt, and the entire region. By integrating hydrogen into refining processes, we are contributing to reduce Egypt’s carbon footprint and set a new standard for the country’s industrial sector. We are proud of our partnership with Mitsubishi Power on this project, which is a true example of how international partnerships and advanced technology can bring about fundamental change toward a sustainable energy future. We are thrilled about the positive environmental impact of this project in reducing emissions, and we look forward to continuing our role in supporting Egypt’s transition to clean energy. Together, we can help meet current energy needs and participate in shaping a sustainable energy future in Egypt and the region.”

The collaboration also reinforces Egypt’s strategy to emerge as a key player in the global hydrogen economy.

Javier Cavada, president and CEO for Europe, Middle East and Africa at Mitsubishi Power, added: “The success of this first-of-a-kind hydrogen conversion project marks a milestone in Egypt’s transition to clean energy and reflects Mitsubishi Power’s global leadership in developing advanced, low-carbon power generation technologies. We are honored to partner with ANRPC and support Egypt’s ambitious vision for a clean energy transition, providing our expertise to transition existing infrastructure to low-carbon commercially viable systems. This project will lay down the foundation to a commercial path for decarbonizing Egypt’s industrial facilities with minimal downtime, in addition to demonstrating the tangible and positive impact of hydrogen in reducing emissions and developing sustainable energy solutions. Mitsubishi Power is committed to supporting Egypt’s journey towards a cleaner and more sustainable energy future, and we look forward to strengthening our collaboration with ANRPC and other stakeholders to drive the transition to hydrogen across the region.”

With the successful handover complete, the project is expected to serve as a catalyst for future hydrogen adoption across Egypt and the MENA region, further enhancing the country’s position in the low-carbon energy transition.

UAE tops the global race for millionaire migration

As high-net-worth individuals flee economic uncertainty and political instability, the Emirates is emerging as the world’s top destination for relocating wealth

Gareth van Zyl
Gareth van Zyl

04 August, 2025

UAE tops the global race for millionaire migration
Image: Getty Images

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A silent but powerful global shift is underway, and the UAE is at its centre. In 2025, an estimated 142,000 millionaires will relocate across borders, according to citizen advisory experts Henley & Partners. Of those, the largest share — a net 9,800 — will move to the UAE, bringing with them around $63bn in investable wealth.

“This mass movement of millionaires represents the largest voluntary transfer of private capital in modern history,” said Dr Juerg Steffen, CEO of Henley & Partners, in the firm’s Great Wealth Flight report.

He describes the trend as a “profound shift in economic influence,” with countries now competing not just for talent, but for the fortunes that follow it.

Nowhere is that competition more evident than in the UAE.

A magnet for mobile wealth

Dubai and Abu Dhabi have long attracted global capital, but in recent years, the Emirates has taken that appeal to new heights. A zero-income tax regime, pro-business regulation, and geopolitical neutrality have created a compelling base for entrepreneurs, investors and global citizens alike.

“This is not just about favourable tax,” said Vishwajit Patil, senior executive officer at Nuvama Private DIFC, during a recent Gulf Business investment trends panel.

“When evaluating relocation destinations, clients typically consider five key pillars: geopolitical stability; healthcare and education infrastructure; cost of living and lifestyle; strategic location and connectivity; and ease of business setup and residency options. In all these aspects, Dubai stands out.”

Patil, whose firm expanded into Dubai in 2024, said the emirate’s appeal lies in its efficient systems and strategic positioning.

“Whether it’s the efficiency of the Golden Visa process, access to top-tier healthcare and education, or the agility of government systems: the UAE offers an unmatched level of service and speed,” he said.

The lifestyle pull

For emirates such as Dubai, this surge isn’t just reflected in migration statistics: it’s showing up in luxury consumption data, too. The Julius Baer Global Wealth & Lifestyle Report 2025 ranks Dubai seventh globally for the cost of living, well ahead of London, Monaco, and Zurich.

Affluent newcomers are driving sharp increases in demand for high-end goods and services. Prices for luxury cars jumped 12.5 per cent. Residential property surged 17.4 per cent. Notably, Dubai now offers more than double the prime residential space per dollar compared to London, making it an appealing choice for relocating HNWIs.

“Dubai is not only growing; it is shaping the future of urban living,” said Rishabh Saksena, co-head Global Asset Class Specialists at Julius Baer.

“It’s exceptional infrastructure, luxurious real estate, and status as a thriving hub for global citizens have firmly established it as a top destination.”

That growth is backed by long-term vision. The city’s D33 economic agenda aims to double the size of the economy by 2033, while its wellness infrastructure is evolving into a full-fledged longevity ecosystem. With the over-60 population expected to grow by 29 per cent by 2050, Dubai is investing in residential biosensor tech, AI-driven health solutions, and future-proof healthcare.

A global hub for family offices

The UAE’s rise is also transforming its financial ecosystem. As wealth shifts globally, Dubai and Abu Dhabi are positioning themselves as trusted anchors for family offices and asset management.

According to Sheheryar Rasul, CEO Group Wealth Management at Habib Bank AG Zurich, “We see continued growth in Dubai International Financial Centre, as it becomes the epicentre of client activity. To this effect, we opened our DIFC branch back in 2022 to improve and enhance our client engagement.”

The Dubai International Financial Centre (DIFC) has experienced rapid evolution. Habib Bank AG Zurich, which offers bespoke advice to help HNW and UHNW clients navigate wealth structuring and succession planning, has seen the benefits of these changes first-hand.

Tim Denton, senior executive officer of the bank’s DIFC branch, said: “Recent changes in the UAE in the form of common law foundations in the DIFC and ADGM have made an enormous step forward in terms of succession planning for UAE businesses. The vision of the rulers of the UAE in enabling such legislation is to be applauded, as it has moved the UAE from a situation before 2020, where succession planning and business continuity were a huge challenge, to a situation now where robust planning is readily available.”

Golden Visas and beyond

The foundation of the UAE’s migration strategy is its Golden Visa programme. Introduced in 2019 and revamped in 2022, the scheme offers five- and ten-year residency options tied to property investment, entrepreneurship, and talent.

Speakers at the Gulf Business panel further agreed that the UAE must continue to attract both locals and internationals by remaining competitive and forward-thinking. But they agreed that so far, it’s done that well.

Henley & Partners data supports this. The UAE ranks as the second most popular “address country” among its investment migration applicants, trailing only the US: a sign not just of interest, but of commitment.

Indeed, Dubai’s HNWI population has grown by 102 per cent over the past decade, according to Julius Baer.

Britain’s Wexit, America’s paradox

While the UAE enjoys a windfall of wealth, others are experiencing capital flight. The UK is forecast to lose 16,500 millionaires this year, the largest net outflow ever recorded. Policy changes, including the closure of the Tier 1 investor visa and reforms to the non-dom tax regime, have accelerated the exodus.

The US, meanwhile, continues to attract millionaires with its entrepreneurial ecosystem, drawing a projected 7,500 in 2025.

With 165,000 millionaires expected to migrate annually by 2026, the landscape is shifting fast.

As Julius Baer’s Rishabh Saksena puts it, “Dubai is not only growing — it is shaping the future of urban living.” And in a world where capital moves quickly, that may be the UAE’s greatest asset.

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