Dubai SME and Dubai Land Department have signed an MoU to integrate Emirati SMEs into the real estate sector. The agreement aims to provide SMEs with opportunities in property management and development, aligning with Dubai's Economic Agenda (D33). It includes training programmes and improved regulatory guidance, fostering entrepreneurship and strengthening Dubai's position as a global hub.
Dubai SME, part of the Dubai Department of Economy and Tourism, has signed a memorandum of understanding (MoU) with Dubai Land Department to strengthen the integration of Emirati small and medium-sized enterprises (SMEs) into Dubai’s fast-growing real estate sector.
Under the agreement, Dubai Land Department will enable Dubai SME members to access opportunities linked to owners’ associations and broader real estate operations. This includes collaboration with developers and real estate firms across design, contracting, consultancy and property management, expanding SME participation across the sector’s value chain.
The partnership is aligned with the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy by 2033 and position Dubai as a leading global hub for multinational corporations (MNCs), SMEs and local champions.
It also supports the Dubai Real Estate Strategy 2033, which focuses on increasing homeownership, boosting the sector’s contribution to gross domestic product (GDP), and enhancing market transparency and competitiveness.
Supporting long-term SME growth targets
Dubai SME aims to facilitate the launch of 8,000 new businesses by 2033 and increase the number of supported enterprises to 27,000, up from 19,000 at the end of 2024, as part of broader efforts to strengthen Emirati entrepreneurship.
Ahmad Al Room Almheiri, acting chief executive officer of Dubai SME, said: “Inspired by our city’s visionary leadership, this partnership with Dubai Land Department reflects our commitment to embedding Emirati entrepreneurs more deeply within Dubai’s high-growth sectors, particularly real estate, which remains a cornerstone of the Emirate’s economic diversification programme. By strengthening collaboration between government entities and creating direct pathways for engagement between Emirati entrepreneurs and developers, we are bolstering confidence in sustained government support for SMEs and positioning Dubai as a leading global hub for entrepreneurship and innovation.”
Abdullah Ahmed Al Shehhi, chief executive officer of the Real Estate Regulatory Agency at Dubai Land Department, added: “This agreement underscores Dubai Land Department’s commitment to strengthening integration across government entities and expanding strategic partnerships that support the sustainable growth of Dubai’s real estate sector. We consider Small and Medium Enterprises key contributors to the sector’s value chain, and we are keen to empower them to operate in a clear, enabling regulatory environment while enhancing their readiness to participate in various real estate activities.
Al Shehhi added: “We are also committed to providing regulatory and advisory frameworks that enhance compliance levels and support the development of national talent, in line with the objectives of the Dubai Real Estate Strategy 2033, ultimately strengthening the market’s competitiveness and transparency.”
L to R: Abdullah Ahmed Al Shehhi, chief executive officer of the Real Estate Regulatory Agency at Dubai Land Department, and Ahmad Al Room Almheiri, acting chief executive officer of Dubai SME/Image: Supplied
Focus on regulation, training and market access
The agreement includes joint initiatives to improve regulatory awareness and compliance among SMEs, with DLD providing guidance on real estate legislation and operational requirements.
Dubai SME will support the rollout through training programmes, awareness campaigns and matchmaking initiatives connecting SMEs with developers and sector stakeholders. Developers that actively support SME participation will also be formally recognised.
The partnership comes amid sustained growth in Dubai’s real estate market. In 2025, the sector recorded more than 270,000 transactions valued at over Dhs917bn.
Momentum has continued into 2026, with approximately Dhs252bn in transactions across more than 60,000 deals in the first quarter alone. Total real estate investments during the same period reached around Dhs173bn, reflecting strong demand and investor confidence.
The collaboration highlights Dubai’s continued focus on aligning public sector initiatives with private sector engagement to drive inclusive growth, strengthen entrepreneurship and reinforce the emirate’s global competitiveness.
AFM Holding focused on steady growth with diversified, tech-led strategy, says chairman
Founder and chairman Maqsood Mohommad outlines how the UAE-based group is balancing resilience and expansion with a targeted 20 per cent growth trajectory over the next five years
Maqsood Mohommad, founder and chairman of AFM Holding Group, is steering a UAE-based diversified business with interests spanning real estate, digital marketing, e-commerce, trading, and apparel. Here, he shares how the company, with a focus on resilience, technology integration, and long-term value creation, is poised for steady expansion while navigating evolving market dynamics.
How is AFM Holding ensuring business continuity while positioning itself for sustained growth over the next five years?
AFM Holding continues to operate as usual, supported by a diversified portfolio spanning real estate, digital marketing, e-commerce, trading and apparel. Headquartered in the UAE, the group’s multi-vertical model is designed to balance risk while capturing opportunities across sectors.
The company is projecting steady expansion of around 20 per cent over the next five years, driven by a dual strategy of strengthening existing businesses and launching new ventures aligned with evolving market demand and long-term economic trends.
This approach centres on measured, sustainable growth. AFM Holding is focused on scaling current operations while selectively introducing new businesses, alongside continued investment in talent, technology and partnerships to support innovation, operational efficiency and long-term value creation.
How is technology reshaping the sectors you operate in in the UAE?
Technology is reshaping how businesses organise themselves, make decisions, and serve their clients. In the UAE, it has raised expectations around speed, service quality, and transparency.
At AFM Holding, we see technology as a way to improve how we work, not complicate it. It helps us plan more clearly, reduce inefficiencies, and stay aligned across our businesses. When systems are simple and structured, teams can focus on what truly matters: quality, growth, and long-term value.
What are some trends that will shape the sectors you operate in?
One major trend is the shift toward efficiency and smarter operations. Companies are no longer focused on growing bigger, but on growing better.
Another important trend is stronger leadership and accountability. As markets mature, businesses are expected to be more transparent, well-structured, and value-driven. Those who think long-term and build trust will be the ones who stand out.
What is the anticipated growth of the sectors you operate in in 2026?
We expect steady and healthy growth across our core sectors through 2026, supported by strong fundamentals in the UAE, such as investor confidence, population growth, and regulatory clarity.
However, what will truly differentiate businesses is not growth in volume, but growth in capability. Technology has always been central to how we operate, and today that increasingly means leveraging AI, data analytics, and automation to improve decision-making, efficiency, and transparency across all our verticals.
What are your plans for the next five years?
Our vision for the next five years is to shape AFM Holding into a truly connected and future-ready ecosystem. We are embedding technology, AI, and data into the foundation of how we think, operate, and grow across the group.
At the same time, we are very clear that technology should support people, not replace them. Our focus is on training and upskilling our teams so they can confidently work with new technologies. We want our people to feel secure, valued, and prepared for the future, knowing that their roles will evolve with new skills rather than disappear.
Progress is never driven by systems alone. It is driven by people with conviction, curiosity, and courage. Our role as leaders is to create an environment where talent can learn, adapt to change, and build with confidence. Long-term success comes from alignment between vision, values, people, and execution.
What are some key investments to look forward to in 2026?
We are investing where the future is being shaped, in technology, intelligence, and people. AI-driven platforms, advanced analytics, and automation will allow us to operate smarter and serve better, but our greatest investment remains human potential.
When technology and talent move forward together, businesses become resilient, adaptable, and impactful. Every investment we make is guided by one principle: to build lasting value today while shaping opportunities for tomorrow.
UAE schools are officially resuming in-person learning from April 20th, but the return will be phased. Many schools must first pass inspections and gain approval from the KHDA or Ministry of Education. Consequently, distance learning will continue in some institutions beyond that date while staff receive training and safety measures are implemented. Safety and compliance are paramount.
Schools across the UAE are officially set to resume in-person learning from April 20, but for many, the return to classrooms will possibly be delayed by a few days as they work to meet final regulatory requirements.
The UAE Ministry of Education confirmed on Wednesday night that students will begin returning to campuses from April 20.
However, the rollout is expected to vary across institutions, with schools required to first pass inspections and secure final approvals — meaning a number are likely to continue with distance learning beyond that date.
The ministry itself underscored this point, stating that reopening will depend on “schools’ completion of the necessary readiness and preparation plans, including facility preparedness, training of educational and administrative staff, and the updating of safety and security procedures.”
In Dubai, the return is expected to be phased, with schools needing clearance from the Knowledge and Human Development Authority (KHDA) before welcoming students back on campus.
In a note to parents seen by Gulf Business, one particular Dubai school noted that KHDA will “first carry out inspections of all school buildings before granting approval for in-person provision”, with the process expected to be completed by the middle of next week.
“As part of this process, the KHDA will first carry out inspections of all school buildings before granting approval for in-person provision. They aim to complete these inspections by the middle of next week,” the school said.
The school added that although it is fully prepared, it cannot yet confirm a firm return date.
The update reflects a broader pattern across Dubai, where several schools are preparing for a staggered reopening rather than an immediate return to classrooms.
According to a report by Gulf News, some schools have already confirmed that distance learning will continue into next week as they complete staff training, safety drills, and compliance processes required for KHDA approval.
Others have said they are “ready and waiting for inspection”, with reopening timelines dependent on how quickly regulators can complete checks across campuses.
Schools are also being required to introduce measures, including parental consent for in-person attendance and mandatory staff training before reopening.
In some cases, April 20 will be used for staff training, meaning online learning will continue in a modified format before students return to classrooms.
Authorities have emphasised that safety and compliance remain the top priority, with no school permitted to reopen until it meets all requirements set out by KHDA and the Ministry of Education.
The patience principle: Why the best developers know when to wait
Dubai’s real estate market has always rewarded timing, but in 2026 it is discipline, not speed, that is separating short-term momentum from long-term success
Image: Dubai Media Office/ For illustrative purposes
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Anyone who has worked in Dubai’s real estate market for a while knows that timing matters and luck certainly plays its part. But what keeps you in the game is discipline; the discipline to really do your research, and the discipline to hit pause when everyone around you is sprinting forward.
Patience is a virtue that rarely gets the spotlight, yet it’s often what separates developers who are simply along for the ride from those who build things that endure.
There’s no doubt this has been a challenging start to 2026 for the region, but Dubai enters the year with the confidence that comes from a long run of strong performance.
The city continues to attract end‑users and investors who see it as a well run, dynamic environment with a clear long‑term vision.
Developers, in turn, have been responding with ambitious new communities and large scale projects that will shape the skyline for years to come. Even amid global uncertainty, the UAE economy has remained resilient, supported by robust non‑oil sectors and steady investor confidence.
Momentum like this makes it tempting to move fast, but speed alone has never been what made Dubai successful.
HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, said in 2026: “The future belongs to those who can imagine it, design it and execute it. It isn’t something you await, but rather create.” That applies to development in a very practical way; the real work isn’t in the rush, it’s in the readiness.
In the projects I’ve been part of – from master‑planned communities to high density towers – the early thinking stage has consistently been the difference maker.
Deliberation is the good kind of slow, but delay is something else entirely. Delay happens when a decision is rushed or a risk is ignored; it’s the financing gap you didn’t anticipate, the contractor who isn’t aligned, and the procurement oversight that suddenly stops your site cold. Delay always costs you – in holding expenses, in reputation, in trust.
This distinction between deliberation and delay matters more than ever as the market enters one of its most active phases in years.
After the high speed momentum of 2025, the mood in 2026 is noticeably more considered. Buyers are weighing infrastructure, location, design quality, build standards, and developer credibility with far more scrutiny.
Branding and speed‑to‑market no longer carry the same weight; people are thinking harder about where and how they want to live or invest.
For developers, this means the pressure to rush isn’t just misplaced, it’s counterproductive. The projects that succeed in this climate are the ones grounded in process, not pace. They’re the projects where teams were willing to pause at the right moments to refine or rethink issues before it was too late to change.
To me, ‘readiness’ is when the moving parts of a project are actually talking to each other, creating a sense of coherence and stability that carries through to delivery.
And as a final point in favour of patience, it’s worth remembering that Dubai’s greatest developments weren’t the fastest to launch — they were the ones most prepared to last.
BNW Developments reported record-breaking Q1 2026 sales of Dhs802.3m, a 281% increase year-on-year, demonstrating strong investor confidence in the UAE's resilient real estate market. The company's success, driven by investment-grade developments and premium residences, comes amid regional uncertainty. BNW is expanding its footprint with new projects across the Emirates, positioning 2026 for further growth.
BNW Developments, one of the UAE’s luxury real estate developers, has reported a sharp surge in sales for the first quarter of 2026, marking the strongest performance in its history.
The company recorded total sales of Dhs802.3m in Q1 2026, representing a 281 per cent increase compared to the same period last year. The figures signal accelerating momentum and highlight sustained investor confidence in the UAE’s real estate sector.
Image credit: Supplied photos
The near fourfold increase comes despite a backdrop of regional geopolitical uncertainty, underscoring the resilience of the UAE’s property market. Industry observers say the performance reflects strong trust among investors and residents in the country’s long-term economic vision and stability.
The results also reinforce confidence in BNW’s strategy, particularly its focus on investment-grade developments and premium branded residences.
Leadership perspective
Dr Ankur Aggarwal, chairman and founder of BNW Developments, emphasised the significance of the milestone.
“Dhs802m in a single quarter is not a number we take lightly,” he said. “It is the result of years of disciplined planning, the right partnerships, and an unshakeable commitment to building things that last. The market is speaking, and it is speaking clearly.”
He added that construction across all BNW projects is progressing on schedule, with no changes to planned handovers.
With the recent launch of Orvessa Residences by Michel Adam marking its entry into Dubai, BNW is expanding its footprint beyond Ras Al Khaimah. The company currently has a pipeline of 12 projects across the UAE, positioning 2026 as a potentially defining year.
Photos and video: All the action from our Resilience in Motion roundtable
Senior business leaders gathered for Gulf Business’ Resilience in Motion roundtable on April 15 to assess the impact of regional tensions, share real-time responses, and explore why the UAE remains structurally positioned to weather another period of uncertainty.
Gulf Business convened executives in Dubai to discuss resilience amid regional uncertainty. Group Editor Gareth van Zyl highlighted the UAE's economic strength, driven by sustained growth, diversification, and fiscal conservatism. Its low debt and history of government intervention position the UAE to weather shocks and maintain long-term growth. The roundtable fostered a practical exchange on immediate challenges and future prospects.
Against the backdrop of ongoing regional uncertainty, Gulf Business convened 15 senior executives and business leaders for its Resilience in Motion roundtable on April 15 in Dubai, bringing together voices from across sectors to assess the current landscape and chart a path forward.
The closed-door session took place at a time when businesses across the Middle East are navigating a wave of disruption, amid recent geopolitical tensions. Yet, as highlighted in an opening presentation by Gareth van Zyl, group editor of Gulf Business, the UAE’s long-term track record offers a compelling case for resilience.
Van Zyl pointed to the country’s consistent economic expansion over the past decades, underpinned by strong GDP growth and a steady climb into the ranks of the world’s leading economies. Today, the UAE stands firmly among the global “premier league” of nations, with one of the highest GDP per capita levels internationally — a reflection of both sustained investment and economic diversification.
Building on this context, the roundtable discussion was structured to move from immediate realities to future outlooks, creating a dynamic and practical exchange of perspectives among participants.
Photo gallery
Top (L–R): Abhay Bhargava; Sheldon W. Serrao; Shailesh Dash; Mahmoud Ahmed Ismail; Capt. Pradeep Singh; Aurélien Paradis; Gareth van Zyl; Amit Jhunjhunwala; Elias Qarut; Ansh Kataria; Navneet Mandhani; Rahul Singh.
Bottom (L–R): Mohammed Aamir Siddiq; Neesha Salian; Reena Roy; Alex Mather.
Participants arriving at Dubai Media One Hotel.
Shailesh Dash, Founder and Mentor, Dash Venture Labs, making a final point.
Reena Roy, Head of Human Resources, Middle East, Cognizant Technology Solutions.
From left to right: Ansh Kataria, Relationship Manager, Elevate Wealth, Reena Roy, Head of Human Resources, Middle East, Cognizant Technology Solutions, Amit Jhunjhunwala, Director & Chief Investment Officer, Nisus Finance.
Networking taking place prior to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Networking taking place prior to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Networking taking place prior to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Networking taking place prior to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Networking taking place prior to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Networking taking place prior to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Mohammed Aamir Siddiq CEO, Main Realty.
Aurélien Paradis, CEO, AU Group Middle East & Africa (left) speaking with Elias Qarut, Managing Partner and CEO, Eyeconyx (right).
Networking taking place prior to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Networking taking place prior to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Networking taking place prior to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Networking taking place prior to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Networking taking place prior to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Attendees listening in to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Attendees listening in to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Gareth van Zyl, Group Editor of Gulf Business, delivering his talk.
Gareth van Zyl, Group Editor of Gulf Business, delivering his talk.
Gareth van Zyl, Group Editor of Gulf Business, delivering his talk.
Up to 15 high level speakers took part in the Gulf Business Resilience in Motion Roundtable on 15 April in Dubai.
From left to right, Mahmoud Ahmed Ismail, Head of Sales, Meraki Developers; Sheldon W. Serrao, Senior Consultant, Talion Search; Navneet Mandhani, Founder & CEO, Karma Developers; Capt. Pradeep Singh, Founder & Chairman, Karma Developers; and Shailesh Dash, Founder and Mentor, Dash Venture Labs.
Attendees listening in to the Resilience in Motion roundtable on 15 April, 2026 in Dubai.
Shailesh Dash, Founder and Mentor, Dash Venture Labs.
Aurélien Paradis, CEO, AU Group Middle East & Africa.
Elias Qarut, Managing Partner and CEO, Eyeconyx.
Mohammed Aamir Siddiq, CEO, Main Realty.
From left to right: Karma Developers; Capt. Pradeep Singh, Founder & Chairman, Karma Developers; Shailesh Dash, Founder and Mentor, Dash Venture Labs; and Aurélien Paradis, CEO, AU Group Middle East & Africa.
Picture far right: Aurélien Paradis, CEO, AU Group Middle East & Africa.
Capt. Pradeep Singh, Founder & Chairman, Karma Developers, putting forward a point of discussion during the session on April 15 in Dubai.
Capt. Pradeep Singh, Founder & Chairman, Karma Developers, putting forward a point of discussion during the session on April 15 in Dubai.
Far right: Group Editor Gareth van Zyl moderating the session, which consisted of 15 top speakers.
From left to right, Mahmoud Ahmed Ismail, Head of Sales, Meraki Developers; Sheldon W. Serrao, Senior Consultant, Talion Search; Navneet Mandhani, Founder & CEO, Karma Developers; Capt. Pradeep Singh, Founder & Chairman, Karma Developers; and Shailesh Dash, Founder and Mentor, Dash Venture Labs.
Video highlights
The speakers included:
Abhay Bhargava, Managing Director, Frost & Sullivan Middle East
Alex Mather, AI and outsourcing consultant
Amit Jhunjhunwala, Director & Chief Investment Officer, Nisus Finance
Reena Roy, Head of Human Resources, Middle East, Cognizant Technology Solutions
Shailesh Dash, Founder and Mentor, Dash Venture Labs
Sheldon W. Serrao, Senior Consultant, Talion Search
Mohammed Aamir Siddiq CEO, Main Realty
Resilience in motion: Key takeaways from the latest Gulf Business roundtable
By Neesha Salian, Editor, Gulf Business
Forty-three days into a regional crisis that has reshaped trade flows, diluted investor sentiment and put acute pressure on sectors from tourism to real estate, Gulf Business gathered 14 senior leaders at the Media One Hotel in Dubai on April 15 to have a frank conversation about what is actually happening on the ground, and what comes next.
The participants, Abhay Bhargava, MD of Frost & Sullivan; Rahul Singh, MD of A.A. Almoosa Enterprises (Dollar and Thrifty); Alex Mather, co-founder of Same Day Suits; Mohammed Amir Siddique, founder and CEO of Main Realty; Ansh Kataria, relationship manager at Elevate Wealth; Reena Roy, head of Human Resources Middle East at Cognizant Technology Solutions; Amit Jhunjhunwala, director and CIO at Nisus Finance; Mahmoud Ahmed Ismail, head of Sales at Meraki Developers; Sheldon Serrao, founder of Talion Search; Navneet Mandhani, founder and CEO of Karma Developers; Captain Pradeep Singh, founder and chairman of Aethon Group and Karma Developers; Shailesh Dash, founder of Dash Venture Labs and Ascent Partners; Aurélien Paradis, CEO of AU Group Middle East and Africa; and Elias Qarut, managing partner and CEO of Eyeconyx, represented a cross-section of sectors from real estate and finance to technology, insurance and events.
Before opening the floor, VanZyl framed the conversation with four data points. The UAE’s GDP growth over four decades is, by any global standard, exceptional, a trajectory that has absorbed the 1990 Gulf War, the 2003 Iraq war, the 2008 financial crisis and the Covid-19 pandemic without losing direction. GDP per capita stands at $51,000, placing the UAE alongside Canada. The debt-to-GDP ratio remains low, providing meaningful fiscal headroom. A fresh report from the Institute of Chartered Accountants of England and Wales projected a GCC GDP contraction of approximately 0.5 per cent in 2026, followed by acceleration of more than 8 per cent in 2027.
“There’s not a structural crisis that we’re living through right now,” VanZyl said. “It’s a situational crisis. And once the situation passes, the UAE will be in a very good position to take off once again.”
Theme 1: The Reality Check — What Has Changed?
None of the participants were inclined to minimise what had happened to their businesses. Singh described the collapse in tourism with precision. Hotel occupancies at properties operated by A.A Almoosa Enterprises had fallen to single digits, 5 to 7 per cent. Mall footfalls were down 50 to 60 per cent. Across a fleet of approximately 50,000 vehicles, the short-term rental business had been severely hit, with relief packages from airports and major malls yet to materialise. “It’s the tourist impact,” he said.
In real estate, Siddique and Mandhani both described a market that had shifted sharply from seller to buyer territory.
“I would say that for the real estate industry, whether it’s a developer or a real estate broker, it’s becoming more of a buyer’s market now than ever. The shift for many that have been used to seeing launches happening on a regular basis, now it’s more keeping a hold on projects and basically having the holding power to be able to sustain the change in climate and return of investors. Dubai always rebounds, and those with the holding power to sustain will see a benefit in the near future, like 2027 or 2028,” Mandhani said.
For Paradis, whose firm specialises in credit insurance, the current period was technically good for business, uncertainty drives demand for protection, but the wider picture was more sobering. His clients insure trades. If the Strait of Hormuz remains closed, there is no trade to insure. “The world cannot forget us,” Paradis said. Twenty per cent of global energy flows through the strait. Ten per cent of aluminium consumed in Europe and the US originates in this region. “If Hormuz stays closed, you cannot build wheels, make cars, make planes. It’s impossible that it stays closed. That’s what helps me sleep.”
Several of the most experienced voices drew on previous cycles. Dash, who has operated across the Gulf for 26 years, had witnessed the IPO boom that followed the Iraq war in Kuwait between 2003 and 2007. “The architecture of the UAE today is far better than it was in Kuwait at that point in time,” he said. Captain Singh reinforced the infrastructure argument: the Fujairah pipeline and a second pipeline due in 2027 would together cover approximately 3.3 million of the UAE’s 3.5-million-barrel daily export capacity. DP World was already expanding operations at Khor Fakkan. “Hormuz is extremely important for the region as a whole. But it doesn’t kill us today,” he said.
Serrao flagged a notable shift in inbound talent appetite. The image of Dubai as a safe haven, highly effective since Covid-19, had been complicated. Interest from candidates in India, Jordan, Eastern Europe and Southeast Asia had softened. “There is a lot of uncertainty and apprehension now,” he said.
Roy noted that the crisis was producing two distinct shifts inside her organisation. Locally embedded businesses were strengthening their technology infrastructure and cybersecurity in response to the uncertainty, but the talent picture was more complicated. “We may struggle to bring really skilled people in, and we are also seeing some people wanting to head out into other markets,” she said. “We have close to 700 people here in the Middle East and Pakistan. Employees are asking for more, related to their physical safety, related to what’s next for them. We have to respond faster, because they want to see that the company has a vision for the short term and the long term.”
Bhargava offered the most calibrated medium-term read. “Take a step back and look at what UAE, Saudi and Oman have been doing in the last seven years,” he said. “They’ve been building national visions centred on diversification. The part where I see a scale back is foreign direct investment into manufacturing. Companies sitting in another part of the world considering putting $10m or $100m into the Gulf, they are pausing. That could have a cascading effect on the inflow of people, and in turn on everything those people consume: food, automotive, luxury goods, real estate.” He expected FDI to soften for eight to twelve months, but argued the disruption would accelerate something more consequential, the shift from foreign capital dependency to local manufacturing capacity. “What would have happened in two and a half to three years will probably happen in the next three to six months,” he said.
Mather argued that the UAE’s emergence as the world’s first commercially operational 10-gigabit network society, with coverage reaching 80 per cent of the country by 2028, represented a structural advantage the room was underselling. “AI companies need to move large amounts of data faster than any other country can compete,” he said. “Commercially, we are years ahead of everybody else. Our data security means we are actually a lot stronger than we give ourselves credit for.”
Theme 2: What Are You Doing Differently?
The second theme drew out what participants had changed in their operations in the weeks since the crisis began. The responses were candid and practical.
Ismail described a deliberate shift in focus, away from sales activity and toward building the systems and team capability that had been deprioritised during the boom. “We’re running training sessions, developing our CRMs, building the narrative we’re going to hand to the market,” he said. “I know the market will recover anywhere between six to twelve months. What I am doing now is getting ready.”
Roy described a two-stage response: first, accounting for the physical safety of the team; then managing mental wellbeing and flexibility demands. Annual leave had been brought forward. Remote working options had been extended wherever compliance constraints permitted. “Physical safety and mental wellbeing have been the immediate response,” she said.
Paradis drew a sharp distinction between the options available to large multinationals and those available to SMEs. For a company like LVMH, the Middle East represents a fraction of global revenue, the losses are manageable. For an SME whose business is entirely within the GCC, the statement of cash flow has become the only financial document that matters. “You need to manage your cash very carefully. And when you restart, you have clients coming to you saying, I would like to work with you, but you need to offer me 60, 100, 120 days. How do you know if those businesses managed the storm properly?” That, he said, is precisely where credit insurance becomes a tool for recovery, not just protection.
Dash, who operates both as an investor through Dash Venture Labs and as a financial advisor through Ascent Partners, said the crisis had sharpened his focus on both fronts simultaneously. “As an investor, you have to be very close to your portfolio companies, be with the team much more than you used to, because things were going great on their own. As an advisor, all your clients today need working capital, one way or the other. If they don’t need it today, in three months they will. You can see that changing in real estate very fast. Everybody was planning for a bond issue, a bond listing. Those who have done it are sitting on cash. Those who were planning are going to have an issue. CFOs are calling. CEOs want to meet you. The key story is, you must be very close to your team and very close to your client. They need help today.”
Jhunjhunwala described a pivot to selective value investing, deploying capital only where fundamentals were intact and downside was demonstrably protected. “As private equity fund managers, our role is to protect the capital first,” he said.
Theme 3: Leadership Under Pressure
The third theme generated some of the most direct exchanges of the morning, as participants grappled with the human dimension of managing through a crisis.
Singh was frank about the pressure on people. Businesses that have seen their top line effectively disappear cannot simply hold the line indefinitely. His approach was to exhaust every alternative before touching headcount, advancing annual leave, eliminating overtime, cutting the operational fat that had accumulated during years of rapid growth. “This is a time, an opportunity in a crisis, to make systems and processes better,” he said.
Qarut distilled effective crisis leadership to three principles: empathy, creativity and flexibility. He was direct about the asymmetry between large corporations and SMEs. “Multinationals can skim off fat. An SME can only skim so much. After that, it’s either paying out of pocket or going out of business.” His prescription for managing the current period was to reduce the operational burn rate deliberately. “Put the business on a simmer, not a fry. Give it time. When it’s ready, just move forward.”
Captain Singh described the first days of the crisis as a war-room exercise: stress-testing cash flow, supply chain assumptions and default scenarios. “Are we okay for the next six months? Are we okay if supply stops, if construction doesn’t happen, if 20 per cent of people default?” The discipline, he argued, was to create buoyancy, finding new investors, new customers, new conversations, while keeping the existing team stable and purposeful. “You cannot become resilient just by deciding you want to be resilient from today. You learn from experience.”
Ismail framed leadership in a crisis around the obligation to project certainty. “Leaders must make the hard decisions as fast as possible. Don’t delay. Making the tough decisions faster is better than delaying the inevitable.” Mather added that this was also the moment to be deliberate about process, identifying what to automate, what to delegate and what to eliminate entirely, using AI and technology not as a future aspiration but as an immediate operational tool.
Theme 4: The Way Forward
The final theme was the one that generated the most energy. The consensus was not blind optimism but strategic conviction, grounded in experience and data rather than sentiment.
Bhargava anticipated a significant structural shift in how GCC capital is deployed. With FDI inflows softening, family businesses and sovereign entities would increasingly look outward, acquiring assets and revenue streams beyond the Gulf as a form of resilience. The localisation push that both UAE and Saudi governments had been building toward would accelerate. “What might have taken two and a half to three years will happen in the next three to six months,” he said.
Captain Singh reframed the question away from whether capital would leave and toward how new capital was being attracted. “The government is the enabler. The moment this is over, they will come out with so many new programmes. There will be new capital coming in. The question is not whether money goes out, we need to ask how we bring new money in.”
Qarut was the most direct. “The moment this war is over, you’re going to see concerts like you’ve never seen before. Tourism will come back. Hotels will be filled. Real estate for seasoned developers who haven’t crumbled under the pressure, they will reap the rewards of it. That I am one hundred per cent certain about.”
VanZyl closed the session by noting that public and private sector collaboration would be the natural subject of a future full-day summit. Several around the table agreed it was a conversation the room was already more than ready to have.
