A small fire at Dubai’s Mall of the Emirates prompted an evacuation alarm on Monday, September 7, after a garbage container caught fire in an external loading bay.

The blaze was quickly contained, with no injuries reported, according to Majid Al Futtaim, the mall’s operator.

A spokesperson for Majid Al Futtaim said: “We can confirm that an evacuation alarm sounded at Mall of the Emirates yesterday following a small fire in a garbage container in an external loading bay. The fire was quickly contained, no injuries were reported and the mall is operating as normal.”

The incident appears to have been confined to the mall’s external service area rather than its main shopping floors.

Majid Al Futtaim did not indicate that the fire caused structural damage or resulted in injuries to shoppers, employees or members of the public.

The evacuation alarm nevertheless triggered a precautionary response at one of Dubai’s busiest retail destinations, with people inside the mall instructed to leave while the situation was assessed.

Mall returns to normal

By Tuesday, September 8, Mall of the Emirates was operating normally, with the operator confirming that the incident had not disrupted regular operations.

The incident also generated discussion among Dubai residents online. However, available Reddit discussions did not provide independently verified details about the September 7 fire. Social-media reports can circulate rapidly, sometimes before official information is available.

In this case, the information provided by Majid Al Futtaim indicates that the fire was small, was contained quickly and did not result in injuries.

Major Dubai retail destination

Mall of the Emirates, located on Sheikh Zayed Road in Al Barsha, is one of Dubai’s major shopping and entertainment destinations. The centre features hundreds of retail outlets, restaurants and leisure attractions and is directly connected to the Mall of the Emirates Metro Station.

The shopping centre is operated by Majid Al Futtaim and attracts large numbers of visitors, making the precautionary evacuation response notable despite the limited nature of the fire.

The September 7 incident was therefore a minor fire that nevertheless prompted an evacuation alarm at the busy shopping centre.

Majid Al Futtaim has confirmed that Mall of the Emirates has since returned to normal operations, with no injuries reported. The company’s statement indicates that the fire was contained without further incident and that normal activity at the mall has resumed.

For years, wealth managers have solved the same problem differently: how to make do with fragmented systems. A client’s equities sit in one place, bonds in another, private markets in a spreadsheet. An advisor pieces together information manually. A portfolio view that should be real-time arrives as a static PDF. Onboarding takes weeks instead of minutes. And anyone below the high-net-worth threshold gets a product list instead of actual advice, because the cost to serve them profitably doesn’t work with legacy infrastructure.

That arrangement held when markets were stable, and change moved slowly. Today, it’s becoming a competitive liability. Clients expect personalised advice delivered fast. Regulators demand transparency. Market conditions shift rapidly. And the firms that are winning are the ones that realised something fundamental: infrastructure isn’t a back-office problem. It’s a strategic capability.

The shift is accelerating because the old constraints are lifting. AI is handling the manual reconciliation that used to require people. Cloud infrastructure removes the compute limits that made consolidated real-time views impractical at scale. Integration is now configuration, not a multi-year project. The result: modernisation is no longer a transformation programme. It’s something firms can actually switch on.

We spoke with Roger Rouhana, CEO of Alpheya, about what’s really holding wealth managers back, why the conversation about AI is actually a conversation about infrastructure, what open finance could unlock, and why the economics of wealth management are about to shift dramatically in favour of firms that act now.

Wealth management is growing rapidly, particularly across the Gulf. Is the industry’s infrastructure keeping pace?
The short answer is not always. For many years, innovation in wealth management was mainly expressed through products, largely aimed at the high-net-worth segment, while the underlying technology remained relatively unchanged. Advisors and investors have often been left working across systems that do not speak to each other, manually assembling information that should already be consolidated.

The cost of that lands on the end investor, not just the institution’s back office. Onboarding that should take minutes takes days or weeks. The portfolio view a client receives is a static snapshot that is already out of date by the time they read it, and it rarely reflects everything they hold. Access is fragmented in the same way: equities in one place, bonds in another, structured products through a relationship manager and a PDF, private markets somewhere else entirely, with no single intuitive interface where an investor can see the full opportunity set and act on it. Advice gets anchored to what a fragmented system can see rather than to the investor’s full financial picture.

And because the cost to serve is carried by manual processes, anyone below the high-net-worth threshold receives a product list rather than advice. The mass affluent and the next generation of investors are underserved by the lack of modern infrastructure.

That was manageable when markets were relatively stable, and the pace of change was gradual. Today, however, firms are operating in a very different environment. Clients expect faster, more personalised advice, regulators require greater transparency, and market conditions can shift rapidly.
The firms that will lead the next phase of growth are those that view infrastructure as a strategic capability.

AI is one of the most discussed topics in financial services. What role is it actually playing within advisory firms today?
According to our UAE Investor Survey, we found that more than 70 per cent of investors would consider AI as an alternative to a human advisor. It’s a notable finding, and part of why the conversation tends to focus on AI replacing advisors. But the more immediate transformation is happening inside firms, rather than in the client relationship.

Advisors and risk teams are starting to use AI to monitor portfolio exposures, test suitability against client profiles, surface relevant information at the point of decision, and improve operational efficiency. In other words, AI is helping professionals make better-informed decisions, rather than replacing them entirely, yet.

That said, the client-facing shift is closer than most people assume. Over the coming months investors will start seeing AI show up directly in their day-to-day experiences, as a co-pilot or a chatbot: something that explains why a portfolio moved in plain language instead of a factsheet, answers “can I afford this” against their actual holdings, flags concentration or currency risk before it becomes a problem, and translates a market event into what it means for them specifically. Not making the decision for them, but removing the gap between having a question and getting an answer that is grounded in their own position. The advisor stays in the loop for judgement, context, actual advice, and for the conversations that matter.

However, the effectiveness of AI is only as strong as the infrastructure beneath it. The value of AI scales with the quality, accessibility and governance of the data it draws from, and the agents it leverages. Which is why a conversation about AI is usually a conversation about infrastructure.

Open finance is also gaining momentum globally and in parts of the Gulf. How significant could it be for wealth management?
Open finance has the potential to fundamentally improve how advice is delivered because it enables client data, with appropriate consent, to move across systems that have traditionally operated in isolation.

It is worth separating two things that often get collapsed into one. Open Banking is the mature end of this: current accounts, payments, transaction history, standardised APIs, and in most markets a regulatory mandate behind it. Open Wealth is the harder and less developed half – portfolio holdings, custody positions, private markets exposure, mandates and performance data. The data is more complex, the formats are less standardised, and there is no equivalent regulatory push in most jurisdictions yet. That gap matters, because a client’s financial picture is not complete without the asset side.

Where it does work, both advisors and investors can see a client’s full financial position in one place, which is difficult to do when that information is spread across different accounts and systems. When an advisor can view a client’s financial position clearly across accounts, institutions and asset classes, they are then in a much stronger position to provide informed and timely advice.

That being said, governance remains critical. As information flows between institutions, regulatory frameworks must continue evolving to ensure accountability, security and clarity around decision-making responsibilities. The opportunity is significant, but trust and governance have to develop alongside innovation.

Data fragmentation has been a longstanding issue in the industry. Why does it remain such a challenge?
One of the main reasons is due to the fact that wealth management grew incrementally. Systems, platforms and providers were added over time, and firms are now operating layers that were never built with one another in mind.

Many firms still struggle to produce a single consolidated view of client portfolios, assets and exposures. When markets are calm, that inefficiency stays hidden.

During periods of uncertainty or rapid movement, it becomes very visible – slower decisions, more operational risk, and a less consistent client experience.
I would take the other side of this for the next five years, though. Fragmentation has been a hard problem largely because reconciling data across systems was manual and expensive. That constraint is lifting. AI-driven reconciliation now handles the ‘messy middle’ that historically required people.

Cloud infrastructure removes the compute and storage limits that made consolidated real-time views impractical at scale. And the integration layer itself has become cheap enough that connecting to a new custodian or data source is a configuration exercise rather than a project.

The result is that consolidation stops being a multi-year transformation programme and becomes a capability firms can switch on. Five years from now I expect fragmentation to be a solved problem for institutions that choose to solve it, and the differentiator will move from who has a single view to what they do with it.

Why do you believe technology infrastructure will become a key differentiator for wealth managers?
Because the business itself is changing shape. Wealth management is digitising, growing more complex, more asset classes, more jurisdictions, more regulatory obligations, more products per client, and doing it under pressure from two directions at once.

Investors expect the experience they get everywhere else in their financial lives. Markets move faster than the operating models built to serve them. Infrastructure sits underneath all three of the things that follow from that: the client experience you can deliver, the investment performance and risk oversight you can actually evidence, and whether the economics scale for the wealth manager.

The economics point is the one that gets underweighted. Legacy infrastructure means cost grows roughly in line with clients served, because the marginal client is absorbed by people rather than by systems. That sets a floor on who you can serve profitably, which is why so much of the industry has converged on the same high-net-worth segment while the mass affluent are left with product rather than advice. Modern infrastructure breaks that link. When onboarding, reconciliation, suitability and reporting are handled by the platform rather than by headcount, the cost to serve the ten-thousandth client is close to the cost to serve the hundredth. That is not an efficiency story.

The gap is already visible. Firms that modernised are now adding capability on top of a working foundation: AI, real-time views, broader access to financial products, cool analytics. Firms that did not are still spending their budget keeping the current estate standing, which means every year of deferral makes the eventual programme larger and the distance greater.

Most firms now accept that infrastructure matters. The pace and depth at which they adapt their value proposition, with infrastructure at the heart of their transformation, is what will separate the industry over the next five years.

Read: EIB’s Michel Longhini on why independence will define the next era of UAE private banking

His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has approved a part-time employment system across Sharjah Government departments to provide jobs for 1,000 senior citizens, as part of a wider package of employment, social support and pension measures.

Sheikh Dr Sultan also approved increased social support for 1,473 beneficiaries of social services, salary increases for 3,270 Sharjah Government employees in senior grades and higher pension payments for 1,470 retirees from the Sharjah Government, with the increases calculated according to grade.

Wider pay and recruitment measures

The Ruler directed that the salary increases cover all Sharjah Government employees, including those working in centralised and decentralised entities as well as universities.

He also ordered government departments to accelerate recruitment during the remaining months of the year to fill 1,200 positions, helping the emirate reach its 2026 target of creating 3,000 new jobs.

Read more: You clicked ‘Apply’ — now what? What GCC hiring platforms really do with your resume

The measures were announced during Sheikh Dr Sultan’s participation in a phone-in on the Direct Line programme, broadcast by the Sharjah Broadcasting Authority.

Part-time jobs designed for seniors

Speaking about the new employment system, Sheikh Dr Sultan said the programme is intended primarily for older people who are no longer suited to full-time employment but could benefit from remaining active and connected to society.

“Today’s approvals included the part-time work system for the Sharjah Government. This programme isn’t aimed at employing retirees who are still able to handle full-time work . It is aimed at the older person who spends his days at home, with little left to look forward to,” he said.

Sheikh Dr Sultan said senior citizens could work two or three days a week, or for one or two hours a day, depending on their capabilities.

“Even if he comes to work leaning on a cane, I want him to join us, so his spirit is lifted, so he feels the pleasure of contributing to the service of the nation and society, and so he earns a wage for his work,” he said.

Flexible roles and workplace support

Sheikh Dr Sultan said the jobs would be designed to be manageable and meaningful, rather than physically demanding.

He cited checking tickets at Sharjah museums as one example, explaining that a senior employee could sit in an air-conditioned chair at the entrance, check visitors’ tickets and assist them before they enter.

Employees would also receive transportation to and from their homes through vehicles provided by their workplaces and driven by company drivers.

“I’m not targeting those who are able to work full-time, my aim with this programme is to bring senior citizens out of the house and involve them in life with us,” Sheikh Dr Sultan said.

He added that the initiative is intended to give senior citizens a reason to leave home, interact with other people and remain engaged with their communities.

Two employment models

Sheikh Dr Sultan said the programme will operate under two systems.

Under the first, employees will work on an hourly basis for one or two hours a day, depending on their capabilities. Under the second, employees will work three non-consecutive days each week, allowing a rest day between shifts.

“The part-time employment programme is divided into two types. The first is an hourly system, where the employee works just one or two hours a day, depending on their capability. The second is a daily system, where the employee works three non-consecutive days a week, resting after each working day,” he said.

The Ruler said the programme will operate under a special framework separate from the financial calculations of the Human Resources Department.

“This programme doesn’t fall under the financial calculations of the Human Resources Department—it has its own special system, which I created myself,” he said.

The initiative, he added, reflects Sharjah’s broader aim of keeping all segments of society engaged and contributing to community life.

“We ask God to protect our seniors and grant them a dignified life,” Sheikh Dr Sultan concluded.

The dealmaking game has fundamentally changed. It’s no longer about the number of transactions closing or the capital sitting on the sidelines waiting to deploy. It’s about strategy. It’s about execution certainty. And it’s about knowing, before you ever put in a bid, whether you can actually close.

For Middle Eastern buyers, particularly those in the UAE and Saudi Arabia, this shift creates a real moment. For years, the region was characterised by capital abundance but limited deal sophistication. Now, that’s flipping. The buyers who are winning internationally are the ones who’ve figured out that a superior funding plan can actually win deals. That financing flexibility isn’t a luxury—it’s a competitive differentiator. And that the AI infrastructure boom isn’t about software: it’s about power grids, cooling systems, and the unglamorous but essential backbone that makes AI possible at scale.

Here, Lukas Poensgen, co-head of EMEA M&A at Bank of America, and Eddie Martin, head of EMEA Leveraged Finance, discuss what’s driving the next wave of dealmaking, why the Middle East’s advantages in energy and policy matter more than people realise, and what could actually derail the momentum.

Global M&A has regained momentum. What is different about this cycle?
Poensgen: The recovery is being led by value rather than the number of transactions. We are seeing larger, strategic situations, while activity at the smaller end is more measured. Global deal value is on track to surpass $6tn in 2026, with larger transactions driving activity.

In MENA, 643 transactions worth $48.7bn were announced in the first half of the year, according to LSEG Deals Intelligence. More stable financing conditions have helped. There is also a behavioural shift: as companies see competitors pursue strategic opportunities, there is greater pressure to consider where M&A can accelerate growth or strengthen competitive positioning.

How has financing become part of the strategic decision?
Martin: Financing can no longer be arranged only after a price has been agreed. Buyers need to consider funding certainty, structure and flexibility from the outset because these factors can affect valuation, execution risk and the transactions they can pursue. The backdrop is materially stronger than it was 18 months ago. Bank financing capacity has strengthened, loan and high-yield markets are available, and private credit remains relevant where borrowers need flexibility. For well-prepared buyers, the advantage is having genuine choice rather than relying on one source of capital.

Is the financing dynamic different in the Middle East given the region’s access to capital?
Martin: It can be. For many of the region’s largest buyers, the question is not simply whether capital is available, but how best to fund a transaction. Strong balance sheets provide flexibility, while external financing can preserve liquidity, optimise the capital structure and maintain capacity for other investments. As Middle Eastern buyers pursue larger and more complex cross-border transactions, having several financing options available can strengthen execution certainty and provide greater flexibility around how capital is deployed.

What does that mean for UAE and Saudi buyers pursuing opportunities overseas?
Poensgen: It makes early alignment between investment strategy, financing and regulatory planning especially important. Outbound M&A by MENA acquirers totalled approximately $25bn in the first half of 2026. In competitive cross-border processes, execution certainty can be a differentiator. Sellers assess not only price, but also the credibility of the funding plan, the buyer’s regulatory preparedness and its ability to complete.

How is AI changing what companies want to own?
Poensgen: The opportunity extends well beyond software. There is increasing focus on the “picks and shovels” of the AI economy: power generation, electricity grids, data-centre infrastructure, cooling systems and industrial technologies. At the same time, some sponsors are more cautious about software businesses whose competitive position five years from now is difficult to predict. That is increasing the relative appeal of established industrial and infrastructure assets. The key question is which businesses provide the energy, equipment and physical infrastructure required for AI adoption at scale.

Does this create a distinctive opportunity for the UAE and Saudi Arabia?
Poensgen: Both markets combine access to capital, policy ambition and potential advantages in energy availability, all of which matter for data-intensive infrastructure. The investment case must still be assessed project by project, including power requirements, financing structure and revenue visibility. The opportunity extends across the infrastructure required to support AI at scale, from power and cooling to connectivity and industrial supply chains as well as partnerships that can bring technology and manufacturing capability into the region.

Which other sectors could drive Middle East-related cross-border activity?
Poensgen: Infrastructure, energy, digital connectivity and advanced manufacturing are likely to remain important areas of cross-border activity for the region. These sectors align closely with economic diversification priorities and the growing focus on technology, energy security and industrial development. We are also seeing interest in opportunities that can bring strategic capabilities, technology and expertise into the region through partnerships and long-term investments. Increasingly, M&A is not simply a way to deploy capital, but a route to acquiring capabilities and building strategic positions internationally.

What could disrupt deal activity in the second half?
Martin: The market has remained resilient through geopolitical shocks. A more material risk would be a deterioration in financing conditions, particularly if renewed inflation led to a sharp rise in interest rates. That would affect debt affordability, investor demand and valuation expectations. Geopolitics still matters if it disrupts energy markets or the wider macroeconomic environment, but uncertainty does not automatically stop strategically important transactions. Buyers should preserve financing alternatives rather than depend on a single market remaining open. For Middle Eastern buyers with significant liquidity, that optionality can also preserve balance-sheet capacity for a broader investment programme.

What is your outlook for M&A in the UAE and wider Middle East?
Poensgen: We expect the region to remain an important force in international dealmaking. Outbound M&A by MENA acquirers totalled approximately $25bn in the first half of 2026. Activity will continue to be shaped by economic diversification, AI infrastructure, energy, advanced manufacturing and the international ambitions of sovereign and strategic buyers. The region is increasingly contributing not only capital, but long-term industrial ambition and strategic partnerships that can shape cross-border investment.

And from a financing perspective?
Martin: Access to capital is clearly a strength of the region, but the differentiator is increasingly how that capital is deployed. Financing flexibility can help preserve liquidity, optimise capital structures and maintain capacity to pursue multiple opportunities. That becomes increasingly important as Middle Eastern buyers pursue larger and more complex transactions internationally.

Saudi Arabia’s Ministry of Energy said several energy sector facilities and installations in the Kingdom’s southern region were targeted in attacks on Tuesday morning, triggering fires and forcing a temporary suspension of some operations, according to the Saudi Press Agency (SPA).

An official source at the ministry said the relevant authorities immediately began responding to the incident and implemented all necessary measures to contain the situation.

The attacks caused fires at several locations, resulting in the temporary halt of some operations. Specialised emergency teams have since been deployed to extinguish the fires, secure the affected sites and assess the extent of the damage, SPA reported.

The ministry also confirmed that several Saudi citizens and residents sustained injuries of varying severity in the attacks and are receiving medical treatment while response operations continue.

Authorities said they remain focused on managing the aftermath of the attacks, safeguarding energy facilities and personnel, and ensuring operational continuity through approved contingency plans.

No further details were provided on the extent of the damage or the parties responsible for the attacks.

Read: Saudi Aramco’s Jazan refinery reportedly attacked