As geopolitical volatility reshapes where global capital goes, the Gulf is increasingly being treated not just as a market to invest in, but as a platform from which global businesses are built. Mohamed Fairooz, Middle East lead at SC Ventures, the venture-building arm of Standard Chartered, spoke to Gulf Business about why the region is drawing capital into digital assets, tokenisation and financial infrastructure, and why the next chapter is less about funding startups than building globally relevant companies.

From stablecoins and programmable money to the convergence of AI and finance, Fairooz lays out where the real opportunities lie, and why trust, governance and execution will decide who wins.

The Middle East has experienced significant geopolitical volatility in recent years. How is this reshaping investment flows into the Gulf?

The Gulf is increasingly emerging as a platform from which global businesses are built.

While geopolitical volatility has made investors more selective, it has also increased the appeal of markets that offer increasingly clear regulatory frameworks, policy continuity, and long-term growth ambitions – the Gulf is one example of such a market. What makes the Gulf different is that innovation is not driven purely by venture cycles; it has become part of national economic strategies. As a result, capital is increasingly flowing towards areas aligned with those priorities, from digital assets and AI to financial infrastructure and trade enablement.

Investors are also looking beyond returns. They are asking who regulates the infrastructure, where it sits, and whether it can scale sustainably. Trust and strong governance are becoming Important competitive differentiators. That is creating demand for institutionally backed platforms capable of helping address real-world problems. At SC Ventures, we see our role as building and scaling those businesses, combining entrepreneurial agility with the governance and credibility of a global bank.

The UAE has emerged as a leading hub for digital assets and financial innovation. What factors are driving this momentum?

The UAE’s momentum has been driven by its move from talking about innovation and instead has started building around it.

Regulatory clarity, policy ambition, and execution have given institutions the confidence to commit capital and build for the long term. While many markets are still defining frameworks, the UAE has focused on creating an environment where innovation can move from experimentation to commercial reality.

What’s particularly compelling is that digital assets sit within a much broader economic vision. The government’s ambition to significantly increase the digital economy’s contribution to GDP demonstrates a long-term commitment to innovation-led growth.

The next chapter is likely to be defined by infrastructure: custody, settlement, tokenisation, and trusted market rails and by creating globally relevant ventures from the region. This is reflected in the decision by several businesses across the SCV portfolio to establish a presence in the UAE.

As traditional financial institutions increasingly explore blockchain-based solutions, where do you see the biggest opportunities?

A real opportunity is rebuilding financial infrastructure for a digital economy.

For decades, financial systems have operated through layers of intermediaries, reconciliation processes, and settlement delays. Blockchain technology creates an opportunity to move value with a level of efficiency and programmability that is much closer to the way that information moves today. Across SC Ventures’ portfolio, we support businesses developing institutional-grade digital assets infrastructure.

More specifically, there are real opportunities in three key areas. Firstly, if we were to consider payments, then stablecoins have the potential to improve payments and cross-border settlement by enabling 24/7 and near-instant remittances. Secondly, tokenisation can improve liquidity in certain assets that have historically been difficult to access or transfer. Thirdly, institutional-grade custody and market infrastructure could provide institutions with the confidence to explore l and participate in digital asset markets at scale.

Ultimately, the long-term impact of blockchain will be measured less by digital asset trading volumes and more by how effectively it modernises the underlying plumbing of financial services.

Stablecoins are gaining traction as a foundation for next-generation payments. What role will they play in the region?

Stablecoins are increasingly evolving from a crypto use case.

The Gulf is uniquely positioned to benefit because it sits at the intersection of global trade, remittance flows, and cross-border commerce. Stablecoins can significantly improve how money moves across those networks by reducing costs, shortening settlement times, and increasing transparency.

Globally, most stablecoin activity remains tied to the US dollar, but the emergence of regional currency-backed stablecoins creates an opportunity to build more localised payment ecosystems. The UAE has already introduced initiatives in this area through regulatory progress and real-world deployment.

As adoption grows, institutional-grade infrastructure becomes crucial.

Which sectors or asset classes will see the greatest impact from tokenisation?

Tokenisation has the potential to become one of the most significant technological upgrades to financial markets in decades.

Early adoption across asset classes such as money market funds, deposits, bonds, and the real estate sector is likely, as these are asset classes and sectors where the benefits around efficiency, liquidity, and accessibility are the clearest.

Over time, the real challenge will be creating the legal frameworks, liquidity, and market confidence that allow tokenised assets to scale sustainably.

This mirrors the evolution of the Gulf venture ecosystem itself. The region has demonstrated that it can build companies and attract capital. The next proof point is creating durable businesses, repeatable value creation, and meaningful exits.

What are the key ingredients needed to create globally significant businesses from the region?

The region has demonstrated that it can attract capital. The next challenge is execution.

The Middle East has many of the key ingredients required to build globally relevant companies: ambitious founders, deep pools of capital, supportive regulation, and increasingly sophisticated talent. What matters now is turning those advantages into sustainable enterprise value.

Global businesses are not built on funding alone. They require patient capital, strong governance, access to customers, and the credibility to expand internationally. They also require builders who remain involved long after the initial investment.

The Middle East is moving from an ecosystem focused on startup creation to one focused on company creation. At SC Ventures, we believe venture building—not just venture investing—will determine which businesses ultimately achieve global scale.

What opportunities in the Middle East’s fintech and digital economy ecosystem excite you the most today?

The convergence of artificial intelligence and programmable money could redefine how commerce itself operates.

As stablecoins, tokenised assets, and digital payment systems mature, value will be able to move more freely across the economy. At the same time, advances in AI are creating a future where software can increasingly transact on behalf of individuals and businesses.

We are equally excited about the growth of the infrastructure layer—custody, settlement, compliance, and tokenisation. These businesses may not always attract headlines, but they are the foundations that enable institutional adoption and long-term ecosystem growth.

For SC Ventures, the opportunity lies in building the ventures that transform these structural trends into real-world products and commercial outcomes.

Looking ahead over the next five years, what trends will have the biggest impact on the future of finance?

The defining trend of the next decade is likely to be the convergence of programmable money, digital assets, and artificial intelligence.

As financial assets become tokenised and payments become instant, money itself becomes programmable—capable of moving, settling, and interacting with digital systems in real time. At the same time, we expect AI-powered agents to increasingly participate in economic activity on behalf of businesses and individuals.

We believe the Gulf is well positioned to lead this transition because it combines ambitious national strategies, progressive regulation, institutional capital, and a willingness to embrace innovation.

The first chapter of the region’s story was about building an ecosystem. The next chapter is about building globally relevant companies and financial infrastructure that shape how the world transacts and creates value. At SC Ventures, that is exactly where we are focused—building, investing in, and scaling the ventures that will help define the future of finance.

Q Mobility, the leading operator of public parking in the Emirate of Abu Dhabi, and Parkin Company, the largest provider of public parking facilities and services in Dubai, have signed a strategic Memorandum of Understanding (MoU) to strengthen collaboration on smart parking solutions and enhance digital integration between the two emirates’ parking ecosystems.

The agreement is expected to support sustainable urban mobility while reinforcing the UAE’s position at the forefront of smart mobility adoption.

Partnership targets smarter parking

The MoU brings together the largest public parking operators in Abu Dhabi and Dubai in a partnership focused on aligning efforts, exchanging expertise, applying global best practices and developing innovative solutions.

The collaboration is intended to improve the efficiency of parking management and operations, strengthen integration across mobility ecosystems and contribute to the development of smarter and more sustainable cities.

Under the agreement, Q Mobility and Parkin will develop a roadmap for joint initiatives and explore opportunities to launch pilot projects using advanced parking management and operational technologies.

These efforts will include artificial intelligence, data analytics and digital solutions designed to optimise occupancy management, forecast demand and improve operational efficiency and service quality.

Digital integration in focus

The two organisations will also explore ways to integrate their systems and digital platforms to provide customers and visitors with a more unified, secure and seamless digital experience.

The integration could enable users to access parking services and pay parking fees through connected digital channels, helping improve convenience and service efficiency across the two emirates.

Further areas of collaboration include assessing mechanisms for exchanging data and technical expertise in line with applicable legislation, regulations and data-protection requirements.

The companies will also explore innovative parking management solutions, strengthen governance, optimise infrastructure utilisation and support the readiness and long-term sustainability of parking facilities.

CEOs highlight mobility ambitions

Mohamed Husain Karmastaji, CEO of Q Mobility, said the agreement reflects a shared ambition to develop more connected and customer-focused mobility solutions across Abu Dhabi and Dubai.

“Our collaboration with Parkin reflects a shared ambition to advance smarter, more connected and customer-centric mobility solutions across Abu Dhabi and Dubai. Through this MoU, we are establishing a framework to explore opportunities that enhance the parking experience, improve convenience for residents and visitors, and strengthen integration between our respective mobility ecosystems.

“At Q Mobility, we believe strategic collaboration is essential to shaping the future of urban mobility. By exploring innovative technologies, digital integration and data-driven solutions, this MoU supports the UAE’s vision for smarter, more sustainable cities while creating long-term value for our customers and stakeholders.”

Engineer Mohamed Abdulla Al Ali, CEO of Parkin, said the agreement marked a strategic step for the UAE’s parking sector.

“This agreement represents a strategic milestone in the development of the UAE’s parking sector, bringing together the largest public parking operators in Abu Dhabi and Dubai. It will enable us to combine our expertise and capabilities to develop an integrated and pioneering model for smart parking management and operations.

“At Parkin, we believe parking is no longer an operational service, but an integral part of the urban mobility ecosystem. Through this collaboration, we will continue to advance our vision of transforming parking into an intelligent platform powered by data, artificial intelligence and digital innovation. This will enhance infrastructure efficiency, elevate the customer experience and create sustainable value for society and the economy.”

The partnership comes as Abu Dhabi and Dubai continue to expand the use of digital technologies and data-driven services across their urban infrastructure, with smart mobility emerging as a key component of the UAE’s broader drive toward more connected and sustainable cities.

Dubai’s Roads and Transport Authority (RTA) has completed a major traffic improvement project on Sheikh Zayed Road, adding a new lane for motorists travelling from Abu Dhabi towards the Mall of the Emirates to increase capacity and reduce congestion during peak hours.

The project involved the construction of a 2-kilometre traffic lane near the Burj Khalifa–Dubai Mall Metro Station, increasing the number of lanes from six to seven in the affected section.

According to RTA, the expansion boosts the road’s capacity by 17 per cent and is expected to reduce travel times by up to 10 per cent during peak periods.

The latest upgrade forms part of a wider package of traffic improvement projects being implemented along Sheikh Zayed Road to enhance connectivity with the surrounding road network and improve traffic flow on one of Dubai’s busiest transport corridors.

RTA said the project is designed to ease congestion, support commercial transport and daily commuting, and provide a smoother and more efficient travel experience for road users across the emirate.

The authority has been rolling out a series of road enhancements as part of its broader strategy to improve mobility, optimise the performance of Dubai’s road network and accommodate rising traffic volumes driven by the city’s continued population and economic growth.

Saudi Arabia’s Ministry of Tourism is moving to introduce mandatory minimum staffing requirements for tourist hospitality facilities, with the number of employees tied to the number of rooms and the establishment’s classification.

The proposed rules are part of a scheme covering “minimum staffing requirements for tourist hospitality facilities,” which was released for public consultation in recent days.

The initiative aims to ensure adequate workforce capacity, improve service quality and strengthen operational efficiency as the kingdom’s tourism sector continues its rapid expansion, a Saudi Gazette report said.

Staffing requirements vary by classification

Under the draft requirements, luxury five-star hotels, hotel villas, hotel apartments and resorts would be required to have three employees per room. Five-star establishments would need four employees for every five rooms, while four-star properties would require three employees per five rooms.

The staffing ratio would fall to two employees per five rooms for three-star establishments and one employee per five rooms for two-star establishments. One-star establishments and unclassified facilities would face a minimum requirement of one employee for every 10 rooms, according to a Saudi Gazette report.

The proposed regulations also set staffing ratios for other types of tourist accommodation. Hostels would require one employee per 10 rooms, while heritage hotels would need three employees for every five rooms. First-class serviced apartments would require one employee per five rooms, while economy-class apartments would need one employee per eight rooms. The same ratios would apply to first-class and economy-class holiday homes.

Grace periods set for existing properties

Hospitality establishments would be required to maintain the minimum staffing levels continuously throughout the calendar year. Facilities that obtained their licenses before the regulations take effect would receive a grace period of up to 180 days to comply with the new requirements.

Establishments seeking to move to a higher classification would receive a shorter grace period of no more than 90 days to reach the required staffing levels.

The Ministry of Tourism plans to verify employee numbers using data from the Ministry of Human Resources and Social Development. Employees would be counted if they are registered under the establishment’s file, either directly or through affiliated operating companies on the “Ajeer” platform.

Establishments would also be required to update employee information within three months of any changes, according to the draft rules.

Enforcement to begin in 2027

Compliance monitoring and penalties for violations are scheduled to begin on January 1, 2027. Violations would be subject to the Tourism Law and its executive regulations.

The proposed staffing rules come as Saudi Arabia’s tourism industry records strong growth. The number of domestic and international tourists is projected to reach approximately 123 million in 2025, an increase of nearly 6% from 2024. Total tourism spending is also expected to reach a record SR304 billion, according to the Ministry of Tourism’s annual statistical report.

The surge in tourism is increasing demand for hotels, serviced apartments, resorts and other accommodation facilities across the Kingdom. The ministry’s proposed staffing framework is intended to ensure that hospitality operators have sufficient workforce capacity to meet that demand while maintaining service standards and operational readiness.

Salik Company, the exclusive operator of toll gates in Dubai, reported total revenue of Dhs1,412.0 million for the first half of 2026, while EBITDA reached Dhs975.6 million, giving the company an EBITDA margin of 69.1 per cent.

Net profit for the six-month period ended June 30, 2026, stood at Dhs704.0 million, with a net profit margin of 49.9 per cent, as the company maintained strong profitability despite a softer traffic environment during the period.

The company announced its financial results for the three-month and six-month periods ended June 30, 2026, with the second quarter and first half referred to as Q2 2026 and H1 2026, respectively, a WAM report said.

Resilient performance despite softer traffic

Mattar Al Tayer, chairman of the Board of Directors of Salik, said the first-half results demonstrated the resilience of the company’s business model and its ability to deliver sustainable results.

He attributed the performance to Dubai’s robust economic fundamentals, world-class infrastructure, Salik’s operational execution and disciplined financial management.

Read more-Salik enables valet parking payments at 100+ UAE locations

“Salik delivered sustainable financial performance, reporting a net profit of Dhs704.0m with a margin of 49.9 per cent, alongside EBITDA of Dhs975.6m and an EBITDA margin of 69.1 per cent,” he said.

“These results reflect the efficiency of our operations and our ability to achieve balanced financial outcomes that combine strong revenue levels with industry-leading profitability. In addition, the number of active accounts increased to 2.9 million, highlighting the growing confidence in our services and the continued expansion of our customer base.”

Al Tayer added that Salik remains focused on executing its long-term strategy, with an emphasis on delivering sustainable value to shareholders, expanding investment opportunities across available growth areas and improving operational efficiency.

He said Dubai’s continued development as a global business and investment hub would provide Salik with opportunities to strengthen its market position and support long-term growth.

Traffic volumes begin to recover

Ibrahim Sultan Al Haddad, CEO of Salik, said the first half of 2026 demonstrated the durability of the company’s business and its ability to execute its strategic priorities in a more measured operating environment.

“Salik generated revenue of Dhs1,412.0m in H1 2026, with total trips reaching 383.8 million, and active registered accounts increasing to 2.9 million,” Al Haddad said.

He noted that the second quarter marked the beginning of a recovery in traffic flows, with a gradual rebound during April and May and traffic volumes in June returning to almost normal levels.

“Our disciplined operating model enabled the company to maintain strong profitability and continue delivering healthy cash generation,” he said.

The total number of trips, including discounted trips, through Salik’s toll gates reached 383.8 million during H1 2026, down 9.5 per cent year-on-year from 424.2 million in H1 2025.

The company said the decline reflected a temporary slowdown following exceptional regional events that began in late February 2026.

Total chargeable trips stood at 278.5 million, representing a 12.5 per cent year-on-year decline. Chargeable trips during peak periods, when the toll is Dhs6, reached 102.9 million, while off-peak trips, charged at Dhs4, totaled 146.2 million.

Toll revenue declines while other streams grow

Toll usage fee revenue declined 11.4 per cent year-on-year to Dhs1,202.5 million in H1 2026. In Q2 2026, toll usage fee revenue fell 16.5 per cent year-on-year to Dhs577.0 million, primarily reflecting lower traffic volumes following the regional events that began in late February.

Other revenue streams, however, continued to provide support.

Revenue from fines increased 7.5 per cent year-on-year to Dhs144.4m during H1 2026. In Q2, fines revenue rose 14.2 per cent year-on-year to Dhs75.2m, accounting for 11.0 per cent of total quarterly revenue.

Tag activation fees also continued to grow, increasing 8.1 per cent year-on-year during H1 to Dhs24.8m. Q2 tag activation fees rose 10.2 per cent year-on-year to Dhs12.6m and represented 1.9 per cent of total revenue for the quarter.

Ancillary revenue reached Dhs17.2m during the first half, driven by Parking Payment Solutions partnerships with Parkonic, Dubai Mall and Dubai Airports.

Salik said its partnership with Liva Group also continued to gain momentum during the period.

The performance highlights the company’s broader effort to reduce its reliance on traditional toll revenue by developing additional digital mobility and payment services.

Revenue and profitability remain strong

Salik’s total revenue of Dhs1,412.0 million in H1 2026 represented a 7.5 per cent year-on-year decline. The reduction was primarily driven by an 11.9 per cent year-on-year decline in Q2 revenue as lower traffic activity weighed on toll usage fees.

The impact was partially offset by continued growth in other revenue streams and tag activation fees.

EBITDA reached Dhs975.6m in H1 2026, down 8.4 per cent year-on-year. Q2 EBITDA declined 14.1 per cent year-on-year to Dhs468.4m.

Despite the decline, the company maintained a high EBITDA margin of 69.1 per cent for the first half, compared with 69.7 per cent in H1 2025. The Q2 EBITDA margin was 68.6 per cent, compared with 70.3 per cent a year earlier.

Salik said the 173-basis-point contraction in the second-quarter EBITDA margin was primarily driven by an increase in the concession fee from 22.5 per cent to 23.1 per cent.

Net profit before tax totaled Dhs773.6m in H1 2026, down 8.7 per cent year-on-year. Q2 net profit before tax reached Dhs367.9 million, representing a 16.4 per cent year-on-year decline, with the reduction partially offset by lower net finance costs.

Net profit after tax stood at Dhs704.0m for the first half, also down 8.7 per cent year-on-year. Q2 net profit after tax decreased 16.4 per cent year-on-year to Dhs334.8m.

The net profit margin contracted by 61 basis points year-on-year to 49.9 per cent, primarily as a result of the higher concession fee.

Balance sheet remains within debt covenant

Salik recorded net operating working capital of Dhs558.7m as of June 30, 2026, equivalent to 19.8 per cent of annualised revenue, compared with 21.8 per cent in H1 2025.

The movement in net operating working capital was primarily driven by the decline in revenue.

Net debt stood at Dhs5,038.6m at the end of June, translating into a trailing 12-month net debt-to-EBITDA ratio of 2.45 times.

That compared with 1.98 times at the end of Q1 2026 and remained well below the company’s debt covenant of 5.0 times.

The company classifies fixed deposits with original maturities of three to 12 months separately, while deposits with maturities of less than three months are classified as cash and cash equivalents.

Related-party payable liabilities include amounts related to toll operation rights for the two new gates. Contract liabilities comprise current and non-current balances paid in advance by customers for recharges, top-ups and tag activation fees.

Salik defines net operating working capital as inventories, trade and other receivables, contract assets and dues from related parties, less trade and other payables, amounts due to related parties, tax provisions and current portions of contract and lease liabilities.

Free cash flow remains positive

Salik generated free cash flow of Dhs551.0m during H1 2026, representing a free cash flow margin of 39.0 per cent.

Free cash flow declined 50.4 per cent year-on-year, compared with a margin of 72.8 per cent in H1 2025.

The company defines free cash flow as net cash flow from operating activities, less purchases of property, equipment and intangible assets, plus proceeds from the sale of property and equipment. Free cash flow margin is calculated as free cash flow divided by revenue.

While cash generation was lower than a year earlier, the company continued to produce significant positive free cash flow during a period marked by weaker traffic volumes and lower toll revenue.

Digital mobility becomes key growth avenue

Salik said it remains confident in expanding its ancillary revenue streams over the medium to long term as it seeks to become a global leader in smart and sustainable mobility solutions.

Al Haddad said the company was building the next phase of its growth through the expansion of its digital mobility ecosystem.

“The UAE continues its development journey supported by a diversified economy, advanced infrastructure and a proactive government policy environment,” he said.

During the first half, Salik strengthened its digital offering through a 10-year agreement with Dubai Airports, allowing seamless parking payments through Salik’s e-wallet across Terminals 1, 2 and 3 as well as the cargo terminal. The service was launched on January 22, 2026.

The company also expanded its collaboration with Valtrans across more than 100 locations in the UAE.

In July, Salik signed a memorandum of understanding with Shamal to enable seamless parking payments at Dubai Harbour, with implementation commencing during the month. It also signed an MoU with the Dubai Integrated Economic Zones Authority (DIEZ) to deliver mobility solutions covering more than 21,000 parking spaces across its free zones.

The DIEZ agreement marks the launch of a new business vertical for Salik.

“Our near-term focus is on progressing next-generation EV charging through our partnerships with Schneider Electric and Vcharge, alongside seamless fuel and services payments through ENOC,” Al Haddad said.

He added that while the near-term operating environment remains dynamic, Salik remains confident that Dubai’s population growth, economic expansion and long-term urban development will support sustained traffic growth and provide a strong platform for long-term expansion.

New partnerships broaden Salik’s reach

In July 2026, Salik signed an MoU with DIEZ to cooperate on smart mobility solutions across Dubai Airport Freezone (DAFZ), Dubai Silicon Oasis (DSO) and Dubai CommerCity (DCC).

The planned solutions include access-control systems and parking optimisation tools covering more than 21,000 parking spaces.

Also in July, Salik signed an MoU with Shamal to enable e-wallet parking payments at the new Harbour West Car Park at Dubai Harbour. Implementation began on July 13, allowing visitors to pay parking fees directly through their Salik accounts.

In April, Salik entered into a strategic partnership with Valtrans to enable digital valet parking payments across more than 100 sites in the UAE, including major retail, commercial and entertainment destinations.

Earlier in January, the company signed its 10-year agreement with Dubai Airports to integrate its e-wallet with the airport operator’s car park management systems. The arrangement enables cashless parking payments across paid car parks at Dubai International Airport, including Terminals 1, 2 and 3 and the Cargo Mega Terminal.

Workforce expansion and Emiratisation

Salik also continued to invest in its workforce during the second quarter.

The company’s full-time workforce expanded 17.1 per cent year-on-year to 62 personnel in Q2 2026, while the number of nationalities represented increased to 16 from 12 a year earlier.

Salik also reported progress on Emiratisation, with the rate reaching 33.9 per cent in Q2 2026, compared with 30.2 per cent in the same period last year.

The female-to-workforce ratio increased to 23.6 per cent at the end of the second quarter, up from 20.8 per cent a year earlier.

The company said its operational and strategic initiatives are designed to position Salik for the next phase of growth as Dubai continues to expand its infrastructure, population and economic activity.

With traffic volumes showing signs of recovery toward the end of the second quarter, Salik is betting that its established toll business, combined with an expanding portfolio of parking, payments and mobility services, will provide a broader foundation for future growth.