Sumwon Studios names Dubai global HQ as it targets $1bn revenue by 2028
Sumwon Studios said it now operates across Europe, North America, the GCC and other emerging markets, with a workforce of more than 150 employees globally.
Digital-first fashion group Sumwon Studios said on Monday it has established Dubai as its global headquarters as it scales towards $1 billion in revenue by 2028, marking a new phase of international expansion.
The company, which operates a portfolio of digitally native fashion brands, said it generated about $300m in revenue in 2025 and has expanded rapidly since its launch in 2023.
Founded in Dubai, Sumwon Studios said it now operates across Europe, North America, the GCC and other emerging markets, with a workforce of more than 150 employees globally.
The group said Dubai will serve as its central hub for design, operations and content production, supporting faster product cycles and coordinated global execution as it expands into new markets, including India.
Sumwon Studios said it is also developing a 120,000-square-foot headquarters in Dubai, which will consolidate its operational, creative and content functions.
CEO Nitin Passi said Dubai had been central to the company’s growth since its inception.
“Dubai has been central to our journey from the beginning. It continues to offer the connectivity, talent and pace we need to build and scale a global business,” Passi said.
The company said its revenue base is currently weighted across Europe at about 45 per cent, North America at 30 per cent, the GCC at 10 per cent, and Asia and Latin America at 10 per cent.
Sumwon Studios operates at the intersection of fashion and technology, using real-time data to guide product development and inventory decisions, which it says helps reduce reliance on traditional forecasting models and shortens go-to-market timelines.
The company’s expansion aligns with Dubai’s broader strategy to position itself as a global hub for the digital economy and creative industries.
Sumwon Studios said it is expanding hiring across technology, creative and operations roles as it builds out its global platform from its Dubai base.
Spinneys, the UAE-based retailer, saw Q1 2026 revenue climb by 11.9%, reaching Dhs1.014bn, driven by new stores, increased fresh and private label sales, and boosted online penetration. Profit rose 1.9% to Dhs87m despite regional disruption. The CEO noted the business model's resilience, prioritising cost optimisation and supply chain efficiency amidst ongoing uncertainty.
UAE-based premium fresh food retailer Spinneys reported an 11.9 per cent rise in Q1 2026 revenue, supported by new store openings, higher fresh and private label sales, and stronger online penetration, while profit for the period increased 1.9 per cent despite regional disruption.
For the three months ended March 31, revenue climbed to Dhs1,014m (Dhs1.014bn) from Dhs906m a year earlier.
Growth was driven by like-for-like sales gains of 7.4 per cent, the opening of three new stores during the quarter, and expansion across the UAE and Saudi Arabia since April 2025 (13 stores now).
Profit for the period rose to Dhs87m, compared with Dhs85m in the same period last year. Profit before tax was broadly stable at Dhs101m, while adjusted EBITDA increased 1.2 per cent to Dhs184m.
Gross profit rose 8.4 per cent to Dhs406m, though margins eased to 40.1 per cent from 41.3 per cent a year earlier.
Spinneys Q1 performance reflects the resilience of the business model, says CEO
Chief executive Sunil Kumar said the performance reflected the resilience of the business model amid regional uncertainty.
“Our strong first-quarter performance, delivered against a backdrop of regional uncertainty, is a testament to the resilience of our business model and the commitment of our people,” Kumar said in a statement.
He added that around 88 per cent of the company’s stores are located in residential communities, which helped cushion the impact of disruption seen in other retail formats during the quarter.
Transaction volumes rose 8.5 per cent to 10.8 million, while average basket size increased to Dhs92.9 from Dhs89.9 a year earlier.
Online sales penetration increased to 18.8 per cent, up from 15.6 per cent in the prior-year period. Fresh and private label categories also saw increased contribution, the company said.
Spinneys said March was the most challenging month of the quarter as regional crisis created freight disruption and supply chain volatility. The retailer said it activated contingency measures including diversified sourcing, forward buying of key products and tighter logistics coordination to maintain availability.
Despite these pressures, it said on-shelf availability remained strong, supported by its integrated sourcing and supply chain model.
Looking ahead, the company said it remained cautious on the outlook due to ongoing regional uncertainty and would focus on cost optimisation, supply chain efficiency and disciplined capital spending.
Spinneys operates 94 stores across the UAE, Oman and Saudi Arabia, including Waitrose-branded outlets.
Why finance must evolve for women investors: Vault22’s Dr Farah Hashim explains
Dr Hashim discusses why the coming wealth transfer is more than a demographic milestone, why financial infrastructure is struggling to keep pace, and what needs to change
With $30tn predicted to shift to women by 2045, the financial services industry faces a structural challenge. In the UAE, women's growing financial influence highlights outdated, fragmented systems. Vault22 aims to bridge this gap with consolidated, Shariah-compliant solutions. The focus must shift from adapting women to finance, to adapting finance to women's needs.
As an estimated $30tn in global wealth is expected to shift into the hands of women by 2045, the financial services industry is facing a major structural change, and an urgent question: are existing tools built for the next generation of wealth holders?
In the UAE, that shift is already visible. Women are taking on greater influence across boardrooms, entrepreneurship and investment decisions, yet many financial systems remain fragmented and outdated.
Vault22, a global wealth and wellness platform with more than one million registered users, is focused on addressing that gap through consolidated financial visibility, personalised guidance and integrated Shariah-compliant solutions.
Dr Farah Hashim, who leads Shariah operations and marketing at the company, has spent much of her career working at the intersection of ethical finance, accessibility and product development. She previously co-founded Taqwa Invest, the first homegrown Shariah advisory platform established in Dubai International Financial Centre.
In this interview, she discusses why the coming wealth transfer is more than a demographic milestone, why financial infrastructure is struggling to keep pace, and what needs to change.
What does the projected $30tn transfer of wealth to women by 2045 represent?
It represents one of the most significant reallocations of financial power in modern history. This is not simply a demographic trend, it is a structural shift in global wealth ownership. In the UAE and across the region, it is already visible through rising female participation in the workforce, entrepreneurship and capital markets. Women are becoming central decision-makers in how wealth is preserved, invested and deployed.
How is the UAE positioned within this global shift?
The UAE is one of the clearest examples of this transition. Women now hold 141 board seats in publicly listed companies, up from 47 in 2021, marking a rise of more than 200 per cent in three years.
The country also leads the GCC in female board representation and ranks highly on global gender equality indices. With women accounting for 57 per cent of STEM graduates, the pipeline of financially and technically skilled talent is strong and expanding.
Despite this progress, why have financial tools not kept pace?
The gap is not capability, it is infrastructure. Women are increasingly financially active, but the systems they use remain fragmented. Savings, investments and liabilities are often spread across multiple platforms with no unified view. This creates friction and reduces clarity.
The issue is not access to finance, but whether financial systems are usable, coherent and designed for how people actually manage money today.
Is this really a financial literacy gap?
Not entirely. That framing no longer reflects reality. Women are already active financial participants. In the UAE, they show strong engagement in savings and pension participation.
Globally, studies also show women often outperform men as long-term investors due to more disciplined and consistent strategies. The challenge is not willingness or capability, it is whether systems are designed to support their behaviour.
What would a more effective financial system look like in practice?
It starts with consolidation, a single real-time view of an individual’s full financial position. It also requires simplification in how information is presented without reducing sophistication.
In the UAE and GCC, relevance is equally important. Shariah-compliant finance is a mainstream requirement, not a niche consideration, and should be integrated seamlessly into the core experience rather than treated separately.
What is the key message readers should take away?
The conversation has long focused on how women can adapt to finance. That needs to change.
The more important question is how finance must adapt to women. The $30tn transfer is already underway, and its impact will depend on whether financial systems evolve quickly enough to match the users they are meant to serve.
The 2026 GCC Board Gender Index shows a slight increase in female board representation at Gulf-listed companies, now at 7%. The UAE leads with 15% female representation. While progress is noted, particularly in the UAE, the report highlights the need for accelerated change across the region. Financial services and industrial companies lead in female representation.
Women now hold 7 per cent of board seats at publicly listed companies across the Gulf, up from 6.9 per cent a year earlier, according to the latest GCC Board Gender Index, with the UAE retaining the highest level of female representation in the region.
The GCC Board Gender Index Report 2026, released by Heriot-Watt University Dubai and Aurora50, found that women occupied 403 board positions as of January 2026, up from 390 a year earlier.
A total of 341 women now serve on boards across 759 publicly listed companies in the Gulf, compared with 334 women in 2025, the report said.
The total number of board seats across the region rose to 5,755 from 5,668 a year earlier.
The UAE remained the regional leader for the third consecutive year, with women holding 15 per cent of board seats across its three stock exchanges, up from 14.7 per cent in 2025.
Bahrain ranked second, with women accounting for 10.5 per cent of board positions, followed by Oman at 7 per cent.
Kuwait recorded female board representation of 5.6 per cent, while Qatar and Saudi Arabia lagged behind at 3.2 per cent and 2.9 per cent, respectively.
UAE and Saudi Arabia lead the rest
The report said the UAE and Saudi Arabia were the only two Gulf countries where women held board positions across all 12 sectors tracked in the study.
The financial sector recorded the highest number of female board seats across the region, followed by industrial companies.
In the UAE, financial services accounted for the largest share of female board representation, with women holding 86 of 564 board seats in the sector. Industrial companies followed with 35 of 214 seats, while consumer staples accounted for 15 of 94 positions.
Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, chairperson of Aurora50, said women’s board representation in the UAE had risen from 3.5 per cent in 2020 to 15 per cent this year.
“This is a true testament to the vision of the UAE’s leadership in advancing gender equity in the workplace,” she said.
Heather McGregor, provost and vice principal of Heriot-Watt University Dubai, said the report showed consistent progress but highlighted room for faster change across the wider region.
The report is supported by Board Intelligence, AlixPartners and Grant Thornton.
Abu Dhabi Biobank’s Paul Downey on why biobanking is becoming critical healthcare infrastructure
As the Abu Dhabi Biobank moves from launch into full-scale operation, its GM explains how the initiative is set to reshape precision medicine, clinical research and the future of healthcare in the UAE
At Make it in the Emirates 2026, Abu Dhabi’s new agreement with Japanese partners on advanced therapies highlighted how quickly the emirate is moving to strengthen the foundations needed for next-generation healthcare.
That conversation inevitably leads to the newly launched Abu Dhabi Biobank, developed through a strategic partnership between Department of Health – Abu Dhabi and M42. While biobanks have traditionally been viewed as research support systems, Abu Dhabi is positioning this one as something far more strategic, linking biospecimens, genomic sequencing, clinical records and real-world health data to power precision medicine, advanced therapies and preventative healthcare.
The broader ambition is to shorten the path between scientific discovery and real-world treatment while building the foundations of a stronger life sciences ecosystem in Abu Dhabi.
Speaking to Gulf Business on the sidelines of the event, Paul Downey, GM Abu Dhabi Biobank, explains why biobanking is increasingly being treated as national healthcare infrastructure, how the Japan partnership could support local manufacturing of advanced therapies, and why Abu Dhabi believes its diverse population data can give it a meaningful edge in global healthcare innovation.
Abu Dhabi is positioning the Abu Dhabi Biobank as more than a research tool. Why is biobanking now being treated as long-term national infrastructure for healthcare?
Modern biobanking is no longer a support function behind research. It is foundational infrastructure for healthcare systems seeking to advance precision medicine, preventive care, and next-generation therapeutics. To understand disease at a population level, countries need biobanks that operate at scale, with strong governance and deep integration across healthcare systems.
Developed through a strategic partnership between the Department of Health – Abu Dhabi (DoH) and M42, the Abu Dhabi Biobank is more than a repository of samples. We are creating a nationally governed platform that connects biological materials with genomic, clinical, and real-world data. This enables researchers, clinicians, and industry partners to move more efficiently from discovery to application. In this model, a biobank becomes a strategic national asset that strengthens healthcare delivery, supports scientific advancement, and drives growth across the life sciences ecosystem.
Countries that lead the next era of healthcare will be those investing early in this kind of capability. Abu Dhabi recognizes that long-term leadership depends on building the infrastructure that enables better science and ultimately better patient outcomes.
The biobank links biological samples with genomic, clinical and lifestyle data. What diseases or health challenges do you expect it to impact first — cancer, rare diseases, diabetes, organ transplants, or preventative healthcare?
The earliest and most immediate impact will likely be in chronic, non-communicable diseases, where the regional burden is high and precision-based approaches have the potential to meaningfully improve outcomes. However, the value of Abu Dhabi Biobank extends far beyond any single disease area. Its infrastructure is designed to support a wide range of health challenges through a more intelligent and data-driven approach.
In oncology, rare diseases, transplant research, and prevention healthcare, integrating biospecimens with genomic and clinical data enables more precise diagnosis and better insight into local disease patterns and the development of more targeted interventions.
While some areas are likely to advance more quickly than others, the larger shift is far more significant. Abu Dhabi is building the capability to move beyond healthcare models based on generalized assumptions drawn from other populations and instead develop strategies and prevention approaches informed by the realities of its own diverse population. That is where meaningful long-term impact begins, and where true healthcare transformation becomes possible.
Abu Dhabi recently signed an agreement with Japanese partners at Make it in the Emirates 2026 focused on advanced therapies. How does that partnership help shorten the path between scientific discovery and real-world patient treatment?
The significance of this partnership is that it connects the pieces that are too often fragmented in healthcare innovation. It shortens the path because it brings discovery, data, translational infrastructure and clinical development into one connected model. Too often, healthcare innovation breaks down because the chain is fragmented – you have promising science in one place, manufacturing somewhere else, data elsewhere, and no efficient pathway into patient care. This partnership is important because it helps close these gaps.
Abu Dhabi Biobank contributes the biological materials, the integrated data environment, the governance, the clinical trial facilitation, and the translational infrastructure. Human Life CORD brings proprietary UC-MSC technology and serious clinical development expertise. When these capabilities are combined, we create a direct route toward validated, clinically relevant therapies that can be developed around actual patient need in this region.
The real value is not more research, but faster translation from discovery to treatment. In advanced therapies, innovation only matters when it reaches patients.
Image: Supplied
Could the Japan tie-up help Abu Dhabi move beyond research into local manufacturing of advanced therapies such as cell and gene treatments, and reduce reliance on overseas supply chains?
Yes, and that is one of the most important outcomes of this agreement. The partnership establishes one of the UAE’s first localised GMP manufacturing and clinical translation pathways for umbilical cord mesenchymal stem cell therapies, strengthening Abu Dhabi’s advanced therapy capabilities.
For years, many countries have relied on imported innovation. Abu Dhabi is taking a different approach by building local capabilities across development, translation, and manufacturing. This is important because advanced therapies are highly dependent on speed, quality control, logistics, and cost. Reducing reliance on overseas supply chains strengthens resilience and improves access.
With residents from more than 200 nationalities, Abu Dhabi has access to highly diverse health data. How significant is that in addressing global gaps in genomic and clinical research?
One of the biggest challenges in global genomic and clinical research is that many datasets still do not reflect the full diversity of the world’s populations. As a result, precision medicine is often less accurate or less effective for underrepresented groups. Abu Dhabi has an opportunity to help address that imbalance.
What makes the emirate distinctive is its ability to combine population diversity with high-quality biospecimens and integrated genomic, clinical, and real-world data within a well-governed framework. That creates a much stronger basis for understanding how diseases present across different populations and how therapies can be developed more precisely.
The impact goes beyond the UAE. Regionally, it means better evidence and more relevant healthcare insights for local populations. Globally, it allows Abu Dhabi to help address longstanding representation gaps in health research, giving the biobank scientific value and relevance on an international scale.
Abu Dhabi has ambitions to become a global healthcare and life sciences hub. How does the biobank strengthen its competitiveness in attracting pharmaceutical companies, clinical trials and international research partnerships?
Global pharmaceutical companies and research partners are not looking for ambition alone. They are looking for infrastructure, high-quality data, regulatory clarity, operational readiness, and access to patient populations that can support meaningful research and development. Abu Dhabi Biobank brings those elements together.
Abu Dhabi Biobank integrates biospecimen access, automated cryogenic storage, genomic and clinical data, patient stratification, translational research, and clinical trial support within a nationally governed framework aligned with international standards. That is exactly the kind of environment global partners look for when deciding where to invest and run research programs.
More importantly, it allows Abu Dhabi to compete on capability, not aspiration. It signals that the emirate is building a leading life sciences ecosystem that can support discovery, translation, and advanced manufacturing. That is how you attract long-term partnerships and build global credibility in healthcare.
Second Qatari LNG tanker heads through Hormuz to Pakistan as Iran conflict continues
The LNG is being sold by Qatar to Pakistan, a mediator in the war, under a government-to-government deal, according to two people familiar with the matter on May 9
A second Qatari liquefied natural gas tanker is transiting the Strait of Hormuz days after the first such cargo crossed under an arrangement involving Iran and Pakistan, highlighting how cargoes are crossing the waterway on a case-by-case basis amid ongoing conflict risks.
The vessel, Mihzem, with capacity of 174,000 cubic metres, departed Ras Laffan and is heading northeast toward Port Qasim in Pakistan, where it is expected to arrive on May 12, according to LSEG shipping data.
This would be the second successful passage through Hormuz for a Qatari LNG tanker since the start of Iran conflict.
On Saturday, LNG tanker Al Kharaitiyat started crossing Hormuz via the Iranian-approved northern route and on Sunday it managed to cross the strait.
The LNG is being sold by Qatar to Pakistan, a mediator in the war, under a government-to-government deal, according to two people familiar with the matter on May 9.
They said Iran had approved the shipment to help build confidence with Qatar and Pakistan.
Two more tankers laden with Qatari LNG are expected to head to Pakistan in the coming days, the sources said.
Pakistan has been in discussions with Iran to allow a limited number of LNG tankers to pass through the strait, as Islamabad urgently needs to address its gas shortage, a source briefed on the agreement told Reuters on May 9.
Iran agreed to assist, and the two sides are coordinating the first vessel’s safe passage carrying gas supplied under Pakistan’s agreement with Qatar, its main LNG supplier, the source added.
Earlier this month, the UAE’s ADNOC managed to send two LNG tankers through the strait after their tracking signals were switched off, according to shipping data, underlining the heightened risks and operational sensitivities in the waterway.
Qatar is the world’s second-largest exporter of LNG, with shipments mostly going to buyers in Asia. Iranian attacks knocked out 17 per cent of Qatar’s LNG export capacity, with repairs expected to sideline 12.8 million metric tonnes per year of the fuel for three to five years.
