Financial and insurance activities accounted for just 14 per cent of Dubai’s GDP in the first quarter of 2026, yet delivered 37 per cent of the emirate’s overall growth, expanding 6.5 per cent while the wider economy grew 2.4 per cent.

For Sameer Abdi, partner and head of advisory at Grant Thornton, that gap is no statistical quirk but a signal of Dubai’s evolution from a regional banking centre into a diversified international financial hub connecting capital across Europe, Asia, Africa and the Middle East.

Abdi spoke to Gulf Business about what is powering the sector’s outsized contribution, the multiplier effect rippling through real estate, technology and professional services, and the constraints — from talent shortages to intensifying regional competition — that could yet slow the momentum as Dubai pursues its D33 ambitions.

Financial and insurance activities accounted for 14 per cent of Dubai’s GDP in Q1 2026 but generated 37 per cent of its overall growth. What is driving the sector’s disproportionate contribution?
The financial services sector is growing significantly faster than the wider economy and increasingly serves as the financing, investment and transaction infrastructure underpinning growth across multiple industries.

While Dubai’s GDP grew by 2.4 per cent year-on-year in Q1 2026, financial and insurance activities expanded by 6.5 per cent, increasing the sector’s contribution to overall economic growth disproportionately.

Several factors are driving this performance. Banks continue to benefit from strong credit demand, growing deposits and robust liquidity conditions. At the same time, there has been notable growth in advisory services, asset management, capital markets activity, wealth management and payments businesses. This reflects a broader diversification of revenue streams beyond traditional lending income.

Dubai is also benefiting from its position as a regional hub for cross-border capital flows, multinational corporates, private wealth and family offices, which continues to fuel demand for sophisticated financial services.

How much of this momentum reflects structural changes in Dubai’s economy rather than shorter-term market or interest-rate conditions?
The evidence suggests that the majority of the momentum is structural rather than cyclical.

In recent years, Dubai has attracted a growing number of global financial institutions, asset managers, hedge funds, family offices and private investment firms that have established a permanent regional presence. The continued expansion of DIFC, growth in regulated financial institutions, and increasing concentration of private capital all point towards a long-term shift in Dubai’s role within the global financial system.

Interest-rate conditions have undoubtedly supported profitability and liquidity over recent years, but they do not fully explain the current trajectory. Indeed, many financial institutions are now generating growth through fee income, advisory mandates, wealth management services and capital markets activity, reducing dependency on interest-rate-driven earnings.

This reflects a fundamental evolution of Dubai from a regional banking centre into a diversified international financial hub connecting capital flows between Europe, Asia, Africa and the Middle East.

How is the expansion of financial services affecting other parts of Dubai’s economy, particularly real estate, construction, professional services and technology?
The impact extends well beyond the financial sector itself.

Financial institutions create significant demand for office space, residential accommodation, legal services, consulting, tax advisory, audit, compliance and technology solutions. This has contributed to growth in real estate, construction and professional services, while helping stimulate investment in commercial developments and supporting occupancy demand across key business districts.

Technology is also emerging as a major beneficiary. Financial institutions are increasing investment in artificial intelligence, cybersecurity, data governance, digital payments and cloud infrastructure. This is creating new opportunities for technology firms and accelerating innovation across the wider economy.

In effect, every new financial institution that establishes operations in Dubai creates a multiplier effect that generates economic activity across several adjacent sectors.

Dubai’s economy is increasingly connected to international capital and cross-border business. What opportunities does that create, and where is the emirate most exposed to global economic or geopolitical shocks?
Dubai’s connectivity creates significant opportunities to position itself as the preferred gateway for investment into the Middle East, Africa and South Asia. This strengthens opportunities across wealth and asset management, private credit, trade finance, insurance, capital markets, fintech and cross-border M&A activity.

The city’s attractiveness stems from its regulatory environment, geographic location, world-class infrastructure and ability to serve both developed and emerging markets from a single platform.

However, greater integration with global capital markets also means increased exposure to external shocks. Changes in global liquidity conditions, interest-rate environments, geopolitical tensions, trade disruptions and shifts in investor sentiment can all impact capital flows and business activity more rapidly than in less connected economies.

The key challenge for Dubai is therefore maintaining openness while continuing to strengthen resilience through robust regulation, effective risk management and diversified sources of growth.

What are the main constraints that could slow the financial sector’s growth?
Talent remains the most significant constraint. Demand for experienced professionals in areas such as investment management, risk, compliance, cybersecurity, digital assets, quantitative finance and artificial intelligence continues to outpace supply.

Cybersecurity and operational resilience will also become increasingly important as institutions digitise more services and rely heavily on interconnected technology platforms.

Regulatory complexity represents another challenge. Maintaining high regulatory standards is essential for investor confidence, but frameworks must continue evolving efficiently alongside innovation in areas such as digital assets, AI and cross-border financial services.

Finally, competition from other regional financial centres is intensifying. Sustaining momentum will require Dubai to continue attracting global talent, capital and institutions while ensuring that businesses view the emirate as a location for substantive decision-making and investment activity rather than simply a regional sales office.

What does the sector’s first-quarter performance signal about Dubai’s progress towards the D33 objectives, and what further reforms or investments are needed?
The strong performance of the financial sector is an encouraging indicator that Dubai is making meaningful progress towards the ambitions of the D33 agenda. Financial services are playing an increasingly important role in attracting investment, facilitating international trade and supporting economic diversification.
However, sustaining this trajectory over the long term will require continued focus in several key areas.

First, Dubai should continue deepening its capital markets by expanding opportunities across equity markets, debt markets, sukuk, private credit and alternative investments.

Second, investment in talent development will be essential to ensure a sustainable pipeline of skilled professionals and future industry leaders.

Third, continued regulatory innovation should seek to balance market competitiveness with investor protection and financial stability. Finally, further investment in technology infrastructure, cybersecurity resilience and digital transformation will be critical to maintaining Dubai’s position as one of the world’s leading financial centres.

Overall, the first-quarter results indicate that financial services are becoming one of the principal engines of Dubai’s economic growth and a critical enabler of the emirate’s long-term economic ambitions under D33.

Most link-in-bio tools, Soniya Rajpurohit realised, are built to send people away. “A creator’s audience clicks through, lands on a page of links, and leaves. There is nothing at the end of the journey to actually buy.” Even when creators tried to sell, she found the setup was scattered: one tool for links, another for payments, another for bookings, and payments in particular can be challenging for creators in the region.

She had spent months talking to creators across Dubai, and the same story kept surfacing: people with real, engaged audiences still living campaign to campaign, dependent entirely on brand deals. “One month you might make Dhs11,000, the next month nothing, and you are back to waiting on someone else to decide you are worth their budget.”

That gap — audiences and expertise on one side, nowhere to sell it on the other — is the problem Creators Blueprint was built to close. The startup is the work of four students in Dubai: Malak Dabjan, studying an LLM in International Law and Human Rights; Soniya Rajpurohit, reading for a BA in Advertising, PR and Branding; and Lebohang Khasipe, an MSc student in Network Management and Cloud Computing, all three at Middlesex University Dubai alongside co-founder Abubaker, a master’s student at RIT Dubai.

Bootstrapped entirely in the emirate, the platform lets creators build and sell digital products, ranging from guides and playlists to planners and eBooks, from a single storefront, using AI to turn what they already know into something their audience can buy.

The engine is an AI layer that reads a creator’s Instagram presence, bio, recent posts, comments, the topics they return to, and combines it with answers from onboarding to suggest products likely to land. “The AI looks for areas where the creator already has knowledge, experience or trust with their audience,” explains Khasipe, who leads the technical build. A fitness creator fielding beginner questions might be prompted towards a starter workout guide, meal planner or eBook; the aim, he says, “is not to generate random ideas and hope one works,” but to connect what a creator knows with what their audience will actually pay for.

Crucially, the platform uses third-party AI models rather than proprietary ones. The value, Khasipe argues, is in the system built around them, and in keeping the creator in charge. He is candid that the feature is still in beta: AI output is never treated as ready to sell, and creators can review, edit or regenerate before publishing. He describes an ‘80/20 split’: AI does the heavy starting work, but “the creator still needs to add their own knowledge, experience, personality and final judgement.”

That insistence on creator control is not incidental; it runs to the heart of how the team thinks, and it is where Dabjan’s legal background reshapes the conversation. “If a creator spends years building their knowledge, audience and personal brand, we believe the technology supporting them should strengthen that ownership rather than dilute it,” she says. Her guiding test for accountability is disarmingly simple: “If we wouldn’t be comfortable explaining something clearly to a creator, should we be doing it in the first place?” On data and copyright, the principle is the same: “access should not mean ownership.” A creator connecting their profile, she stresses, does not hand their content over.

The early traction has come without a marketing budget. More than 150 creators have signed up, and the number Rajpurohit cares about most: more than 130 are actively selling, not just registering. “A signup means nothing on its own,” she says. “What tells us the product works is someone putting their own knowledge behind a price and having people pay for it.” The growth, she adds, came from conversations rather than campaigns: personal outreach, listening more than pitching, and a referral loop that “did more than any campaign could have.” Building with creators rather than for them mattered too — “people stay when they feel some ownership over what we are building.”

One result has become the team’s shorthand for what is possible: an early user who generated Dhs3,850 within 48 hours. The founders are careful not to oversell it. The figure is verified through Stripe, not self-reported: “every sale flows through it, and the creator sees their income on their own dashboard.” She sold a curated Spotify playlist, something her followers had long engaged with. “That is the honest lesson in it, more than the number,” says Rajpurohit. “It was not a huge production or a course that took months to build. It was an offering her audience already wanted from her.” The opportunity, she adds, will look different for every creator.

As Creators Blueprint eyes expansion across MENA, Dabjan is wary of the region being treated as monolithic. The team’s approach is deliberately jurisdiction-specific, treating regulation “as part of product design rather than something sitting separately in a legal document.” For creators to build businesses on the platform, she says, “trust has to grow at the same pace as the platform.”

For now, the focus is on strengthening the foundation before scaling it. Much of what is hard to replicate, Khasipe argues, is not the AI, which most people can access — but the system built around it: CBStudio connects audience analysis, product ideas, eBook creation, design, storefront management, payments and email delivery in one platform.

The team has deliberately separated the key parts, so that if one external service fails, the rest is not heavily affected, and individual services can be improved or replaced without rebuilding everything. For scaling, the platform runs on cloud infrastructure with load balancing, rate limiting and separate processing for heavier AI tasks; on security, access to sensitive information is controlled, connections encrypted and payments handled through Stripe and Stripe Connect, so full card details are never stored by Creators Blueprint itself.

“The first 150 creators have allowed testing the platform properly, identify the weak points and improve the system,” says Khasipe. “We do not expect everything to be perfect immediately, but we are building the platform in a way that allows us to learn, adjust and scale responsibly.”

Built in Dubai, by students, for a creator economy the city is racing to lead — it is a blueprint, fittingly, still being drawn.

Markets can reprice in minutes; corporate strategy shouldn’t. That, in essence, is the argument Karim Schoeib makes throughout this conversation: a case for discipline in an environment engineered to provoke reaction. As CEO of Investment Banking at Al Ramz Capital, one of the UAE’s established financial-services firms, Schoeib spends his days helping companies navigate exactly the moments when headlines, sentiment and geopolitics threaten to override sound judgement.

His central distinction is between developments that genuinely change the fundamentals — earnings visibility, cash-flow resilience, the cost of capital, competitive positioning — and those that merely move sentiment. The first warrants strategic action; the second, he argues, is often best left to settle before any major capital decision is made. Drawing on the lessons of Covid-19, he makes the case that resilience comes from preparation and diversification, not reflex, and that companies which plan for disruption are far better placed than those that scramble to respond to it.

Here, Schoeib talks to Gulf Business about how to time a transaction when markets are unsettled, why periods of volatility can open the most attractive windows for well-capitalised acquirers, the role independent advisers and research play in cutting through the noise, and the qualities that keep investor confidence intact through the cycle.

In an environment where markets react instantly to every headline, how can business leaders distinguish between developments that require strategic action and those that represent only short-term market noise?

In today’s hyper-connected environment, the challenge for business leaders is not access to information, but determining which information is genuinely material.

The distinction between a strategic development and short-term market noise should ultimately be assessed against fundamentals: does the event materially change earnings visibility, cash-flow resilience, the cost of capital, competitive positioning or underlying sector demand? If it does not alter these fundamentals, the immediate market reaction may be more significant than the longer-term economic impact.

Leaders therefore need to remain disciplined and avoid allowing short-term price movements or headlines to dictate long-term strategic decisions. Where possible, allowing the initial market reaction to settle before making major capital allocation decisions can also provide greater clarity and reduce the risk of acting on temporary dislocations.

Markets can reprice in minutes, but corporate strategy should respond to changes in fundamentals, not simply changes in sentiment.

How do geopolitical developments and rapidly changing market sentiment influence major corporate transactions, and how should companies avoid making reactive decisions?

For companies operating from the UAE, one of the world’s most connected trade and investment hubs, geopolitical developments will inevitably influence market sentiment, capital flows and transaction activity. The important distinction is between temporary geopolitical uncertainty and structural developments that fundamentally alter trade corridors, supply chains, access to capital or regional investment flows.

The Covid-19 experience was particularly instructive in this regard. The disruption to global supply chains prompted many companies to reassess their dependence on individual suppliers, markets and trade routes. As a result, businesses today are generally better prepared to manage disruption through greater supplier diversification, alternative sourcing arrangements, increased inventory resilience and more flexible regional supply chains. These measures have strengthened the ability of companies to respond to geopolitical disruptions without immediately changing their long-term strategy.

Companies should therefore plan for geopolitical risk rather than react to it. Scenario analysis can help management understand how different outcomes could affect operations, supply chains, funding costs, valuations and transaction execution, with clear response plans developed in advance.

During periods of heightened uncertainty, the original strategic rationale for a transaction becomes particularly important. If that rationale remains intact, short-term volatility should not automatically derail a well-founded decision.

This is also where experienced external advisors add significant value. They can provide an independent perspective across markets, sectors and transaction environments, helping management distinguish between temporary sentiment and developments that genuinely change the strategic or financial case for a transaction.

The lesson from COVID-19 is that resilience comes from preparation and diversification. The same principle applies to geopolitical risk: companies that plan for disruption are better positioned to respond strategically rather than reactively.

When markets are unsettled, how should companies determine the right timing for an acquisition, capital raise or other strategic transaction?

Perfectly timing the market is extremely difficult. A more effective approach is to ensure that the company is transaction-ready when an attractive execution window emerges.

The decision to pursue an acquisition or raise capital should primarily be driven by strategic objectives, valuation, funding requirements and whether the expected return appropriately compensates for the cost of capital and execution risk.

In uncertain markets, flexibility becomes particularly valuable. Companies can consider phased transaction structures, alternative funding options or adjustments to transaction size to manage execution risk while preserving their strategic objectives.

Ultimately, if a transaction strengthens the company’s long-term competitive position, is supported by resilient fundamentals and creates value at an appropriate risk-adjusted return, temporary market volatility should not override the underlying investment case.

Can periods of volatility create opportunities for strategic acquisitions or investments, and what should companies assess before moving forward?

Absolutely. Volatility can create some of the most attractive periods for strategic acquisitions and investments, particularly for companies with strong balance sheets, liquidity and access to capital.

Periods of market dislocation can create valuation gaps and opportunities to acquire quality assets at more attractive prices. They can also allow well-capitalised companies to consolidate market share when competitors face greater financing or operational constraints.

However, a lower valuation alone does not make an acquisition attractive. There must be a clear strategic fit, a credible path to value creation and a demonstrable ability to integrate the target successfully. Companies must also protect their own liquidity and balance-sheet strength while carefully assessing the target’s cash-flow resilience.

Due diligence remains critical regardless of market conditions. Volatility may create the opportunity, but strategic fit and long-term value creation should determine whether the opportunity is pursued.

How do investment banks help clients separate meaningful market signals from short-term volatility when advising on financing and transaction decisions?

Investment banks provide clients with an independent, data-driven perspective that becomes particularly valuable when markets are moving rapidly. Our role extends well beyond transaction execution; we help clients understand what is driving market movements and, more importantly, whether those movements materially affect their strategic or financing objectives.

Independent equity research is an important part of that process. Fundamental analysis, valuation insights and sector expertise help distinguish structural changes from temporary movements in sentiment. When combined with macroeconomic analysis, investor feedback and cross-market intelligence, this provides clients with a more complete view of the environment in which they are making decisions.

We then translate that intelligence into execution: assessing valuation, transaction structure, financing alternatives, market timing and execution risk, while supporting engagement with investors.

The objective is not to predict every market movement, but to give clients the information, perspective and execution capability required to make disciplined decisions despite that volatility.

In today’s environment of constant headlines, what qualities enable companies to maintain investor confidence and create long-term value?

Investor confidence is ultimately built through consistency: consistent execution, disciplined capital allocation, strong governance and transparent communication. Companies that articulate a clear long-term strategy and then demonstrate measurable progress against it are more likely to retain investor confidence through different market cycles.

During periods of volatility, transparency becomes even more important. Investors want to understand not only a company’s performance, but also how management is responding to changing conditions, allocating capital and managing risk.

For publicly listed companies, maintaining effective market infrastructure also matters. Strong investor relations, continuous independent research coverage and appropriate liquidity support can improve transparency, price discovery and investor access to the shares.

Ultimately, companies cannot control market sentiment, but they can control how they execute, communicate and allocate capital. Over time, it is this consistency and credibility that builds investor trust and creates sustainable shareholder value.

Airlines operating to and from the UAE are continuing to warn passengers of delays, cancellations and schedule changes as regional tensions in the Middle East disrupt air travel, prompting carriers to adjust operations and reroute flights.

Dubai International Airport and Abu Dhabi’s Zayed International Airport remain operational, but several arriving and departing services have been delayed, while a limited number of flights have been cancelled as airlines navigate airspace restrictions and heightened security concerns following the latest escalation between the US and Iran.

Etihad Airways has been among the carriers most affected, with delays reported across routes connecting Abu Dhabi to Europe, Asia and the Middle East, including services to London Heathrow, Manchester, Barcelona, Lisbon, Bangkok, Phuket, Delhi, Islamabad, Karachi, Ahmedabad, Chennai and Colombo. Air Arabia Abu Dhabi, IndiGo and Air India Express have also experienced delays on selected services.

At Dubai International Airport, several flydubai services from destinations including Almaty, Bishkek, Moscow, Astana, Minsk, Addis Ababa, Damascus, Abha and Baghdad have been delayed, while at least one service from Entebbe was cancelled. Airport operators and airlines have advised passengers to verify their flight status before leaving for the airport as schedules remain subject to change.

Major UAE carriers, including Emirates, Etihad Airways, flydubai and Air Arabia, continue to operate the majority of their networks but have implemented selective cancellations, route adjustments and operational changes in response to the evolving security situation. Several international airlines have also extended suspensions of services to the UAE or modified schedules while monitoring developments in the region.

Read: US embassies issue fresh Middle East security alert as CENTCOM launches strikes on Iran

The latest disruption follows renewed military escalation between the US and Iran, which has prompted airlines to reassess flight paths across parts of the Gulf. The European Union Aviation Safety Agency (EASA) has extended its advisory for Gulf airspace until September 30, while narrowing its guidance to recommend that airlines avoid flying over specific areas of the Persian Gulf unless appropriate risk mitigation measures are in place.

Airlines have reiterated that passenger safety remains their highest priority and warned that further operational changes could be made at short notice as the regional situation evolves. Travellers have been urged to monitor airline communications and check the latest status of their flights before travelling to the airport.

Oil prices were mixed on Thursday, supported after US strikes on Iran and renewed Israeli threats against Tehran revived concerns about disruption to Middle East supplies but pressured by comments from Russian President Vladimir Putin signaling openness to peace negotiations.

Brent crude futures settled down 11 cents, or 0.12 per cent, at $95.52 a barrel while US West Texas Intermediate crude futures rose 29 cents, or 0.32 per cent, to $91.30. Both contracts hit six-week highs earlier in the session.

Iran’s health minister said 18 people were killed and 108 wounded in Tuesday night’s US strikes across Iran. The Iranian Red Crescent said four people were killed and 67 wounded at a wedding ceremony near the coast of the Strait of Hormuz.

Read more-UAE fuel prices rise: Petrol rates jump in September, Diesel surges 13%

Three Iranian Army pilots were killed in the US strikes, the semi-official Tasnim news agency reported.

The attacks were the most substantial exchange of fire between the US and Iran since July. The war, which began with US-Israeli strikes at the end of February, is in its seventh month.

US Vice President JD Vance told reporters on Thursday that the US does not plan to hold talks with Iran unless Tehran stops attacking commercial shipping in the Strait of Hormuz.

“The market will watch out if the US strike earlier this week was one off event or not,” said UBS analyst Giovanni Staunovo.

Israeli Defence Minister Israel Katz renewed warnings that Israel would “cripple” Iran’s military and civilian infrastructure, including energy facilities, if Tehran launched attacks against it.

Saxo Bank analyst Ole Hansen said Katz’s comments had helped to push oil prices higher.

Comments from Russian President Vladimir Putin indicating openness to peace negotiations with Ukraine could help ease concerns about Russian fuel supply disruptions if attacks on refineries decline and production normalises, a factor pressuring prices on Thursday, said Phil Flynn of Price Futures Group.

Putin said on Thursday there was a chance of reaching an agreement to end the war in Ukraine. Speaking at an economic forum in Russia’s far east, he said a number of countries including the US and China were ready to support a peace settlement.

Fewer vessels transit strait

Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 a day earlier and well below the 10-day average of around 13, preliminary shipping data showed on Thursday.

“The oil market remains tight, with oil inventories still declining globally translating into higher prices,” said UBS energy analyst Giovanni Staunovo.

Meanwhile, Iran added ships to the list of vessels it deems non-compliant and subject to fines, confiscation or detention if they try to sail through the strait.

Iraqi vessels are among those Iran has allowed to pass through Hormuz.

Iraq increased its oil exports to around 2.34 million barrels per day in August from about 1.35 million bpd in July, two Iraqi energy officials said on Wednesday, with September exports also expected to increase as heavy discounts and Iranian approvals for Iraqi tankers encouraged buyers.