International Holding Company (IHC) said on Thursday it has sold its entire 42.54 per cent stake in Modon Holding to L’imad Holding Company, a wholly owned entity of the Abu Dhabi government, as part of efforts to rebalance its portfolio and reinforce diversification.
The transaction forms part of IHC’s active portfolio management strategy, which limits exposure to any single sector to below 20 per cent.
The company said the sale will unlock additional liquidity to reinvest in priority sectors such as healthcare, technology, energy, food and agriculture, and financial services.
Modon brought in robust revenues in 2024, IHC said
Since acquiring its stake in Modon in August 2023, IHC said the real estate and infrastructure developer has achieved multi-billion-dirham revenue and profitability in 2024, with momentum continuing into H1 2025.
The company cited strong real estate sales and a robust revenue backlog as indicators of Modon’s performance.
“This sale reflects our disciplined approach to capital allocation and our commitment to maintaining a well-balanced, diversified portfolio,” said Syed Basar Shueb, CEO of IHC. “While we continue to see attractive fundamentals in real estate, our strategy is to avoid over-concentration in any single sector.”
IHC, one of the Middle East’s most valuable holding companies with a market capitalisation of Dhs881.6bn ($239.9bn), said it would continue to assess new investment opportunities that support sustainable long-term growth and resilient cash flows.
The Hong Kong Science and Technology Parks Corporation (HKSTP) has been a key driver of Asia’s innovation ecosystem for over two decades. Located on the Tolo Harbour waterfront in Pak Shek Kok, the 400,000-square-metre campus provides a vibrant environment where science and technology companies can innovate and grow, supported by state-of-the-art R&D facilities, market-led laboratories, and other amenities that create a live-work-play ecosystem.
HKSTP serves as a magnetic hub for the world’s brightest innovators and most ambitious capital, powering a dynamic ecosystem of more than 25,000 working population. This is where students evolve into startup founders, and successful alumni return as mentors. This self-reinforcing cycle of growth and collaboration—this is the essential “soft power” that HKSTP provides to its 2,400 park companies.
Following a successful debut at LEAP 2024 that resulted in deep conversations with local authorities and MOUs with innovation bodies including establishing solid action plans for exchange and nurturing programmes, HKSTP has also returned to GITEX GLOBAL 2025 to showcase its offers and tap collaboration opportunities with the Middle East region.
We sat down with CEO Terry Wong to get the details on HKSTP’s objectives for GITEX GLOBAL and the park’s broader engagement with the Middle East.
HKSTP at LEAP 2024/ Image: Supplied
What did you showcase at GITEX GLOBAL 2025.
Thanks to last year’s delegation to the Middle East, we have established a good network and communications with companies and entities in the region. The exciting part is that we are in positive conversations for collaborations. That’s really one of the best outcomes we got from last year. And we’re going to solidify more partnerships.
We’re showcasing exciting things this year too. First, our team gained insights from last year’s event, learning what the market, participants, potential customers, and investors are interested in. This year, our team lead a delegation of 17 of Hong Kong’s brightest innovators specialising in AI, life and health, green technology, and more, to join GITEX Global and Expand North Star. The delegation was a strong representation of Hong Kong’s I&T power as a global innovation and technology hub.
The HKSTP delegation actively engaged with international visitors and potential partners/ Image: Supplied
Secondly, our team has lined up over 200 business meetings connecting our park companies with international partners and different people so that we have a better understanding of who or where we want to meet to have a greater impact afterwards and bring in a follow-up with the highest success rate.
One notable achievement is Comba Telecom, which landed a partnership with Nedaa, the local telecommunications provider, to advance next-generation communication technologies across the UAE and surrounding regions.
The HKSTP team at the Hong Kong Pavilion at GITEX GLOBAL 2025/ Image Supplied
What makes HKSTP such an important partner for companies looking to expand into Asia?
Let’s start with some good news for our city. Recently, Shenzhen-Hong Kong-Guangzhou cluster — was ranked the top tech cluster in the world by WIPO. Being recognised as the number one cluster is a strong endorsement of Hong Kong as a hub for R&D and IP development. Another key factor in this ranking was the activity of investment and funding for R&D initiatives, which highlights that this cluster is not only ideal for startups to launch, but also attractive for investors seeking innovation opportunities.
Another supporting strength is talent. Hong Kong ranks among Asia’s top destination for international talent and holds the 4th position globally. This means startups can access some of the best talent from around the world. The city is also home to world-class universities and academics, providing an ecosystem rich in knowledge and expertise.
With the broader Greater Bay Area, which includes Hong Kong, Shenzhen and Guangzhou, HKSTP can capture the full value chain — from ideation and incubation to commercialisation and market expansion. The region offers ample resources, land, and infrastructure to support every stage of a startup’s growth.
The Hong Kong cluster provides comprehensive solutions in a way that’s rare globally. For startups and investors from the Middle East, it’s an ideal place to establish a presence, seek partnerships, or explore investment opportunities. It also opens pathways back to the Middle East for commercialisation and collaboration. In short, Hong Kong is a strong starting point and a reliable partner for anyone looking to innovate and scale in Asia and globally.
Hong Kong Science and Technology Parks Corporation/ Image: Supplied
Can you shed some light on existing partnerships and collaborations with companies, startups, or government authorities in Hong Kong?
We have a wide range of partnerships. Take the life and health tech sector as an example. The HKSAR Government provides extensive support through enabling policies. These not only ensure the right legal and regulatory framework for IP protection, but also give us access to Hong Kong’s network of hospitals for test cases, trials, and clinical studies.
The government is also establishing a Hong Kong equivalent of the FDA to approve drugs and medical devices. Once certified, these products can enter the Greater Bay Area and potentially expand into China and other Asian markets. These policies are critical for startups aiming to scale regionally.
On the private sector side, many multinational pharmaceutical and biotech companies have established a presence at HKSTP. They bring strategic value — not just through R&D, but also by providing commercial networks that help our startups with clinical trials, guidance, and commercialisation. They also assess startup viability, offering expertise and support across multiple dimensions.
Equally important, many partners view Hong Kong as a springboard into the China market. As a result, our collaborations serve multiple strategic purposes, creating a dynamic ecosystem for startups and established companies alike.
HKSTP CEO Terry Wong at Investopia Global discussing the potential of cross-border collaboration between the UAE and Hong Kong/ Image: Supplied
Tell us about your investor network.
Over our 24-year history, we have developed an extensive virtual network of over 1,000 investors. Many of them are actively reviewing and engaging with startups on a day-to-day basis. So, when startups want to tap into investment opportunities, this network is readily accessible.
Another notable trend is the influx of successful, mature companies from Chinese Mainland coming to Hong Kong, often with ambitions to expand globally and pursue IPOs here. Many of these companies establish themselves at the park, where we provide end-to-end support — from setting up operations and accessing financing in Hong Kong, to entering overseas markets and attracting international talent for R&D. Many partnerships have already been formed, and we expect even more to develop as this ecosystem continues to grow.
What other areas of technology have potential for collaboration, such as fintech or space? What can you offer startups or companies in the Middle East looking to come to the park?
At HKSTP, we host hundred fintech companies and many of them have achieved significant success. For example, a virtual bank that started as a Hong Kong-based startup is now expanding successfully across Asia.
Hong Kong has long been an international financial hub. Companies here can access the Hong Kong Exchange, benefit from strong regulatory frameworks, and leverage government support for emerging areas like virtual banking and digital assets. The government issues full licences for virtual banks to encourage growth in this sector.
Attendees at GITEX GLOBAL visited HKSTP’s booth/ Image: Supplied
Combined with Hong Kong’s deep expertise in finance, it’s one of the best places to launch a fintech venture, supported by clear policies and a strong, autonomous business environment with robust IP protection. Hong Kong’s legal system, based on common law, is another key advantage.
Based on these factors, many companies choose Hong Kong as a starting point for their business, and I hope to see even more from Dubai and the region exploring opportunities here.
What are some key takeaways companies can learn from Hong Kong in the way it’s conducted business or promoted technology?
I think Dubai has made remarkable progress over the past few decades and is already a strong success story on its own. In Hong Kong, government policy plays a distinct role in fostering private sector growth. It gives businesses ample room to operate independently while providing strong protections — like intellectual property rights, world-class arbitration centre, and other policy-driven frameworks — that ensure a secure environment for business.
Equally important is the free flow of talent. Hong Kong encourages easy access for professionals and expatriates, making it simple for them to settle and work here. Hong Kong has been serving as a hub for international talent, so this convenience is crucial for attracting skilled individuals.
Education, particularly tertiary education, is another key focus. Policies are in place to attract top-tier professors and academics who collaborate with local universities and researchers on R&D projects. This creates a supportive environment for upstream research and innovation.
Moreover, Hong Kong has long been one of the world’s leading free trade areas. Its flexibility and openness make commercialisation and business development straightforward and dynamic. These attributes define Hong Kong’s appeal.
I believe the GCC, including Dubai, is moving in a similar direction. Some markets are already showing strong results, while others are still emerging, but overall, the trajectory is positive and promising.
If a startup from this region comes to your team talking about scaling up, what would be the process they would expect to go through?
We have a very unique process to nurture startups all the way to unicorn status. Honestly, I’ve always wondered why we haven’t trademarked it — it’s that distinctive.
When a startup joins HKSTP, we’re not just offering office space or laboratories. We have structured programmes tailored to each stage of their growth. The first stage is ideation. Startups receive around HK$100,000 in seed funding after going through a thorough application and screening process. But it’s not just about the money — they’re assigned account managers who follow them closely, helping with business challenges and even personal issues.
If a startup successfully moves through ideation, they enter the incubation phase. Here, they receive higher funding to match their development needs. We also start connecting them with investors to showcase their ideas and business models. They gain access to industry experts, training programmes, conferences, and mentorship from experienced entrepreneurs, which teaches them skills outside their core expertise.
Next comes the acceleration phase. Funding increases again, and the criteria for participation become more stringent. This phase is more tailor-made, often including international exposure. Some startups are selected to go to the US for six months, where they receive intensive training, networking opportunities, and introductions to active investors in Silicon Valley. Last year, companies that went through this stage collectively raised over US$15m in business contracts and investments. They return transformed, more confident, and much better positioned to scale.
Finally, our elite programme provides bespoke support for Series B and C funding, guiding startups toward IPOs or further international expansion. It’s a comprehensive system designed to match each startup’s growth cycle.
Over the past 20 years, the programme has supported 13 unicorns. Just last week, I met a company that, on the verge of going public, chose to merge with a multinational to accelerate growth. Stories like this are becoming more common, and it’s exciting to see the impact of a structured, long-term approach.
Apart from Hong Kong-based and Chinese startups, from where else in the world do you have startups located in Hong Kong?
We have quite a significant percentage of international startup companies coming in. Currently, HKSTP is home of over 2,400 technology companies from 26 countries and regions, focusing on healthtech, AI and robotics, fintech, smart city technologies, and more.
There is one interesting case involved young entrepreneurs from different countries who had never met in person. They connected on the internet, shared their ideas, and discovered they had the same vision and dreams. When they started looking at places to start a business, they compared options like Singapore and others, and found that nothing compared to Hong Kong in terms of friendliness, ease of setting up a company and facilities. They eventually chose to base themselves in Hong Kong at our park, working in the labs and facilities we provide. They joined our incubation programme.
Sometimes it’s amazing — you wonder why they choose to come here. But I think they know what we’re doing and appreciate the very unique process I just laid out. They have full confidence in how they can develop and access what they need.
Hong Kong is exceptionally friendly for expatriates. It offers lifestyle, not just work. Our park is very vibrant with restaurants, clubs, and gyms among other offerings. We provide a complete lifestyle.
Looking ahead to 2026, what are the park’s plans to enhance its offerings?
As everybody knows, AI is everything, everywhere. AI has continued to dominate quite a bit in the technology space and our daily life. Going into next year is going to be explosions of applications using AI. Ordinary people, small and medium enterprises, big enterprises—they all started to appreciate and apply AI applications in business to be more efficient and achieve other things they never imagined they could achieve. That’s the major trend.
To harness this momentum, we are excited to announce the establishment of “INNOPOLE,” our new 20-hectare I&T hub in the San Tin Technopole. This strategic hub will provide the dedicated space needed to attract top-tier enterprises and talent, fostering collaboration across the entire innovation value chain.
At the launch of INNOPOLE, HKSTP’s new 20-hectare I&T hub in the San Tin Technopole/ Image: Supplied
Through “AI+ initiative”, we will accelerate the transformation of key industries–from life and health tech to advanced materials, new energy, microelectronics, and electronics. This fusion of digital innovation with Hong Kong’s strengths allows us to proactively meet future societal challenges.
Our park is already a thriving ecosystem for AI, home to over 500 AI-focused startups and 5,000 AI professionals. We are here to ensure that we embed AI as a foundation enabler for all our other technology clusters to develop.
Intelligent power management company Eaton has announced the start of construction on the first phase of its 36,000-square-meter sustainable facility for advanced manufacturing, engineering, and training in Dubai, UAE, in partnership with Jebel Ali Free Zone (Jafza) — the flagship free zone of DP World.
The milestone marks a major investment that reinforces Dubai’s D33 strategy and its ambition to become a global hub for high-tech manufacturing and innovation. The new multi-million-dollar facility will create over 700 jobs, including high-skilled positions in research, engineering, and advanced manufacturing, to meet growing customer demand across Europe, the Middle East, and Africa.
“Our latest advanced, sustainable manufacturing facility and engineering center will further enable Eaton to meet the growing demand to deliver power safely, sustainably and efficiently across the region and beyond,” said Paulo Ruiz, chief executive officer, Eaton. “We are proud to work alongside DP World and Jafza to align with the Dubai government’s vision of accelerating sustainable industrial growth in the region, positioning the nation as a global leader in advanced manufacturing and innovation.”
His Excellency Hadi Badri, CEO of the Dubai Economic Development Corporation (DEDC) — the economic development arm of the Dubai Department of Economy and Tourism (DET) — added: “Eaton’s investment reinforces Dubai’s emergence as a global center for advanced manufacturing, powered by high-skilled talent, R&D investment and next-generation automated factories. It represents a strong commitment to the Dubai Economic Agenda D33 and its vision for sustainable industrial growth. We welcome the continued confidence shown by global manufacturing champions like Eaton, reflecting the opportunities Dubai provides through world-class infrastructure, a pro-business environment, and exceptional talent.”
The new facility will integrate 20 Industry 4.0 technologies, including Artificial Intelligence (AI), to advance Dubai’s production of electrical and electronic components that serve critical industries such as utilities, data centers, and commercial infrastructure. Strategically located in Jafza, the site will benefit from Jebel Ali Port’s global connectivity, supporting Eaton’s logistics and market access across the EMEA region.
A major component of the project will be a strategic engineering center, employing several hundred engineers focused on product innovation, sustainable design, smart manufacturing, and power management solutions.
Aligned with Eaton’s and Dubai’s sustainability goals, the facility will feature renewable energy systems and energy-efficient processes, targeting LEED Gold certification to minimize environmental impact and promote sustainable operations.
“We’re proud to welcome Eaton to Jafza as part of Dubai’s push to lead in advanced manufacturing,” said Abdulla Bin Damithan, chief executive officer and managing director, DP World GCC.
“The sector contributed over Dhs37.6bn to GDP in 2024, and with the Dubai Industrial Strategy targeting a $5bn industrial boost by 2030, projects like this are essential. Jafza’s infrastructure and connectivity will help Eaton drive efficiency, innovation and sustainability.”
Eaton’s investment further illustrates how global companies are leveraging Dubai’s industrial ecosystem to scale innovation and expand market presence. With over 700 manufacturing firms from 73 countries operating in Jafza, the free zone continues to play a central role in driving industrial diversification, attracting foreign investment, and cementing Dubai’s position as a global center for manufacturing and trade.
As turbulence becomes an increasingly serious challenge for global aviation, Emirates has adopted a forward-looking, data-driven strategy to deliver smoother, safer flights. The airline’s multi-layered approach, integrating real-time weather data and artificial intelligence, has already reduced unexpected severe turbulence across its vast international network, according to an Emirates Media report.
Captain Hassan Alhammadi, divisional senior vice president Flight Operations at Emirates, said the carrier’s initiatives have begun to show measurable results.
“We recognise that turbulence remains an ongoing challenge that cannot be completely eliminated, but we’re committed to doing everything possible to minimise unexpected severe turbulence encounters through working with partners who share our vision of using advanced technologies and adopting AI to enhance operations,” he said.
“While we cannot promise turbulence-free flights, these initiatives have contributed to a significant reduction in unexpected severe turbulence incidents over the past year, helping make journeys safer and more comfortable for our customers.”
Alhammadi added that Emirates’ participation in the IATA Turbulence Aware programme allows the airline not only to access but also contribute valuable data to a global network of aviation partners, strengthening industry collaboration on this emerging meteorological challenge.
“Our multi-layer approach with weather prediction and technology partners enables us to contribute valuable data and insights to the broader aviation industry as we collectively work to address this growing challenge,” he noted.
Layered weather intelligence through global partnerships
Emirates’ integrated weather detection setup brings together SkyPath, Lido mPilot from Lufthansa Systems, and IATA Turbulence Aware, a combination that delivers innovation powered by AI, machine learning, and real-time, crowd-sourced data.
SkyPath collaboration: Emirates partnered with SkyPath last year to refine AI- and machine learning-based weather models capable of identifying turbulence zones often missed by conventional methods. SkyPath’s system aggregates real-time turbulence data from thousands of aircraft using Eddy Dissipation Rate (EDR) measurements, ADSB transponder data, and SkyPath’s patented iPad accelerometer technology. The result is enhanced predictive accuracy for global flight operations, including the detection of clear-air turbulence, which remains one of the most difficult weather patterns to forecast.
Lido mPilot weather predictions: In partnership with Lufthansa Systems, Emirates leverages a customized navigational app that delivers precise weather insights drawn from the German Weather Service and other high-quality data providers. The app offers pilots live visualisations of cloud patterns, turbulence zones, and icing forecasts, enhancing in-flight situational awareness. Emirates’ ongoing collaboration with the Lido team ensures continued improvements in data accuracy and coverage.
IATA turbulence aware: Since joining IATA’s global Turbulence Aware programme, Emirates has been both a contributor and beneficiary of real-time atmospheric data shared by airlines across the world. The insights are integrated directly into Emirates’ electronic flight bag systems, allowing pilots to visualise and avoid turbulence in real time. This has translated into smoother flights, better fuel management, and enhanced passenger comfort across routes spanning the Middle East, Africa, Asia, and Australia.
The combination of these tools, powered by AI, crowdsourced intelligence, and cross-industry collaboration, marks a step-change in how Emirates is future-proofing flight safety and operational reliability.
Global recognition: Emirates’ commitment to excellence wins multiple awards
Building on its technological advancements, Emirates’ continued focus on delivering a premium travel experience has also earned the Dubai-based airline a slew of international accolades. This month alone, Emirates secured ‘Best International Airline’, ‘Best International First Class’, and ‘Best International Airline Lounge’ titles from the Forbes Travel Guide Verified Air Travel Awards. Additional recognitions poured in from prestigious organisations such as the World Travel Awards, The Times and Sunday Times Travel Awards, and the Conde Nast Readers’ Choice Awards.
For the second consecutive year, Emirates was named Best International Airline by Forbes Travel Guide, based on votes from 9,000 frequent fliers, luxury travel advisors, and Forbes inspectors. The rating process, verified through a star system, praised the airline for its continuous innovation across every aspect of the passenger journey.
Forbes highlighted that Emirates’ “secret” lies in its relentless refinement of the customer experience.
“The Dubai-based airline continually refines every aspect of the passenger experience. For example, Emirates recently debuted an opulent lounge-like check-in area for its First-Class and Skywards Platinum members, and it’s the first autism-certified airline, with more than 30,000 cabin crew and ground staff trained to support travellers with autism.”
Expanding network, winning over global travellers
Emirates also secured the title of ‘Best Long-Haul Airline’ at The Times and Sunday Times Travel Awards 2025, garnering over 900,000 reader votes.
The award cited Emirates’ “cabin crew service, First Class suites (including showers), and its fleet of roomy Airbus A380s.” The publication also praised Emirates’ expanding network, noting its new destinations in 2025, including Shenzhen in China and Siem Reap in Cambodia, gateway to the Angkor Wat complex.
The airline’s dedication to excellence was further validated by its 87.86 score in the Conde Nast Readers’ Choice Awards and the title of Middle East’s Leading Airline Brand at the regional finals of the World Travel Awards 2025.
First class excellence: Defining luxury in the sky
Emirates’ dominance in luxury air travel continues to be unmatched. As the world’s largest operator of international First Class seats, offering 26,800 seats weekly, all configured as private suites, Emirates has become synonymous with bespoke, high-end aviation.
At the Forbes Travel Guide Awards, Emirates’ First Class on the Boeing 777-300ER earned the title of Best International First Class for its lavish design and amenities. The suites feature floor-to-ceiling privacy doors, zero-gravity seats, Bulgari fragrances, and fine dining options ranging from gourmet snacks to caviar. Complementary chauffeur transfers, expedited connections in Dubai, and lounge access complete the elite travel experience.
The airline’s First Class Lounge in Dubai was named Best International Airline Lounge by Forbes for offering “everything a traveller could need and more”, from 72-hour braised beef short ribs to a cigar bar, spa treatments, and direct boarding gates.
Sustained industry dominance and brand power
Emirates’ momentum extends beyond First Class. At the World Travel Awards 2025 regional finals, the carrier clinched Middle East’s Leading Airline, First Class and Middle East’s Leading Airline Lounge, First Class. Earlier in 2025, it also captured Best Long-Haul Airline at The Telegraph Travel Awards, Most Recommended Global Brand by YouGov, and multiple titles at the Business Traveller Middle East Awards, including Best Airline Worldwide for the 12th consecutive year.
The airline’s loyalty programme, Emirates Skywards, continues to set benchmarks as well, earning recognition as Best Global Airline Loyalty Program at the International Loyalty Awards 2025 and Middle East’s Leading Airline Rewards Programme at the World Travel Awards.
Flying into the future: Innovation meets recognition
The synergy between Emirates’ operational innovation and its growing list of accolades paints a compelling picture of a brand that continues to set global aviation benchmarks. By combining AI-powered flight technologies with unrivalled luxury and service, Emirates is not just enhancing the travel experience, it’s reshaping the standards of modern air travel.
As Captain Alhammadi put it, the airline’s pursuit of excellence is both scientific and customer-centric: “Every flight is an opportunity to improve safety, efficiency, and comfort. These new technologies are not just tools, they’re a way for us to deliver the Emirates promise more consistently, no matter where we fly.”
From pioneering turbulence prediction systems to topping international award charts, Emirates continues to prove that its ambition to lead the skies is matched only by its ability to innovate, ensuring that the journey, as much as the destination, defines the Emirates experience.
From JP Morgan to Zurich: How HBZ’s Sheheryar Rasul is redefining value for the ultra-wealthy
With the breakneck pace of AI and internet of things, clients want paperless, efficient and seamless solutions to banking services
As global wealth shifts generations, Sheheryar I. Rasul, Group Wealth Management head and country head, Switzerland Habib Bank AG Zurich, explains how trust, technology, and cultural insight are reshaping client expectations.
With over three decades in global banking, what fundamental shifts have you observed in how ultra-high-net-worth (UNHW) individuals define ‘value’ in a private banking relationship, and what hasn’t changed?
The basic definition of value amongst the UHNW segment remains unchanged, seeking banking relationships offering trust and quality service. However, as families become global they need wealth advisors that understand challenges of estate and tax planning, succession and wealth preservation. Industry is also seeing transfer of wealth to the next generation, for whom efficiency in advice and execution is a key value. Hence the need for digitisation and automation in workflows.
Digital transformation is often spoken of in retail and corporate banking, but how is digitalisation redefining the private banking experience for UHNW clients, and what innovations are on your radar in the Swiss context?
Digital transformation is inevitable for wealth industry if we have to keep up with the new generation of wealthy. With the breakneck pace of AI and internet of things, clients want paperless, efficient and seamless solutions to banking services. This could range from account opening, portfolio analysis, investment advice, funds transfers etc. Hence it’s imperative that the wealth industry invest capital and resources towards digitalisation in order to keep up with client expectations. We, at HBZ, have made a conscious effort to automate and modernise our systems and make necessary upgrades to improve client experience.
You’ve worked across global financial powerhouses, JP Morgan, Deutsche Bank, Citi. How has that international exposure shaped your leadership style today at Habib Bank AG Zurich, especially as you lead its expansion in Switzerland?
I have been blessed to have worked not just across these well reputed global firms but also in different countries and jurisdictions. These firms taught me the importance of ownership and accountability. I also learnt the value in client engagement, knowing how they think and what matters to them. This applies across their investment needs, business strategy, family constitution and conflict resolution. This has been my guiding principle and something I try to instill amongst my team members.
The jurisdictional exposure allowed me to work with various regulators and learn from their rule books. The common recurring theme is about knowing your clients and always doing what’s appropriate and suitable for them. This has been a central theme for us at HBZ.
One of the biggest intergenerational wealth transfers in history is underway. How is your team advising next-gen clients who often have very different values, expectations, and risk appetites than the previous generation?
We are fully cognisant of the importance of this massive wave of wealth transfer. In most cases, the patriarch/matriarch has been the creator of this wealth, and the next generation has been born into affluence. For us, convincing the seniors to get children involved early on in key discussions such as trust and estate planning is important. Also, through client events like our flagship G3 (next generation) summit, we attempt to educate and introduce key topics such as succession, family constitution and conflict resolution.
Given your deep relationships across culturally and economically diverse regions, what do you think global private banks often misunderstand about serving clients from emerging markets?
International private banks often misunderstand the entrepreneurial nature and risk tolerance of emerging market clients. Relationship continuity and the need to understand cultural nuances is paramount to this segment. Habib Bank AG Zurich has the unique advantage of its deep-rooted, multidecade presence in South Asia, Africa, and the Middle East. We have managed to understand and capture product needs such as offering Shariah-compliant solutions, wealth advisory services and borrowing requirements. Our commercial banking presence helps bridge their personal and business needs through our local branches, representative offices and subsidiaries.
Swiss banking is evolving under new regulatory, reputational, and market dynamics. As country head, how are you positioning your institution to uphold the legacy of Swiss banking while meeting the transparency and innovation demands of tomorrow?
It is crucial that we stay close to the regulator, to be on top of any changes in regulatory framework, prepare well for audits and very importantly invest in quality personnel in crucial areas such as compliance and internal audit.
An open communication with regulators enables us to understand the standards they hold banks to, thus allowing us to align our internal policies and practices to these expectations.
Sheheryar Rasul (SR) is the Group Wealth Management Head and Country Head for Switzerland at Habib Bank AG Zurich. With over 30 years of experience in global banking and wealth management, he has held senior positions at prestigious institutions, including Deutsche Bank, JP Morgan Chase, and Citibank N.A.
AstraZeneca Saudi’s Hatem Werdany on supporting a more patient-centric healthcare ecosystem
The country president outlines how the company is partnering with the government and healthcare institutions to advance patient care
As Saudi Arabia advances its Vision 2030 healthcare agenda, tackling noncommunicable and rare diseases remains a top priority.
In an exclusive interview with Gulf Business at the Global Health Exhibition, Hatem Werdany, country president of AstraZeneca Saudi Arabia, outlines how the company is driving early detection, expanding patient access, and forging strategic partnerships with the Ministry of Health, King Faisal Specialist Hospital & Research Centre, and Weqaya to support a more sustainable, innovative, and patient-centric healthcare ecosystem across the kingdom.
What are the biggest health challenges facing Saudi Arabia and the region?
One of the most pressing health challenges in Saudi Arabia and across the wider region is the rise of noncommunicable diseases (NCDs), particularly cardiovascular disease, cancer, lung disease, and diabetes.
AstraZeneca is proud to be at the forefront of tackling NCDs, with a strong focus on screening and early detection, enabling diseases to be identified at an earlier stage when they are often easier to treat. For example, lung cancer remains a significant challenge across the region, and evidence shows that screening at-risk populations could prevent nearly a quarter of deaths from the disease.
Similarly, an estimated 1.75 million people in Saudi Arabia, along with millions more in the region, are living with chronic kidney disease, which, if left untreated, can require dialysis or kidney transplantation.
Early detection and treatment not only improve patient outcomes but also reduce pressure on health systems, making them more sustainable and resilient over the long term. Rare diseases are another critical area that is often overlooked. Limited awareness, delayed diagnoses, and access challenges for patients with rare conditions require focused attention. AstraZeneca is working with partners across the region to establish specialised care pathways, including collaboration with the Ministry of Health to create the first Saudi Rare Disease Centre of Excellence, as well as a partnership formalised this week.
Above all, addressing these challenges requires collaborative efforts between pharmaceutical companies, healthcare providers, government agencies, and international organisations to create sustainable and innovative healthcare solutions.
What are AstraZeneca’s priorities in Saudi Arabia?
AstraZeneca’s priorities in Saudi Arabia closely align with the kingdom’s Vision 2030 healthcare transformation goals. Key areas of focus include advancing therapeutic excellence in oncology, cardiovascular diseases, respiratory conditions, and rare diseases, which collectively represent significant disease burdens in the kingdom.
The company is also committed to clinical research and innovation, supporting clinical trials and research initiatives that contribute to medical evidence and bring cutting-edge treatments to Saudi patients. Strengthening local manufacturing is another priority, with partnerships that establish domestic production capabilities for essential medicines, create high-skilled career opportunities, and reduce dependency on imports.
AstraZeneca is investing in healthcare capacity building by providing training programmes for healthcare professionals and collaborating with local institutions to develop sustainable healthcare infrastructure.
Finally, improving patient access to innovative medicines remains central to its mission, achieved through partnerships with the Ministry of Health and other healthcare authorities.
How is AstraZeneca involved in this year’s Global Health Exhibition?
The Global Health Exhibition provides an invaluable opportunity to engage with the global healthcare community, and AstraZeneca is a proud partner of the event. This year, the company has announced three strategic partnerships that reflect its commitment to advancing healthcare innovation and supporting Saudi Arabia’s Vision 2030 goals.
The first, with the Saudi Ministry of Health, focuses on transforming rare disease diagnostics by enhancing patient access to advanced diagnostic services, localising expertise through education and training, and leveraging AI technologies to improve early diagnosis and patient outcomes, creating a seamless and integrated diagnostic ecosystem. The second partnership, with King Faisal Specialist Hospital & Research Centre, aims to advance clinical research, co-develop value-based healthcare solutions, and enhance diagnostic capabilities across key therapeutic areas, while fostering scientific leadership through joint educational initiatives. The third, with the Public Health Authority (Weqaya), addresses the rising burden of noncommunicable diseases through nationwide awareness campaigns, AI-driven early detection programmes, and healthcare provider education initiatives, supporting prevention-focused public health strategies aligned with Vision 2030.
Together, these partnerships demonstrate the power of public-private collaboration in driving meaningful healthcare transformation and improving patient outcomes across the kingdom.