Artificial intelligence has entered a pivotal stage in its evolution. What began as an experimental technology is now a defining force shaping economies, industries, and societies worldwide. From enhancing productivity to transforming how we make decisions, AI has become a central pillar of competitiveness. We have long ago left behind the possibility that AI adoption is optional; now, we must define how we use it to create sustainable value, bridge skills gaps, and ensure equitable progress.

Much like the arrival of the internet three decades ago, most would agree that AI is now an integral element of many parts of everyday life, and its influence is set to extend to every sector of the economy, every type of job, and every level of society in the coming years.

While the global conversation on AI often focuses on competition, this is not a race to be the fastest; the focus is on effectiveness, or who harnesses AI most productively to drive sustainable growth, inclusion, and progress.

The technology is shaping boardroom decisions, redefining industries, and transforming how consumers live, work, and interact. According to McKinsey, 78 per cent of organisations worldwide are now using AI in at least one business function, compared with 55 per cent a year earlier. This acceleration marks the beginning of a new economic cycle driven by informed intelligence, not simple automation.

Growth in productivity

AI is enhancing productivity across industries, from manufacturing and logistics to healthcare and financial services. In banking, it enables smarter risk modelling, real-time fraud detection, and more personalised customer experiences. It also improves operational efficiency by automating repetitive processes and allowing professionals to focus on creative and strategic work.

The potential economic value is immense. McKinsey estimates that generative AI alone could lift the productivity of the global banking sector by between 2.8 and 4.7 per cent of annual revenues. This translates into stronger financial performance, but more importantly, it enhances human potential. When technology takes over what is, by nature, mechanical, people gain time to innovate, collaborate, and solve higher-order challenges.

AI, therefore, creates an economy that is faster, smarter, and ultimately more human in its value creation.

Redefining financial systems and economic value

In financial services, AI is redefining how value is generated and distributed. Hyper-personalised products, predictive analytics, and adaptive fraud detection systems are improving efficiency and building greater trust. On a broader level, AI-driven insights are influencing capital allocation, investment strategies, and risk management, fundamentally changing how economies function.

Financial institutions that use AI responsibly are finding new ways to enhance transparency, accessibility, and customer confidence. They are improving credit assessment, enhancing financial inclusion, and building resilience into the financial system, all through combining data and decision science.

Economic impact and challenges ahead

AI is becoming a cornerstone of economic resilience. It unlocks efficiency gains, enables new business models, and creates smarter resource allocation. Yet the true challenge for governments and industries is more about the integration process: how can we embed AI responsibly, ethically, and at scale?

This requires significant investment in people. 46 per cent of business leaders globally cite skill gaps as a major barrier to AI adoption, and job postings related to agentic AI have increased almost tenfold over the past year. The economies that prioritise digital education, data literacy, and reskilling will be the ones that unlock the full potential of AI. Those who do not will struggle to keep pace with transformation.

For the GCC, this point in time holds a particular promise. With diversification at the heart of every national strategy and agenda, AI can accelerate growth across finance, manufacturing, logistics, and public services. It can help create high-skilled employment, expand digital inclusion, and position the region as a leader in innovation-driven economic development.

Leading responsibly in an intelligent future

The AI arms race is not a race to build the most powerful systems; it is a race to use such systems most effectively. According to reports, generative AI could create between $2.6tn and $4.4tn in value across global industries. This scale of impact will determine which economies lead in the next decade.

AI should be seen as a toolkit for growth, inclusion, and resilience, and as an enabler of progress, not a threat to it. Economies that combine technological investment with strong governance, clear ethics, and a focus on human capability will shape the next chapter of global prosperity. We must all consider how to adopt AI with purpose, while ensuring the technology serves people, drives innovation, and builds a future defined by shared progress.

The writer is the group head of Technology, Transformation & Information at Mashreq.

Abu Dhabi-based Modon Holding posted a net profit of Dhs3.9bn ($1.06 bn) for 2025, as revenue more than doubled, the company said.

Revenue for the year reached Dhs13.8bn, up 2.1 times from 2024. The company said growth was driven mainly by its real estate division, alongside contributions from hospitality, asset management and events businesses.

Adjusted EBITDA rose 2.5 times year-on-year to Dhs4.9bn, with margins expanding to 35.2 per cent. Excluding a one-off gain booked in the prior year, net profit increased 19.9 times, the company said.

Real estate sales climbed 2.8 times to Dhs36.3bn, including Dhs29.8bn in Abu Dhabi. Modon’s revenue backlog stood at Dhs46bn at year-end, up 1.8 times from a year earlier.

Development sales accounted for 93 per cent of the backlog.

The group ended 2025 with a net cash position of Dhs1.8bn. Total assets rose 15 per cent to Dhs87bn, while total equity increased 8 per cent to Dhs55bn.

Modon was formed in February 2024. During 2025, L’IMAD Holding Company, wholly owned by the Abu Dhabi government, acquired an 84.75 per cent stake in the company.

Read: Where Abu Dhabi’s key assets land after the L’IMAD–ADQ restructure

“Building on the sustained growth momentum of recent years, 2025 marked a new phase of accelerated strategic transformation for Modon,” said Jassem Mohamed Bu Ataba Al Zaabi, chairman of Modon Holding.

He added that the group’s integrated platform across development, investment and asset management had strengthened its institutional readiness to capture opportunities locally and internationally.

“Aligned with Abu Dhabi’s ambitious long-term agenda, Modon continues to ensure its strategy supports the emirate’s broader economic development objectives,” Al Zaabi said, citing a focus on expanding strategic partnerships and reinforcing the group’s position as a global developer, operator and investor.

Real estate drives earnings

Revenue from the real estate segment rose 2.6 times to Dhs7.4bn. The company said it procured Dhs32bn in construction and consulting contracts during the year.

In Abu Dhabi, developments on Reem Island and Hudayriyat Island contributed to sales growth. In Egypt, the initial launch at Ras El Hekma generated Dhs5.8bn in sales across 2,109 units. In Spain, Modon continued land sales at La Zagaleta.

Revenue in asset and investment management rose 13.2 per cent to Dhs655m, supported by 97 per cent occupancy across owned assets.

Hospitality revenue increased 38.9 per cent to Dhs792m, with average occupancy at 71 per cent. The group’s hotel portfolio comprised 7,137 keys across Abu Dhabi, Europe and Africa at the end of 2025.

In December, Modon agreed to divest its indirect stake in Icon Hotel Investment Ltd, subject to regulatory approvals.

Events, catering and tourism revenue doubled to Dhs5.01bn. The company hosted 896 events and recorded 6.3 million visitors across its venues. The catering division served 51.6 million meals.

In May 2025, the group consolidated Arena Group, expanding its international events operations.

International investments

During the year, Modon acquired a 50 per cent stake in the 2 Finsbury Avenue development in London. It also completed the acquisition of Arena Events Group.

In the US, the company invested in Wellington Lifestyle Partners and entered a joint venture with Related Companies and Panepinto Properties to develop Harborside 4, a residential tower in Jersey City, New Jersey.

Emirates Group has confirmed that its chief financial and group services officer, Michael Doersam, will step down from his role at the end of June 2026, marking the end of an influential chapter in the airline’s executive leadership.

In a statement to media outlets, Emirates said Doersam has announced his intention to step down for family reasons. His successor has not yet been named, with the company saying that an announcement will be made in due course. Emirates emphasised that its strategic direction and commitment to delivering value to stakeholders “remain unchanged” despite the forthcoming leadership change.

Doersam has been one of the aviation group’s most senior executives and a key architect of its financial strategy through significant periods of industry turbulence and recovery. Reports first emerged of his impending departure in industry news outlets earlier this week.

The role of chief financial and group services officer at Emirates Group oversees financial planning and analysis, reporting, treasury, risk management and other core functions critical to the airline’s operations, especially as global travel rebounded from pandemic-era disruptions.

Doersam’s career at Emirates stretches back nearly two decades, having joined the carrier in the mid-2000s and risen through senior finance leadership positions to the executive tier. His tenure has coincided with both rapid expansion and strategic adaptation in a highly competitive global aviation market.

The Mohammed bin Rashid Aerospace Hub (MBRAH) at Dubai South has inaugurated a new facility for RH Aero Systems (RH Aero), reinforcing Dubai’s position as a regional aviation services hub.

Operating under its Ready, Reliable, Relentless promise, RH Aero will use the facility as its regional hub for Ground Support Equipment (GSE) and Engine/Airframe Tooling services across the Middle East, Africa and India. The move supports the company’s expanding global service network and strengthens its footprint in the region.

The new RH Aero Service Center spans approximately 2,800 square metres and is divided into four adjacent bays of 700 square metres each. The layout has been designed to accommodate future growth and capability expansion, underlining the company’s long-term commitment to the Middle East.

The inauguration ceremony was attended by senior leaders from both organisations, including Tahnoon Saif, chief executive officer of MBRAH, and Martin Dürr, Executive Vice President, EMEAI Region, RH Aero.

The facility will offer inspection, testing, calibration and recertification services, alongside maintenance, repair and overhaul (MRO) of tooling and GSE. It will also provide proof-load testing, modification and upgrade programmes, as well as local technical support, on-site services and Aircraft on Ground (AOG) assistance. These capabilities are aimed at enhancing turnaround times and delivering OEM-licensed tooling support to airlines, MROs and OEM partners across the region.

Saif said: “The expansion of internationally recognised players such as RH Aero reflects the confidence that leading aviation partners place in MBRAH’s integrated ecosystem and contributes to our mandate of empowering the aerospace industry.”

Dürr said: “This facility will allow us to deliver faster turnaround times, OEM-aligned tooling and GSE service solutions, and enhanced service proximity to our partners across the Middle East, Africa, and India. We look forward to growing our footprint in the region in close collaboration with the Mohammed bin Rashid Aerospace Hub.”

RH Aero, through its businesses Rhinestahl and HYDRO, provides custom-designed GSE, OEM-licensed engine and airframe tooling, and operates 26 global service centres. The company serves OEMs, MROs and operators worldwide.

MBRAH, located within Dubai South, is a free-zone destination catering to airlines, private aviation companies, MROs and related industries. The hub also houses maintenance centres and training campuses, supporting Dubai’s ambition to become a leading global aviation hub.

Read: Dubai South’s Aerospace Hub ramps up facilities for global aviation players

Dubai Health has announced the launch of the ‘Unified Health Screening’ initiative, combining medical fitness examinations for residency and occupational health into a single application and unified customer journey, a significant milestone in the emirate’s push to streamline procedures and enhance government service delivery.

The initiative, developed in collaboration with several government entities, marks a new phase in digital integration and inter-agency cooperation. It is implemented in partnership with the Dubai Health Authority, the General Directorate of Identity and Foreigners Affairs, Dubai, Dubai Municipality, the Supreme Legislation Committee, and the Department of Finance.

Read more: How Dubai became a global healthcare convening power

The project falls under the ‘City Makers’ initiative of the General Secretariat of The Executive Council of Dubai, aimed at strengthening collaboration between government entities and delivering exceptional shared services. The move aligns with Dubai’s Social Agenda 33 and the Dubai Economic Agenda, D33, according to a Dubai Media Office report.

One unified digital journey

The newly launched service allows professionals across various sectors to apply for required health screenings through a smart digital platform. The integrated process merges medical fitness examinations and occupational health screenings into a single automated application, tailored according to the selected profession.

Under the new system, all necessary examinations can be completed in a single visit. Once medical results are finalised, residency permits are issued automatically, eliminating duplication of steps and significantly reducing processing time.

The initiative also links databases across relevant authorities, enabling faster, more accurate procedures and secure data exchange among government entities.

Officials say the streamlined model represents a major leap in enhancing efficiency, improving customer experience, and reducing administrative burdens.

Strengthening government integration

Dr Alawi Alsheikh-Ali, director general of Dubai Health Authority (DHA), said the launch reflects Dubai’s commitment to unified digital governance.

“The launch of the Unified Health Screening reflects Dubai’s commitment to strengthening joint government work through a single digital pathway that streamlines medical fitness examinations for residency and occupational health,” he said.

Dr Alsheikh Ali emphasised that the initiative automates processes while standardizing and accelerating data exchange between entities. He added that this supports preventive planning and ensures the system keeps pace with population growth and expanding economic activity.

Lieutenant General Mohammed Ahmed Al Marri, director general of the General Directorate of Identity and Foreigners Affairs, Dubai, described the new service as a reflection of Dubai’s integrated government model.

“The ‘Unified Medical Screening’ service embodies Dubai’s integrated government model, founded on institutional connectivity and seamless system integration among the concerned entities,” Al Marri stated.

He explained that GDRFA Dubai’s primary role centers on linking databases and enabling automated and secure information exchange with strategic partners.

“This ensures the availability of accurate data across all entities involved in delivering the service,” he said. “It contributes to accelerating procedures and issuing residency permits smoothly upon completion of requirements, directly enhancing the customer experience and the overall efficiency of the government ecosystem.”

Al Marri added that the integration strengthens data reliability, reduces duplication of procedures, and improves overall performance efficiency.

“It reflects GDRFA Dubai’s commitment to supporting joint initiatives that elevate the customer journey and align with the Emirate’s aspirations for smarter and more proactive services,” he said.

Boosting inspection and regulatory efficiency

Eng. Marwan Ahmed bin Ghalita, director general of Dubai Municipality, described the initiative as a strategic advancement in strengthening the emirate’s inspection and regulatory framework.

He said the launch underscores the commitment of Dubai’s government entities to delivering innovative services that enhance global competitiveness while ensuring safe and healthy working environments aligned with international best practices.

“The service marks a qualitative leap in advancing integration between government systems through unified processes and smartly connected databases,” he said.

Bin Ghalita noted that the system enables Dubai Municipality’s inspection teams to access accurate, real-time information during inspections. This, he said, ensures compliance with occupational health and safety standards, strengthens proactive prevention measures, and enhances emergency response readiness.

Elevating healthcare and service excellence

Dr Amer Sharif, CEO of Dubai Health and President of Mohammed Bin Rashid University of Medicine and Health Sciences (MBRU), highlighted the broader impact of the initiative on healthcare system readiness.

“The Unified Health Screening service marks a qualitative leap in the development of joint government services by unifying procedures and integrating systems of relevant entities,” Dr Sharif said. “This contributes to simplifying the customer journey and elevating the quality of services.”

He added that the initiative reflects collaboration under the ‘City Makers’ program and aligns with Dubai’s vision to deliver smart, proactive services.

“It contributes to strengthening the readiness of the healthcare system and reinforces Dubai’s position as a leading model in the development of integrated government services,” he said.

Service centres and expansion plans

The ‘Unified Health Screening’ service will initially be available at Dubai Health medical fitness centres across the emirate, including the Garhoud Centre, Al Nahda Centre, Al Karama Centre, Al Yalayis Centre, Bur Dubai Centre, Jebel Ali Free Zone Centre, Zabeel Centre, and Smart Salem Centres.

Authorities confirmed that additional centres will be added in the coming phase. Capacity at existing locations will also be expanded to accommodate growing demand and ensure a seamless customer experience.

The City Makers initiative was launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, in 2014.

The program aims to enhance cooperation among government entities and establish cross-government task forces to design and implement exceptional shared services.