Gulf central banks cut key interest rates by 25 basis points on Wednesday, mirroring a move by the US Federal Reserve to reduce rates by a quarter of a percentage point in another divided vote.

The Fed signalled it will likely pause further reductions in borrowing costs with new projections indicating the median policymaker view of just one quarter-percentage-point cut in 2026, the same outlook as in September.

The oil and gas exporters of the Gulf Cooperation Council generally follow the Fed’s lead on interest rate moves as most regional currencies are pegged to the dollar. Only the Kuwaiti dinar is pegged to a basket of currencies, which includes the dollar.

Saudi Arabia, the region’s biggest economy, cut its repurchase agreement (repo) rate by 25 bps to 4.25 per cent and its reverse repo rate to 3.75 per cent. The United Arab Emirates’ central bank reduced the base rate applied to its overnight deposit facility to 3.65 per cent, effective Thursday.

Gulf economies are all at varying stages of diversifying their economies away from hydrocarbons and develop non-oil sectors like real estate, tourism and manufacturing, which require billions in financing and investment.

Lower rates are expected to stimulate economic activity and bolster non-oil growth.

The central banks of Qatar, Bahrain, Kuwait and Oman also reduced key rates by 25 basis points.

Cryptocurrencies tumbled on Thursday, December 11 and bitcoin fell back below the $90,000 threshold in a renewed signal of market jitters as fresh concerns about artificial intelligence profits weighed on technology stocks.

Risk sentiment turned sour after US cloud firm Oracle’s profit and revenue outlook missed forecasts and executives flagged higher spending – a sign AI infrastructure outlays are not turning profits as quickly as investors had hoped.

Read more-Experts outline next phase of digital finance at Bitcoin MENA

Bitcoin was last down 2.5 per cent at $90,056.24, while ether tumbled 4.3 per cent to $3,196.62, erasing the past two days of gains, extending weakness that began in the US trading session on Wednesday after the Federal Reserve cut interest rates.

Stocks in Asia fell and futures pointed to lower openings in Europe and the United States.

“What we saw last night was even though risk assets were doing well, crypto didn’t really want to know about it,” said Tony Sycamore, market analyst at IG in Sydney. “The crypto space really needs to see more convincing evidence that the washout we saw from that October 10 selloff is complete, and at this point in time it just doesn’t look like it’s there.”

Standard Chartered on Tuesday slashed its expectations that bitcoin would hit $200,000 by the end of 2025, lowering its forecast to $100,000.

“We think buying by Bitcoin digital asset treasury companies is likely over,” said Geoff Kendrick, global head of digital assets research at Standard Chartered. “As a result, we now think future Bitcoin price increases will effectively be driven by one leg only – ETF buying.”

The Ministry of Human Resources and Emiratisation (MoHRE) in UAE has launched an upgraded version of the Wage Protection System (WPS), developed in collaboration with the Central Bank of the UAE and Al Etihad Payments, the national payments service provider owned by the Central Bank. The update is being implemented alongside several MoHRE-accredited financial institutions through their respective digital platforms, marking a significant step forward in the UAE’s ongoing push for smarter, more transparent labour market processes.

Read more-Top jobs, bigger paychecks: UAE salary rise 2026 forecast revealed

The enhanced system was rolled out under the ministry’s partnership with e& Group, Botim, Al Ansari Exchange, Lulu Exchange, GCC Exchange, and Al Maryah Community Bank. According to MoHRE, the upgrade supports broader national goals to advance the UAE’s Zero Government Bureaucracy Programme and improve the ease of doing business. It also reinforces government efforts to adopt smart technology, strengthen market competitiveness, and protect the rights of all labour market participants.

System covers 99 per cent of private-sector workforce

The Wage Protection System currently covers more than 99 per cent of private-sector workers, whose salaries are processed through the system by their employers. Monthly wage transfers now exceed Dhs35bn, according to WAM.

In a press statement, the ministry said the upgraded version of the WPS makes it easier and faster for employers to manage salary payments, thanks to real-time data integration between MoHRE’s systems and financial institutions via the Central Bank. This integration allows users to rely on digital platforms to access smart, efficient, and secure salary-processing services.

Faster registration and improved data integration

MoHRE noted that the new version accelerates registration and verification procedures while enhancing communication between companies and relevant authorities. The system upgrade aims to boost operational efficiency, strengthen data integration, and solidify a secure and reliable digital environment for managing wage transfers.

The ministry described the update as a “notable leap” in wage management, driven by direct electronic integration. The enhanced platform enables employers to complete all wage-processing procedures digitally through automated data retrieval from MoHRE systems. It also improves salary-tracking accuracy and ensures timely wage disbursements to workers. These improvements, MoHRE said, support the UAE’s broader efforts to build a sustainable work environment and reinforce confidence in the national economy.

Strengthening governance and supporting compliance

The upgraded WPS also contributes to labour market stability by empowering supervisory bodies to enhance governance standards within the system. It ensures that employers comply with the Federal Decree-Law regulating employment relationships and with relevant regulatory decisions.

MoHRE stated that the system boosts labour market efficiency and agility through integrated digital financial services. It also provides an accurate and comprehensive database that supports planning and strategic decision-making.

Reducing disputes and enhancing transparency

According to the ministry, the upgraded system strengthens cooperation between government entities, banks, and financial institutions. This integration ensures better transaction governance, reduces wage-related labour disputes, and enhances transparency across the labour ecosystem. These improvements support the objectives of the ‘We the UAE 2031’ vision, which places competitiveness, innovation, and transparency at its core.

MoHRE emphasised that the upgraded WPS reflects the UAE’s commitment to maintaining a transparent, balanced, and fair work environment. The Ministry said the new system represents a comprehensive digital transformation, aligned with international best practices in labour administration and financial governance. It expands the number of participating financial institutions, improves transfer-processing efficiency, and deepens integration with financial institutions’ digital platforms, enabling companies to manage financial operations with ease.

Under UAE labour legislation, private-sector establishments are required to pay workers’ wages monthly, both in the amounts and at the times defined in employment contracts. Payments must be made through the Wage Protection System, which facilitates salary transfers via approved banks, financial institutions, and exchange houses.

The region’s business landscape is being reshaped by a new kind of influence, one driven not only by boardroom decisions, market performance or company scale, but by the ability to build communities, spark conversations and move audiences at speed. In an era where social reach can amplify strategic vision, the region’s most dynamic founders, executives and creators now operate at the intersection of business leadership and digital impact.

In this special feature, Gulf Business spotlights a selection of the UAE’s most recognisable business voices, individuals who command sizeable followings, shape public perception and increasingly drive regional dialogue across sectors such as beauty, real estate, technology, retail, aviation and lifestyle. These picks, referred below as Social Icons, have been ordered from biggest to smallest social media following, providing readers with a clear sense of the scale and reach each leader brings to the conversation.

Alongside these editorial picks, you will also find a series of extended full page profiles highlighting other key business personalities, referred below as Boardroom Icons, contributing to the evolution of the region’s economy. Together, they present a holistic view of influence in 2025, part entrepreneurial grit, part digital visibility and part strategic leadership.

This is not simply a list of who is popular. It is a look at who is shaping conversations, inspiring the next generation and driving the Gulf’s business narrative forward.

Boardroom Icons

Adel Mardini

Visionary leader in global luxury aviation and hospitality

Hussam Baghdadi

COO, Arabian Automobiles, operating under AW Rostamani Group

Zaid S Al Khayyat

MD and board member, Al Khayyat Investments (AKI)

Ankur Aggarwal

Chairman and founder, BNW Developments

Alexander Lozben

IT entrepreneur and founder, INTERHASH

Capt (Dr) Pradeep Singh

Founder and chairman, Aethon Group and Karma Developers

Vivek Anand Oberoi

MD and co-founder, BNW Developments

Feliks Vartanov

Entrepreneur and investor

Kabir Mulchandani

Chairman and chief executive, Five Holdings

Rishi Kishor Gupta

Regional director, Middle East and Africa, Nothing

Harshvardhan Singh

Head of strategic partnerships and PR, automotive division of AA Al Moosa Enterprises

Social Icons

Huda Kattan

Founder, Huda Beauty (57.5 million followers on Instagram)

Khalid Al Ameri

Emirati storyteller and entrepreneur (8.5 million followers on Facebook)

Karen Wazen

Entrepreneur and fashion personality (8 million followers on Instagram)

Hatem Dowidar

Group CEO, e& (363k followers on LinkedIn)

Zeina Khoury

President and chief growth officer, Zed Capital Real Estate (1.3 million followers on Instagram)

Fahed Ghanim

CEO, Majid Al Futtaim Lifestyle (80k followers on LinkedIn)

Mohamed Alabbar

Founder, Emaar Properties (437k followers on Instagram)

Hussain Sajwani

Founder and chairman, DAMAC Properties (178k followers on Instagram)

Paul Griffiths

CEO, Dubai Airports (102k followers on LinkedIn)

Mohamed Abdalla Al Zaabi

Group CEO, Miral (42k followers on Instagram)

Issam Kazim

CEO, Dubai Corporation for Tourism and Commerce Marketing (36.8k followers of LinkedIn)

Karim Gharbi

Musician and tech entrepreneur (1.5 million followers on Instagram)

Dariush Soudi

Investor, author and speaker (3 million followers on Instagram)

Dr Bu Abdullah (Yaqoub Mousa)

Chairman, Bu Abdullah Group (50.7k followers on Instagram)

Abu Dhabi has launched a new fintech, insurance, digital and alternative assets cluster, known as FIDA, aiming to accelerate the development of next-generation financial and investment solutions and strengthen the emirate’s position as a global capital hub.

The initiative, led by the Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi Investment Office (ADIO), is part of the emirate’s long-term diversification strategy.

By 2045, officials project FIDA will add $15.2bn to direct GDP, create 8,000 skilled jobs and attract at least $4.6bn in investment.

Key highlights of FIDA

FIDA combines high-growth areas where technology, regulation and capital converge, including fintech, digital assets, insurance, reinsurance and alternative investments. The cluster aims to provide a stable regulatory environment for global firms looking to build and scale new financial products.

“Abu Dhabi’s economic strategy is built on long-term planning and the flow of capital, talent and innovation through world-class infrastructure,” said Ahmed Jasim Al Zaabi, chairman of ADDED. “FIDA is a structural investment in the future and strengthens the foundations of next-generation finance.”

Badr Al-Olama, DG of ADIO, said the cluster marks a shift in Abu Dhabi’s role in global finance, bringing sovereign investors, regulators and technology firms into a unified ecosystem focused on digital assets, AI-driven financial solutions and advanced fintech platforms.

The programme is structured around pillars covering digital asset infrastructure, fintech development, expanded insurance and reinsurance capacity and long-term savings frameworks designed to support financial resilience. It will also widen access to funding for SMEs, including alternative lending, venture debt and growth capital.

Sustainable finance is built into the cluster’s mandate, with new efforts to develop green and transition finance instruments aligned with the UAE’s net-zero goals. FIDA will also expand the emirate’s alternative assets base, with support for private equity, venture capital and real estate investment vehicles targeting global institutional capital.

The cluster links with other priority sectors, including AGWA for food and water technologies, HELM for life sciences and SAVI for mobility and autonomous systems. This is intended to give high-growth companies access to financing tools tailored to their sector.

Capital of Capital

Abu Dhabi’s position as the “Capital of Capital”, backed by $1.8tn in sovereign wealth and a network of global trade and tax agreements, provides firms in FIDA with treaty-backed access to key markets in Europe, North America and Asia.

Regulatory oversight will be coordinated by the Ministry of Finance, the Central Bank of the UAE, ADGM and the Securities and Commodities Authority. Financing will be supported by sovereign wealth funds, family offices and the Khalifa Fund.

The innovation and talent network, led by Hub71, UAE University, Khalifa University, the Emirates Institute of Finance and ADGM Academy, will focus on translating research into market-ready technologies and building specialised skills in fintech, actuarial science and quantitative finance.

Officials say FIDA is intended to reinforce Abu Dhabi’s position as a next-generation global financial centre and as a preferred base for firms shaping the future of finance and investment management.

Read: Experts outline next phase of digital finance at Bitcoin MENA