Late one May evening, the Burj Khalifa’s LED façade burst into red and white.

The world’s tallest tower was celebrating 40 years of bilateral trade between Singapore and the UAE, its pin-sharp stripes forming the flag of the Lion City.

From an apartment a few streets away, Ranjit Khanna – head of private banking for Bank of Singapore in the Middle East and Europe – watched, phone in hand, capturing the moment. It was, he says, “so wonderful” to see the city he now calls home illuminate the country that shaped his career.

The flash of colour is a neat metaphor for Khanna himself: a banker whose roots stretch from high-school days in Dubai to three decades on the trading floors of Singapore, London and New York – and whose mission today is to fuse Asian expertise with Gulf ambition.

Khanna’s biography reads like a map of the modern private-wealth industry. Born to a banker father who was posted around the region, he finished school in Dubai, started university at the American University in Cairo, then crossed the Atlantic to begin his career with American Express Bank in 1990. Four years later he was back in the UAE as a relationship manager for Standard Chartered; by 2010 he was leading Coutts’ Southeast Asia franchise out of Singapore. In 2023, the call came to return once more to Dubai – this time to anchor Bank of Singapore’s push across the Middle East and Europe.

Today, he leads a team of around 140 people, a figure that he says “has grown headcount almost threefold in the last four or five years”.

Much of that expansion has been on the front line: last year alone the DIFC branch increased its private-banker ranks by over 20 per cent, while simultaneously beefing up product and advisory benches. The client base is diverse but focused, serving three core segments: Global South Asia (including Indian and Pakistani entrepreneurs based in Dubai), GCC high-net-worth families, and international expats from the UK, Europe and increasingly, China.

“This region has long-standing cultural and economic ties to South Asia,” says Khanna. “Many of our clients or their families have been part of the entrepreneurial fabric of the UAE for generations. That affinity, combined with Dubai’s openness and strategic location, makes it a natural centre for private wealth.”

He compares the regional trading culture with Singapore’s own development, where merchants from Fujian, especially those from the Hokkien-speaking south, helped shape a nation.

Read: Navigating super trends: Bank of Singapore’s Ranjit Khanna on AI, geopolitics and Asia’s rise

The power of a three-hub model

Bank of Singapore’s own evolution mirrors that same cross-cultural dynamic. Its parent, Oversea-Chinese Banking Corporation (OCBC), is “the oldest Singaporean bank” – founded more than 90 years ago to serve overseas Chinese merchants across Southeast Asia.

In 2010, OCBC acquired the Asian and Middle East franchise of ING Private Bank, and formed a fully fledged, stand-alone private bank under the name, Bank of Singapore. Khanna sums it up crisply: “We are the only independent global Asian private bank.”

The Dubai office continues to expand on the deep client roots built from the bank’s ING Asia heritage. Under CEO Jason Moo – appointed March 2023 from a Swiss rival – Bank of Singapore now operates a three-hub model. Hong Kong covers Greater China; Singapore leads ASEAN; and Dubai oversees all business west of the Strait of Malacca, including offices in Luxembourg and London.

Traditionally, institutions like Bank of Singapore would have run EMEA operations from Europe. Khanna explains that the bank deliberately reversed this: “We believe the Middle East has a much more important role to play.” This shift reflects Dubai’s growing global influence, not just as a financial centre but as a magnet for wealth and talent.

Indeed, the DIFC hub now accounts for a significant share of Bank of Singapore’s global business, with ambitions to grow that further in line with the emirate’s D33 vision. “For simplicity’s sake, my title is head of Middle East and Europe, ,” Khanna says. “But really, anything west of Singapore comes under the Dubai hub.”

That ambition comes at a time when private wealth dynamics are shifting. After a post-pandemic boom in asset prices, 2022 brought a correction: global wealth shrank by 4 per cent. Yet the UAE saw wealth grow by 8 per cent.

“That is on the back of really positive government federal policies, as well as investments in business and communities… and the sheer generation of wealth,” says Khanna.

What’s more, Dubai is now home to the world’s second-largest millionaire migration after Singapore, according to the likes of Henley & Partners.

“In many ways, the UAE in particular has been a beneficiary of the largest millionaire migration in the world, rivalled only by Singapore. So for us, we are in the two of the best markets.”

Building resilience, not just returns

As expectations rise, so too does the need for deeper insight.

“Clients in the Middle East have become far more engaged and discerning, and they are looking for advisors who can deliver not only performance but also perspective — clarity amid volatility,” says Khanna.

Bank of Singapore’s answer has been to invest heavily in advisory strength and insight generation. “To help clients navigate uncertain times, we are committed to building intellectual capital, bringing together leading minds and encouraging diversity of thought,” he says.

The bank established its CIO Global Advisory Council in 2024 to support this effort. Bank of Singapore released the inaugural CIO Supertrends Report, and has continued to refine it with updates in 2025. “The idea is to look at things from a five-year horizon rather than the immediate here and now,” Khanna notes.

In February 2025, Bank of Singapore held its CIO Summit in Dubai, where thought leaders discussed strategy in a multi-polar world. This year will also see the launch of a new global asset allocation framework, which Khanna calls a major milestone.

“We employed a rigorous process to review over 60,000 portfolios, putting each portfolio through more than 24,000 stress tests… more than 1.4 billion stress tests conducted in total across eight months,” he says. “We construct portfolios to perform reasonably well across a range of plausible scenarios, even if the forecasts of individual asset classes do not meet expectations.”

The bank’s diversification strategy spans equity styles, fixed income and alternatives. “Diversification today goes beyond geography and asset class,” Khanna says. “We are regularly discussing low volatility and high-quality equity strategies… Fixed Income at these yield levels and with rate cuts priced across key Developed Markets remains an important component… alternatives provide diversification benefits with less directional exposure to both equity and credit markets as well as inflation hedging characteristics.”

Guiding families through generational transitions

While investment performance is essential, legacy planning is just as critical for many families. “We see increasing interest and awareness among our ultra-high-net-worth clients and families in relation to generational wealth transfer,” Khanna says.

Bank of Singapore’s Financial Intermediaries, Family Office and Wealth Advisory (FFWA) unit works directly with families to structure wealth transitions. “They want to start this conversation early, and they are looking for suitable tools and wealth protection solutions,” he says.

“An equally important role of a private bank in supporting clients in their succession and legacy journey is fostering conversations among family members to align values, vision, and responsibilities,” Khanna adds. “It is not just about the transfer of the financial capital but also about the human, social and cultural capital that is intrinsic to maintaining the family legacy.”

The bank also advises families on philanthropy, multi-family office structures, and governance models depending on complexity and scale.

A bridge between capital flows

Looking ahead, the growth corridors between the Gulf and Asia will only deepen. “Our clients in the Middle East are increasingly looking East,” says Khanna. “The core of our investment team is based in Asia… this facilitates on-the-ground research and networks helping us identify long-term opportunities that align with our clients’ return and risk appetite.”

That value is matched by Singapore’s status as a trusted booking centre. “Singapore offers a powerful trifecta: political stability, robust regulation, and global connectivity. It is a neutral and trusted gateway to Asia: ideal for asset diversification and international wealth structuring.”

“We do not just carry the ‘Singapore’ name; we embody the ‘Singapore’ identity, reflecting the reliability that our clients seek,” Khanna says.

At a time when the Middle East and Asia are becoming the two dominant centres of new wealth creation, Bank of Singapore’s footprint and focus feel prescient. “We are Asia’s global private bank – Asian in values, global in capabilities and perspectives.”

That blend of cultural alignment, institutional rigour, and global insight is what brought Khanna back to Dubai in the first place. “For me to be successful, what do I want? I want a great brand – box checked. I want a great platform – box checked. I want to make sure I’m working with an institution that’s got the right balance sheet so that we can help our clients – box checked.”

Success, he insists, is not about league tables. “If you look at the number of people we employ in the private bank, we’re the third largest in the DIFC,” he says. “What matters is when clients think about a private bank, they want to engage, we’re top of mind.”

As the lights of the Burj Khalifa glow once more this year – maybe next time to mark a new milestone for the bank itself – it’s clear that the relationship between Singapore and Dubai is more than symbolic. It’s strategic.

Dubai Municipality has announced the designation of four public beaches exclusively for families during the Eid Al Adha holiday. The beaches include Jumeirah 2, Jumeirah 3, Umm Suqeim 1, and Umm Suqeim 2, all managed and operated by the municipality.

Read- Eid Al Adha 2025: Dubai’s action plan from safe festivities to free parking

The initiative aims to regulate visitor numbers during the holiday period, when beaches typically see high footfall from various segments of the community. By dedicating specific beaches to families, the municipality seeks to offer a more comfortable, secure, and enjoyable recreational environment, a Dubai Media Office report said.

Enhanced safety measures and on-ground support

To support this initiative, Dubai Municipality has deployed a dedicated safety and rescue team comprising 126 qualified personnel equipped with advanced tools and logistical equipment. Their presence will help ensure the highest levels of safety for beachgoers. Additionally, a team of 100 trained inspectors will oversee field operations, including crowd and traffic flow management, beach security monitoring, and incident response.

Commitment to family-friendly public spaces

Dubai Municipality reaffirmed its commitment to enhancing the recreational experience at public beaches by offering integrated, family-friendly facilities that reflect the emirate’s wider efforts to improve quality of life. The initiative is part of a broader strategy to position Dubai’s beaches as inclusive destinations that serve both residents and tourists.

In collaboration with its strategic partners, the municipality will continue to monitor beach operations throughout the holiday to ensure a safe, comfortable, and accessible environment for families.

Dubai Municipality is responsible for managing the emirate’s waterways and public beaches, overseeing infrastructure development, and providing world-class services and amenities to support a vibrant and welcoming recreational experience for all.

Small and Medium Enterprises (SMEs) in the UAE are maintaining a steady sense of optimism despite rising costs and economic headwinds, according to RAKBANK’s latest SME Confidence Index.

The 2025 report, compiled in partnership with RFI Global, reflects a confidence score of 57, signalling continued resilience in the sector.

The findings are based on responses from over 1,200 SMEs across the UAE, surveyed between October and December 2024.

While the Index score has declined from 61 in 2023 to 57 in 2024, it remains above the base level of 50, pointing to overall positive sentiment.

Also, 68 per cent of SMEs view the future business environment as favourable, and over 60 per cent reported revenue growth in the past two years.

“Small and medium enterprises are the backbone of every thriving economy, and in the UAE, they play a central role in driving diversification and sustainable development,” said Raheel Ahmed, group CEO of RAKBANK. “We continue to reinforce our commitment to be a trusted partner on their journey, providing the insights, tools and support they need to grow their businesses and contribute to the wider economy.”

Ahmed added that the bank launched the SME Confidence Index in 2024 to capture sentiment, challenges and growth outlook.

In a major move to support the SME ecosystem, RAKBANK and Emirates Development Bank announced a strategic Dhs1bn co-financing partnership during the ‘Make it in the Emirates’ forum, under the patronage of the Ministry of Industry and Advanced Technology.

Sector trends and challenges for SMEs

Consumer and Retail Services emerged as the highest-performing sector, achieving a confidence score of 60, supported by increased consumer spending and expansion into new business channels.

Construction and Manufacturing, Transport, and Trading sectors scored 57, 57, and 58 respectively, showing stable sentiment. However, confidence in Public Services and Professional Services dipped to 56, largely due to higher operating costs and concerns over debt servicing.

While more than three in five SMEs recorded revenue increases over the past two years, over two-thirds experienced rising operational expenses.

Only 39 per cent expressed confidence in meeting debt obligations, down from the previous year.

The report found that smaller SMEs (with revenues up to Dhs30m) had a higher confidence score of 58, while larger SMEs (with revenues between Dhs30–100m) registered a lower score of 55.

Digital and sustainable growth in focus

Digital transformation continues to gain ground among UAE SMEs. Some 22 per cent now sell products or services online, while 45 per cent use digital banking channels monthly.

In parallel, sustainability is becoming a growing priority, with 55 per cent of SMEs either already on or planning to embark on a sustainability journey. One in three SMEs cited sustainability as a short-term business objective.

While navigating ongoing challenges — including the corporate tax regime introduced in 2024, demand for credit, and operational pressures — many SMEs are investing in technology, talent and market expansion to strengthen their competitive edge.

“The sector’s forward-looking mindset is especially encouraging,” Ahmed noted. “We’re seeing increased focus on entering new markets, investing in talent, and modernising payment infrastructure. We see our role as a partner in that journey, providing not just financial solutions but also the advisory support needed to help them grow with confidence.”

Amidst the slew of deals announced during President Trump’s Middle East visit in May, none was more important for US economic policy than the agreement to collaborate with Saudi Arabia on establishing new supply chains for critical minerals.

Read more: Trump’s Saudi Arabia visit unlocks $600bn in investment deals

Critical minerals are the bedrock of the modern global economy. From smartphones in our pockets to electric vehicles on our roads, and the renewable energy systems powering a cleaner future, critical minerals underpin the technologies that will define the 21st century. As the world accelerates its shift toward digital innovation and green energy, securing reliable, long-term access to these essential materials becomes a strategic priority.

But there is an urgent need for more markets to participate in this sector, in order to expand and diversify global supply. For instance, China currently accounts for more than 90 per cent of rare earth refining, 77 per cent of cobalt processing and more than 60 per cent of battery-grade global lithium refining.

Importance of boosting critical mineral supply chains

For the Gulf itself, it is important that it boosts its critical mineral supply chains. In renewable energy, copper, lithium, manganese and nickel are fundamental to solar panel technology. In AI, copper, cobalt, aluminium, lithium and nickel are needed for wiring, data centres and energy storage infrastructure.

Conversely, this also represents an opportunity. The Gulf is uniquely positioned not merely as a global trading hub, but as a potential nexus connecting mining projects and their wider supply chains, from Africa to Asia and South America.

This geographical advantage, combined with the Gulf’s diplomatic agility, positions it as an invaluable partner in an increasingly protectionist global economy. Add to this the Gulf’s strategic investments in mining projects across Africa, alongside the recent partnerships signed by the UK and US with Saudi Arabia, and the region’s influence is set to expand.

Crucially, the Gulf’s access to pools of long-term capital, including the GCC’s Sovereign Wealth Funds valued at over $3tn, alongside family offices with over $100bn in assets, can help close the funding gap in mining — a notoriously capital-intensive industry where projects can take over 15 years from exploration to production.

The mining sector requires a staggering $2.1tn in new supply investments by 2050 to meet global net-zero ambitions. In return, metals and mining offer investors healthy returns coupled with positive exposure to key thematic trends, including the energy transition, geopolitics and inflation protection.

In practice, the pressures on publicly listed mining companies to deliver short-term returns for certain investors have shifted their focus towards consolidation rather than the creation of new supply. In contrast, private and sovereign capital can bring a longer-term perspective. That is ideally suited for the mining industry’s realities, which need investment across development life cycles and through commodity pricing volatility. The success of private capital-backed firms in bringing new projects into production — outpacing larger industry players — illustrates this comparative advantage.

So, how can the Gulf seize the moment? Firstly, it must invest decisively in its own processing and refining capabilities to develop end-to-end secure supply chains. The $1.36bn lithium processing plant in Abu Dhabi, a collaboration between EZAD Group and Titan Lithium, sourcing raw materials from Zimbabwe, offers a template for success. The region’s high-tech ecosystem and culture of innovation will reinforce its capacity to build up the necessary infrastructure.

Read more: Insights: Why a global minerals strategy needs trust and traceability

Secondly, the Gulf must foster genuine Public-Private Partnerships to identify and deliver viable projects. This involves creating a collaborative framework that helps to reduce the financial, technical and operational risks. That is the most effective way to incentivise those best-in-class mining operators capable of unlocking both local and international mineral resources, in a responsible and sustainable way.

The Gulf stands at a crossroads. With the right vision and strategic partnerships, it can transition from a transit hub into a global powerhouse in critical minerals supply chains. The region can help diversify existing supply routes and build resilient, secure and sustainable chains to underpin global clean energy and advanced technologies ambitions.

• Dominic Raab is Head of Global Affairs at Appian Capital, and former UK Deputy Prime Minister and Foreign Secretary.

The UAE and Kuwait signed a series of bilateral agreements and memoranda of understanding (MoUs) on Monday, aimed at deepening cooperation across strategic sectors including health, energy, education, and defence, during an official visit by UAE Vice President Sheikh Mansour bin Zayed Al Nahyan, state news agency, WAM reported.

The signing ceremony, held at Bayan Palace in the presence of Sheikh Mansour and Kuwait’s Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, underscores the two Gulf nations’ intent to strengthen economic and diplomatic ties amid evolving regional dynamics.

The agreements span a wide range of areas, with key MoUs covering healthcare, infrastructure, investment, social development, energy transition, and AI, as both countries pursue mutual development priorities and enhanced regional integration.

UAE-Kuwait agreements signed

According to the WAM report, the key deals signed cover sectors such as:

Health: MoUs were signed between the UAE and Kuwait’s health ministries to boost collaboration in medical services and public health policy.

Education: Both countries agreed to expand cooperation in the education sector through a pact signed by their respective ministers of education.

Energy and infrastructure: MoUs included commitments to collaborate in land transport, roads, oil and gas, and future energy initiatives such as water and electricity.

Technology and industry: A separate agreement focused on industry and advanced technology was signed to support innovation and knowledge exchange.

Humanitarian and legal affairs: Joint frameworks were agreed to address human trafficking and legal cooperation, reflecting a shared focus on rights and rule of law.

Investment: The UAE’s Minister of Investment and the head of Kuwait’s Direct Investment Promotion Authority signed an MoU to promote bilateral investment flows.

Security and data: Ministries of Interior from both sides inked an MoU on data protection and joint security information-sharing projects.

AI partnership initiated, naval contract with EDGE

The Kuwait Investment Authority joined the “Artificial Intelligence Infrastructure Partnership” initiative, which includes global partners MGX, BlackRock, Global Infrastructure Partners, and Microsoft — adding regional backing to the tech-driven project.

In a separate defence agreement, Kuwait’s Ministry of Defence signed a contract with UAE-based EDGE Group for the procurement of several “Falaj 3” class missile boats, highlighting deepening defence industry ties between the two states.

Representing the largest naval shipbuilding export in the region and one of the highest-value naval export deals globally, the agreement positions EDGE as the prime contractor overseeing the design, construction, trials, delivery, Integrated Logistics Support (ILS), and In-Service Support (ISS) for the vessels. EDGE will also supply ammunition, highlighting its end-to-end defence capabilities. Abu Dhabi Ship Building (ADSB), EDGE’s naval arm and the UAE’s premier shipbuilder, has been appointed as the build subcontractor.

A WAM report quoted Hamad Al Marar, EDGE’s MD and CEO, emphasising the deal’s strategic significance and citing its role in strengthening bilateral defence ties and showcasing EDGE’s growing global stature in complex naval platform delivery. The FALAJ 3-class vessel, already selected by the UAE Navy with its first unit ALTAF commissioned in February, is tailored for littoral defence and integrates advanced combat systems. This contract not only expands EDGE’s export footprint but also aligns with the UAE’s defence export ambitions and industrial cooperation goals.

The visit by Sheikh Mansour marks a continued trajectory of close UAE-Kuwait relations, with the new agreements expected to accelerate joint ventures and partnerships in critical sectors.