Family-owned businesses generate approximately 60% of the UAE's GDP, but many across the Gulf face significant generational succession challenges. An estimated $500 billion to $700 billion in regional private wealth is projected to be transferred by 2035, prompting governments to introduce formal governance and dispute-resolution frameworks.
Hermès International SCA reported slowing third-quarter sales as revenue flatlined in its key market region including China, missing analyst expectations. The luxury sector's anticipated recovery has been hampered by domestic headwinds in China alongside conflict in the Middle East that disrupted shopping hubs such as Dubai. Hermès shares fell as much as 9% in Paris, marking a 41% decline year-to-date.
Deutsche Bank has announced three senior appointments in its Dubai office to expand its investment banking portfolio and client coverage across the Middle East. The appointments include Ilya Korobov as Director of Debt Capital Markets CEEMEA, Adel Taleb as Director within the Distressed Products Group, and Nitin Sawhney as Head of the Institutional Client Group MENA. The expansion follows major regional sovereign and corporate bond issuances handled by the bank.
Chinese refiners have suspended refined-product exports beyond Hong Kong and Macau until further notice, pushing Brent futures above $100 per barrel. The move comes as Middle East crude exports rebounded to 17.5 million barrels per day following the restart of Saudi Arabia's East-West Pipeline.
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