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As Regional Banks Chart their Digital Journeys, Should They Buy or Build Their Innovations?

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By Nick Curran, Head of Endava MENA

In a study published last month, McKinsey showed banking to be one of the Middle East’s most digitised industries. The means of brand interaction among banking customers was 87% digital in the United Arab Emirates. This proportion of customers reported that their engagement was either fully digital or involved remote assistance.

This proportion of customers reported that their engagement was either fully digital or involved remote assistance. This proportion was even higher in Saudi Arabia (92%), anticipating that 70% of its payment transactions will be digital by 2030. The McKinsey study also showed Egypt’s banking sector to have 82% digital interaction.

The GCC has always been out in front of regional peers with the digitisation of the FSI sector. Dubai’s Mashreq launched Neo, the first digital bank in the Middle East. And Kuwait Finance House developed KFH-Go, the region’s first e-branch — an unstaffed business unit capable of providing more than 30 services. Each of these innovative project teams faced a common question in their journey to “pioneerhood”: build or buy?

Today’s consumers wait for nothing and no one. If you drag your feet for too long, you miss the boat. One of your competitors will have done it first. In the early years of the digital era, building was the only option, but today the region is strewn with FinTechs. Their offerings are often API-first, which makes them highly customisable. However, considering the strides in cloud technology and software-development methodologies that make in-house rapid deployment possible, we are back to the quandary: build or buy. Let us look at each in turn.

Buying: a no-brainer… with headaches
There is a comfort to be had from procuring a tool or platform that just fits. CIOs are spared nail-biting months of business analysis and user workshops. All that need be done is integrate a solution that has been rigorously tested, albeit in isolation of one’s own business model. In a cloud-native environment, this is even easier. Even if the bank runs core systems on premises, software-as-a-service (SaaS) solutions still end up being easier to bolt in and bed down. The cloud also adds a welcome element of predictability, not only for project management, but for upfront and ongoing costs.

Already, the “buy” option seems preferable. In a region with technology skills gaps, buying a ready-made solution — one that dozens may use if not hundreds of similar businesses across the region — is a great way of avoiding lengthy recruitment drives. But buying is not without its downsides. Try as they might, commercial off-the-shelf solutions (COTS) vendors design their products for a broad operational model and may not be a perfect fit. Even where the requisite customisation is possible, it may come with a list of unacceptable side effects, including a hefty price tag. COTS scaling is also challenging, as is its user-acceptance testing, maintenance, and upgrades, given the reliance on an external team.

Of course, I could write a separate article on the cybersecurity implications of having a third party in the technology mix. And that is before we have even begun to discuss the impact of multiple vendors and FinTechs — which may be necessary to bring the organisation’s digital vision to life. The bank would need to employ someone full-time to liaise with these business partners, negotiate and oversee SLAs, and police the fine line between these activities and regulatory compliance.

Building: a dream for the control-conscious, but where’s the talent?

What CIO doesn’t relish the prospect of complete control over the IT stack? Building their systems gives them that. Development and integration are theirs to command. Use cases can fully govern implementation rather than the twist and bend that IT has to go through to accommodate even 90% requirements fit with a COTS purchase. Stakeholders can join the dots from aspiration to value for each business unit. CIOs and their teams know the business inside and out. They can pivot from the needs of customers and customer-facing employees to cybersecurity and risk management and consider one while developing solutions for another — something COTS vendors cannot do to the same extent.

And then, there is deployment. It tends to be less invasive and more straightforward when its planners oversee the same production environment every day. DevOps and the CI/CD pipeline also allow the modern style of rapid development that helps meet market needs in time to reap the rewards. Building its solutions also allows the organisation to build its IP portfolio, giving it an edge in the market.

The caveats, then? There needs to be a rich in-house talent pool, including IT leaders and analysts who can scope large projects and price them accurately before a single line of code is written. Remember, one of the attractions of COTS solutions is the predictability of their costing models compared with the all-too-common tendency of self-builds costs to spiral out of control. Bringing in third-party expertise to plug these talent gaps is always possible. Failing this, the organisation’s HR team must go on a fastidious recruitment drive before any planning can occur. Low-code platforms and citizen developers may seem like fine options, but without the proper governance, this is a highway to nowhere.

Each to their own
Ultimately, the program’s needs will help make the build-or-buy decision. Despite the control it offers, building may still not be right for standard use cases such as CRM and HR, which an off-the-shelf solution can appropriately serve. On the other hand, if the organisation has a differentiating vision, then almost by definition, COTS tools will fall short. The decision maker must be as fluid as the decision and consider the benefits and drawbacks of each approach in the context of the specific use case they are looking to implement.

 

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Vintage Vaults: Dubai’s Premium Safe Deposit Box Facility at Mall of the Emirates

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As UAE residents prepare for summer holidays, international travel and seasonal relocation, Vintage Vaults, Dubai’s premium safe deposit box facility at Mall of the Emirates, is highlighting the importance of secure private vault storage for valuables, documents and high-value personal assets.

From jewellery and luxury watches to family heirlooms, legal documents, precious metals and collectibles, extended periods away from home can heighten concerns around security, accessibility and long-term protection. For residents, expatriates, investors and frequent travellers, secure storage during travel in the UAE has become an increasingly important part of responsible asset protection.

Vintage Vaults provides private safe deposit box rental in Dubai for individuals, families, collectors and business owners seeking a modern, discreet and service-led alternative to conventional safety deposit boxes. Combining advanced security infrastructure with premium client experience, the facility has been designed for clients who value privacy, convenience and peace of mind.

Located within Mall of the Emirates, Vintage Vaults offers client access during mall operating hours, 365 days a year. The facility operates within a 24/7 monitored security environment supported by UL-certified vault infrastructure, biometric authentication, controlled access systems, AI-powered surveillance, CCTV monitoring, motion detection technology and advanced alarm systems. It is also directly connected to Dubai Police and SIRA-linked monitoring systems, further strengthening its security framework.

Clients can choose from seven safe deposit box sizes ranging from XXS to XXL, accommodating a wide variety of assets including jewellery, watches, gold, cash, legal documentation, family archives, artwork and collectibles. Every box comes with complimentary insurance coverage, with protection of up to AED 2 million depending on the selected membership tier.

“Dubai has become home to a growing number of individuals and families who have accumulated significant personal and financial assets over the years,” said Sherif El Haddad, Founder and CEO of Vintage Vaults. “At the same time, we are seeing greater mobility, with people travelling more frequently, spending extended periods abroad, relocating between countries or managing assets across multiple markets. Accordingly, secure storage is becoming an essential part of responsible asset management, particularly during periods when people are away from home.”

Sherif El Haddad, Founder and CEO, Vintage Vaults

Vintage Vaults offers three membership categories — Silver, Gold and Black — providing varying levels of insurance coverage, security features, box access nominees and premium services. Clients also benefit from private consultation and access rooms designed to maintain discretion, alongside a multilingual team trained in security, privacy, client service and asset protection.

For clients requiring additional support, the facility offers premium services including chauffeur arrangements, armoured transportation and bodyguard assistance, creating a comprehensive asset protection ecosystem tailored to high-value holdings.

According to Imran Shoukat Khan, Co-founder and Managing Partner of Vintage Vaults, demand for private vault services is being driven by a broader shift in how residents and expatriates think about protecting their assets.

“Today’s clients expect more than storage. They want confidence that their valuables are protected by robust infrastructure, supported by technology and managed with complete client discretion,” said Imran. “Whether someone is travelling for several weeks, relocating internationally or safeguarding assets for future generations, secure private vault facilities provide essential storage with , protection against theft, damage or loss along with peace of mind.”

The summer season presents a timely opportunity for UAE residents and expats to review how their valuable possessions are stored and protected. For many, a safe deposit box in Dubai offers a practical solution for securing jewellery collections, investment-grade precious metals, luxury watches, important family documents and sentimental heirlooms before extended travel or temporary relocation.

As one of the few independent private safe deposit box operators in the UAE not affiliated with a bank, Vintage Vaults offers a level of discretion, flexibility and service that traditional banking institutions may not provide. By combining advanced security standards, complimentary insurance coverage, flexible storage options and premium client services, Vintage Vaults continues to provide a trusted destination for clients seeking long-term asset protection in one of the world’s most dynamic wealth centres.

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Standard Chartered H2 2026 Global Market Outlook: Navigating Shifting Sands

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Standard Chartered (“the Bank”) Wealth Solutions Chief Investment Office (CIO) has released its Global Market Outlook for the second half of 2026, outlining its investment strategy and key themes as investors navigate a more complex and evolving market environment. The report was launched alongside Global Market Outlook events in Dubai and Abu Dhabi this week, the first of their kind for the Bank regionally for the second half of this year.

The Bank’s CIO expects risky assets to remain supported by a soft-landing macro backdrop, though investors will need to navigate energy prices, equity supply, investor positioning and central bank policy in H2 2026.

For investors in the UAE and wider Middle East, evolving energy dynamics and easing geopolitical risk premiums following the US-Iran interim deal are expected to support sentiment, while stable oil prices and strong regional liquidity continue to underpin investment activity and diversification opportunities.

Against this backdrop, the CIO remains Overweight global equities, with a preference for the US and Asia ex-Japan, alongside selective opportunities in fixed income and alternatives.

Reflecting this stance, the CIO team sees further upside in key asset classes, with a target of 7,950 for the US S&P 500 index and USD 5,100 for gold by mid-2027, underscoring the role of equities as a core growth driver and gold as a strategic portfolio diversifier.

Global equities rose more than 12% year-to-date, supported by strong earnings and AI-driven optimism, despite geopolitical tensions, higher oil prices and elevated bond yields.

While this momentum is expected to extend into H2, investors will need to be more nimble as markets adjust to four key pivot points: energy prices, equity supply, investor positioning and central bank policy.  

In the Middle East, including the UAE, oil market developments remain particularly relevant. While the interim US‑Iran agreement may ease supply constraints and soften prices, the pace of recovery in physical flows and inventory rebuilding is why energy prices are unlikely to immediately return to start-of-year levels, a key factor shaping inflation expectations and investment opportunities.

Ayesha Abbas, Managing Director and Head of Affluent and Wealth Solutions, Europe, Middle East and Africa, and UAE at Standard Chartered, said: “UAE investors are entering the second half of 2026 from a position of strength. The region continues to benefit from supportive liquidity conditions and the stabilisation of oil markets. In this environment, we are seeing strong demand for diversified portfolios that balance growth opportunities in global equities with income strategies such as Emerging Market USD bonds, alongside gold as a strategic hedge. For internationally minded clients in the UAE, staying invested and well-diversified will be key to capturing opportunities as markets evolve.”

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STANDARD CHARTERED H2 2026 GLOBAL MARKET OUTLOOK: NAVIGATING SHIFTING SANDS

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Standard Chartered (“the Bank”) Wealth Solutions Chief Investment Office (CIO) has released its Global Market Outlook for the second half of 2026, outlining its investment strategy and key themes as investors navigate a more complex and evolving market environment. The report was launched alongside Global Market Outlook events in Dubai and Abu Dhabi this week, the first of their kind for the Bank regionally for the second half of this year.

The Bank’s CIO expects risky assets to remain supported by a soft-landing macro backdrop, though investors will need to navigate energy prices, equity supply, investor positioning and central bank policy in H2 2026.

For investors in the UAE and wider Middle East, evolving energy dynamics and easing geopolitical risk premiums following the US-Iran interim deal are expected to support sentiment, while stable oil prices and strong regional liquidity continue to underpin investment activity and diversification opportunities.

Against this backdrop, the CIO remains Overweight global equities, with a preference for the US and Asia ex-Japan, alongside selective opportunities in fixed income and alternatives.

Reflecting this stance, the CIO team sees further upside in key asset classes, with a target of 7,950 for the US S&P 500 index and USD 5,100 for gold by mid-2027, underscoring the role of equities as a core growth driver and gold as a strategic portfolio diversifier.

Global equities rose more than 12% year-to-date, supported by strong earnings and AI-driven optimism, despite geopolitical tensions, higher oil prices and elevated bond yields.

While this momentum is expected to extend into H2, investors will need to be more nimble as markets adjust to four key pivot points: energy prices, equity supply, investor positioning and central bank policy.  

In the Middle East, including the UAE, oil market developments remain particularly relevant. While the interim US‑Iran agreement may ease supply constraints and soften prices, the pace of recovery in physical flows and inventory rebuilding is why energy prices are unlikely to immediately return to start-of-year levels, a key factor shaping inflation expectations and investment opportunities.

Ayesha Abbas, Managing Director and Head of Affluent and Wealth Solutions, Europe, Middle East and Africa, and UAE at Standard Chartered, said: “UAE investors are entering the second half of 2026 from a position of strength. The region continues to benefit from supportive liquidity conditions and the stabilisation of oil markets. In this environment, we are seeing strong demand for diversified portfolios that balance growth opportunities in global equities with income strategies such as Emerging Market USD bonds, alongside gold as a strategic hedge. For internationally minded clients in the UAE, staying invested and well-diversified will be key to capturing opportunities as markets evolve.”

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