In the next five to ten years, I see the Middle East evolving into a major financial hub comparable to Hong Kong and Singapore. Financial centres like the DIFC, ADGM, and the King Abdullah Financial District will continue to grow, benefiting from the region’s strategic timezone, travel convenience, competitive tax regime, ease of doing business, high standard of living, and stability.

More global funds and asset managers will establish bases here, driving significant employment opportunities in the financial sector.

The primary challenges in the Middle East are market size and regulatory fragmentation. Our region is outsized in global finance relative to its population size, leading to capacity constraints. Additionally, regulatory fragmentation means each country has its own requirements, increasing business costs. However, as the population grows and regulatory harmonisation improves, these challenges will diminish, making the market more accessible and more cost-effective to navigate.

I believe the finance sector has been slower to adapt to AI, mainly because integrating it into high-value analytics is complex. The hesitation isn't about job loss but understanding and leveraging AI effectively. 
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The challenge is demonstrating AI’s tangible value and ensuring the costs justify the benefits. I see AI as a tool to assist with tasks and provide insights, not as a job replacer. Awareness and education are crucial for accelerating AI adoption in finance.

I view AI and technology as vital tools for enhancing overall business performance, not just within the finance function. At ADNOC Drilling, we leverage AI for procurement, predictive maintenance, and safety on rigs. While AI can assist with tasks like predictive analytics for investor relations, its true value lies in driving strategic outcomes across the business. To me, AI and technology are crucial for boosting efficiency and supporting strategic operations across all business areas.

Youssef Salem is CFO of ADX-listed ADNOC Drilling, the world’s largest integrated driller.

His experience includes being CFO of AIQ, MENA’s fastest unicorn and first AI unicorn, CFO & Director at Swvl, the world’s first mass transit marketplace to go public and MENA’s first unicorn to list on Nasdaq, Executive Director & Senior Advisor at Moelis with 13 years of investment banking experience, executing >$100bn of capital raises, financings, M&A, and restructurings across >60 transactions, Founder of Core71, a Hub71 backed venture investors syndicate, Entrepreneur in Residence at Hub71, Adjunct Professor of Practice at the American University in Cairo, and Board / Advisory Board Member in multiple technology companies and funds. He is a CFA Charterholder, Fellow of the Society of Actuaries, youngest CFO on both Nasdaq and ADX and was featured in Forbes Middle East 30 under 30 list.

What really excites me about my role is seeing how we can scale and automate things. Being involved in finance while also integrating technology—seeing how we can match up or even outdo what’s happening in the West—that’s fascinating to me.

Honestly, finance hasn’t jumped into AI as much as other areas might have, especially here in the UAE. We're a bit behind because we don’t have things like open banking yet. It's not just about being cautious—it's also about not having the tools and systems in place that would make AI really useful for us yet.

I’d say the key thing is being resourceful. Don’t worry too much about specific qualifications—focus on being able to handle various tasks. You’ve got to be adaptable because the field is blending more with tech every day. It’s about more than just finance; it’s about managing a mix of different skills.

Looking ahead, I see a lot of changes coming, especially with things like open banking on the horizon. We're going to see a lot of new players entering the market, which will shake things up and increase competition. This should really push the quality and variety of financial services. We’re also likely to see banks starting to innovate more or even creating new brands to stay competitive.

Raj Karwal is a multi-disciplinary leader with over 23 years of expertise in product management, architecture, and technology development. He currently serves as the COO at Strive, a UAE-based corporate service provider.
Specialising in web and mobile applications, UI/UX, and dev ops, Raj skillfully connects business strategies with solid technological solutions. He has a strong track record in sectors such as e-commerce, marketplaces, and social networking, leveraging advanced tech stacks like AWS, Azure, and React. At Strive, Raj leads initiatives to automate and scale financial operations, enhancing the company's service offerings for international clients entering the Middle Eastern market. His leadership extends to managing diverse software teams, and nurturing a culture of innovation and efficiency.

The future of finance in the Middle East is heading towards significant digital transformation. We will see an increased reliance on AI, automation, and cloud technology. Finance professionals must evolve, developing broader business acumen and strategic skills, as the role of traditional accounting shifts.

AI can significantly enhance the analysis of profit and loss (P&L) statements. By automating data collection and analysis, AI can provide deeper insights and more accurate forecasting. This allows finance professionals to identify trends, make informed decisions, and improve financial performance, thereby driving better business outcomes.

Finance professionals must be confident in their ability to advance to finance manager roles. Remaining in purely accounting positions will become increasingly challenging as low-level and routine accounting tasks will be automated.

My advice is to develop a comprehensive, entrepreneurial perspective of the company, extending beyond finance. This includes understanding legal aspects, contracts, credit control, and project management. Adopting this 360-degree view will help them maintain a higher-level position and ensure their skills remain valuable in the market.

Giovanni Funes Nova is the CFO at Bahri & Mazroei Group in the UAE, with around 30 years of finance experience. Originally from Italy, he has held significant roles in the banking sector and multinational corporations like Permasteelisa Group.

Along with overseeing finance, Giovanni has an extensive general management exposure and a reputation for strong leadership. He is known for facilitating business expansion, directing M&A developments, driving major performance improvement and delivering substantial cost reductions.

In the upcoming years, the future of finance in the Middle East is going to see notable progress, especially in fintech. For example, in China, people use one app for almost all payments and hardly carry cash. I see a similar trend emerging here. We're also likely to see more extensive adoption of technologies that streamline operations and improve financial transactions, although we'll need to carefully watch how policies and regulations develop to support these changes.

The introduction of AI in finance has been great but also quite challenging. AI has forced finance professionals to adapt to new tools that automate and optimize tasks which were previously manual and time-consuming. This has allowed them to focus more on strategic decision-making rather than routine tasks. However, it also requires a continuous learning mindset to keep up with these advancements, which can be a major shift for many in the field.

The CFO role is not only about finance, though most people understand it as such. It involves a much wider picture. Finance and accounting are essential for evaluating the company’s performance, but the numbers should drive us to think about future strategies. What makes me excited is thinking about what we are doing for the future of our company, not just the current financial arrangements.

It’s quite a privilege. For instance, on Women's Day, my team, which is all male, surprised me with a bouquet of flowers, which is totally beyond what you’d expect. People often think accountants are just about numbers and not very emotional, but that gesture showed a lot of appreciation. Working in a male-dominated team is quite good because you often know what's the missing part in the team culture. My role extends beyond finance; I also try to coach the team to make us stronger and more cohesive.

Faline is the Chief Financial Officer at Allsopp and Allsopp Group, with a decade of experience in finance across the Middle East. An ACCA and CFA holder, she began her career in Dubai through the prestigious Dubai Business Associates program. Her diverse background spans multinational banks, Fortune 500 companies, and the aviation industry. Known for her analytical acumen and strong communication skills, Faline excels in high-pressure environments and is passionate about using technology to drive business growth.

I see the future of finance in the Middle East being dominated by AI and digitalization. As businesses grow, the focus will increasingly be on how we can leverage systems to handle more of the workload, rather than simply hiring more people. This will involve a significant shift towards automating as much of the finance function as possible, which I think will not only streamline operations but also make many traditional finance roles, particularly those centered around data entry, redundant. The goal is to redeploy human capital to more strategic, value-added activities.

The introduction of AI into the finance function has definitely been a double-edged sword. On one hand, it's exciting because it allows us to automate mundane tasks and focus on more complex and value-adding activities. On the other hand, it has caused quite a bit of anxiety among finance professionals around the fear of job loss. In larger organizations, there's also some resistance from management who are hesitant to reduce or reallocate their teams. However, embracing AI and automation is crucial. It doesn't necessarily mean job losses but rather, enhancing our roles to make them more meaningful and impactful.

One of the biggest challenges we face with the ongoing digitalization and integration of AI within finance is building trust in these new systems. Many finance professionals, including myself, are used to performing numerous checks and balances because we are skeptical of the data accuracy from automated processes. The key challenge will be ensuring that the outputs from AI and digital tools are reliable and trustworthy. Once we can establish that trust, I believe we'll see much broader acceptance and a smoother transition to these advanced systems.

James is a CIMA qualified senior finance professional with over 18 years of experience, specializing as a fractional CFO in the Middle East. His background includes significant roles in global MNC and entrepreneurial ventures, where he has excelled in driving financial performance and supporting strategic decision-making. His expertise in both established and developing markets makes him a pivotal asset to companies looking to innovate and adapt in rapidly changing economic landscapes.

I believe the finance sector in the Middle East, particularly in the UAE, is moving towards smarter, more intelligent solutions. The UAE will continue to solidify its role as a major financial hub, with an emphasis on simplifying banking and financing processes. This advancement towards easier access to funds, powered by technological innovation, is a trend I see persisting.

AI, in my view, is an essential tool that has reshaped the finance sector, but it's critical to remember it doesn't replace the human element. While AI offers potential for efficiency and innovation, the sector's shift towards stringent KYC and anti-money laundering measures has highlighted a gap in customer service. It's a reminder that technology should augment, not overshadow, the personal touch in financial services.

The introduction of AI and digital transformation brings forth challenges, particularly in maintaining a balance between technology and human interaction. The current struggle lies in ensuring that, despite the efficiencies gained through AI, the finance sector does not lose sight of the importance of understanding and connecting with customers on a personal level. The frustrations around the impersonal nature of digital banking and the inefficiencies of the KYC process underscore the need for a more nuanced approach where technology serves to enhance, not replace, human relationships in finance.

Mark Trotter is the Founder & the Managing Director at Unified Aviation, a key player in Dubai's Urban Air Mobility sector. With more than 20 years of experience in aviation and finance across the Middle East, his career has spanned significant roles, contributing to strategic planning and business development in the aerospace industry. At Unified Aviation, his leadership & strategic insights have been vital in driving growth and innovation within the organization.

In the next five to ten years, we'll be moving away from a very traditional approach in finance towards a more structured, compliance-driven framework. This is due to new corporate taxes and regulatory measures being implemented. As a result, finance professionals in the Middle East must adapt to increased scrutiny and the need for transparent operations. It's a huge shift that requires us to be more precise in our financial reporting and decision-making.

I find AI's introduction to finance to be a game changer. It has revolutionized finance by automating tasks and improving accuracy, thus reducing human errors. It enables us finance professionals to shift from mundane bookkeeping to strategic tasks like analysis and decision-making. This transition allows for a focus on value-driven activities, enhancing the finance function's efficiency and effectiveness.

The integration of AI and digital transformation brings several challenges. The reliance on third-party data providers and the need for accurate data synchronization between different systems pose significant risks. If the data isn't accurately reflected in our systems, it can lead to substantial issues in financial management and reporting. Ensuring data accuracy and integrity is a major challenge as we move towards more automated processes, highlighting the need for robust systems to manage these changes effectively.

Abhishek Tak is a Finance Manager at GuestReady, a leading global hospitality and property management tech company. With over 9 years of experience in finance, Abhishek's qualifications from ACCA (UK), CIA (USA), and Accounting Tech (India) have been pivotal in his roles. At GuestReady, Abhishek has been instrumental in enhancing financial reporting and aligning the company with UAE tax regulations. His prior role as a tax advisor for high-net-worth individuals in the UK has honed his skills in navigating complex financial landscapes. Renowned for his pragmatic problem-solving approach, Abhishek's contributions have been crucial in driving GuestReady's financial growth and stability.

I believe there’s a delay in the finance sector adopting AI because some of the professionals think they have a conflict of interest and worry that AI might replace their jobs, so they choose to adapt slowly to it in order to safeguard their positions. I am fortunate to have a CEO, our leader, who is deeply engaged with digital technology, a visionary for the future. He encourages us to find purpose in our work beyond mundane tasks and explore new opportunities. This leadership, in my opinion, plays a significant role in why some people in the industry are slower to embrace AI technologies.

The concern here is definitely about potential job losses in finance. Some folks are just not too keen on adapting to new technologies and learning new skills. There's a fair share of traditional thinkers in our field, and that kind of resistance to change can lead to job cuts. It's quite staggering, really; there's this estimate floating around that suggests nearly half of finance functions might become irrelevant in the next three to five years. So, to tackle these challenges with AI, it's important to upskill and dip your toes into data science. Those are the main challenges I see with AI adoption.
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In my opinion, the future of finance in the Middle East for the next five years will involve a transition from transaction processing to a greater emphasis on compliance and more partnership-oriented roles in the industry. We'll see increased adoption of digital technologies by companies to enhance efficiency and a shift towards predictive analytics. A cashless economy will likely emerge, driving fintech, payment, and blockchain innovations.

Shafeeka Salim is a Finance Business Partner at Hello Chef, UAE's leading meal kit company. With over 9 years of expertise in accounting and financial management, she excels in developing financial policies, risk management, and process enhancements to ensure corporate stability. Her achievements include leading cost-saving initiatives and process migrations, contributing significantly to operational efficiency. Shafeeka's strategic approach and analytical skills have been pivotal in supporting Hello Chef's growth, showcasing her commitment to excellence and innovation in finance.