A New Middle East Shift — The Rise of the Gulf’s Financial Triangle

(Dubai, 23rd) The Middle East is undergoing a new financial transformation. The successful IPO of Spinneys in Dubai last year—marked by overwhelming demand—has become a symbol of how family-owned businesses across the region are stepping onto the global capital stage. As Dubai, Abu Dhabi and Riyadh compete and complement one another, a Gulf “financial triangle” is rapidly taking shape, powering growth beyond oil.

Spinneys’ listing triggered a storm-level subscription frenzy, making it one of Dubai’s most closely watched new listings. CEO Sunil Kumar said scale is the company’s core advantage, achieved through bulk procurement and in-house pre-packaging that lowers costs while creating value for consumers and farmers alike.

With around 80 outlets across the UAE, Saudi Arabia and Oman, Spinneys’ next move is expansion beyond the Middle East. Southeast Asia—starting with the Philippines—will be its first overseas market, as the company seeks to build an international brand.

From family firms to public markets

The IPO marks a broader shift for Middle Eastern family businesses. Kumar said the ideal path is to move beyond closed family structures into public markets, demonstrating long-term value creation for shareholders and stakeholders.

Spinneys floated 25% of its shares, drawing subscriptions 64 times over. Investors are also betting on the region’s fast-maturing financial ecosystem. Abu Dhabi Global Market CEO Rashed Abdulkarim Al Blooshi highlighted the use of English common law and high capital mobility as key attractions for global investors.

A competitive Gulf financial triangle

In the Global Financial Centres Index, Riyadh ranks 67th, Abu Dhabi has climbed to 28th, while Dubai remains firmly in the global top 11. Together, they form a competitive yet complementary triangle.

Beyond finance, Gulf countries are gaining ground in global trade and supply chains, supported by relatively low average tariffs and fast-track trade mechanisms. Volta Trucks CEO Essa Al Saleh said the region offers certainty and transparency, making it an increasingly attractive investment stronghold.

From oil to finance, the Gulf is redefining its growth engine—built on capital, institutions and global connectivity.