Anthropic’s CEO says he ‘didn’t appreciate’ the speed with which AI’s growth would underpin the global economy. His call to slow down AI development sent shockwaves in global stock markets, but was supported by other tech leaders who believe better safeguards are needed.
Published On 16 Sep 202616 Sep 2026
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The world is creating more wealth than ever before but protecting and growing it has become increasingly challenging.
To put this into perspective, BCG’s Global Wealth Report 2026 1 found that global financial wealth increased by 10.7% in 2025 to US$333 trillion, its highest rate of growth since 2021. The Gulf Cooperation Council (GCC) is also becoming more prominent within this evolving landscape. The region’s total wealth reached an estimated US$8.6 trillion in 2024, while EY’s GCC Wealth Management Industry Report 2025 2 estimated that more than 200,000 individuals across the region qualify as ‘high net worth’ (HNW).
Amid this trend, around half of the private wealth in the GCC remains tied to real estate, highlighting an opportunity for greater diversification across assets and markets.
We see this among QNB’s private banking and wealth management clients, with a move beyond traditional equity and fixed income allocations towards broader diversification strategies. For example, interest is growing in alternative investments, international opportunities and actively managed solutions that can respond to changing market conditions.
The GCC’s emergence as an international wealth hub reflects the broader transformation taking place across its economies. Investment in technology, infrastructure, financial services, tourism and advanced industries is widening the range of opportunities available to investors and strengthening the region’s connections with markets across Asia, Africa and Europe.
The development of financial centres, deeper capital markets and national economic transformation programmes is also creating a more sophisticated regional investment ecosystem. These initiatives are strengthening the region’s position not only as a source of capital, but also as a destination for private wealth and a platform through which investors can access international markets.
As the investment universe expands, diversification is no longer limited to simply holding a mixture of listed equities and fixed income instruments. Investors increasingly require portfolios diversified across geographies, currencies, sectors, asset classes and investment horizons.
This is driving demand for alternative investments as investors look for new sources of return and greater portfolio resilience.
According to EY’s GCC Wealth Management Industry Report 2025 3, 69% of wealthy clients in the Middle East hold alternative investments. This supports what we are seeing among QNB’s clients, with growing interest in private markets, structured solutions and thematic opportunities that can enhance diversification and provide attractive risk-adjusted returns.
These investments can provide access to opportunities that are not always available through public markets. However, they can also introduce liquidity constraints, longer investment horizons, valuation complexity and varying levels of transparency. Access alone is therefore not enough.
Each allocation also requires rigorous due diligence and a clear understanding of how it contributes to the objectives, liquidity requirements and risk profile of the overall portfolio.
For HNW individuals and family offices, their objectives often extend beyond investment performance. These may include capital preservation, liquidity planning, succession, or the responsible stewardship of family assets.
Such priorities are becoming more pronounced. EY estimates that approximately 500,000 older individuals across the GCC could transfer around US$438 billion to their heirs by 2030, increasing the importance of multigenerational wealth planning.
To meet the evolving needs of HNW individuals, global reach provides access to a wider universe of investments, specialist expertise and institutional relationships. At the same time, regional knowledge allows advisers to understand local market structures, emerging opportunities and individual client priorities.
Together, these capabilities support portfolio strategies that are globally diversified while remaining relevant to each client’s circumstances.
QNB Group is well positioned at the intersection of these dynamics. As a leading financial institution in the Middle East and Africa, with a presence in over 28 countries across Asia, Europe and Africa, the Group combines international market access with deep regional knowledge. This enables QNB to provide tailored wealth-management solutions informed by a strong understanding of market opportunities and client needs.
However, scale and access are only part of effective wealth management. Clients increasingly expect advice that reflects their individual circumstances, risk appetite and ambitions. This requires bespoke portfolio strategies, data-driven market insights and robust governance, supported by relationships built on trust and discretion.
The next phase of wealth management will be more globally diversified, actively managed and advisory-led.
This degree of monitoring is essential; while investors will continue to seek wider access to international and alternative opportunities, they will also require greater discipline in how those opportunities are evaluated and integrated into their portfolios.
The GCC is well placed to play a growing role in this evolution. Its expanding wealth base, economic transformation, financial capacity and international connectivity are strengthening its position as both a destination for capital and a centre for long-term wealth creation.
Ultimately, successful wealth management depends on the ability to combine global access with regional understanding and investment opportunity with disciplined stewardship. Institutions that combine these capabilities will play an increasingly important role in helping clients preserve their wealth, navigate complexity and create enduring value across generations.
Read more about QNB Group’s wealth management capabilities and solutions here.
WASHINGTON: The IMF said the global economy had weathered the energy shock caused by the war in the Middle East better than feared and global economic output was still expected to expand by about 3 percent in 2026, but it cautioned that risks remained high.
Julie Kozack, spokesperson for the International Monetary Fund, said oil and gas prices remained elevated and the energy shock from the war was not over.
Global debt pressures were also mounting and the disinflation process over the 2022 cost-of-living crisis had stalled.
Global inflationary expectations have risen but remain well-anchored over the longer run, Kozack told a regular IMF briefing.
“So far, despite six months of war in the Middle East, the global economy has been resilient,” Kozack said, adding that the use of oil and gas reserves had allowed some countries to cope with energy shocks caused by the war, while others had shifted to new energy sources or acted to curb demand.
“We remain on track for world growth of around 3 percent but uncertainty, as we’ve been saying for quite some time, continues to remain high,” she said.
The IMF in July forecast 2026 global growth at a sluggish 3 percent, compared with an average of 3.5 percent seen in 2024 and 2025, and its April forecast of 3.1 percent.
At the time, it said that forecast assumed the war would wind down in mid-July, but Iran and the US have both escalated their attacks and the war has widened with increased military activity in Yemen.
The global lender will release an updated forecast during the annual meetings of the IMF and the World Bank in Bangkok from Oct. 12 to 18.
Pulled in opposite directions
Kozack said the global economy was being pulled in opposite directions by the negative energy supply shock that was driving prices of energy, fertilizers, food and other commodities sharply higher, while the AI-led technology cycle was providing a positive demand shock.
Risks remain high, with many countries needing to restock their oil and gas reserves, and energy demands set to rise as winter approaches in the Northern Hemisphere, she said.
Pressures are also mounting on global public debt, which is already at nearly 100 percent of gross domestic product — the highest level since World War Two — and is set to rise further, Kozack said. Many advanced economies have particularly high public-debt-to-GDP ratios.
Liquidity problems are also building in developing countries, including in Africa, partly due to a reduction in bilateral assistance, Kozack said.
The IMF is urging central bankers to stick to their price stability mandates, while encouraging fiscal policymakers to develop medium-term consolidation plans, she said.
“We’re not in a situation where fiscal consolidation needs to take place overnight, but having a clear, laid-out plan and strategy for how deficits and debt are going to come down is very important for fiscal authorities,” Kozack said.
The IMF was also urging authorities to focus on lifting growth prospects through structural reforms and removing “self-inflicted” barriers to growth, she said.
Kozack said the IMF would look closely at the impact of new US sanctions against Iran, including secondary sanctions aimed at firms in third countries that support Tehran.
A fuller report was expected in the upcoming global outlook, she said.
Beijing has reached for its chequebook.
The Chinese finance ministry is advancing a 360 billion yuan (€46.1bn) package to businesses, announced on Sunday through statements from the companies involved and reported by state news agency Xinhua, making it one of the larger interventions in China’s financial system this year as growth slows.
The Chinese banks take the bulk of it, roughly 290 billion yuan (€37.2bn), intended to preserve their capacity to keep lending as Beijing presses them to increase support for economic activity.
Xinhua reported the injection would strengthen the institutions’ “sound operating capabilities, risk resistance capabilities and ability to serve the real economy.”
The Agricultural Bank of China is pursuing a private placement of A-shares worth up to 160 billion yuan (€20.5bn) and the Industrial and Commercial Bank of China up to 100 billion yuan (€12.8bn), with the finance ministry among the investors.
Unusually, so is the China National Tobacco Corporation, which operates the state tobacco monopoly and the Export-Import Bank of China which will receive 30 billion yuan (€3.85bn).
Insurers account for the remaining 70 billion yuan (€9bn).
China Life Insurance Group, the country’s largest life insurer, gets 35 billion yuan (€4.5bn) and China Taiping Insurance Group 7 billion yuan (€900mn).
The People’s Insurance Company of China plans to raise up to 15 billion yuan (€1.9bn) through a private placement to the ministry, China Export and Credit Insurance Corporation receives 10 billion yuan (€1.28bn), and China Reinsurance Group is raising 3 billion yuan (€385mn).
Insurers have been squeezed from two directions as years of low interest rates have eroded investment returns, while the government has directed them to put money into Chinese equities.
The currency has been moving in the same direction.
The Chinese yuan reached its strongest level against the US dollar since January 2023 on Monday, trading at around $0.149, a firmer exchange rate that also happens to blunt a long-standing American complaint about Chinese currency management, weeks before talks in Washington.
The capital injection is not the only move Beijing is making this month.
Chinese President Xi Jinping is reportedly preparing to bring a large delegation of business executives to his Washington visit on 24 September, according to sources cited by news agencies.
It would be a notable departure from customary practice.
Xi rarely travels with corporate leaders, many of whom lost standing after the regulatory crackdowns on technology, education and property that began in 2020, and the last comparable delegation accompanied him to the US more than a decade ago, in 2015.
Washington’s response has also been curious.
“The White House is not tracking a Chinese CEO delegation,” a US official said, without explaining what tracking meant in this context, leaving the statement short of either confirmation or denial.
The gesture would be reciprocal in any case.
When US President Donald Trump visited Beijing in May, he brought a roster of American CEOs including Elon Musk, Tim Cook and Jensen Huang. Bringing Chinese counterparts to Washington would signal a willingness to invest and trade with the US, while handing the White House potential economic wins before November’s midterm elections.
Expectations for the summit itself remain modest, with the two sides still divided over which products should count as non-sensitive under trade arrangements.
US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng are due to meet in early September to work on deliverables.
Amid considerable uncertainty over global economic growth, the prospect of higher interest rates and long-term government bond yields, and volatile energy prices, business activity worldwide has come under pressure.
Trade disruptions resulting from higher customs duties, supply chain disruptions caused by geopolitical conflicts, and mounting challenges facing major international institutions have further compounded these pressures.
These conditions underscore the need for resilient businesses that are not only financially strong but also supported by robust supply chains and capable of navigating challenging market conditions.
Against this backdrop, mergers and acquisitions have emerged as powerful drivers of growth, competitiveness and economic transformation. Yet their success depends on far more than agreeing on valuations and commercial terms. Regulatory complexity, cultural integration, corporate governance, due diligence, and the alignment of people and strategy can ultimately determine whether a transaction creates lasting value or falls short of its objectives.
Global M&A activity strengthened significantly in 2025, with announced deal value reaching approximately SR17.3 trillion ($4.6 trillion), an increase of 49 percent from 2024 and the strongest annual performance since 2021.
Saudi Arabia also recorded substantial transaction activity. The General Authority for Competition, which originated as the Competition Council in 2004, received 427 economic concentration applications valued at approximately SR2 trillion in 2025. It issued a record 269 no-objection decisions, up 33 percent from 2024.
Several major transactions illustrate the growing role of M&A in Saudi Arabia’s economic transformation. In the financial sector, the 2021 merger of the National Commercial Bank and Samba Financial Group created Saudi National Bank, combining two leading institutions to achieve greater scale, operational efficiency and competitiveness.
In the industrial sector, Saudi Aramco completed its $69.1 billion acquisition of a 70 percent stake in SABIC from the Public Investment Fund. Together, these transactions demonstrate how M&A can help consolidate industries, achieve economies of scale, integrate supply chains, develop strategic capabilities and support the Kingdom’s economic diversification objectives.
Against this backdrop, the Riyadh Chamber organized the “Legal Aspects of Corporate Mergers and Acquisitions and Investment Opportunities Forum” on Aug. 31, bringing together representatives from public- and private-sector entities.
The forum provided a valuable platform for regulators, investors, business leaders, legal advisers, compliance officers, board members, governance professionals and SMEs to exchange perspectives, enhance regulatory awareness and explore ways to reduce transaction risks and support sustainable corporate growth in line with Saudi Vision 2030.
I had the privilege of moderating the forum’s third session, titled “The Regulatory and Supervisory Framework for Mergers and Acquisitions in the Kingdom.” The session examined the role of regulatory authorities in reviewing M&A transactions and promoting competition, the regulatory framework governing transactions involving listed companies, and the support provided by relevant authorities for investment deals. It also explored M&A as a strategic tool for driving the growth and long-term sustainability of small and medium-sized enterprises.
Ultimately, an M&A transaction should not be pursued simply to achieve expansion or increase market share. Companies should first establish a clear strategic rationale and determine whether the transaction can create sustainable economic value, improve operational efficiency, foster innovation, strengthen competitiveness and build more resilient supply chains.
Expected synergies should be realistic, measurable and supported by a credible post-transaction integration plan.
Thorough due diligence is equally important. It should extend beyond financial performance and valuation to cover legal obligations, regulatory approvals, tax exposure, operational risks, contractual commitments, governance arrangements, workforce implications, corporate culture, cybersecurity, data protection, intellectual property, and environmental and social responsibilities.
Companies should also assess whether they have the financial and managerial capacity to complete the transaction and integrate the businesses effectively without disrupting existing operations.
Particular attention must be paid to the transaction’s impact on market competition. A deal that creates economic value for the parties involved may nevertheless harm consumers or the broader market if it creates or reinforces a dominant position, restricts market access, raises barriers to entry, reduces consumer choice or weakens competitive pricing.
Early engagement with relevant regulatory authorities can help identify such concerns, clarify notification and approval requirements, and reduce the risk of delays or legal challenges.
Supply chain considerations should also form part of the assessment. While an M&A transaction may improve security of supply, increase access to essential inputs and reduce operational vulnerabilities, companies must ensure that it does not create excessive dependence on a single supplier, market, technology or distribution channel.
Ultimately, a successful M&A transaction requires more than regulatory approval and financial completion. It should deliver tangible and sustainable benefits to shareholders, employees, customers and the wider economy.
Clear governance, transparent decision-making, full compliance with the applicable legal and regulatory framework, and continuous monitoring of post-transaction outcomes are therefore essential to ensuring that a deal achieves its strategic objectives while supporting fair competition and long-term market development.
X: @TalatHafiz
Aug. 31 (UPI) — Finance ministers and other officials from the Group of 20 nations, as well as many CEOs, met Monday in Asheville, N.C., at a summit in which U.S. leaders intended to focus on growth and Iran — but also drew protests from other leaders for the inclusion of the Russian minister.
U.S. Treasury Secretary Scott Bessent told officials that the United States wants to focus on the mission of accelerating growth and said the countries need to work together
“The world is awash in debt, and the only way for us to get out of this is to grow our way out of this,” Bessent said, CNBC reported.
He also said a “durable” global economy” cannot rest on “beggar-thy-neighbor acts that stifle fair, market-based competition,” The New York Times said.
In introductory comments, U.S. Federal Reserve Chairman Kevin Warsh also focused on growth, saying the time is one of “secular growth.”
“If I were to try to characterize this moment, it would be one of a global investment surge,” he said.
Bessent said earlier Monday in a CNBC interview that the U.S. plan to pressure and isolate Iran through its economy can work without China, which opposes the sanctions. He is expected to ask the other finance ministers to join in those sanctions.
Russian Finance Minister Anton Siluanov was at the meeting — at the invitation of the Trump administration — for the first time since Russia’s invasion of Ukraine in 2022.
This drew protests from other European ministers, who have issued their own sanctions against Russia for that war. Finance Minister Lars Klingbeil told The Times that he scolded Siluanov over the war and said the European ministers demanded the Russian minister be left out of a traditional group photo. It was eventually taken without Siluanov.
“Receiving the Russian finance minister here sends a signal I find troubling,” he told reporters. “I would have preferred clear positioning from the U.S. side that he not be received like a regular guest.”
Ukraine’s finance minister was not present in person at the meeting.
In addition, European ministers protested that the United States did not invite representatives from South Africa, a G20 country, to the meeting. Trump administration officials also invited many U.S. business executives but denied requests to include business leaders from other G20 countries.
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