Core Insights - The recent detente between the U.S. and China is viewed positively, as it is expected to boost global confidence and economic growth [1][2] - The current environment is favorable for business, with increased financial market activity and preemptive funding for future projects, despite some investment deferrals due to tariffs [3][4][5] Business Environment - Tariffs have led to clients hedging outcomes and diversifying manufacturing away from China, creating uncertainty that defers some investments [4][5] - The medium-term outlook is optimistic, with a belief that easing tensions will benefit the global economy and business operations [5] Regional Opportunities - The Middle East, particularly Saudi Arabia, is experiencing significant growth, with public and private sector investments driving opportunities [9][10] - The bank has established a strong presence in the region, including a full bank in Saudi Arabia and operations in Egypt, which is on a recovery path [9][10] Wealth Management - The wealth management sector is becoming increasingly competitive, with a focus on enhancing presence in Dubai to serve the region [11] Credit Environment - The current credit cycle is described as benign, with no immediate signs of stress in the portfolio, although caution is advised regarding potential future credit losses [12][14][17] Digital Assets - The bank distinguishes between cryptocurrencies and digital assets, emphasizing the importance of stablecoins and the digitization of money [20][23] - The bank has developed a leading institutional-grade cryptocurrency digital asset custodian marketplace, facilitating the transition from fiat to digital currencies [24][28]