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I Don’t Like Mondays!                                                     19 June 2026

Four months into the ME crisis, Dubai’s real estate market continues to show resilience, but the inevitable slowdown showed in May’s figures; both transactions, (down on the month 27.6% to 12.88k), and monthly value, 37.5% lower at US$ 11.07 billion, and 49.1% down on the year. May activity was split between the three sectors:

• off-plan sales                    US$ 4.46 billion           40.2% of the market
• land deals totalled            US$ 4.45 billion            40.2%
• ready property sales         US$ 2.17 billion            19.5%

The leading communities with the largest off plan sales value were:

• Business Bay                            US$ 659 million
• Dubai Islands                            US$ 384 million
• Dubai South                              US$ 351 million

and in the ready market:

• Burj Khalifa                              US$ 194 million
• Business Bay                         US$ 179 million
• Palm Jumeirah                        US$ 169 million

Jumeirah Village Circle, Dubai Marina and Jumeirah Lake Towers also recorded robust activity.

The month’s highest-value transactions indicate the growing popularity for the diminishing prime development opportunities. The top selling sales included:

• off-plan segment             apartment       Solaya In Jumeirah First                        US$ 31 million
• off-plan segment             villa                Karl Lagerfeld Villas by Tara                 US$ 11 million               
• ready market                   apartment       Serenia Residences on Palm Jumeirah US$ 16 million

Khalid Al Malik, CEO of Dubai Holding Real Estate, has said that the delivery of Palm Jebel Ali ultra-luxury villas, currently underway, is progressing well and handovers scheduled to commence later this year. He noted that the project will not open on a single handover date, and that future milestones will be announced once each phase is approved and reaches the right stage of readiness. It is expected that the first phase of handovers will occur later in the year. (In 2024, Nakheel had awarded US$ 1.36 billion in contracts to Ginco General Contracting, Shapoorji Pallonji Mideast and UNEC for the construction of seven hundred and twenty-three Beach and Coral Collection villas across Fronds K to P, along with supporting infrastructure and public spaces).

Palm Jebel Ali is being developed as a full waterfront destination that will combine homes, hospitality, leisure, wellness, green spaces and community infrastructure, with over eighty hotels to be built to form part of the wider masterplan, alongside beach clubs, dining, leisure, wellness, civic infrastructure, public spaces and community amenities.

Following recent reports linking customer notifications to possible delivery concerns, Majid Al Futtaim has confirmed construction at Tilal Al Ghaf remains on schedule. MAF said it was aware of a recent article referring to customer communication issued to buyers within specific phases of Tilal Al Ghaf but said the interpretation of that communication did not reflect the facts. The company said those updates were standard procedural notifications under the Sale and Purchase Agreements and did not indicate any change to delivery timelines. It concluded “construction across Tilal Al Ghaf continues to progress in line with the established project schedule and the terms of the Sale and Purchase Agreements”.

With the aim of assisting businesses and other stakeholders navigate a global trade environment being reshaped by technology, geopolitics and economic change, DMCC is planning to launch DMCC Campus and DMCC Intelligence. It hopes that the initiative will eventually move to being an executive education, knowledge exchange and strategic advisory services. A unified knowledge platform will sit above the twin platforms, with DMCC Campus  focusing on learning and professional development, whilst DMCC Intelligence will provide advisory and consulting services to governments, economic zones, industry bodies and corporations. Existing initiatives, including the DMCC Coffee Centre, DMCC Tea Centre, Dubai Gold and Commodities Exchange, DMCC AI Centre and academic partnerships, will form part of the broader knowledge platform.

Last year, it was reported that there was a 12.2% annual hike, to US$ 12.53 billion, in the money from Value Added Tax and Excise Tax revenues, distributed to federal and local governments, with it being used to fund services, infrastructure and long-term development priorities. Since its entry into the tax regime, VAT receipts have become important contributors to public finances, helping the UAE diversify government revenue sources beyond hydrocarbons.

Oak Hill Advisors, the global credit-focused alternative investment firm, has received regulatory authorisation from the Dubai Financial Services Authority to establish in the emirate. OHA, with some US$ 112 billion in assets under management, was the one hundredth hedge fund manager to be registered with the DIFC.

DIFC said OHA’s arrival reflects Dubai’s growing role as a base for global asset managers and financial institutions. The centre is already home to the region’s largest cluster of wealth and asset management firms, supported by its legal and regulatory framework, talent base and hub between Asian, European and Middle Eastern markets. Arif Amiri, CEO of DIFC Authority, noted that “OHA’s decision to establish its presence in DIFC further reinforces Dubai’s position as a leading global financial hub and a destination of choice for the world’s foremost alternative investment firms”.

UAE borrowers waiting for cheaper mortgages, car loans and business finance may have to wait longer after the Central Bank of the UAE kept its Base Rate unchanged at 3.65%.

A Memorandum of Understanding to strengthen cooperation in advancing trade and investment between the UAE and Australia, across key economic sectors, has been signed during TXF Global in Prague. It was endorsed between Etihad Credit Insurance, (the UAE’s federal export credit company), and Export Finance Australia, (Australia’s export credit agency), by Raja Al Mazrouei, CEO of ECI, and John Hopkins, MD and CEO of EFA. The former noted that “Australia is a valuable partner for the UAE, with whom we share a long-standing relationship built on mutual trust, shared values, and a strong commitment to economic diversification and sustainable growth”, and that the agreement will deepen bilateral economic ties and create new opportunities for cooperation across priority sectors. The partnership aims to promote joint initiatives that enhance trade and investment flows between the two nations, while enabling co-financing of eligible projects both within their respective markets and in third regions, particularly SE Asia.

The UAE has joined Australia and the UK to introduce a ban on children under the age of fifteen to use social media, prohibiting them from creating, using or operating personal social media accounts. It covers all social media platforms that enable users to create accounts or personal profiles, engage in social interaction, publish or share content, or that rely on algorithms to display, rank, or recommend content, whether free or paid. Meanwhile, children between the ages of fifteen and sixteen will be permitted to use social media, subject to enhanced age-verification measures added to their accounts. There is a twelve-month transitional period to comply with the new regulations,

Another record broken by the Dubai Financial Market’s sees its market cap exceed US$ 273.02 billion, (AED 1 trillion +), reaching a general index of 6,116 points. Some of the main drivers included an influx of foreign investors, a strong financial year, and a series of initial public offerings. In Q1, the bourse posted a 43% surge in net profits whilst its market cap grew by US$ 103 billion, (11.5%), during the quarter.

The DFM opened the week on Tuesday 16 June on 5,768 points, and having gained seventy-five points (1.3%), the previous week, had a mega shortened week, gaining two hundred and ten points (3.5%), to close the week on 6,164 points, by 19 June 2026. Emaar Properties, US$ 0.10 higher the previous week, gained US$ 0.34 to close on US$ 3.53 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.74 US$ 7.82, US$ 2.13 and US$ 0.40, and closed on 19 June at US$ 0.76, US$ 8.44, US$ 2.11 and US$ 0.42. On 19 June, trading was at four hundred and seven million shares, with a value of US$ four hundred and forty million dollars, compared to three hundred and twenty-five million shares, with a value of US$ three hundred and eighty million on 12 June.  

By 19 June 2026, Brent, US$ 2.56 (3.0%) higher the previous week, shed US$ 4.33 (5.1%), to close the week, on US$ 80.38. Gold, US$ 549 (12.4%) lower the previous six weeks, shed US$ 69 (1.6%), to end the week’s trading at US$ 4,173 on 19 June. Silver was trading at US$ 67.97 – US$ 3.06 (4.5%) lower on the week.

Following Sunday reports that the US and Iran had reached an agreement aimed at ending the conflict in the ME, global markets rallied with Monday seeing Japan’s Nikkei 225 index surging by 4.21% and South Korea’s benchmark Kospi index by 4.97%; in Europe, Germany’s Dax rose 1.2% while France’s Cac 40 added 0.7%, with the FTSE  100 dipping 0.4%, as shares in energy giants BP and Shell – two of the biggest companies in the index – dropped on the news of the lower oil price. US stock markets all headed north – the Dow Jones up by 1%, the S&P 500 by 1.6% and the tech-heavy Nasdaq, by 2.5%. Brent crude, which was trading at around US$ 70 a barrel before the conflict started, and had peaked at about US$ 120 during the war, dropped more than 5% to US$ 82.84. It is hoped that with the opening of the Strait of Hormuz, there could be a triple whammy of reducing the risk of wider regional disruption, easing geopolitical and economic tensions. along with stabilising energy supplies.

One bitcoin statistic is that following the latest ongoing decline showing that 50% of Bitcoin holders are currently sitting at a loss. The previous week saw the currency witnessing its worst weekly decline since the collapse of FTX in 2022. It now seems possible money, that previously went into cryptocurrency, could be going into AI. Ending last week at US$ 64.5k, down 33.0% from its YTD high of US$ 96.2k, on 15 January, (and 47.3% lower on its historic October 2025 high of US$ 122.3k), there are some that are convinced that it will regain all of  these losses during this year because, as in previous crashes, Bitcoin somehow survived and came back with even stronger returns. It ended the week at US$ 63.0k.

In January 2019, the cryptocurrency was trading at US$ 3.6k but by June 2021, it had climbed 889% to US$ 32.2k before tanking 48.7%, eighteen months later, to US$ 16.5k in December 2022. Forward twenty months, to September 2024, it was trading 326% higher at US$ 53.9k and climbed 226.9% to its all-time US$ 122.3k last November. At the beginning of the week, 14 June 2026, it was back in the doldrums, 22.3% lower at US$ 64.5k. It ended the week lower at US$ 63.0k.

Citing national security issues, Anthropic said it had been ordered by the US government to suspend foreign nationals from using its platform, Claude Fable 5. What a world we live in when one government can decide who has access to the world’s most advanced artificial intelligence! At the weekend, Anthropic posted that “the net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance”, with it saying that the government still has to provide further details about national concerns.

For a US$ 60 billion investment, SpaceX has acquired Cursor in a bid to boost its presence in the AI market in which the software firm, behind the popular AI coding agent, has lagged its peers. This comes just three days after Musk’s tech company raised US$ 85.7 billion on its debut listing on the Nasdaq exchange, valuing SpaceX at more than US$ 2.0 trillion. It has been following Cursor for some time and only two months ago in April, it secured an option to either acquire Anysphere, the San Francisco-based owner of Cursor, for US$ 60 billion or pay US$ 10 billion for their partnership. The deal is a share-based merger between Anysphere and SpaceX’s wholly owned subsidiary X67. Cursor, founded in 2022, has quickly become a major player in the business that uses AI to automate coding, and the deal will provide Cursor with more computing capacity to develop AI models and possibly benefit xAI, the Grok chatbot maker, a stronger foothold in the AI coding market.

Since its IPO last Friday, SpaceX has seen its share price surge by over 50% by midweek to become the world’s fifth most valuable company; its current price sees the space/AI company worth US$ 2.66 trillion, compared to Amazon’s US$ 2.65 trillion. The boom in SpaceX’s value came as it announced it was buying AI coding start-up Cursor. Whether such mega price rises for major tech companies are sustainable, going forward, is open to debate mainly over future earnings’ uncertainty. It is hard not to wonder how a company making US$ 30.3 billion annual profit in Q1 is valued less than a company making a US$ 4.3 billion loss, and the same company accruing some US$ 716.9 billion in 2025 sales and the other only US$ 18.67 billion. It also raised US$ 10.0 billion more than initially thought when it sold shares to the public on Friday – bringing in a total of US$ 85.7 billion; this happened because the banks backing the IPO exercised a so-called “greenshoe” clause, which let them purchase an extra US$ 10 billion of SpaceX shares.

A group of shareholders has taken Microsoft to court, in Michigan, accusing the tech company of defrauding them and inflating its stock price by failing to disclose slowing growth in its Azure cloud business and the need to spend billions of dollars on AI infrastructure. It indicated that this was down to capacity constraints as it diverted resources to AI-related R&D and to its Copilot chatbot. Following the release of its December quarterly report on 29 January, its shares slumped 10.0% – equating to US$ 357 billion off its market cap. Microsoft reported capex of US$ 37.5 billion, up 66%, on the year, but above the analysts’ expectations of US$ 34.3 billion; growth in its Azure and other cloud businesses was 39% higher, but down from 40%, on the quarter.

Noting that price increases were “unavoidable”, Apple’s Tim Cook said that the situation around memory chips had become “unsustainable”, as the cost of the memory chips it uses had surged. He did not say when prices would rise or which products would be affected. Later, US President Donald Trump said that Apple had agreed to work with chipmaker Intel to make its chips in the US.

With the Environment Secretary, Emma Reynolds, formally objecting to a US$ 10.0 billion rescue package for embattled Thames Water, it was one step nearer to become a public utility; she warned that this would place an “undue burden” on consumers. Ofwat had earlier indicated that it was near to a deal with lenders under which Thames, the UK’s largest water company, would avoid any new fines over sewage leaks for four years in exchange for a cash injection into the business from its creditors. Because it seems that disapproval by the regulator has probably put the final nail in the coffin of Thames Water maintaining its corporate structure and will be placed in a special administration regime, a form of temporary renationalisation.

The struggling Pizza Hurt chain has new owners, with Yum! Brands selling it in a US$ 2.7 billion deal which sees Yum China Holdings purchasing the mainland China operations for US$ 1.2 billion and private equity firm LongRange Capital acquiring the brand outside of mainland China for US$ 1.5 billion. The brand has been struggling for some time from intense competition, especially in the US where sales account for 40% of its total business. The impact from revival chains, including Domino’s, Papa John’s, and Little Caesars, on top of an increasing number of mid-sized regional chains, along with the rapid rise of third-party delivery apps, continue to slowly erode its market share.

Founded in 1958 by two brothers in Wichita Kansas, Pizza Hut was bought by PepsiCo in 1977 and then spun off into what became Yum! Brands in 1997, which will continue to operate its UK-based Pizza Hut restaurants rather than transferring them to private equity; it had bought the UK operations last October, after DC London Pie, the firm running the dine-in restaurants, fell into administration. With this divestment, Yum! Brands intends to streamline its corporate focus and resources on its remaining core brands, which include KFC and Taco Bell.

Dirk Van de Put, the boss of Cadbury chocolate-maker Mondelez, has defended the decision to continue doing business in Russia but admitted he is “not pleased” the firm’s taxes are funding the war with Ukraine. Saying it was the “right decision” to remain in Russia, he maintained that not leaving would risk the loss of thousands of jobs and leave Mondelez vulnerable to the Kremlin taking control of its local operations. It appears that most companies, including McDonalds, exited  but others did stay. Mondelez said it had discontinued new investment in its Russian business and suspended spending on advertising. Since the February 2022 Russian full-scale invasion of Ukraine, the US multinational snack and beverage company, (with global sales of US$ 36.0 billion), had generated annual sales of between US$ 1.0 billion and US$ 1.4 billion – less than 3% of its total revenue stream.

On 18 May 1980, there was a series of student-led demonstrations that took place in Gwangju. Following the October 1979 assassination of military dictator Park Chung-Hee,  (who had seized power in a May 1961 coup to become the third president of South Korea), General Chun Doo-hwan launched two coups – on December 1979 and May 1980 – to install himself as acting leader and then president. After the second coup and declaration of martial law, which saw universities being shut down and a ban on freedom of speech, university students in Gwangju protested and organised militias that took over parts of the city. The police and military were called in and killed several hundred in trying to restore some semblance of order.

Next Monday, South Koreans will find all Starbucks’ outlets closed from 3.00pm for the rest of the day so staff can attend a history lesson following public outrage over a promotional campaign that remembered that bloody crackdown forty-six years earlier. Subsequently, Starbucks faced country-wide criticism after it launched a “Tank Day” reusable cup promotion on the anniversary of the Gwangju Uprising. During the training session all employees at Starbucks Korea stores will “receive education in historical awareness and social sensitivity.

In a US$ 22 billion deal, Fox has agreed to takeover Roku, which operates across the Americas, Europe and Australia. Lachlan Murdoch, who took over the reins at Fox in 2023 from his father Rupert, reportedly paid US$ 160 per share – equating to an 11% premium on Roku’s closing price last Friday – in a cash/stock offer. There was a 2.5% jump in Roku’s share price in pre-market dealing whilst shares in Fox slumped by up to 10%. Roku was a leader in introducing platforms, such as like Netflix and YouTube to television, through connected devices and smart TVs, with its main revenue driver attributable to advertising and subscription revenue from streaming apps. The combined company would become the third-largest player in US television by share of viewing, as Fox already operates Tubi, while Roku runs The Roku Channel.

In a bid to try and ration diesel, the Indian government has directed retail fuel station dealers to sell no more than two hundred litres per customer or vehicle a day, and that buyers cannot resell the fuel. It seems that the likes of trucking companies were abusing the system, as they were buying diesel from retail outlets of state-run companies, where prices are lower than at ​bulk supply points, leading to shortages at pumps in ‌some areas. It appears that diesel, which accounts for about 40% of India’s fuel demand, is sold at market rates to industrial users at about US$ 0.42 per litre more than retail prices. Diesel sales by private retailers, which price fuel closer to market rates, fell 58% last month, while those of state-run companies surged, with some areas seeing increases of more than 30%. India is a net exporter of refined fuels, but higher domestic sales at subsidised rates are hitting the profitability of state retailers, including Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp, which account for about 90% of India’s more than 100k fuel stations.

As it has already faced claims it misused confidential client information and then mistreated an internal whistleblower, KPMG Australia is still embroiled in an audit scandal and is being investigated by ASIC. It has been revealed the federal government has almost three hundred active contracts with scandal-embroiled KPMG, for a total value of US$ 46 million, according to data from the parliamentary library. In 2024, a whistleblower raised concerns, with the firm’s senior leadership, that confidential board papers from construction giant Lendlease were used to pitch for and win audit contracts from other firms including Westpac and Dexus. The Reserve Bank of Australia is distancing itself from KPMG, with Governor Michele Bullock confirming the bank will re-tender its whistleblower hotline service.

Thanks to the video games industry, the UK exchequer was US$ 11.82 billion better off last year, with it generating twice as much revenue as film and TV, whilst employing some seventy-three thousand around the country.  In 2024, it was estimated that over 37.7 million, (53% of the population), played video games. What has changed over the years is that the number of adults playing games, estimated at 65% of players, with the thirty to thirty-nine year olds being the largest age group of UK gamers, making up 28% of all gamers. Because of its popularity, it seems that its international cultural value has burgeoned in recent years. Harvey Elliott, founder of games publisher Playstack and board member of Ukie, the industry’s trade body commented that “I always think of the money, but the cultural impact of games is phenomenal”, and “we know that this generation of kids is growing up with gaming as their main entertainment platform”. There is no doubt that some UK games have travelled well and have become a surprising way of showing off British culture to the world.

Japan’s Sanae Takaichi and Keir Starmer have signed an investment deal that will see Japanese firms spending more than US$ 12 billion on UK infrastructure and financial services and up to US$ 12 billion on UK offshore wind, creating tens of thousands of jobs. Although what amount of this investment agreement is new money, and what has already been previously announced, has yet to be clarified, it has been welcomed by the embattled administration, with the prime minister saying it will build a “new era of co-operation” between the two nations. To date, several major Japanese companies, including Mitsubishi Estate, Mitsui Fudosan and Nomura Real Estate, have already agreed to billions over the next five years on UK infrastructure and real estate projects.

At the meeting, other Anglo-Japanese projects were discussed including both leaders reaffirmingtheir commitment to the Gcap fighter jet programme being developed alongside Italy. It was also announced that Rolls-Royce would work with Japan’s Atomic Energy Agency to develop next generation nuclear technologies and a technology agreement would link up UK research and development and software expertise with Japanese manufacturing. Whilst Andrew Griffith, the Conservative shadow business and trade secretary, welcomed the deal, he did add that Labour’s “tax hikes and employer red tape are doing huge damage, destroying jobs and putting more and more people onto welfare”.

For the first time, Japan’s Nikkei index surged above the 71k-point threshold, driven by gains in semiconductor-related stocks. The benchmark Nikkei 225 climbed 1.88% to 71,219 points, slightly down on its intraday record high of 71,294 points. Semiconductor-linked shares led the rally, with 144 of the index’s 225 constituent stocks heading north. The broader Topix index rose 1.67% to 4,080 points.

Driven by a surge in global energy prices, the Bank of Japan lifted its so-called policy rate, by 0.25% to 1.0% – a level not seen since 1995. The country’s interest rates were slashed in the 1990s, to almost zero levels, to combat the fallout from a collapse in prices of assets like property and shares. March 2024 saw Japan’s first rate increase for seventeen years. The BoJ, after almost two decades of a deflationary cycle, has now to tackle inflation which had been markedly low until relatively recently, driven by high energy prices particularly because the country is heavily reliant on ME imports. Its wholesale prices climbed 6.0% over the past twelve months but the overall inflation is currently at 1.4%, below its 2.0% target. Another factor in the change in economic policy is the need to stabilise the currency, with the yen coming under pressure from the US dollar and euro. In line with other major economies, the BoJ faces the conundrum of raising interest rates helping to lower inflation but higher rates also make borrowing costlier.

On Wednesday, yet another breakthrough in the ongoing ME crisis, sees the signing of a fourteen-point deal, with the US President posting that “achieves everything we set out to accomplish – everything, and much more”. The basis is that in return for a guarantee that Tehran will not “procure or develop” nuclear weapons, oil sanctions will be waived and a US$ 300 billion reconstruction fund for Iran will be established. (Who pays for it has yet to be clarified). Despite Donald Trump criticising the Obama administration for releasing Iran’s frozen funds during his presidency, he is now doing the same. The Strait of Hormuz will be opened “with no charge for sixty days”. After that “the Islamic Republic of Iran will conduct dialogue with the Sultanate of Oman to define the future administration and maritime services”.  What still has to be decided is the fate of Iran’s enriched uranium and several other unfinished business. Although the agreement’s first paragraph points to ‘military operations in the region must be stopped’, the President answered a question of how the US would stop Iran procuring or developing a nuclear weapon would happen by commenting that “No, we’re going to bomb the hell out of them if they violate the agreement.”

On Wednesday, the US Federal Reserve’s decision to keep benchmark interest rates flat at 3.50% – 3.75% surprised nobody. There are indicators that, under the new chairmanship of Kevin Warsh, monetary policy will be tightened in coming months. However, it is reported that at least nine of the eighteen-strong committee expect at least one rate increase in 2026, partially driven by the fact that the current 4.2% inflation rate had hit a three-year high last month.

 In May, UK government borrowing worsened, with its debt interest bill 21.2% higher, on the year, at US$ 30.82 billion and the highest ever May figure. Most economists had pencilled in a 21.0% lower US$ 24.86 billion figure, whilst the Office for Budget Responsibility estimate of US$ 23.40 was also short of the target. The interest payable on government debt rose to US$ 15.48 billion, the highest ever recorded in any May. Its share of the economy rose 0.4% to 85.1% – figures last seen in the 1960s. The ONS, said: “spending on debt interest, public services, investment and benefits all increased in May 2026, compared with last May, more than outweighing higher tax receipts”.

The day before the BoE’s monetary policy committee meeting, the Office for National Statistics released the latest labour market report,  showing that in the April quarter average weekly earnings, excluding bonuses, was flat at 3.4%, with the unemployment rate dipping 0.1% to 4.9%. The figures tend to show that the recent high energy prices will probably have no impact on pay pressures. Job vacancies, at 707k, fell to their lowest level since the 2021 April quarter, as businesses cut back on recruitment, with the Office for National Statistics saying that while the labour market remained “broadly stable”, some areas showed signs of weakening. The professional services sector saw the largest fall in vacancies, but retail and hospitality also saw significant drops. Partly based on these figures, yesterday, the monetary policy committee of the BoE decided to leave rates alone at 3.75%.

Having expanded by 0.6% in Q1 – and witnessing the fastest growth in the G7 – the UK economy is set to see a marked slowdown in coming months, with the IMF having already posted that the ME war will impact the UK the hardest of the world’s advanced economies. However, it does see the country becoming the fastest growing European economy next year in the smaller G7 group of advanced economies, albeit at a slightly slower rate of growth of 1.3%.

With the Starmer administration in turmoil, and surely in its last days, there was some good news for the Chancellor, with the May headline rate of inflation flat on the month at 2.8%, after a decline in food price inflation. Core inflation, which excludes energy, food, alcohol and tobacco prices, nudged up 0.1%, to 2.6%, on the month.  The monthly report by the Office for National Statistics noted there were decreases in inflation “across a range of meat, dairy and vegetable items compared to last month, as well as the cost of domestic heating oil, which fell back after climbing in recent month”. However, these falls were offset by transport, (with fuel up 25% on the year), and air fares were the biggest drivers of inflation in May, rising by 6.8% on the year; other increases were the cost of raw materials rising by 8.7%, (in the twelve months to May), and factory gate prices by 4.0%. It also has to be noted that the September quarter energy price cap from July-September is to rise 13% from its current average annual level.

PwC has released a report in which it calls on the Starmer administration to draw up a comprehensive energy plan in conjunction with businesses and investors, the aim of which would be to assess the country’s needs and how they can be met. It concludes that higher industrial electricity prices restrict economic expansion and comprise enterprise/proactiveness. It estimates that if no robust plan is put into action, the UK is in danger of losing a mega US$ 336 billion in economic value – equating to 8.0% of current GDP. It is little wonder that the UK’s policy is the main driver to the country having the highest electricity costs in the G7 group of large economies.

With his expected victory yesterday, the Westminster stage is set for Andy Burnham to challenge for the keys to 10 Downing Street. Like many other Labour MPs, he would prefer a peaceful and orderly transition of power, by September at the latest. However, the current incumbent disagrees and has threatened to take the battle to a leadership contest which could turn out to be bitter and messy; he said “I will run. I will stand”. After the result, Burnham said he would “lay out a new path for Britain” and warned that there will be “no second chance” for the party to deliver change adding that “we must hear it, we must act upon it, and we must get it right”. Currently, there are over one hundred members who have put their names down for a change of leadership and it is expected that the coming week will see even more MPs and ministers calling for Starmer to give up. It is understood that the Home Secretary, Shabana Mahmood, wants to remain in her position should Burnham end up as prime minister and that other ministers have told him that his time is up – even, it seems, his friend and neighbour, Red Ed Miliband, the Energy Secretary. No doubt that the embattled politician will be seriously considering his options over the weekend, but he must be thinking I Don’t Like Mondays!

Shrimp On The Barbie!                                                   12 June 2026

New data from Bayut shows that some buyers, who entered the property market in post-pandemic 2021, have made a 153% gain on their purchase. Using its proprietary Price Index, the property portal compared average advertised sale prices per sq ft, in May 2021 and April 2026, and found that value gains ranged between 41% and 153%. Some of the leading gains, among well-established residential communities and based on sq ft increase, over that period were:

Jumeirah Islands                    153%                       US$ 1,047 per sq ft

Jumeirah Golf Estates         119%              US$ 699                                                                                                                            JLT                                          114%                       US$ 551

The Meadows                          110%                      

The Springs                             109%

Jumeirah Park                         106%                       US$ 603

Arabian Ranches                    95%

Growth was also evident in newer and infrastructure-led destinations, with Dubai South, Dubai Hills Estate and Jumeirah Village Circle showing increases of 92%, 87% and 84%, reflecting continued investor confidence in future-oriented locations. The premium communities showed reasonable growth with Palm Jumeirah, Business Bay and Dubai Marina posting increases of 83%, 78% and 64%.

Emaar Properties is preparing to unveil a massive US$ 54.50 billion master-planned development, with a total built-up area exceeding 4.5 million sq mt, and future home to some 150k residents; the developer has yet to release further details including prices and actual location. The self-sustaining urban district will comprise a mix of residential towers, villas, mansions, offices, retail, hospitality, cultural spaces and civic amenities. Development will encompass the principles of the twenty-minute city, with proposed metro connectivity, smart mobility infrastructure, EV-friendly pathways, cycling routes and app-integrated community services. At the centre of the district, a high street and grand boulevard will bring together shops, restaurants, cafes and cultural experiences, giving the development a retail and lifestyle spine. The location will combine high-density urban living with resort-style residential pockets, including private gardens, water features, parks, community lagoons, lakes, shaded promenades and dedicated cycling paths. A central district park is planned as one of the main public spaces, with sports courts, event lawns, splash parks, beach areas and outdoor wellness zones. The masterplan will be divided into five character zones – a Business Hub, an Urban District, a Young Families Cluster, a Family Living Zone and an exclusive villa enclave.

An indicator that reflects growing investor appetite for prime assets along Sheikh Zayed Road was the US$ 300 million acquisition of the Shangri-La Dubai by AHS Properties, founded by the twenty-six-year-old billionaire Abbas Sajwani. The forty-two-storey property had been previously sold in 2020, via an online auction, for US$ 191 million, so this week’s sale shows a 57.1% gain over the ensuing six years. The new owner commented that there had been no final decision on its future but that the company plans to upgrade and enhance parts of the building to improve its long-term value. He also added that the company continues expanding its Sheikh Zayed Road presence, with AHS Tower under development and another major mixed-use project planned for launch later in the year – and “that will be the biggest project on Sheikh Zayed Road — it’s a twenty-five US$ 25 billion, (US$ 6.81 billion), project”.

Last month was the third consecutive month that Dubai South has ranked as the best-performing area in the emirate’s property sector, posting a monthly 15.9% increase in sales transactions to 1.36k, valued at US$ 435 million. Wadi Al Safa 3 and Wadi Al Safa 5 followed, in second and third places, with volumes and values of 0.98k/US$ 463 million and 0.63k/US$ 227 million.

fäm Properties report that Dubai South residential property sales transactions are 35.7% higher since the 29 February onset of the regional conflict. The main driver continues to be off-plan sales which have risen by 57.9% over the period, including 1.23k last month and 35.7% in April. Firas Al Msaddi, CEO of fäm Properties., noted that “growing transaction volumes reflect genuine end-user and investor confidence in the government’s long-term development vision for this dynamic aviation and logistics ecosystem, underpinned by the expansion of Dubai World Central into the world’s largest airport”.

DXBinteract’s data indicates that, in May, the Dubai real estate market recorded 10.28k sales transactions, worth US$ 7.87 billion, spread between apartments, villas and plot sales – 8.77k (worth US$ 3.97 billion), 1.04k (US$ 1.96 billion), and 0.13k (US$ 1.14 billion). The average property price per sq ft was 3.0% higher at US$ 450. The commercial sector, including offices and shops, registered 0.34k sales transactions valued at US$ 790 million. The average property price per sq ft was up by 3.0%, on the year, to US$ 450. Of the total sales in May, primary sales accounted for 7.60k transactions, valued at US$ 5.04 billion, with the 2.69k resales accounting for US$ 2.83 billion. Value-wise, the most expensive villa and most expensive apartment sold in May were a luxury property at Signature Villas on Palm Jumeriah, sold for US$ 40 million, and US$ 31 million for one sold at Solaya 5 at Jumeirah First. Other AED 100 million luxury apartments sold were at Solya 6, at La Mer, for US$ 29 million, and at One Casa at Al Wasl, on the Dubai Water Canal, for US$ 27.5 million. An analysis by the worth of the properties shows:

AED	US$	%age
5 mil +	1.36 mil +	8.56
3 mil – 5 mil	817k – 1.35 mil	8.19
2 mil – 3 mil	545k – 816k	12.41
1 mil – 2 mil	272k – 544k	31.02
Under 1 mil	Under 271k	39.82

On Monday, BEYOND unveiled The Yards, a US$ 1.09 billion Mediterranean-inspired master-planned destination in Dubai’s City of Arabia, as well as Arancia, the project’s first residential cluster. The Yards spans 2.3 million sq ft of gross floor area and will be home to 1.56k residential units ranging from one- to three-bedroom apartments. The masterplan is designed around a one-km green spine, with 70% of its total area committed to open landscape. At the same time, the developer launched Arancia Yards, comprising two hundred and seventy-two residences, (comprising one-, two-and three-bedroom apartments), across three low-rise buildings. The cluster is arranged around a 4.2k sq mt landscaped sunken garden, complete with 3k sq mt of rooftop terraces and more than 2k sq mt of retail and food and beverage space.

Developed by Alta Real Estate Development and designed by VSHD Design, Villa Gaia, a beachfront villa on Dubai’s exclusive Jumeirah Bay Island, has been the subject of a US$ 76 million sale. Located within one of the city’s most tightly held residential enclaves, the six-bedroom waterfront mansion spans nearly 22k sq ft; the property was designed as a one-off residence rather than part of a larger villa collection. Spread across four levels, it includes formal reception areas, a private office, guest accommodation, entertainment spaces, an infinity pool and a rooftop wellness retreat complete with a gym, spa, sauna and outdoor lounge overlooking the sea. It also has a professional-grade catering kitchen that can serve up to fifty guests, while underground facilities include dedicated staff quarters and climate-controlled parking for six vehicles. This transaction points to the increasing resilience of Dubai’s luxury real estate market, (despite international economic turbulence), and that many global HNWIs see the emirate as the ideal location in which to live and work. There are many drivers involved including investor-friendly policies, lifestyle appeal, tax advantages and the increasing number of international entrepreneurs, family offices and wealthy individuals relocating to the emirate.

Dubai’s administration has expanded its First-Time Home Buyer Program, first introduced last July, which has already helped more than three thousand, two hundred residents purchase homes; to date, sales under this scheme have garnered US$ 1.36 billion. Nearly forty-five thousand people have registered for the scheme which is open to UAE residents aged eighteen and above who do not currently own a freehold residential property in Dubai. There are twenty-two developers included in the scheme including nine new developers – 4Direction Developments, Arada, Dubai World Trade Centre, IRTH Group, Manam, Qube Development, Reportage Properties, SAMANA Developers and Sky View Real Estate; they have joined the latest phase of the programme, which now has a wider pool of properties to choose from, so that first-time buyers have an expanded portfolio of properties across different locations, budgets and property types. Five banks are also supporting the scheme through home financing options for eligible residents. Residents who have not registered can apply through Dubai Land Department’s website or the Dubai REST app.  DLD and DET both added that “the First-Time Home Buyer Program embodies Dubai’s foundational belief that home ownership should be within reach of everyone who calls this city home”.

Under a new initiative by the Federal Tax Authority, UAE nationals will be able to claim VAT refunds of up to US$ 7k on the costs of constructing new homes. It is estimated that this will yield about US$ 54 million in VAT savings for UAE nationals. Based on projected claims volume for this year, the total value of approved refund claims is expected to be 32.6% higher, than in 2025, at US$ 272 million. This initiative covers all VAT refund claims for Emirati home construction submitted on or after January 1, 2026, and will cover the construction of the new residence, including its fixtures and fittings, provided they are intended for the private use of the citizen or their family. Additionally, staff quarters for domestic workers, home gyms, security systems, swimming pools, fountains, landscaping and smart doors for main residence and garage, will also be eligible for claim. However, they must form an integral part of the new residential property, be constructed on the same plot, and directly serve the primary residence.

This week, King’s College Hospital London – Dubai announced a major multi-year expansion of its UAE healthcare footprint, scheduled for completion in 2028. This latest development will improve the scale and reach of its renowned services, introduce state-of-the-art technologies, and increase capacity to meet the evolving health needs of the local community. The focus will be on enhancing in-demand specialised services, including world-leading treatments in oncology and complex liver disease. Furthermore, new dedicated centres are planned for expanded critical care, precision medicine, and advanced surgical interventions, with additional operating theatres and integrated digital health solutions. Throughout the construction period, the hospital will remain fully operational, with all services continuing uninterrupted.

Building on a forty-seven-year legacy, DWTC Free Zone connects businesses and communities enhancing their potential for success. Last year, it managed to achieve a record US$ 6.82 billion, in economic output, 12.0% higher on the year. In 2025, it hosted some one hundred and eight major events that attracted some 2.18 million participants, 43.4% were international. These returns indicate Dubai’s role as a global meeting point, connecting economies whilst driving sustainable growth.

With the strategy of planning to work with both government and enterprise organisations as they scale digital transformation programmes, and invest in next-generation technology infrastructure, SCC has launched its new regional headquarters in the country. The main aim of Europe’s largest privately owned technology provider seems to be to capitalise on the growing demand for AI, cloud and digital infrastructure solutions across the region.

According to a new assessment by the InterRegional for Strategic Analysis, the UAE’s retail sector is on course to become a US$ 227 billion market by 2033 a 56.3% hike over the next eight years, equating to a CAGR of 5.2%. Over the period, the country’s smart retail market is expected to grow twelvefold to US$ 9.74 billion, at an annual rate of 32.2%, as AI, automation and data-driven customer experiences transform the shopping landscape. Several drivers are involved to account for the impressive figures, and the country’s move from being a regional shopping destination into a global retail powerhouse. They include strong consumer spending, record tourism inflows, rapid population growth, rising disposable incomes and sustained investments in world-class retail infrastructure. A recent report by Cushman & Wakefield described Dubai as one of the most resilient and diversified retail markets globally, with Fashion Avenue at Dubai Mall ranking a global eleventh in terms of luxury retail rents.

According to Mordor Intelligence, the UAE luxury goods market is projected to expand 39.5%, over the next six years, to US$ 11.86 billion by 2031, reflecting a 5.7% CAGR. Some of the attributes behind the growth are an increasing number of HNWIs, strong tourist arrivals, expanding premium retail space and the country’s reputation as a preferred destination for luxury shopping and lifestyle experiences. The report shows that fashion and apparel as the UAE’s largest retail category, accounting for 21.6% of the country’s e-commerce market. The grocery and supermarket segment has become one of the fastest-growing categories, at 13.0% annual growth, with electronics and smart devices being another major growth driver.

The Ministry of Finance has chosen DP World as a pre-approved service provider for the country’s upcoming mandatory e-invoicing framework. This announcement comes ahead of the UAE’s national e-invoicing pilot phase, which is scheduled to begin on 01 July 2026, before mandatory nationwide implementation starts in January 2027. Businesses with revenues exceeding US$ 136 million will be required to appoint an accredited service provider by 30 October 2026. The port operator noted that its platform will help businesses integrate e-invoicing compliance into their operational and financial workflows, reducing manual processes and improving speed, accuracy and traceability across transactions.

The UAE has moved two places higher to second, (behind Malaysia but ahead of Saudi Arabia, Indonesia and Bahrain), in its latest State of the Global Islamic Economy Report 2025/26 by DinarStandard. The Report indicates the country’s growing leadership across virtually every segment of the Islamic economy. The latest report shows the growing strength of the global Islamic economy, with Muslim consumer spending reaching US$ 2.6 trillion in 2024 and projected to surge 36.9% to US$ 3.56 trillion by 2029. Islamic finance assets have expanded to US$ 5.99 trillion and forecast to expand by 62.3% to US$ 9.72 trillion by 2030. The country ranked among the top three globally across all Islamic economy sectors and secured the top position in media and recreation. It was rated second in halal food, Muslim-friendly travel, modest fashion, halal pharmaceuticals and cosmetics, whilst placed third in Islamic finance. The country has been helped to reach this position for several reasons including years of investment in financial infrastructure, logistics networks, regulatory frameworks and digital platforms that have enabled the UAE to become a gateway linking Islamic markets across Asia, Africa and Europe.

By deal volume, the UAE has become the most active investment destination on a global scale, having recorded ninety-four venture capital, private equity and merger-and-acquisition transactions in Islamic economy-related sectors. It has attracted US$ 45.6 billion in foreign direct investment, equivalent to 5.24% of GDP, ranking second among Organisation of Islamic Cooperation nations. When it comes to trade, the UAE was the seventh-largest exporter to OIC markets, recording export growth of 7.83% between 2023 and 2024. It is no secret that the country wants to enhance its position to become a leading global centre for the halal economy, with government-backed initiatives, free zones and financial institutions have increasingly focused on Islamic finance, halal manufacturing, food security and technology-driven compliance systems. Muslim-friendly travel is emerging as the fastest-growing segment, with spending forecast to rise 70.3% to US$ 424 billion by 2029, supported by growing demand for faith-conscious tourism, digital travel services and dedicated hospitality infrastructure. In the 2024-25 year, there were three hundred and forty-six investment deals, with Islamic finance attracting the largest share of capital; Saudi Arabia, the UAE, Indonesia, Azerbaijan and Türkiye were the five leading countries for investment, reflecting growing confidence in both consumer-facing businesses and supporting infrastructure. As the global Islamic economy moves towards the US$ 10 trillion threshold, the country appears increasingly well-positioned to capture a disproportionate share of future investment, innovation and consumer spending.

Emirates’ President Tim Clark has indicated that the airline will continue to maintain flight schedules, despite rising costs, as well as rolling out incentives aimed at winning back customers worried about the protracted Iran war, focusing on safety and reliable travel connections. It will offer “all sorts of incentives other than price” to encourage passengers to return, and “that could be new means of ensuring their safety of operation, for instance”, adding that EK would also address concerns about cancelled flights and people getting stranded. He also noted that Emirates was in talks with governments and regulators to ease restrictions on ME airspace, as the European Union Aviation Safety Agency having issued conflict-zone warnings advising airlines against flying over parts of the Gulf and ME. However, he did relay disappointing news for passengers saying that the airline would not drop ticket prices for now to attract travellers back to its key hub in Dubai.

Having been a partner with Real Madrid since 2011, Emirates has renewed their sponsorship, with the Spanish team for a further five years up to 2031; the airline has been the club’s official jersey sponsor since 2013. The renewed partnership will see Emirates continuing as Official Main Sponsor and Official Airline Partner, (of both the men’s and women’s teams), with its iconic branding on player jerseys, training kits, and team staff apparel across all major competitions, including La Liga, the UEFA Champions League, Copa del Rey, and the Spanish Super Cup. Emirates is probably the biggest football sponsor in Europe, with its iconic branding displayed on jerseys of Arsenal FC, AC Milan, Real Madrid CF, SL Benfica, and Olympique Lyonnais; it is also the Platinum Partner to FC Bayern Munich’s first team, and has been the title sponsor of the Emirates FA Cup for nearly a decade, along with supporting the local Pro League, consisting of fourteen clubs competing for a national title.

The Dubai Integrated Economic Zones (DIEZ) recorded their strongest performance on record in 2025, with non-oil trade reaching US$ 138.79 billion, with Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed, noting that the bloc, which includes Dubai Airport Freezone, Dubai Silicon Oasis and Dubai CommerCity, delivered its best ever annual results. DIEZ’s contribution to the emirate’s non-oil trade rose to 16%, as non-oil trade grew by an impressive 46% on the year. He praised the efforts of the DIEZ team, expressing confidence in their ability to sustain growth and further strengthen the emirate’s position as a leading global centre for trade, investment and business.

The direct impact of the current ME crisis sees higher petrol pump prices for UAE residents and now they are facing higher indirect costs for grocery items because of the surge in energy prices which are now hitting major supermarkets and food distributors. This has resulted in several problems for the industry including their supply chains facing challenges from higher freight costs, longer shipping routes and rising fuel prices. The latest fuel price increases are feeding into nearly every stage of the food distribution network, from imports arriving at ports to refrigerated trucks delivering fresh produce to supermarket shelves.  Some goods that are normally shipped in cannot reach Dubai because of the lockdown of the Strait of Hormuz – the only options are to fly them in, (usually at a much higher cost), find another longer, and more expensive, route or source an alternative supply source. Beyond transportation, retailers are also facing higher packaging, warehousing and distribution expenses which in turn will force retail prices higher.  In the short term, products – such as fresh vegetables and fruits, dairy products and frozen foods – that rely heavily on transportation, cold-chain logistics and imports will be the first to see elevated prices.

Of the twelve Emirati companies included in Newsweek’s eight hundred and fifty global list of “Most Environmentally Sustainable Companies 2026”, four emanate from Dubai – Emirates NBD, Dubai Islamic Bank, Mashreq Bank and Emirates Islamic Bank. The evaluation is based on independent, publicly available research compiled until April 2026, in collaboration between the Just Impact Foundation and Plant-A Insights Group.

Late last week, the Minister of Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, held bilateral meetings in Belarus, with senior officials, including Prime Minister Alexander Turchin. The visit comes after last year’s signing of the Trade in Services and Investment Agreement, which enhanced further expanding economic collaboration and investment with Belarus. Dr Al Zeyoudi also led a high-level UAE business delegation to the UAE-Belarus Trade Day, featuring representatives from some of the largest private sector companies of both countries. In 2024, bilateral non-oil trade stood at US$ 3.90 billion.

Dubai’s Roads and Transport Authority has announced completion of 90% of a 1.5k mt bridge that will provide direct entry and exit points between Sheikh Zayed Road and Dubai Harbour, With two lanes in each direction, it will be initially opened this month for motorists travelling from Sheikh Zayed Road, from both Deira and Jebel Ali, towards Dubai Harbour. In July, the bridge from Dubai Harbour towards Al Naseem Street, alongside the bridge heading towards the intersection of King Salman bin Abdulaziz Al Saud Street and Al Naseem Street, will become operational. A total capacity of 6k vehicles per hour, in both directions, is expected, with the bridge, that has taken some 4.2 million work hours to build, cutting travel time by 75%, from twelve to three minutes.

Shares from Swiss-incorporated companies can now be traded on Dubai Financial Market, with it having been recognised by Switzerland’s Financial Market Supervisory Authority as a foreign trading venue. Swiss participants, supervised by FINMA, are now permitted to gain direct access to DFM’s trading venues; events such as this enhance the emirate’s standing as recognised regional stock market on the global stage. DFM has a base of more than 1.2 million investors from two hundred and twelve nationalities, with foreign investors representing approximately 85% of registered investors.  7.82 0.74 0.40 2.13

The DFM opened the week on Monday 08 June on 5,768 points, and having gained seventy-five points (1.3%), the previous week, gained one hundred and eighty-six points (3.4%), to close the week on 5,954 points, by 12 June 2026. Emaar Properties, US$ 0.60 lower the previous four weeks, gained US$ 0.10 to close on US$ 3.19 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.71 US$ 7.32, US$ 1.99 and US$ 0.39, and closed on 12 June at US$ 0.74, US$ 7.82, US$ 2.13 and US$ 0.40. On 12 June, trading was at three hundred and twenty-five million shares, with a value of US$ three hundred and eighty million, compared to two hundred and sixteen million shares, with a value of US$ one hundred and ninety-three million on 05 June.

By 12 June 2026, Brent, US$ 24.11 (21.3%) lower the previous three weeks, shed US$ 5.28 (5.9%), to close the week, on US$ 84.71. Gold, US$ 425 (9.9%) lower the previous four weeks, shed US$ 124 (2.8%), to end the week’s trading at US$ 4,242 on 12 June. Silver was trading at US$ 67.97 – US$ 7.55 (6.6%) lower on the week.

For the fourth consecutive month, OPEC+ has agreed to its fourth increase in output targets by the same June amount of 188k bpd after 206k bpd hikes in April and May. The ME crisis has cut oil flows from the Gulf countries and has prevented several of the group’s members, including Saudi Arabia, from pumping more. It is estimated that seven core members of OPEC+ have increased their output quotas from April to June by almost 600k bpd. Overall, the cartel has seen oil production slump – in February, it pumped some 42.77 million bpd but by April, this had been reduced by 22.4% to 33.19 million bpd. OPEC+ has twenty-one members but only seven – Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman – have been involved in the group’s output policy decisions.

Today, SpaceX began trading on the Nasdaq with the biggest ever initial public offering which will probably make Elon Musk the world’s first trillionaire. The IPO was priced at US$ 135 and raised a record US$ 75 billion, (compared to the previous best – Saudi Aramco’s US$ 25.6 billion in 2019), valuing the company at US$ 1.77 trillion, ranking SpaceX seventh among US-listed firms, ahead of the likes of JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta Platforms and Musk’s own Tesla; this is despite the firm posting losses last year. 30% of the offer has been set aside for retail buyers and Musk will hold 82% of SpaceX’s voting power after the IPO. Shares in the company were up 19.7%, five minutes after the stock went live in New York, at US$ 161.50.

Taiwan-based TSMC, the maker of the most advanced chips, designed by companies such as Nvidia, AMD and Apple, has indicated that it may have to raise prices, as inflation is pushing up its operational costs; this in turn would eventually see customers having to pay more for their electronic devices in the future. However, the firm’s CFO, Wendell Huang, said it would not introduce sudden “fourfold, fivefold” price rises. He also commented that the AI boom was not a bubble and that the firm’s global expansion was due to geopolitical pressure. Taiwan produces the majority of the world’s most advanced chips – the tiny processors that sit inside smartphones, laptops and AI data centres. Notwithstanding Taiwan itself, TSMC is expanding manufacturing in the US, Germany and Japan but the most cutting-edge production will remain in Taiwan. TSMC’s shares have surged and at 10 June were 42.3% higher YTD at US$ 71.33. The question for TSMC, and similar tech stocks, is whether the huge spending wave on AI infrastructure can be sustained.

In a US$ 10.6 billion deal, GlaxoSmithKline’s new chief executive, Luke Miels, (who took over from Dame Emma Walmsley in January 2026), acquired the US oncology-focused biopharmaceutical company, Nuvalent in the FTSE 100 company’s biggest deal in over a decade. GSK will pay US$ 124.00 a share – a 44.6% premium on the US$ 88.49 market value of the share the previous evening. Miels commented that “today’s acquisition is a multi-product deal, consistent with our approach to acquire assets that have clinically proven targets and meaningfully address an efficacy and/or tolerability gap”. Nuvalent is currently developing a number of lung cancer treatments including two targeted therapies – Neladalkib and Zidesamtinib that are seen to be potential best-in-class assets.

As it ponders a possible US$ 9.37 billion London IPO, Boots UK posted a 25.0% surge in annual profits before tax of US$ 451 million in the year, to the end of August, before its private equity takeover by Sycamore Partners; revenue came in 3.2% to the good at US$ 10.04 billion, (with comparable retail sales up 5.8%), driven by the launch of fifty new beauty brands during the year. Robust demand for weight-loss jabs and beauty products was a boosting revenue agent, with comparable sales in its pharmacy division, 5.0% higher, attributable to healthcare services. Over the year, it carried out 800k NHS Pharmacy First consultations in England, while vaccinations and weight-loss treatments were the paid-for services “especially popular with customers”. In recent years, and more so over the past two, Boots has benefitted from semaglutide, (sold as Ozempic and Wegovy), and tirzepatide (Mounjaro) which have surged in popularity for their weight-loss effects, as they suppress appetite, slow digestion and signal fullness to the brain. Around 1.5 million people in the UK are now estimated to be accessing GLP-1 treatments privately, while NHS England prescriptions for the injections have risen by around 900% since 2020.

Because of the double whammy of a slowdown in its US business and a hit from the US-Iran war, embattled retailer WH Smith has warned that its original guide for the current year’s headline profit of between US$ 121 million and US$ 140 million has been amended downwards to US$ 100 million to US$ 121 million. It is also planning to tap the market for an extra US$ 171 million by placing twenty-six million shares with institutional and retail shareholders, representing approximately 20.8% of the company’s existing share capital. The market was not well pleased with this announcement with its share value slumping 17.2% to US$ 5.46 in early Wednesday trading; this was the lowest it has been since September 2010 and 36.0% lower YTD. The retailer’s chairman, Leo Quinn, who took over the mantle from Carl Cowling in January, also warned shareholders that it will have to write down the value of a number of recent contracts and acquisitions. Quinn added that “we need much greater capital discipline and a laser focus on returns. In recent years, the outcomes from certain acquired businesses and contract obligations have been very disappointing”. However, it did post that in the fourteen weeks to 06 June, like-for-like revenue across the group rose 2.0%, although over the past seven weeks, its key US businesses in airports and casinos reported like-for-like sales down 4% and 11% respectively.

Already owning almost 30% of Hugo Boss, Mike Ashley’s Frasers Group is keen to become its 100% owner and has made a takeover offer for the German fashion brand, by buying the remaining stake for US$ 2.32 billion. The deal values Hugo Boss at US$ 43.95 – 4.1% higher than its share price at the close of Wednesday’s trading. Frasers, formerly known as Sports Direct, owns House of Fraser, Game, Jack Wills, Evans Cycles and many other brands, including being the largest shareholder in Boohoo.

Wizz Air has announced that operating profit fell by 16.6% to US$ 161 million for the twelve months to the end of March, with revenue rising 6.3% to US$ 6.46 billion. Like other European budget carriers, Wizz Air has been hit by the rise in jet fuel, (which it had warned earlier in the year would cost an extra US$ 58 million). However, because it is basically an East European carrier, it has suffered more than most from the impact of the war in the Ukraine and because it has 20% of its jets grounded because of problems with their Pratt & Whitney engines. The troubled airline withheld formal guidance for the current financial year, “given the lack of visibility across … trading seasons, uncertainty related to the ongoing conflict in Iran and the closure of the Strait of Hormuz”. Shares in Wizz Air have fallen almost 80% over the last five years, with the airline being among the UK’s most shorted stocks, with hedge funds and traders staking an estimated US$ 361 million on the share price falling further, based on the number of shares on loan — an indicator of short-selling.

Terra Firma is in the market to acquire hundreds of UK pubs, owned by Stonegate Group’s Platinum estate. The package of pubs, being marketed for sale, is understood to consist of about three hundred venues, and there has been interest shown by a number of prospective bidders and other private equity firms for the UK’s biggest operator. Terra Firma, founded by Guy Hands, has several investments including the music company EMI, the care homes’ operator Four Seasons Health Care and Annington Homes, the former owner of thousands of Ministry of Defence homes.

In a bold move, Prada has designed a body-hugging suit, created in collaboration with Houston-based space infrastructure developer Axiom Space, to be used by NASA astronauts heading to the moon. The Italian fashion house is keen to be the first major luxury player to make inroads in the space industry. The new product is expected to be used for NASA’s anticipated Artemis 4 moon landing in 2028.

The International Air Transport Association, which represents more than three hundred and seventy airlines, accounts for about 85% of global air traffic. Earlier in the week, it slashed its initial 2026 US$ 41.0 billion profit forecast, (which was 8.9% lower than posted in 2025), by 44.0% to US$ 23.0 billion. The main drivers behind this change included much elevated jet fuel costs and disrupted key air corridors, even though passenger demand remains resilient. However, the industry’s topline remains relatively buoyant, with revenue rising 9.4% to over US$ 1.16 trillion because planes are flying with more passengers.

IATA expects that this crisis will see some smaller airlines either going bankrupt or be taken over by bigger competitors, with the first casualty of the Iran war being US low-cost carrier Spirit Airlines which stopped operations last month. It also sees that many airlines will cut unprofitable routes to protect margins, while higher fares will continue. IATA expects airlines’ fuel bill to jump 38.9% to about $350 billion, with it accounting for nearly 33% of operating costs. Profitability per passenger will take a beating – halving to about US$ 4.50 per passenger. Furthermore, aircraft shortages do nothing to improve the situation, with both Airbus, (9.0k) and Boeing (6.81k) having long order backlogs – both equating to about ten years of production coverage.

For those who are planning to tour Europe this summer, IATA has issued a warning that the ‘Entry Exit System, Europe’s new border protocol, could trigger renewed chaos at airports across the bloc, with passengers potentially facing waiting times of up to six hours. It seems that delays and misconnections, linked to the system, are already happening across several European countries – including Portugal, Spain, Italy, Greece, Belgium – even before the peak holiday season begins. EES, which replaces manual passport stamping with digital border registration for non-EU travellers entering the Schengen zone for short stays, is now operational across twenty-nine participating European countries, and affects travellers from countries including the US, UK, UAE, India and other non-EU states. The process involves passengers having to have their biometric data and travel details registered electronically at border checkpoints.

There are a few other issues that need to be sorted including ensuring checkpoints are not understaffed, consistent coordination between airports, airlines and governments and that all kiosks and technology systems are fully utilised and 100% reliable. To make matters worse for holidaying passengers in Europe, rising aviation costs – fuel, airport and passenger taxes – have seen ticket prices burgeon.

As one of Spain’s prime tourism places draws, Benidorm, with a 77k population, swells to around five times that number at the height of summer. Covid had left the resort virtually deserted and the Spanish tourism industry at a standstill, but time has changed with a remarkable recovery. Since the pandemic, foreign arrival numbers into the country have broken records each year and totalled ninety-seven million in 2025. This has helped Spain become the world’s second-biggest tourist destination, just behind France. Industry experts had originally expected this to see more modest growth but the outbreak of the US-Israeli conflict with Iran has made Spain an attractive alternative compared to ME holiday destinations such as Dubai, borne out by the fact that Spain received 9.1 million international visitors in April, a new high for the month – 5.2% higher, or  an extra 450k  people, compared to a year earlier. With tourism directly contributing 13% of Spain’s GDP, the industry has been a crucial component in the country’s growth of recent years, which has outstripped that of France, Germany, Italy and the UK.

The FAO’s latest 2026/27 Cereal Supply and Demand Brief World cereal production in the 2026/27 season is forecast to dip by 2.0% to 2.982 million tonnes, attributable to declining wheat harvests; this comes after last year’s record 6.1% hike to 3.043 million tonnes which led to an estimated 9.5% increase in global cereals stocks. Following a 2.7% increase last year, global cereal utilisation is forecast to increase by 0.6% this year. Current forecasts indicate that world cereal stocks will contract slightly, by 0.3%, because of lower anticipated rice inventories. Cereal trade is expected to decline by 0.3% to 507.2 million compared to a 4.8% growth a year earlier. As expected, lower wheat and barley traded volumes more than offset foreseen increases in maize and rice shipments.

With the twin aims of bolstering state-owned exporting companies and including transitional measures to help businesses adapt ahead of its full implementation, Indonesia’s Trade Ministry has introduced a new palm oil export regulation, known as Permendag 16/2026. The phased transition timeline has been designed to give private businesses time to adapt before full enforcement takes effect at the start of next year. The Ministry clarified that while the five types of regulated commodities – crude palm oil (CPO), refined bleached deodorized palm oil (RBDPO), refined bleached deodorized palm olein (RBDPL), used cooking oil (UCO) and palm residue – remain unchanged, the distribution channel is being tightly reined in. Commencing 01 January 2027, outbound shipments of palm oil derivatives can only be executed by designated exporting SOEs that hold a valid Export Permit. The new regulations indicate that state enterprises will secure export rights through either fulfilling the domestic market obligation or the formal transfer of export rights from private business actors to the state-owned enterprise.

In the nine-month period, to March 2026, Egypt registered 5.2% growth, as its net foreign currency reserves nudged 0.2% higher, on the month, to US$ 53.134 billion in May.

Although still maintaining a stable outlook, Morningstar DBRS has downgraded Austria’s highest credit rating from AAA to AA (high), meaning that the country has lost its top credit rating with the last of the five major credit rating agencies used by the ECB to assess collateral;

the main causes have been declining debt metrics and persistently high budget deficits, which have been higher than before the pandemic due to persistently elevated expenditure levels. Despite the government’s fiscal consolidation efforts, the country’s debt-to-GDP ratio is expected to remain on a slow upward trend. Austria first lost its AAA credit rating in 2014. The Austrian government aims to cut its fiscal deficit to below 3% of GDP by 2028 in order to conform to EU rules and exit its regime of fiscal scrutiny.

India’s Q1 economy grew at a faster pace than expected, rising a credible 7.8%, on the year, driven by a robust services sector, along with solid performances in the industry and construction sectors; although 0.3% lower than the 8.0% growth noted in Q4 25, it still beat the 7.3% market expectation. Growth for the twelve months to March 2025 was at 7.7%, 0.6% higher than the 7.1% in the previous period. These latest figures reaffirm the country as the world’s fastest growing major economy. Q2 will obviously be impacted by the double whammy of the ME conflict and the latest threat of additional US tariffs. If there is no early solution, continuing high oil prices will not only result in more severe import costs, which will affect its current account deficit, to a fourteen-yar high, but will reduce foreign direct investment, lower annual growth, further devalue the rupee, lift input costs and stoke inflation. To exacerbate its economic problems, the arrival of a possible powerful El Nino could have a damaging impact on its agriculture industry.

Russia’s IT Q1 sector revenue, (including both services and products), topped US$ 38.94 billion – 8.0% higher compared to the same period in 2025.The figures were compiled from statistics of IT companies, accredited by the Russian Digital Development Ministry. Revenue from sales of companies’ own products and services surged 21.0% to US$ 30.77 billion, with its share in the overall revenue structure, up 8.7% on the year to 79.2%.

In the first four months of 2026, China’s services trade expanded 4.9% on the year, with exports of travel and knowledge-intensive services reporting particularly robust growth, The total value of service imports and exports reached US$ 368.03 billion, as travel service exports grew at the fastest rate of any service export sector, rising 30.4% to US$ 21.75 billion. Accounting for 44.4% of all service trade, knowledge-intensive services trade rose 5.1% to US$ 162.59 billion, including exports of cultural and entertainment services and the charges for the use of intellectual property surged 39.5% and 20.8%, respectively.

The fallout from the scandal involving an Australian Big 4 audit firm, KPMG, that had seen confidential client information, being used between different divisions within the firm is widening; in this case, tax details of a client had been shared with the firm’s audit department – in other words, it  misused confidential client data to win lucrative ‌audit contracts.  Chief executive Andrew Yates, head of audit Julian McPherson and COO, Eileen Hoggett, have all resigned, over a whistleblower scandal that had started in 2024. Late last week, the country’s corporate regulator confirmed it had ​launched a formal investigation into three KPMG Australia partners linked to whistleblower allegations the accounting firm misused confidential client data to win lucrative ‌audit contracts.

It was only three years ago that rival PwC Australia was found guilty of sharing confidential government information with prospective clients. At the time, the firm agreed not to bid for new government contracts from April 2024 to July 2025, with PwC divesting its government advisory business, which had accounted for a fifth of its revenue, for AUD 1, to Allegro Funds, in August 2024. The renamed Scyne Advisory ​was then allowed to bid for new government contracts.

Now reports indicate that some blue-chip clients and government agencies say they are re-examining their association with KPMG and probably other accounting firms. Greens Senator Barbara Pocock has asked ASIC’s chief executive Scott Gregson whether the corporate watchdog will follow the example of the RBA and ATO and retender contracts; earlier, he had been  asked why ASIC had entered contracts with KPMG after it had commenced proceedings against the firm, responding, “we currently have eight active contracts, six of those for services contracts, two consultancy contracts and the total of those is approximately US$ 3 million”. He also added that “we have also approached KPMG this week seeking assurances of the absence of involvement of those persons involved in the matters that are public”.

Majid Jafar, CEO of Crescent Petroleum, estimates that the ME crisis has already cost Gulf countries US$ 150 billion in revenues and trade, and continues to lose US$ 1 billion every day; he added that war damage to energy infrastructure in the Gulf region exceeds US$ 60 billion. At the beginning of the troubles, Brent was trading at US$ 74.84 on 01 March and reached  US$ 106.50 on 19 May and ended the week on US$ fff.

With the Iranian closure of the Strait of Hormuz, the world has lost some 20% of total global oil output, with UN estimates that this has impacted one billion people in least developed and island nations around the world. On top of that, the waterway carries up to a third of the world’s traded fertiliser, 40% of its helium, (which is vital to the world’s semiconductors), and much of the feedstock on which modern industry depends.  According to the 2026 Global Peace Index, the ME war is costing the global economy up to an annual US$ 3.5 trillion and threatening food supplies across South Asia and East Africa.

A report released this week by the Institute for Economics and Peace said that the ongoing military conflict in the Middle East could strip nine of the region’s economies – Iran, Israel, Iraq and the six GCC countries – of nearly US$ 493 billion in output within the first year alone, equivalent to 6.2% of their combined GDP; it also projected that losses could more than double should hostilities resume.

Other ‘casualties’ include foreign investment flows and global food security. One of IEP’s scenarios, which assumes an extended ceasefire with the Strait of Hormuz only partially reopened, sees:

• Iran standing to lose between 15% and 25% of its GDP, (depending on how the conflict unfolds)
• Qatar facing losses of up to 15%, given that all of its LNG exports transit the Strait
• infrastructure damage across directly affected countries estimated at between US$ 183 billion and US$ 291 billion under the current ceasefire – a figure that could balloon to US$ 625 billion if fighting resumes
• neighbouring economies, including Egypt, Jordan, Lebanon, Syria and Türkiye, facing an additional US$ 136 billion in first-year losses through disrupted tourism, reduced trade and falling remittances – a figure that doubles under a renewed war scenario
• the war and the closure of the Strait cutting world output by 0.6% in the first year, equating to roughly US$ 1.3 trillion in purchasing power parity terms
• should the war resume and the Strait remain shut for six months or longer, the first-year loss rising to around US$ 3.5 trillion, (1.6% of global GDP), surpassing the economic shock caused by the Ukraine war in its first year

He also warned that the world’s combined emergency oil reserves of more than two billion barrels would cover only two to three months if the Strait were fully closed again, with more than thirteen million bpd currently cut off. Economic modelling points to if prices were to top US$ 140 per barrel, for two months, that would be enough to push the EU, the UK, Japan and much of the global economy into recession. With global public debt currently standing at 93% of the world’s GDP, (a record peacetime high), there is not much leeway to save the global economy. The current debt level is a record peacetime high, leaving far less capacity for stimulus than during the 2008 GFC or the 2020 pandemic. On top of that, there are early indicators that foreign direct investment into the region is slumping, with Q1 inflows down by an estimated 60% to 70%. There are reports that US investment funds have paused new commitments to Saudi Arabia and that parts of the kingdom’s US$ 840 billion Vision 2030 project pipeline are now described as being “in limbo”.

Driven by the impact of the ME crisis, US annual consumer prices rose 0.4%, on the month, and 2.0% over the previous three months, to 4.2% – its highest level since April 2023 – and more than double that of Federal Reserve’s 2.0% target. The main contributors to the increased rate are higher energy prices, (accounting for 67% of the May rise and surging by 23.5% over the last twelve months), and food price inflation rising 3.1%. Looking at core inflation, which strips out energy and food costs, it nudged up by 01%, to 2.9% but on the month slowed 0.2% to 0.2%. If these figures are anything to go by, Kevin Warsh, overseeing his first rates meeting as chairman, will keep rates static at 3.5% – 3.75%, next week.

Another victim from the downturn in the UK economy comes with news that the British Heart Foundation has announced that it has had to close one hundred and fifty shops, over the next two financial years, because some of its stores are “no longer financially sustainable”. 60% of the stores will be closed by the end of March 2027, with the balance, sixty shops, will close during the following year. At the same time, there will also be a reduction in the charity’s central team supporting the retail operation, mainly down to rising operating costs and changing customer habits. Its chief executive, Dr Charmaine Griffiths, said its shops were facing an “exceptionally challenging trading environment” and the changes were designed to ensure its shop network “remains commercially sustainable”.

The Office for National Statistics posted that, in April, the UK economy contracted by 0.1%, as the impact of the ME crisis, having raised costs and affected turnover, saw a marked economic slowdown, after a 0.3% expansion a month earlier. The services sector, which accounts for some 75% of the economy, dipped 0.2%, with construction registering a 0.1% rise. In the quarter to April, the ONS said the economy grew by 0.7% compared with the previous three-month period. Surprisingly, April’s contraction was the first monthly fall since August 2025, with little hope of any improvement in the coming months as the conflict has yet to find a peaceful solution.  It seems highly likely that the BoE will keep interest rates unchanged when it meets next week.

Another nail in the UK Prime Minister’s coffin came when the public accounts select committee warned him that his government had “no robust plan” to achieve a promised sweeping reduction in bureaucracy and its growth ambitions lacked any real substance. This is despite Keir Starmer, (along with Chancellor Rachel Reeves), making the economy the Labour government’s No 1 priority. The committee also concluded that his government was unable to define what type of growth it hoped to achieve and by when, making it “impossible to measure” if any target had been met.

Yesterday was a bad day for the embattled Prime Minister with the resignations of his Defence Minister, John Nealey, and Armed Forces Minister, Al Carns, with both accusing him of failing to keep the country safe and leaving the country unprepared for future conflicts. The main crux of the difference, between the two, concerned finances, with Healey claiming that there was a US$ 37.58 billion hole in the defence investment plan, and the Chancellor saying that only US$ 16.11 billion was affordable, without raising taxes or taking away from public services. Healey thought he had struck a US$ 24.16 billion compromise, before being told this week the real figure was US$ 18.12 billion. Healey’s resignation letter to Starmer read “you have been unable, and the Treasury has been unwilling, to commit the resources that the nation needs to defend the country at this time of rising threats”. Meanwhile, Carns added a further nail in the PM’s coffin, by writing “we are still purchasing capability suitable for the last war while our adversaries arm for the next one” and “a serious country funds its defence to meet the threat it actually faces, not the threat it wishes it faced”.

Sad news for Australians came with Barbeques Galore announcing a wind up in coming weeks, after entering into voluntary administration last February. Since then, it has been unable to complete a recapitalisation or find a buyer after failing to successfully negotiate a rescue deal. It still has sixty-two company-owned stores and twenty-seven franchise outlets, with five hundred employees facing redundancy. The receivers confirmed that staff will continue to be employed “during the receivership process”, or made redundant as the winding up occurs, whilst “all employees will be paid their full accrued redundancies and termination payments in the ordinary course of separation”. The fifty-year old company had not been helped by the ME crisis, with the Australian economy slowing, inflation rising, retail spending buckling as well as overseas supply issues.

Barbecues Galore was an Australian icon and a specialist barbecue and outdoor furniture retailer, specialising in barbecue grills, accessories and consumables. Brands included Ziegler and Brown, Kamado Joe, Prosmoke, Traeger, Beefeater and Saxon, with the retailer offering a wide range of gas and solid fuel barbeques, fuels and consumables, accessories, heating, and outdoor furniture. Australians will lament there will be no Shrimp On The Barbie!

Island Full Of Dreams!                                                                  22 May 2026

Recent data from Bayut, the UAE’s leading proptech platform, suggests that demand is not disappearing so much as reordering itself. In Dubai, that resilience is becoming most visible across three parts of the market: premium sales corridors, established mid-market ownership communities and family-oriented villa rentals. In villa sales, stronger recovery is visible not only in the US$ 545 to US$ 1.36 million band, which reflects mainstream end user demand, but also in the US$ 5.45 million to US$ 13.60 million and US$ 13.60 million to US$ 27.25 million brackets, mainly focussed in Dubai Hills Estate, Palm Jumeirah and Emirates Hills.

In the apartment segment, demand recovery is visible in higher-value bands, particularly between US$ 5.45 million to US$ 13.60 bracket, in established, lifestyle-focused areas like Jumeirah Beach Residence, Dubai Marina and Downtown Dubai. Another segment which also showed remarkable growth was for apartments priced between US$ 13.60 million to US$ 27.25 million with specific traction across Jumeirah and Palm Jumeirah. Haider Ali Khan, CEO of Bayut and dubizzle and CEO, noted that ”what stands out is that demand is returning first in the segments where decision-making is typically more deliberate, whether that is family housing, established ownership communities or ultra-prime property. That points to a market that is becoming more resilient, more selective and ultimately more mature.”

When it comes to the rental market, Bayut reported that performance had also been particularly strong in villa leasing bands between US$ 27.25k and US$ 54.50k with additional momentum in the US$ 54.50k to US$ 136.24k range. Those locations that have set their map to family housing demand and to communities that have become central to Dubai’s suburban expansion story, including Arabian Ranches 3, DAMAC Lagoons, Tilal Al Ghaf, The Springs and The Meadows.

Despite the ME crisis starting twelve weeks ago, Dubai’s property market continues to demonstrate its resilience, with Property Market data showing that since 29 February, fifty-nine new projects, encompassing some twelve thousand unts, with a gross sales value of Dh118.3 billion, have been launched. Earlier indicators had shown that a slight correction phase, following a five-year bull run, had already started in the market. It is reported that the likes of Bayut and dubizzle saw established residential areas continuing to attract strong interest, particularly those with proven lifestyle appeal, mature infrastructure and sustained end-user demand. Indeed, there was robust interest seen in the market, for both ready and off plan properties. Leading locations, in the secondary market, for apartments were Jumeirah Village Circle, Business Bay, Downtown Dubai, Dubai Marina and Arjan and for villas, Damac Hills 2, Dubai Hills Estate, Arabian Ranches 3, Arabian Ranches and Dubai South. For off-plan demand, areas such as Majan, Jumeirah Village Circle, Dubai South, Jumeirah Village Triangle and Business Bay stood out for apartments. Villa demand was led by The Oasis by Emaar, The Valley by Emaar, Damac Lagoons, Dubai South and Mohammed Bin Rashid City. According to Bayut and dubizzle Property data, active users rebounded to 85% of the 2026 baseline by day fifty-eight of the conflict, while unique buyers returned to 87%.

An agreement between Dubai South and Majid Al Futtaim sees the Dubai developer spending US$ 16.89 billion to build a mixed-use master-planned community within the Dubai South district. Encompassing twenty-two million sq ft, the development will include residential, retail, and lifestyle components. Located near Air Maktoum International Airport, (which will become the world’s biggest airport in 2032), it will also include a large shopping mall positioned as a retail, entertainment, and lifestyle destination for residents and visitors. The development is in alignment with the Dubai Economic Agenda D33 and long-term plans to develop integrated communities that support sustainable urban expansion.

HRE Developments has officially broken ground on Sakura Gardens in Wadi Al Safa 2, Falcon City of Wonders, with completion slated for Q4 2028. The G+9 development is designed as a nature-led sanctuary across 49k sq mt of land, delivering 1.43k fully furnished residences centred around a car-free, 30k sq mt central park; about 50% of the project’s footprint is dedicated to landscaped green space. The community will feature over fifty world-class amenities, including a beach-style lagoon pool, rooftop gym, wellness pavilions, padel and basketball courts, running and walking trails, themed children’s areas, floating coffee kiosks, and full smart home automation across all units.

Nakheel, a member of Dubai Holding Real Estate, has introduced the Podium Villas at Palm Beach Towers, a limited collection of sixteen beachfront homes located at the gateway to Palm Jumeirah; handover is expected in H1 2027. Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, commented that “The Podium Villas at Palm Beach Towers build on that legacy with a limited collection of beachfront homes that offer space, privacy and access to an exclusive residents’ beach”.

Dubai-based HOLM Developments has appointed Aroma International Building Contracting as the main contractor for LINEA by HOLM, its second residential project in Jumeirah Garden City. Construction on the low-rise residential project began earlier this quarter, with handover scheduled for Q1 2028. The development will feature a rooftop infinity pool, rooftop padel court, gym, landscaped outdoor spaces, and children’s play areas.

Boli.ae has conducted Dubai’s first fully digital property auction, which could mark a transformation in the way that such transactions take place in the future. The UAE digital platform completed its inaugural digital real estate auction, which involved the sale of a 1.75k sq ft two-bedroom residence in City Walk, within just one week. The unit was listed with no reserve price and an opening bid of US$ 136k. To participate in the auction, a 10% refundable security deposit, (in this case US$ 14k), was required before any bidding was allowed. No sales price was readily available. This initial listing strategy was designed to test market depth and demonstrate the efficiency of Boli.ae’s real-time auction model.

This week, the Commercial and Residential Real Estate Price Index for Q4 2025 was released, highlighting continued strong growth across Dubai’s property market. Robust annual growth, at an annual 9.81%, was posted. A split of sectors, with annual growth figures include:

• villas                                            14.83%, driven by rising demand for larger residential spaces and    integrated lifestyles
• apartments                                   7.38%
• commercial real estate          9.54% supported by continued momentum in Dubai’s economic and commercial activities
• office spaces                                15.86%, reflecting strong demand for office space
• retail shops                                  11.52%
• hospitality sector                         4.80%
• hotel apartments                       6.25%
• hotel rooms                                  0.85%

The results reflected sustained demand and strong investor confidence, reinforcing Dubai’s position as one of the world’s leading real estate destinations. Younus Al Nasser, Chief Executive of Dubai Data and Statistics Establishment at Digital Dubai, said, “The results of Dubai’s Real Estate Price Index reflect more than the market’s continued growth. They highlight the strength and maturity of Dubai’s data ecosystem, which serves as a strategic enabler of economic decision-making across the emirate”.

It has been confirmed that the thirty-third edition of Arabian Travel Market 2026, which had been postponed, from its May opening, because of the Iran crisis, has been moved to the 14 – 17 September, following consultations with exhibitors and the global travel industry stakeholders. Danielle Curtis, Regional Portfolio Director – UAE, RX Global – noted that “our priority is always to ensure that ATM delivers the strongest possible platform for business, networking and partnership opportunities for the international travel community”. Under the theme, ‘Travel 2040: Driving New Frontiers Through Innovation and Technology’, the event will welcome the thousands of travel professionals and exhibitors that are expected to attend, reinforcing Dubai’s role as a major global hub for tourism and travel innovation.

Last year, UK/UAE bilateral trade in goods and services increased by 3.7% to US$ 33.51 billion, indicating continued growth in economic ties between the two nations. According to latest figures, both exports, by 4.1% to US$ 21.03 billion, and imports by 3.0% to US$ 12.38 billion, moved higher. The top five UK goods exports to the UAE were mechanical power generators, cars, medicinal and pharmaceutical products, telecommunication and sound equipment, and jewellery. The top five products imported were refined oil, mechanical power generators, jewellery, telecommunication and sound equipment, and scientific instruments. The UAE accounted for 1.3% of UK’s trade, ranking it as the UK’s twentieth largest trading partner, with UK FDI in the UAE, 1.0% higher on year at US$ 5.59 billion, equating to 0.2% of UK’s total outward FDI stock. The other side of the coin witnessed a 2.3% hike, to US$ 9.32 billion, in UAE investment in the UK – accounting for 0.3% of the UK’s total inward FDI stock.

This week the UK government announced that it had signed a trade deal with six-nation GCC bloc, worth an annual US$ 5.0 billion in the long run. The Starmer government added that the deal would be worth than double the previous US$ 2.15 billion estimate because the final deal went further on both trade liberalisation and service sector commitments than previously expected. The deal will remove 93% of GCC tariffs on British goods, equivalent to the removal of US$ 780 million worth of tariffs by the deal’s tenth year, with over 66% of the tariffs being removed as soon as the deal comes into force. In return, the UK has lowered tariffs to the GCC, though the countries’ main exports to Britain, oil and gas,  that are already tariff-free. The government added that autos, aerospace, electronics and food and drink would be among the sectors to benefit, with cereals, cheddar cheese, chocolate and butter all becoming tariff-free.

At the start of the current crisis, Dubai Customs, in cooperation with Oman Customs, launched the “Green Corridor”, in March, to help maintain trade flows through alternative land routes linking Oman and the UAE. The initiative was designed to support supply chain resilience, maintain food security and reduce pressure on businesses affected by changing trade conditions. The route was activated within seventy-two hours of regional disruptions affecting key shipping lanes, with cargo arriving through Oman then transported by road into Dubai via the Hatta border crossing. In March, the value of transported goods topped US$ 272 million, (AED 1.0 billion), and had increased eightfold in April to US$ 2.18 billion, (AED 8.0 billion).

In a renewed affirmation of the success of its development model, built on proactiveness, flexibility and future readiness, the UAE Government has further strengthened its standing among the world’s most efficient and effective governments by securing its position among the top 10 globally in the 2026 Chandler Good Government Index.. This success has been brought about by its governmental approach in transforming national ambitions into tangible global achievements through the development of an integrated government ecosystem that combines policy efficiency, economic attractiveness, quality of life and investment in people. The CGGI is one of the world’s most comprehensive benchmarks for assessing government effectiveness, across one hundred and thirty-three countries, using metrics to highlight the success of the nation’s governance model, based on proactiveness, speed in delivery, governmental agility, readiness to address changes, and the ability to create opportunities while continuing to achieve leading competitive results globally. Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs, noted that “what has been achieved is the result of national teams that have made excellence a daily approach, innovation a way of work, and UAE leadership a global model to emulate in building the governments of the future”.

Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed bin Mohammed, Dubai has unveiled a second US$ 409 million package of economic incentives, aimed at cutting business costs, supporting key industries and easing financial pressure across sectors ranging from tourism and education to construction and logistics. Combined with the US$ 272 million package that he approved in March, Dubai has now introduced US$ 681 million in economic support measures over the past two months. The package includes thirty-three initiatives that will be rolled out over the next three to twelve months.

Etihad Rail has posted that it has completed its first passenger station in Fujairah and that final preparations are underway at additional stations in Abu Dhabi, (Madinat Zayed), and Dubai, (Jumeirah Golf Estate); expansion plans are also under study. The utility had announced, earlier in the year, that it would launch three of eleven stations.

Emirates has broken ground on its new US$ 5.1 billion engineering complex at Dubai South, to be delivered by China Railway Construction Corporation, with Artelia as the project consultants. On completion, slated for mid-2030, it is expected to be the world’s most modern and advanced maintenance, repairs and overhaul (MRO) facility. It will span a staggering 1.1 million sq mt, making it one of the largest buildings in the world by volume and the largest steel structure in the GCC, whilst featuring the world’s only hangar complex with the ability to simultaneously service twenty-eight wide-body aircraft and two painting hangars. Other stand-out features include:

• the largest free-span hangar in the world at a width of two hundred and eighty-five mt
• the world’s largest dedicated landing gear workshop
• a 77k sq mt of dedicated workshop space for repairs and maintenance
• a 380k sq mt of storage and logistics capacity
• two state of the art paint hangars to service Emirates’ fleet of wide-body aircraft
• a new dedicated administrative building for Emirates Engineering, providing 50k sq. mt of office space and 15k sq mt of training facilities
• a gateway facility that will control airside access

Sheikh Ahmed bin Saeed commented that, “the new facility strengthens Emirates Engineering’s vertical integration strategy by bringing more skills, infrastructure, parts production, and specialist capabilities under one roof, while positioning the airline to serve as a strategic engineering partner for the future requirements of the regional and global aviation industry”.

Following coordination with relevant government authorities and applicable UAE tax regulations, VAT, at 5%, and starting on 01 June, will be levied on parking services provided by Parkin and toll tariff and activation fees under Salik. There will be no financial impact on either company, as monies collected will be remitted to the FTA. The parking service provider also revealed that cash payments at parking meters will also be phased out from 01 June, with payment through the nol card still available. 

An indicator that investor demand is still buoyant, is that DP World, in the first four months of the year, attracted US$ 233 million in investments across Jebel Ali Free Zone. Those tenants are investing to develop and expand facilities across manufacturing, logistics, food production, healthcare, vehicle handling and heavy equipment. Interestingly, 43% of this total was invested in the two “war months” of March and April. Dubai’s oldest free zone, Jafza, is home to 12k businesses, continues to play a central role in supporting Dubai’s trade and industrial growth, even forty-one years after its foundation.

Dubai Holding recently announced collaboration with Microsoft, to embed AI at the core of its future operations, is the first of its kind in the MEA region. The strategy’s target is to drive a more consistent performance-led operating model across its portfolio as a global investment company in, inter alia, real estate, hospitality, retail, entertainment and community management. The Group’s employees will be equipped with access through a unified interface, allowing them to apply these tools directly within their day-to-day responsibilities, including the development and deployment of AI agents to automate routine tasks and streamline workflows. At the same time, they will be supported by a structured programme of training and enablement.

The UAE and Syria convened their first bilateral business forum in Damascus last week, with a large Emirati delegation of officials and businesspeople including Noon, which competes with the likes of Amazon in Dubai, which is planning to commence operations in Syria. The launch announcement was made by Mohamed Alabbar, who co-founded the e-commerce platform in 2017, with the Public Investment Fund; it has operations not only in the UAE but also Saudi Arabia, Kuwait, Bahrain, Oman, Qatar and Egypt. The latest announcement builds on US$ 18 billion in investment pledges the Dubai-based billionaire entrepreneur has made whilst visiting the country over the past week. There seems to be a myriad of projects, split US$ 7 billion, for coastal developments, and US$ 11 billion for Damascus and its surroundings. It is expected that construction could start by Q4 2026. The Emaar founder is very bullish about the future of Syrian real estate expansion, (because it has never had any) and for other investment opportunities, including tourism. He thinks that “it is possible, within five years, to raise the number of tourists visiting Syria to eight million, which will reflect positively in the economic situation,” Syria is gradually rebuilding its tourism sector after the civil war and sanctions that isolated it from the global financial system. Regional investors are also keen to take advantage of the early opportunities to rebuild the war-battered economy of the country. The US has removed its Syria sanctions programme, with Congress repealing the Caesar Act in December – paving the way for investments in the country – having removed economic sanctions last May.

Emaar Properties has announced that it will exit the Syrian JV, to develop its mixed-use development The Eighth Gate in Yafour, Damascus. The Dubai-listed developer had launched the US$ 500 million master-planned community, spanning 300k sq mt, in 2005 and has now decided to operate the project independently without a local partner. Mohamed Alabbar, founder of Emaar Properties, said the company’s decision to exit the joint venture structure reflected its long-term confidence in Syria and its people. The developer confirmed that the project, which includes residential, retail, hospitality and commercial components, would follow the same operational and design approach used in destinations such as Downtown Dubai, Dubai Hills Estate and Emaar Beachfront.

The DFM opened the week on Monday 18 May on 5,709 points, and having shed one hundred and ninety-three points the previous week, lost sixteen points (0.3%), to close the week on 5,693 points, by 22 May 2026. Emaar Properties, US$ 0.16 lower the previous week, shed US$ 0.08 to close on US$ 3.13 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.73 US$ 7.57 US$ 1.98 and US$ 0.39, and closed on 22 May at US$ 0.71, US$ 7.53, US$ 1.99 and US$ 0.39. On 22 May, trading was at two hundred and fourteen million shares, with a value of US$ one hundred and forty-five million, compared to one hundred and seventy million shares, with a value of US$ one hundred and forty-nine million on 15 May. (The bourse will open on Monday and will then be closed for the following four days next week for the Eid Al Hada holiday and will open on Monday 01 June).

By 22 May 2026, Brent, US$ 0.73 (0.6%) higher the previous week, shed US$ 4.61 (4.6%), to close the week, on US$ 108.34. Gold, US$ 213 (4.5%) lower the previous week, shed US$ 40 (0.9%), to end the week’s trading at US$ 4,519 on 22 May. Silver was trading at US$ 77.11 – US$ 0.99 (1.3%) lower on the week.

Blastr, the Norwegian preferred bidder for UK’s third-largest steel producer, is requesting the embattled Starmer administration to provide guarantees for any environmental liabilities and the possibility of taxpayers underwriting risks associated with the purchase of Speciality Steel UK, arising from the turbulent ownership of Sanjeev Gupta, the industry tycoon. The company, with over one thousand employees, manufactures industrial steel products at sites including in Rotherham and Sheffield, and is one of Britain’s most important remaining major steel groups, supplying companies in the automotive and aerospace industries. It had been taken over by the government after Gupta was forced to surrender ownership of the “hopelessly insolvent” business. Blastr is not only seeking a package of government support, but also money from the National Wealth Fund. It has assembled a consortium which includes Cargill, the industrial conglomerate, and Tritax Management, which manages roughly US$ 12.0 billion-worth of logistics and supply chain real assets, to bid for SSUK.

OpenAI came out the winner in a critical US law case brought on by Elon Musk, as, after a three week trial, a US jury ruled against Elon Musk in his lawsuit against OpenAI; it took the jury just two hours to find that the case should have been introduced earlier and that OpenAI was not liable, to the world’s richest person, for having allegedly strayed from its original mission to benefit humanity. The verdict removes an obstacle that could now lead to a possible initial public offering that could value the business a cool US$ 1 trillion. Musk said he will appeal, repeating his claim that Altman and OpenAI President Greg Brockman viewed OpenAI as a means to generate wealth. Musk accused OpenAI, Altman, and Brockman of manipulating him into giving US$ 38 million, then going behind his back by attaching a for-profit business to its original nonprofit and accepting tens of billions of dollars from Microsoft and other investors. A Microsoft executive testified that the company had spent more than US$ 100 billion on its partnership with OpenAI.

After seventeen years, Airbus and Air France have finally been found guilty of corporate manslaughter by a Paris appeals court over the 2009 Rio-Paris plane crash that killed two hundred and twenty-eight passengers and crew; three years ago, the two parties, both of which have repeatedly denied the charges, were acquitted in a lower court. The appeals court ordered them both to pay the maximum fine for corporate manslaughter, US$ 262k, following the request of prosecutors during last year’s eight-week trial.

Making a case that there has been no slowdown for the AI boom, US chip giant Nvidia, a central player in AI infrastructure, posted record revenue Q1 figures, 85% higher on the year, at US$ 81.6 billion, as net income tripled to US$ 58.3 billion. (It expects Q2 revenue to top US$ 91.0 billion). Despite these mega results, its shares fell 1.6% in after-hours trading but with a book value of US$ 5.3 trillion, it is still recognised as the world’s most valuable company, with it representing 8% of the value of the S&P 500. It also forecast that AI spending, through until the end of 2029, will be at an annual US$ 3 billion to US$ 4 billion.  Nvidia announced a US$ 107.35 billion share buyback programme and will return cash to shareholders by raising its quarterly dividend from US$ 0.01 to US$ 0.25 per share.

The latest bank to announce staff cuts, as it makes significant shifts towards AI, is Standard Chartered, shedding some 15%, (c7.8k staff), of its back-room staff by 2030; it has back-office operations in India, China, Malaysia and Poland. Some of those impacted by the move could well find other roles with the banking giant. The bank issued a statement which included, “we are scaling practical uses of automation, advanced analytics and artificial intelligence to streamline processes, improve decision‑making and enhance both client service and internal efficiency”.

Having been left with empty shelves, and a website inoperable for six weeks, last year saw Marks & Spencer counting the costs, with the retailer posting that the ‘incident’ cost US$ 176 million, described as “material system recovery, risk management and specialist advisory costs”. The retailer also revealed that the cyberattack was being investigated by the Information Commissioner’s Office and that M&S was cooperating with the investigations of the ICO and “other relevant regulators”. The actual numbers show that pre-tax profit fell 28.8% to US$ 488 million in the year, to 28 March, with revenue 25.0% higher at US$ 23.00 billion. The cyberattack led to a decision not to pay an annual bonus to the sixty-three thousand staff, including Stuart Machin, chief executive, and chairman Archie Norman. Machin added that “given the impact of the cyber incident on the performance of the business, the remuneration committee, and our executive directors, agreed not to operate the bonus scheme”. M&S shares surged 6.9% higher on the news.

In an US$ 850 million deal, French luxury group LVMH has agreed to sell fashion brand Marc Jacobs to a JV between brand manager WHP Global and apparel company G-III Apparel Group which owns brands including Karl Lagerfeld and DKNY. This deal points to a shift in the luxury sector where the likes of LVMH are rationalising non-core assets, while specialist brand managers and manufacturers become natural buyers for “accessible luxury. Similar deals have also done likewise, that is moving well-known brands from large consumer companies to brand managers, including Adidas’ 2021 sale of Reebok to Authentic Brands Group for US$ 2.4 billion in 2021. Last month, the Bernard Arnault-led luxury retailer posted that it had lost 1% off Q1 group sales attributable to lower Gulf spending and fewer tourists in Europe.

OAG, the global aviation consultancy and data provider, has posted that Singapore Airlines’ flights, operated by Airbus A350-900 aircraft, from New York and Newark to Changi Airport, were the two longest in the world, covering 15,332 km and 15,329 km respectively; Qatar Airways’ Auckland service was the third longest, spanning 14,526 km. Qantas took the next three places with direct flights from London to Perth, Melbourne to Dallas Fort Worth, and Paris to Perth, covering 14,499 km, 14,468 km and 14,265 km respectively. In seventh place, an Air New Zealand/Qantas-operated service from Auckland to New York, flown by Boeing 787-9 aircraft, ranked seventh, covering 14,209 km. Emirates slipped in at eighth position with its direct flight from Auckland to Dubai, followed by China Southern Airlines’ Mexico City-Shenzhen flight covering 14,124 km, and finally Singapore Airlines service from Los Angeles to Singapore. Interestingly. OAG noted that Qantas has ordered twelve specially configured ultra-long-range Airbus A350-900ULR aircraft capable of flying approximately 18k km non-stop, with the airline planning to launch direct services between Sydney and London – a distance of some 17k km – next year.

The latest from the EPL is that there is a proposal to allow clubs to negotiate settlements over alleged breaches of its financial rules which would negate the current status quo of their cases automatically referred to an independent commission; a vote will take place in June and the rule change, if approved, would be implemented immediately. The proposal was aimed at simplifying and accelerating the sanctions process when clubs are charged with breaking Profit and Sustainability Rules (PSR); these rules stipulate that EPL clubs are not permitted to lose more than US$ 140 million, over three years, with that figure reduced by US$ 29 million, for every season a club spends outside the top flight. In recent years. Both Everton and Nottingham Forest have received points deductions for PSR breaches. Last November, the EPL had announced that PSR would be scrapped, with a system known as Squad Cost Ratio (SCR) and Sustainability and Systemic Resilience (SSR) introduced in its place.

With Austria undergoing slowing growth, inflation and high energy costs, (like many other EU peers), its economic confidence indicators continued to decline, falling by 0.5 points, to minus 1.8 points, on the month. amid the impact of tensions in the ME on European markets. Analysts attributed the decline mainly to weaker sentiment in the services and construction sectors and a sharp drop in consumer confidence. The impact of the ME conflict on Austria’s economy is expected to continue through the winter. Geopolitical uncertainty and accelerating inflation, driven by higher fuel and energy prices, had pushed consumer confidence to its lowest level in two and a half years. It is expected that its gross domestic product would grow 0.8% in 2026, with average annual inflation.

Q1 saw the combined operating profits of three hundred and twenty-eight of five hundred major Korean companies surge by 158.6% to US$ 104.37 billion, with 60.6 % generated by the country’s two leading chipmakers; the combined operating profit of Samsung Electronics Co. and SK hynix Inc totalled US$ 63.28 billion.  Sales during the same period rose 29.4% to US$ 693.4 billion. By company, Samsung Electronics posted the largest operating profit at US$ 38.19 billion, soaring 756.1% on the year, with the figure also surpassing the company’s total annual operating profit of US$ 29.10 billion recorded last year. SK hynix reported a 405.5% Q1 operating profit of US$ 25.10 billion.

In Q1, Japan’s economy grew, for the second consecutive quarter, posting an annualised real 2.1%, driven by a recovery in exports and private consumption.  Over that period, GDP, adjusted for inflation, increased 0.5% on the quarter beating market expectations. Private consumption, which accounts for more than 50% of the economy, grew 0.3%, rising for the fifth straight quarter, as quarterly exports rose 1.7%, driven by a recovery in auto shipments bound for the US market and strong demand for machinery and electrical devices for industrial purposes. Imports edged up 0.5%, with nominal GDP 0.8% higher on the quarter at an annualised rate of 3.4%.

April annual inflation in Russia dipped 0.28% on the month to 5.58%, as consumer prices increased by 0.14% over the same period; food prices decreased by 0.2% on the month but increased by 4.02% on an annual basis. Other monthly and annual increases were noted in non-food prices by 0.26% and by 3.88%, and services increased by 0.47% and by 9.9%. April prices increased for compressed natural gas (1.2%), gas motor fuel and motor gasoline (0.6%), and diesel fuel (0.5%).

China has moved to protect its supply of sulphuric acid, the world’s most used industrial chemical, with this action having ramifications throughout the industrial world, for everything from food production to fashion and mobile phones. It is a crucial ingredient in the manufacture of batteries, clothing and phosphate fertilisers, and is also used to treat drinking water, purify petroleum and produce some metals and computer chips. However, China has to import the sulphur – a by-product of oil refining and smelting – to make the acid, but the problem is that 50% of sulphur emanates from the ME. Because of this impasse, China has had to ban exports of sulphuric acid to back up its domestic supply and portfolio. China’s. ban on exporting sulphuric acid, which came into effect on 01 May, was an attempt to protect their “downstream industries” from disruption. Now Australian – and other international – manufacturers have to decide how to circumvent the problem of a probable shortfall of sulphuric acid. The result is that Australian manufacturers are facing a conundrum – either stock up on the highly corrosive and combustible chemical or go without their key ingredient. Although the acid can be produced worldwide, China has been the lead, exporting a record five million tonnes. Last year, some seventy-three million tonnes of sulphur were produced globally, with the ME accounting for some 50% of global trade. Sulphur has been hit by the double whammy of being unable to be exported, via the Strait of Hormuz, and the damage to the facilities that produce the chemical has been extensive. Two other sulphur problems are that it could be years before damaged facilities are back to pre-war capacity, and with demand also coming from the metal industry. which can absorb higher prices, that fertiliser production could not compete. The current lack of global sulphur and sulphuric acid has also resulted in key fertilise producing countries, like South Africa, having to cut back their output of fertilisers which in turn will have a negative impact on future crops.

Both sides of the Australian political landscape want to turn back the clock on the Australian tax system – but not to the same time. The Albanese government wants to return to the system of adjusting income tax scales for inflation that it introduced fifty years ago and reversed in 1982, and the Labour opposition to return capital gains tax to the pre-1999 system of adjusting for inflation instead of simply halving it. The former would see lower taxation and a cut in revenue in contrast to Labour’s position that would increase taxes and raise more revenue.

There is no doubt that halving the capital gains tax in 1999 was a major cock up as this action, by the Howard/Costello administration, became the catalyst to rising house prices. A quarter of a century later, it is obvious that the National Housing Accord plan to build more houses, and make them more affordable with more supply, is not working. Two more factors were also responsible for house prices starting to rise at twice the rate of income after 2000 – from 2005, there was a  massive increase in immigration, (with no increase in housing construction), and in 2008, and the GFC, Australian banks were transformed from business lenders to aggressive home mortgage marketers as a result of risk-weighting changes to capital rules.

It does seem that there were not too many deals signed during Donald Trump’s two-day official visit to Beijing which had seen a large number of American CEOs in his entourage. However, one deal saw Boeing’s CEO, Kelly Ortberg, present when a two hundred plane deal was approved – the first such sale in a decade. On the return Air Force One journey, the US president confirmed that China reserved the right to buy as many as seven hundred and fifty Boeing aircraft as part of a deal reached during the summit and that the deal would also benefit General Electric, which he said would supply four hundred to four hundred and fifty engines to China. Prior to the onset of the 2020 pandemic, almost a third of the narrowbody airliners Boeing delivered went to China. But since then, the company’s business there has plummeted as US-China relations soured.

The impact of the Iran war has begun to disturb the UK economy, with job vacancies falling to their lowest level in five years while the unemployment rate nudged 0.1% higher to 5.0% in the three months to March. As long as the war continues, so will the UK unemployment count. However, the combination of rising unemployment, and a slowing wage growth, will give the BoE more time to consider whether a rate rise is required to contain inflation. To make matters more alarming, the number of job openings fell by 3.9% to 705k – its lowest level since April 2021 – whilst payroll employment figures fell by 100k last month. The Office for National Statistics noted that “lower-paying sectors such as hospitality and retail have seen some of the largest falls in vacancies and payroll numbers, both in recent months and over the last year”.

The Office for National Statistics confirmed that UK April government borrowing, (the difference between spending and borrowing), was 12.5% higher, on the year, at US$ 32.61 billion – more than expected. The figures showed spending by government on benefits rose by US$ 3.62 billion from the same point last year, driven by inflation-linked increases to many benefits and the earnings-linked rise to the state pension. A record high for any April return saw debt interest payments, 11.0% higher, at US$ 13.82 billion. It is expected that public sector borrowing is likely to remain on the high side in the coming months, and could see Chancellor Rachel Reeves, (if she is still in office), make more tweaks to fiscal policy at the time of the autumn Budget.

Headline inflation in the UK temporarily eased 0.5%, on the month, to a fourteen-month low of 2.8% in April, attributable to Ofgem, the energy regulator, lowering its energy price cap, by 7.0%, last month. Food prices, particularly for chocolate and meat products, and the price of package holidays, drove inflation down further. However, it is widely expected that inflation will remain higher than the BoE’s 2.0% target for the foreseeable future, driven by much higher energy prices. Core inflation, which excludes energy, food, alcohol and tobacco prices, dipped 0.6%, on the month, to 2.5%.  However, the writing on the wall comes from other figures with sharp increases posted for the cost of raw materials heading into factories – a 2.4% monthly hike to 7.7% – and the cost of factory gate prices, up 1.0% to 4.0%.   The Starmer administration has announced that it will ease sanctions on Russian-derived           diesel and jet fuel because of the current energy shortage in the UK brought about by the ME crisis. The embattled PM claimed these changes would mean “more pressure on Russia” and not less. He said that the changes were part of a “strong new package of new sanctions” on liquified natural gas and refined oil products from Russia. It is hard not to disagree with Kemi Badenoch arguing that Starmer “is so deep in the bunker he is importing sanctioned Russian oil, he’s nationalising steel, he’s imposing price controls in the supermarkets – it’s like the Soviets won”. UK has been warned by Ukraine that it risks funding “Russia’s war machine”. The government eased the sanctions on oil which is processed in third countries, ie not in Russia, but in the likes of Turkiye and India. Last October, it announced plans to ban oil products, such as diesel and jet fuel, which had been refined from Russian crude oil in third countries; now it has decided to pare them back on a temporary basis. The PM opined that he was not lifting sanctions “whatsoever”, but whatever he did has not impressed that country’s president, Volodymyr Zelensky or a few of the coalition of bilateral partners, of which Keir Starmer is a leading light. It was only a few months ago that his government announced what it called its “biggest sanctions package” against Russia, specifically targeting Russian oil revenues. For years the UK led international efforts to put economic pressure on Russia for its war on Ukraine. Only on Tuesday it signed a G7 statement reaffirming its “unwavering commitment” to impose “severe costs” on Russia. In 1972, Bougainville Copper started operations on the island of Bougainville and quickly became one of the largest copper producers globally. At its peak, Panguna was one of the world’s largest copper and gold mines. Between its start date and 1989, the mine reportedly produced: more than three million tonnes of copper more than nine million ounces of gold  and substantial silver production The mine: generated about 45% of Papua New Guinea’s export revenue contributed roughly 12% of PNG GDP provided around 17% of the PNG government’s internally generated revenue at one stage Over the next seventeen years, Bougainville Copper Limited, and the Panguna mine, generated enormous wealth between the start date and 1989. Not all locals were happy with the status quo, as these benefits were distributed very unevenly, which became one of the main causes of the Bougainville civil war. Rumblings had started towards the end of the eighties.   Tensions over the Panguna mine escalated, leading local landowners to sabotage operations and form the BRA, in 1988, which quickly evolved into a broader secessionist movement.  Led by former Bougainville Copper employee, Francis Ona, the paramount leader and Supreme Commander of the BRA fought the Papua New Guinea Defence Force (PNGDF) in the “Bougainville Crisis”—a violent, decade-long civil war sparked by disputes over the environmental and economic impacts of the Panguna copper mine. On 15 May 1989, mine production was suspended following attacks on employees and damage to power lines by militants. The militant activity was driven by local landowner grievances and environmental damage, which ultimately sparked the Bougainville Civil War. CRA (Conzinc RioTinto of Australia) began withdrawing its personnel from Bougainville and by early 1990, continued militant action, escalating attacks from the Bougainville Revolutionary Army (BRA), severe civil unrest and damage to assets prompted the company to evacuate remaining personnel, completing the evacuation of its Panguna mine site on 24 March 1990. The withdrawal of company personnel was completed, after which no care or maintenance of the assets was provided. Apart from Francis Ona, two other key leaders were Samuel Kauona, previously a PNGDF soldier, who defected to lead the BRA’s military operations and guerrilla campaign; he was a signatory to several ceasefires and peace initiatives. The second was Joseph Kabui, a key member of the BRA, who, in 2005, became the first President of the Autonomous Bougainville Government in 2005, after ultimately helping negotiate a peaceful end to the conflict. The decade-long Bougainville Crisis lasted from 1989 – 1998, with the PNGDF imposing a crippling blockade on the island, with the subsequent war and blockade resulting in up to twenty thousand deaths. The previous year saw a New Zealand peace process and, after several ceasefires, led to the signing of the Bougainville Peace Agreement in 2001, which eventually resulted in a peace process, decommissioning of weapons, and the formation of the Autonomous Bougainville Government. It took a further eighteen years, and the eventual conclusion of hostilities, to a historic, non-binding referendum in 2019; 97.7% Bougainvilleans voted for independence from Papua New Guinea. The BRA disbanded as a military force following the peace agreements, with its former members integrating into society and political leadership. Since then, the region has operated as the Autonomous Bougainville Government (ABG), with Ishmael Toroama as its president. He has set 01 September 2027 as the target date for independence., but the move still requires official ratification from Papua New Guinea’s national parliament, under the peace agreement that ended Bougainville’s civil war. Bougainville is now drafting its own constitution and preparing government systems for possible nationhood. Its main revenue stream will be its significant copper and gold resources, (especially around the historic Panguna mine); it has been estimated that mine revenues accounted for about 45% of PNG’s export earnings before it closed in 1989. Other revenue streams would include niche tourism, cocoa, copra, vanilla, tuna fishing, timber and tropical fruits. Indeed, a diversified export agriculture sector could provide stable foreign exchange and reduce dependence on mining. Bougainville, with a population of some three hundred and forty thousand, has a bigger land mass when compared to the likes of Fiji, Tonga and Samoa. It would rank as the eighth most populated Oceanic nation behind Australia, PNG, Western New Guinea, New Zealand, Hawaii, Fiji and Solomon Islands. It would have the sixth biggest land mass, encompassing 19.4k sq km. It would become the one hundred and ninety-fourth member state of the United Nations. The main question is whether Bougainville, the country, would survive? It has several plus factors including valuable copper and gold resources, a strong national identity and a strategic location in the Pacific which could attract diplomatic support, aid and investment from countries such as US, Australia, Japan and China. (The danger here is becoming over dependent on foreign donors). Any new administration would have to consider and solve potential problem areas including over dependence on one source of income – mining – possible future disputes with landowners, infrastructure redevelopment, weak institutions, trained manpower to run government departments and the ‘canary in a coal mine’ – corruption or elite capture of mining revenues. If it could quickly become economically self-sustaining and politically stable, there is no doubt that Bougainville will become, after nearly forty years of trouble and strife, the Island Full Of Dreams!

Turn Out The Light!                                                             15 May 2026

The fact that the Dubai property market has matured, from the days of flipping and speculation, can be seen from the results of a fäm Properties research study which analysed more than 1.1 million property transactions over the past sixteen years; the research examined 687.41k primary market transactions, between 2012 and 2025, and 425.08k resale transactions between 2009 and 2025. It concluded that Dubai homeowners are holding properties for as long as buyers in mature global markets such as London and New York, and that a growing majority of buyers are retaining homes for longer periods instead of rapidly reselling for short-term gains. Since 2012, it found that of the 740.22k residential properties, purchased since 2012, 480.60k, (or 69.9% of all primary market purchases), have never been resold, and the same for 259.62k, (accounting for 61.1% of resale market transactions), purchased in the secondary market. The study showed that among primary market buyers, 42% of those who bought in 2014 still retain their properties, with retention rates rising to 53% for buyers who entered the market in 2017, while 61% of buyers from 2022 still own their purchases; the same percentages in the secondary market are 38%, 53% and 65%. One take-out from these figures is that of market stability, with longer ownership periods generally reducing speculative volatility and limiting excessive supply.

A Moody’s Ratings’ report commented that UAE’s real estate market is entering a period of softer conditions, as geopolitical risks rise and post‑boom momentum fades. This is borne out by figures from the Dubai Land Department that shows transaction volumes for completed units fell by around 51%, in March and April, compared with average levels seen at the beginning of the year, whilst off‑plan sales have also moderated. One sure thing is that developers are in a stronger position than during previous periods and are not cutting new units’ price but are offering more flexible payment terms, a move that the ratings agency says helps sustain sales momentum without undermining asset values. Furthermore, it notes that the leading developers – including the likes of Emaar, Damac, Binghatti and Arada – are “better positioned than in prior cycles”, supported by strong revenue visibility, sizeable presale backlogs and conservative balance sheets. Many rated developers have several years of revenue, secured at their current operating scale, limiting near‑term exposure to market volatility. It added that “for most UAE developers, we rate, strong revenue visibility remains intact despite the shock of the last two months. Balance sheets generally reflect low to moderate leverage, high equity funding, and limited reliance on near-term capital market access”. It also mentioned that contractual protections, escrow account regulations and significant upfront customer payments reduce the risk of buyer defaults and provide developers with flexibility to resell units or adjust project timelines if needed.

In Q1, there were 44.2k residential transactions completed – 4.6% higher on the year – with sales value rising 21.5%, showing that buyers continued to commit larger sums to Dubai homes despite a slower – but still positive – start to the year. Off-plan numbers of 32.3k accounted for 73.1% of all transactions and sold for a combined US$ 28.75 billion – a mega 35.0% higher than Q1 in 2025. According to Cavendish Maxwell, almost 92% of off plan sales were made directly from developers who were able to capture most off-plan buyer activity, helped by payment plans, newer projects and lower entry prices in apartment-led communities; in March, that figure rose 2% to 94%. A further analysis sees apartments accounting for 80.5% of transactions in both the off-plan and ready segments, with townhouses making up 13% of off plan sales and villas 6.5%. In the ready market, townhouses represented 12.7% of sales, while villas took a 7.1% share. Ronan Arthur, at Cavendish Maxwell, that “while Dubai’s residential market started the year from a strong position, mixed conditions during Q1, including geopolitical tensions, a moderation in transactions, slowing price growth and a rising supply pipeline, have collectively signalled the beginning of a more balanced phase of the real estate cycle”. He said Q2 transaction data may reflect weaker activity because of regional uncertainty, the lag in registrations and fewer new project launches. He also concluded that “looking ahead, we are likely to see fewer transaction volumes in Q2, when the combined effects of regional uncertainty, the sixty to ninety-day lag in registrations and a reduction in new project launches will be reflected in market activity and transaction data”, and that, “Dubai’s structural fundamentals remain intact and all the factors that have always supported Dubai’s long-term market appeal hold strong”.

The five leading locations for off-plan apartment sales were Dubai South (again), Dubai Residence Complex, Jumeirah Village Circle, Dubai Islands and Majan with 2.34k transactions, 1.99k, 1.86k. 1.65k and 1.16k. The top two for ready apartments were Jumeiarh Village Circle and Business Bay, with 1.04k and 0.63k deals, followed by Majan, Dubai Marina and Downtown Dubai. When it comes to off-plan villa and townhouse sales, DAMAC Islands 2 led with 2.76k sales, followed by The Heights Country Club and Wellness, The Oasis, Grand Polo Club and Resort, and The Valley. DAMAC Hills 2 recorded the highest number of ready villa sales at 0.23k, followed by Dubai South, Al Furjan, The Valley and The Springs.

Average residential prices reached US$ 459 per sq ft in Q2, 9.6% higher, when compared to Q1 2025, and up 0.6% from Q4 2025; in 2024, the average price was US$ 407 per sq ft  Rents rose 10.2% year on the year and 0.8% from the previous quarter, marking the slowest annual rental growth since 2022, partly attributable to  increased supply in late 2025 and early 2026, giving tenants more choice and stronger negotiating power. Q1 saw around 149k rental contracts registered, of which renewals accounted for 66% of the total

About 22.9k units, across ninety projects, were launched in Q1 – 57% lower on the year and the lowest quarterly total in more than two years. Some 77.5k are projected for delivery in 2026, with 26.9k being handed over in Q2; Cavendish Maxwell expects this figure to be at least 50% lower. Over the ensuing two years 146k homes are in the pipeline for 2027 and 120.1k in 2028. It seems that delayed projects are more likely to push supply into later periods than remove it from the market.

Around 149k rental contracts were registered in Q1, (down some 2.2% compared to the same period in 2025, driven by a 13.6% decline in March), with renewals accounting for 66%. Apartment rental yields averaged 7.2%, with the likes of International City Phase 2, International City Phase 1 and Downtown Jebel Ali returning higher returns. Villa and townhouse yields averaged 5%, led by Al Barari, Dubai Industrial City and DAMAC Hills 2.

Luxury homes, (those in the US$ 5.45 million to US$ 13.62 million bracket), posted seven hundred and forty transactions, in Q1, valued at US$ 7.68 billion – 25% higher on the year. Ultra-luxury homes priced above US$ 13.62 million generated US$ 2.78 billion in sales across one hundred transactions – almost 79% higher on the year.

During the quarter, developers delivered 12.9k residential units – the highest quarterly total in three years – 23% above the 2025 figure – with apartments accounting for 8k of those handovers.

Last Friday, 08 May, reports from the Ministry of Defence indicated that UAE air defence systems engaged two ballistic missiles and three drones. Overnight, the US and Iran exchanged fire over the Strait of Hormuz, in a further test of the shaky, month-long ceasefire between the nations. Since Iran began attacking the UAE, on Saturday 28 February until 08 May, UAE’s air defences have engaged a total of five hundred and fifty-one ballistic missiles, twenty-nine cruise missiles, and two thousand two hundred and sixty-three UAV’s, (drones). Meanwhile, schools returned to some of normalcy on 11 May after another week of online tutoring.

Emirates has signed an agreement with GE Aerospace to cover technical and training consultancy for piece part component repair capabilities for GE90 and GP 7200 engines that power its Boeing 777 and Airbus A380 fleets.  (Piece part repair is a specialised part of engine maintenance, involving the inspection, repair and restoration of individual engine components). The deal will see the airline strengthening its ability to self-maintain its own key engines. The deal will see a US$ 300 million investment aimed at scaling up infrastructure and in-house capabilities for engine maintenance, repair and overhaul. The US aircraft engine supplier will also assist in scaling up infrastructure and in-house capabilities for supporting knowledge transfer; this will help the airline to improve control over engine serviceability, repair timelines and long-term maintenance planning.

The Ministry of Human Resources and Emiratisation reported a 2.5% Q1 increase in workforce, (and 12.4% hike in 2025), alongside a 7.8% rise in the number of registered establishments. Both are indicators that the local business environment continues to expand and that the economy continues to show resilience. Data released by the Labour Market Observatory shows how the establishments are distributed with their percentage of the total:

• wholesale and retail trade                                      30.22%
• construction                                                           17.44%
• administrative and support services                  11.86% 
• manufacturing activities                                          8.70%
• accommodation and food services                         5.88%
• professional, scientific and technical                    5.75%
• other service activities                                             5.17%                                                                                remaining sectors                                              5.13%
• transport & storage                                                   4.41%
• Information/communications                                   2.99%
• real estate                                                                   2.45%

MoHRE said ongoing reforms to labour and residency systems, combined with business-friendly legislation, advanced infrastructure, safety standards and quality of life, have strengthened the UAE’s position as one of the world’s leading destinations for living, working and investment.

The UAE’s Federal Authority for Government Human Resources has confirmed that the Eid Al Adha holiday will be observed form Monday 25 May until Friday 31 May; with the two weekends added, it would mean a nine-day break for most employees. Work will resume on Monday, 01 June.

Last week, HH Sheikh Mohammed bin Rashid Al Maktoum, reviewed progress on a recently announced project to transform 50% of UAE government services, within two years, through Agentic AI-powered autonomous execution and decision-making. He sees the federal government leading the move to integrate AI into government work and has made it a priority. He commented that “our teams are leading this national transformation. Their ability to work with future technologies is key to our success. Our ambitions are boundless, and the road ahead demands even greater determination worthy of the UAE’s name”. He was accompanied by Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed, and senior officials, who were briefed about the objectives of the new Agentic AI system in government work, which aims to improve efficiency and enhance service quality. The project will streamline procedures, speed up delivery, and improve the accuracy and efficiency of government decision-making through integrated federal data and advanced digital infrastructure.

The Comprehensive Economic Partnership Agreement between UAE and Türkiye came into force in September 2023 – and was one of the first agreements signed under the UAE’s broader strategy to expand foreign trade, strengthen supply chains and create new opportunities for the private sector. Last week, in a bid to consolidate their economic partnership, as trade and investment ties between the two countries continue to accelerate, the UAE Minister of Foreign Trade, Dr Thani Al Zeyoudi had been in Istanbul for a series of meetings and business events. He noted that non-oil trade between the UAE and Türkiye had nearly tripled, compared with 2022 levels, (before the CEPA agreement was signed and implemented), and that in 2025, it had grown 15.5%, on the year, to US$ 45.2 billion. Discussions focussed on expanding trade cooperation, boosting investment flows and maximising the benefits of the bilateral trade agreement.

Many businesses will be relieved to find that the Ministry of Finance has extended the deadline for businesses to appoint an Accredited Service Provider (ASP), under the country’s e-invoicing system, for a further three months to 30 October 2026. The amendment – via Ministerial Decision No. 244 of 2025 – applies to companies and entities with annual revenues exceeding US$ 13.6 million, (AED 50 million). The pilot phase of its new e-invoicing system will start on 01 July, followed by a phased mandatory rollout. The extension came into play following a comprehensive assessment of market readiness and feedback from the business community, which called for broader technical options and more competitive pricing for e-invoicing services. Currently there are only thirty-two approved service providers, with the Ministry agreeing that a further number of providers would help create a more integrated and competitive technical ecosystem.

The latest results of the Central Bank’s comprehensive proactive support package, aimed at strengthening the resilience of financial institutions and supporting customers affected by economic disruptions, posted that, as of 08 May, the total value of facilities benefiting from the package reached US$ 1.69 billion, covering loan instalment deferrals, interest reductions and fee exemptions. It is estimated that 65.38k customers have benefitted, split between 60.56k individuals, 4.34k SMEs and 0.48k large companies. The three major sectors to utilise this venture were transport, (0.36k companies), hospitality (0.17k) and entertainment (0.13k). The bank also noted that, in the two months to 01 May, total assets rose by 2.1%, loans by 3.2%, and deposits by 1.9%, while the monetary base coverage ratio reached 115.3%. The support package – including the suspension of interest and fees on affected facilities, and the deferment of loan repayments for up to six months without being classified as in default – is still on-going.

Despite the regional conflict, which started on 29 February, Spinneys’ Q1 revenue topped  AED 1.0 billion (US$ 272k) – 11.9% higher on the year; gross profit increased 8.4% to US$ 111 million, with its margin down 1.2% to 40.1%, whilst adjusted EBITDA rose 1.2% to US$ 50 million. Profit before tax came in on US$ 28 million, and net profit, up 1.9%, was at US$ 24 million. Online sales continued to grow strongly, 3.2% higher on the quarter, at 18.8% of all revenue. According to the company, quarterly transaction volumes rose 8.5% on the year to 10.8 million, while average basket size increased by 3.3% to US$ 25.3. Its CEO, Sunil Kumar, noted that “our strong first-quarter performance, delivered against a backdrop of regional uncertainty, is a testament to the resilience of our business model and the commitment of our people across the region”. Despite the robust returns, food security and supply chain resilience remain major concerns across the Gulf. Spinneys said its sourcing and supply chain systems helped it maintain product availability despite freight complexities during the quarter. Over the past twelve months, the retail giant has opened thirteen new stores, across the UAE and Saudi Arabia, including three in Q1. The retailer also commented that it would be difficult to provide a firm outlook for the rest of the year but that it would be focusing on tighter cost controls, logistics efficiency and spending discipline to protect margins amid ongoing economic uncertainty.

Ansari Financial Services’ Q1 net profit declined by 29% to US$ 21 million, and EBITDA by 10% to US$ 34 million, attributable to lower-than-anticipated volumes in certain segments, as geopolitical developments impacted tourism, alongside a largely fixed operating cost base, pressure on margins from competition such as fintech firms, and higher finance costs linked to ongoing expansion. However, operating income was 9% higher at US$ 87 million. The group’s network stands at four hundred and forty-one branches across the UAE, Bahrain, Kuwait, and India at the end of Q1. Its subsidiaries include Al Ansari Exchange, cash management firm CashTrans, B2B-focused money transfer firm Blue Remit, and others.

Despite the ongoing regional problems, and driven by robust demand for domestic delivery, Aramex posted steady figures of a 2.0% rise in Q1 revenue, (which includes the first month of the troubles), to US$ 436 million, gross profit at US$ 93 million,  EBIT of US$ 14 million – with normalised EBIT at US$ 17 million – and net profit of US$ 5 million, compared to US$ 7 million in Q1 2025. Aramex said Domestic Express Q1 revenues climbed 11.0%, Freight Forwarding – 7.0% – and Logistics by 9.0%; International Operations declined by 9.0%. Thefreight forwarding and logistics services posted that the GCC and the Indian subcontinent continue to be its company’s largest revenue contributor, accounting for 46.0% of total group revenues.

Deyaar’s Q1 revenue, profit before tax and total assets all posted double-digit growth – by 3.2% to US$ 122 million, by 23.3% to US$ 40 million and 12.1% to US$ 2.22 billion. Although its hospitality sector was impacted by the regional troubles, figures were enhanced by the performances of its property and facility management operations. During the quarter, the property developer handed over 1.43k new units across its three major projects – Furjan’s Talia Residences, Regakia in Business Bay and Janat in Midtown. Its CEO, Saeed Mohammed Al Qatami, noted that “the fundamentals of Dubai’s real estate market remain robust, supported by high demand and favourable economic conditions, allowing us to effectively capitalise on emerging opportunities”.

In Q1, Binghatti Holding posted its tenth consecutive record-breaking quarter, with net profit of US$ 390 million, and revenue rising by 52% to US$ 1.20 billion, as the demand for luxury and branded residences continues to show its resilience during these troubled times. The company also improved its profitability margins – net profit margin up 4% to 33%, and gross profit margin increased to 43%. Its total assets climbed to US$ 8.96 billion, while its cash reserves rose to US$ 2.70 billion. During the period, it sold more than four thousand residential units, generated US$ 1.60 billion in sales, and also launched five new projects – comprising 4.70k units – worth US$ 2.34 billion. The Dubai-based developer also posted that  its total development backlog had now reached approximately US$ 14.17 billion, and sales backlog stood at US$ 4.36 billion, with revenue backlog reaching US$ 4.90 billion. In the quarter, Binghatti had a successful US$ 500 million Sukuk issuance, (4.4 times over-subscribed), with a 5.5-year maturity.

The three leading financial ratios point to double-digit growth in Emaar Properties’ Q1 revenue, net profit before tax and EBITDA, by 23% to US$ 3.38 billion, by 33% to US$ 1.96 billion and by 23% to US$ 1.96 billion. Driven by demand across established communities and new project launches, property sales climbed 16% to US$ 6.10 billion, whilst its revenue backlog rose 29% on the year to US$ 44.52 billion.

Meanwhile, double digit growth was also found in Emaar Developments, Emaar’s build to sell property business, saw revenue 36% higher at US$ 1.88 billion.

Emaar’s UAE build-to-sell property business, led by subsidiary Emaar Development, recorded a 22% surge in Q1 sales of US$ 5.48 billion, (up 22% from a year earlier), revenue by 36% to US$ 1.88 billion, and net profit before tax rose 46% to US$ 1.09 billion. During Q1, the company launched ten projects, including The Heights Country Club & Wellness, a master-planned residential development.

Revenue from Emaar’s malls, retail and commercial leasing business rose 15% to US$ 518 million, with average occupancy across the portfolio reaching 98%. Hospitality, leisure and entertainment revenue was flat at US$ 272 million, with the company citing a weaker performance in March because of the ME crisis. Recurring revenue from malls, hospitality and commercial leasing assets increased 7% to US$ 763 million and contributed around 30% of total EBITDA.

Emaar said it had recently distributed a dividend of US$ 2.18 billion, equivalent to 100% of its share capital, marking the second consecutive year of such a payout.

This week, and by acquiring a 22.27% stake from the Investment Corporation of Dubai, Dubai Holding has become Emaar Properties’ largest shareholder, holding 29.73% of its shares. This transaction shows Dubai Holding’s confidence in the company’s market position, asset quality, and long-term growth prospects, as well as in the enduring fundamentals of Dubai’s economy and real estate sector. Even before this massive deal, the state-owned company, (with over US$ 135.0 billion in assets, covering thirty  countries, and a global workforce of some 20k) had a long-standing relationship, with Emaar, supported by multiple partnerships and continued collaboration across key joint ventures. Dubai Holding posted that the acquisition “reflects confidence in Emaar’s strong fundamentals, market-leading development expertise and long-term growth potential”, and that the move aligns with its strategy of “building a diversified global investment portfolio focused on creating long-term value”.

In a US$ 395 million deal, Dubai Taxi Company has acquired National Taxi, one of the UAE’s established taxi operators, established in 2000, with a fleet of some 2.7k vehicles and 2.5k licence plates, it operates across Dubai, Abu Dhabi and Al Ain. Over the past year, it posted revenues of US$ 111 million and completed over twenty-five million trips. The deal, that still needs regulatory approvals, will be funded via new bank financing and should be finalised in Q3. DTC expects that the merger will see its market share rise 12% to 59%.

Amlak Group reported a Q1 net profit after income tax, 85.7% higher on the year, at US$ 14 million, with total assets standing at US$ 943 million. Total revenue increased by 8.3% to US$ 18 million, as revenue from financing and investing activities increased to US$ 8 million, primarily driven by higher placement of wakala deposits, which generated income of US$ 7 million during the period. Cost of distribution to financiers reduced to zero in Q1 2026 compared to US$ 1 million incurred on investment deposits during the same period in Q1 2025, following the full settlement of the company’s financial obligations in July 2025. The recently approved dividend of US$ 200k highlights Amlak’s commitment to delivering value to its shareholders.

Down to higher electricity/water demand and expanded infrastructure capacity, Dubai Electricity and Water Authority posted record Q1 financial results. Consolidated revenue and net profit topped US$ 1.76 billion and US$ 229 million – 90% higher on the year. Under its dividend policy, DEWA expects to pay a minimum annual dividend of US$ 1.69 billion, (paid semi-annually in April and October), during the first five years beginning from October 2022.

DEWA generated a record Q1 11.09 terawatt-hours (TWh) of electricity – 5.65% higher on the year, with clean energy production nearing 2.06 TWh, accounting for 18.5% of total electricity generation. By the end of March, installed generation capacity reached 17.98 megawatts (MW), including 3.86k MW from clean energy sources, representing 21.5% of the overall energy mix. Desalinated water production also hit a quarterly record of 37.57 billion imperial gallons, up 5.51% from a year earlier. DEWA added 19.80k customer accounts during Q1, and over the fiscal year ended March, customer accounts increased 5.08% by 65.09k. The utility also commissioned two 132kV substations and four hundred substations operating at 11-6.6kV during Q1.

Dubai-listed Talabat announced its Q1 results, with net income 18.0% lower, on the year, at US$ 87 million, as revenues climbed 23.0% higher at US$ 1.0 billion; this represents a gross merchandise value-to-revenue conversion ratio of 39.0%. The food delivery company’s GMV grew 19.0% to US$ 2.7 billion, driven by robust order volume growth supported by strong customer acquisition; the GCC accounted for 78.8%, (US$ 2.1 billion), of the total – and 12.0% higher on the year – whilst the other markets, jumped 52% to US$ 0.563 million. It also expanded its investment programme, spending US$ 25 million on operating, capital and lease expenses across the key focus areas.

Orient Insurance registered an 8.9% hike in Q1 net profit after tax, of US$ 93 million, attributable to strong growth in insurance revenue, (which rose 20.0% to US$ 703 million), investments – up 22.2% to US$ 3.30 billion – and total assets. Its total equity was 16.0% higher at US$ 1.77 billion and total assets increased by 12.0% to US$ 4.99 billion.

The DFM opened the week on Monday 11 May on 5,902 points, and having gained forty-eight points (1.7%), the previous week, shed one hundred and ninety-three points (3.3%), to close the week on 5,709 points, by 15 May 2026. Emaar Properties, US$ 0.15 higher the previous week, shed US$ 0.16 to close on US$ 3.21 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.74 US$ 8.03 US$ 2.00 and US$ 0.40, and closed on 15 May at US$ 0.73, US$ 7.57, US$ 1.98 and US$ 0.39. On 15 May, trading was at one hundred and seventy million shares, with a value of US$ one hundred and forty-nine million, compared to two hundred and thirty-four million shares, with a value of US$ one hundred and sixty-two million, on 08 May.

By 15 May 2026, Brent, US$ 6.98 (6.4%) lower the previous week, gained US$ 0.73 (0.6%), to close on US$ 108.34. Gold, US$ 101 (2.2%) higher the previous week, shed US$ 213 (4.5%), to end the week’s trading at US$ 4,559 on 15 May. Silver was trading at US$ 77.11 – US$ 5.01 (1.9%) higher on the week.

Honda, Japan’s second largest carmaker made its first annual loss in seventy years as its investments in the market failed miserably, with demand falling lower than expected; its total operating loss for the year, ending 31 March, reached US$ 2.68 billion. It announced that it would be ditching some of its EV production targets and would source parts from China, where prices are lower, to keep costs down. Some of the blame for the losses were down to the US – with its increased tariffs and its withdrawal of US$ 7.5k tax incentives for US consumers purchasing EVs. Honda said it was now going to focus on growing its successful motorcycle business, its financial services and its hybrid vehicle manufacturing, having noted that its huge size and legacy nature make it difficult to adapt quickly to fast dips and rises in EV demand.

The previous week, South East Water’s chairman, Chris Train, quit following a scathing report by MPs, saying SEW was “devoid of proper leadership” and “riddled with cultural problems”; it also called for a reset of the company’s attitudes – and argued “change at this scale requires SEW’s leadership to change”. This week saw the end of its chief executive, Dave Hinton, as “he feels his position has become an increasing distraction from South East Water’s most important priority, which is to deliver a resilient water supply for its customers”. The utility has been facing increasing criticism and ridicule over a series of supply failures across Kent and Sussex. Environment Secretary, Emma Reynolds, welcomed his resignation, commenting that “this must mark the beginning of positive change at South East Water, where customers’ needs are prioritised and there is a stop to supply outages”.

On Monday, with his mind on more important personal matters, Keir Starmer said legislation would be brought forward this week to give the government powers to take “full ownership of British Steel”. In April 2025, the UK government seized control of British Steel’s Scunthorpe steelworks from its Chinese owners Jingye, in order to halt the potential closure of its blast furnaces. Both parties have been in discussions, with the Prime Minister saying that a “commercial sale has not been possible, and now a public test could be met”, and that “public ownership is in the public interest”. The industry body, UK Steel, commented that the news provided “vital certainty” for the 2.7k workforce and the company’s customers, and that “maintaining domestic production capability for British Steel’s products is essential not only for economic growth but also for our national security and resilience”. The public interest test, required for the government to take full ownership of British Steel, will consider factors such as national security, maintaining critical national infrastructure and supporting the economy. Prior to the government stepping in to take control of the plant, Jingye had claimed the Scunthorpe site was losing US$ 955k a day and was no longer financially sustainable; it is estimated that the government is spending about US$ 1.36 million a day to keep the loss-making company going. Last march, the National Audit Office revealed the current government supervision regime had cost some US$ 514 million in order to fund operations, workers and buying raw materials at Scunthorpe.

Despite all the problems facing the global economy, Knight Frank’s twentieth annual Wealth Report 2026 posted that every day, over the past five years, has seen the creation of eighty-nine new ultra-high-net-worth individuals. (UHNW individuals are defined as people with net assets of at least US$ 30 million). In the five years to December 2025, the number rose by 162.19k to 713.63k. It also confirmed that the global billionaire population stands at 3.11k. The two main regions accounting for 66% of the number of UHNWs are the US, (35%) and Asia-Pacific (31%) – with China remaining the world’s second-largest wealth hub. The ME also increased its share of global ultra-high-net-worth individuals, rising from 2.4% to 3.1% in the period.  India recorded 63% growth in its ultra-high-net-worth population between 2021 and 2026, with a further 27% expansion forecast by 2031. Looking forward over the next five years, the study estimates that the big growth winners will be Indonesia, Saudi Arabia, Poland, Australia and Vietnam, with growth estimates of 82%, 63%, 63%, 60% and 59%.

Public Investment Fund has become the Official Tournament Supporter for the FIFA World Cup 2026, across North America and Asia. The agreement also brings together several PIF-backed entities, including Savvy Games Group – Saudi Arabia’s leading gaming and esports company – and Qiddiya City, the Kingdom’s upcoming destination for entertainment, sports, and culture.  The 2026 edition of the FIFA World Cup is expected to be the largest in the tournament’s history, featuring forty-eight national teams and being hosted jointly across three countries.

Reports indicate that India has lifted import tariffs on gold and silver 150% from 6% to 15%, as the Modi government struggles to curb overseas purchases and to ease pressure on the country’s foreign exchange reserves. The country, the world’s second-largest consumer of precious metals, hopes that this action will not only narrow its trade deficit but also support the struggling rupee. On Tuesday, Indian currency slid to a record low against the US dollar, weakening to 95.80 against the dollar, as the economy continues to be battered by rising oil prices and sustained foreign investor outflows. There seems to be little chance of surging crude oil prices slowing in the near future which is the main driver pushing the country’s import bill higher. However, these higher import tariffs will certainly have a positive impact and will help narrow India’s trade deficit and support the rupee. But the questions remain – by how much and will it result in an increase in smuggling?

According to new data in Monthly Energy Review, total US energy production hit record levels for the fourth consecutive year; 2025 saw production at one hundred and seven quadrillion British thermal units (quads) – 3.4% higher on the year. A 2025 production analysis sees:

dry natural gas    4.0% higher           a record high of thirty-nine cu ft      

Natural gas has been the largest source of US domestic energy production since 2011, and the US has been the largest natural gas producer in the world since then

crude oil                   3.0% higher          a record 13.6 million bpd

Crude oil accounted for 26% of domestic energy production, and the US remained the largest crude oil producer in the world

NGPLs                      7.0% higher           a record 4 trillion cu ft

NGPLs accounted for 9% of domestic energy production. NGPL production has grown every year since 2005

Renewables           3.0% higher

Solar and wind both set records for energy production as new generators came online

Geothermal, hydroelectric, and wood and waste energy production remained steady

Coal                           4.0% higher           533 million short tonnes

accounted for 10% of domestic energy production in 2025

April US prices rose at their fastest rate in two years, the impact of the war in Iran was gaining traction and being increasingly felt by consumers. A mini surge in the cost of energy, (accounting for 50% of the rise), and groceries were the main drivers for the consumer price index rising to 3.8%.  At US$ 4.50 a gallon, unleaded was at its highest level since July 2022. Allied with the CPI at 3.3% in March probably indicates that the Federal Reserve will keep its foot off the pedal at the next few rates meeting. The latest inflation figure also marked the first time in three years that Americans’ pay packets, (at 3.6%), are no longer growing faster than prices are rising, at 3.8%.

As expected, the US Senate on Wednesday voted to confirm Kevin Warsh as the chair of the Federal Reserve, with Jerome Powell’s term as chair ending today. The fifty-six-year-old comes into the job at a difficult time when the global economy is struggling and inflation beginning to bite again; he also faces a US president seemingly hell bent on lowering interest rates, with the Fed’s current target range for short-term borrowing costs being 3.50% to 3.75%. Warsh says he plans “regime change” at the Fed, including tightening its coordination with the Treasury Department and the Trump administration on non-monetary policies and setting it on course for a smaller balance sheet, which he argues should allow for a lower policy rate. Interesting times ahead!

Despite the negative economic impact of the US-Israel war in Iran, the US economy created 115k jobs in April, as businesses kept hiring; the unemployment rate was unchanged at 4.3% – a possible indicator that the Fed will keep rates on hold.  If the unemployment rate were to rise to say 4.8% by the end of 2026, it may force the Fed to drop rates by as much as 0.75%. The figures came following February posting a 156k job decline, followed by a 185k rise in March. The main contributors to the favourable April return were strong performances in the retail and transportation/warehousing sectors, offset by rising energy prices. The monthly report also noted slow wage growth and an overall contraction in the jobs market, with fewer working-age people seeking employment.

International Airlines Group,  the owner of British Airways, (along with Aer Lingus, Iberia et alia), has confirmed that it does not expect its services across main markets to be affected by the threat of jet fuel shortages “throughout the summer”, as supplies are squeezed by the effects of the US-Iran war; it also mentioned that it was well placed to avert turbulence facing the industry. However, it did comment that “if the current conflict continues to restrict flows of both crude oil and jet fuel from the Middle East, there is the potential for supplies of jet fuel to be restricted on a global basis”. The company also posted that it was 70% hedged for the rest of 2026 – but also flight disruption arising from the Middle East conflict. Reports have also said that airlines are cutting thirteen thousand flights. IAG has estimated that its annual fuel will be 28.6% higher at US$ 10.64 billion.

Gordon Brown was the Chancellor of the Exchequer for a decade from 1997 to 2007, and he was the man to have authorised the sale of three hundred and ninety-five tonnes of  UK’s gold, (almost half of the metal’s total reserves), which at the time fetched US$ 3.49 billion; this was then reinvested in interest-bearing foreign currency assets. This period was at the end of a twenty-year bear run and there has been widespread criticism of the decision, as the gold price has since risen rapidly for a sustained period. The BoE was never asked for its advice on whether Britain should sell the gold. At a secret meeting with senior gold traders, Bank of England officials were warned that the proposed auctions would achieve the worst price for taxpayers. The officials agreed but said they were powerless to influence the Treasury.  A possible cover-up? Now this week, the embattled UK Prime Minister has appointed Mr Brown as “special envoy on global finance and cooperation”. Why?

Good news and bad news for Rachel Reeves. UK government borrowing costs have reached a new high, with the ten-year bond yield topping an eighteen year high at 5.14%, and the pound falling to US$ 1.3371 – 1.5% lower on the week. She can blame her accomplice, Keir Starmer, for this debacle as he stubbornly remains in office, as the battle for the Labour leadership took another twist with Andy Burnham’s decision to fight a by-election. Today Brent moved higher to US$ 109 a barrel. There is no doubt that the country’s economy is in a mess and there could be further trouble ahead for both the pound and the gilt market.

Despite March being the first month of the Iran war, the UK economy surprisingly posted a 0.3% growth hike; quarterly growth settled at 0.6%. The Office for National Statistics noted that there were signs that consumers and businesses brought forward spending in March due to fears over future price rises caused by the war. The Chancellor was spot on with her comment the growth figures showed the government had “the right economic plan” but warned a Labour leadership contest risked “plunging the country into chaos”. Despite the IMF warning that the UK would be the hardest hit from the war of the world’s advanced economies, its quarterly growth was the highest of all the G7 countries to have reported data so far.

As Keir Starmer has yet to realise that his days are over, and sits in No 10 unable to face reality, the country suffers, with both sterling and the stock markets heading south, along with the long-term borrowing costs hitting their highest levels this century. On Tuesday, the yield on the 30-year gilt rose by 0.13% to 5.81%, the highest since May 1998. Earlier in the month the ten-year bond rose to 5.10% – almost on par with rates during the 2008 GFC. The Prime Minister’s almost schoolboy defiance, in the face of such opposition, has seen the markets indicate that his stance is impacting the UK’s long-term debt sustainability and economic growth. His actions are undoubtedly going to end with rising public spending, increased taxes and major changes to its manifesto and current set of fiscal rules. It is a lot easier to lose foreign investors’ confidence but a lot more difficult – and more expensive – to regain. As he sits at No 10, the message to the Prime Minister is that his current stance is costing the UK taxpayer millions in increased interest payments and seeing the pound heading lower by the day – and when he does leave Turn OutThe Light!  

The Last Farewell!                                                                         01 May 2026

A new record for a single beachfront residential plot – and perhaps a future benchmark for similar purchases – located on Naïa Island Dubai has sold for US$ 103 million; it also demonstrates that there is demand for large private waterfront estates. The plot, encompassing 52.87k sq ft, is intended for just one residence when that area could easily fit six large villas. The deal values the land at about US$ 2.59k per sq ft of gross floor area, with some plots reaching US$ 3.00k per sq ft of GFA, placing Naïa Island above several established global trophy markets, including Palm Beach and Indian Creek in Florida.

Naïa Island Dubai has been planned as a low-density beachfront estate, with ninety-one land plots and a limited number of ultra-exclusive LVMH Cheval Blanc branded villas, each with private beach access. From the release date late last year, there have been sixty-three transactions, with Naïa Island having already accounted for 40% of Dubai’s ultra-prime seaside residential and plot transactions above US$ 41 million since January 2025. Recorded plot sizes range from about 19.5k sq ft to 53k sq ft, with previous sales registered up to US$ 48 million. These prices are only for plots of land, based on their size, the beachfront position and the ability to build a sizeable private residence. Since its launch, price increases have been up to 69%. Launched by Shamal Holding, the futuristic development, located between Umm Suqeim and Jumeirah 3, is slated for completion by 2029.

The 2026 Wealth Report by Knight Frank sees the UAE among the fastest-growing markets for HNWIs, (those with more than US$ 30 million in assets globally), attributable to many factors including it being a major business hub and the continuing strength of its real estate sector; the latter sees Dubai ranked second worldwide for growth in prime residential property prices. Over the next five years, the country will see this section of the population increase from 4.85k to 6.59k. The study also commented on Dubai’s luxury property market, with prices 25.1% higher last year, and up 193.9% since 2021, as the number of transactions, exceeding US$ 10 million, rose from 2021’s one hundred and thirteen to some five hundred last year. Over recent years, Dubai has become somewhat of a magnet for those investors, entrepreneurs and HNWIs looking for favourable business conditions, connectivity and stability in a progressive and well managed economic environment.

Meraas has awarded US$ 654 million in two main construction contracts for new phases of its flagship villa developments, The Acres and The Acres Estates, in Dubailand. United Engineering Construction has been appointed to deliver The Acres, comprising three hundred and seventy-one three- to five-bedroom villas, alongside key community infrastructure. GCC Contracting will lead construction at The Acres Estates, with this new phase covering the construction, testing, commissioning and handover of one hundred and eighty-six five- to seven-bedroom residences, designed on a larger, more exclusive scale. Khalid Al Malik, CEO of Dubai Holding Real Estate, of which Meraas is a member, noted “this award reflects the strength of demand for premium villa communities in Dubai”.

To make it possible, (and easier), for a certain sector of the property market to buy residential units, Dubai has announced new amendments to the conditions for granting a two-year property investor residency visa.  In a move aimed at enhancing the attractiveness of the real estate market and expanding the investor base, updates are being published on the official website of the Cube Centre, affiliated with the Dubai Land Department, which specialises in providing services to real estate investors. An earlier ruling, that required the minimum value requirement of a property to be US$ 204k, has been abolished but the applicant must be the sole owner of the property.  Regarding joint ownership cases, the amendments clarified that if ownership is shared equally at 50% between two investors, the value of each investor’s share must not be less than US$ 109k. It is expected that the new laws will expand the customer base for real estate purchases in the emirate.

On Wednesday Jerome Powell attended his last Fed meeting as its Chairman. Following the Federal Reserve’s divided decision to maintain the Base Rate applicable to the Overnight Deposit Facility at  3.50% – 3.75%, the Central Bank of the UAE followed suit; it announced that its Base Rate applicable to the Overnight Deposit Facility would stay at 3.65%. The CBUAE also decided to maintain the interest rate applicable to borrowing short-term liquidity from the CBUAE at fifty bp above the Base Rate for all standing credit facilities.

The UAE Fuel Price Committee reviews and adjusts retail petrol and diesel prices at the end of each month to reflect changes in global fuel markets. May retail prices came into force today, 01 May 2026.

	May				April			Rise		01 Jan
US$
Super 98		0.997			0.924			7.90%			0.689
Special 95		0.967			0.894			8.16%			0.659
EPlus		0.948			0.872			8.71%			0.638
Diesel		1.278			1.278			Flat			0.695

Today, 01 May, the Comprehensive Economic Partnership Agreement between the UAE and South Korea officially entered into force. This partnership marks South Korea’s first trade agreement with a country in the GCC and the wider MENA region, whilst the UAE is South Korea’s largest trading partner in the GCC, with a combined US$ 10 billion invested in each other’s markets; bilateral non-oil trade topped US$ 6.9 billion last year. The new deal will see the elimination or reduction of 91.2% of tariffs of traded goods and services.

The UAE has been ranked first globally for the fifth consecutive year in the latest Global Entrepreneurship Monitor report, as it rated the top position in eight major indicators, including physical infrastructure, government policies, government entrepreneurship programmes, R&D transfer, ease of market entry, and entrepreneurial education; it also ranked second globally in both entrepreneurial finance and ease of access to funding. It is also among only four countries globally that have achieved or exceeded the “sufficiency” level across all framework conditions of the entrepreneurship index. The latest edition covers fifty-three economies, representing around 43% of the global population and 57% of global GDP. Abdullah bin Touq Al Marri, Minister of Economy and Tourism, noted that its position “reflects the country’s commitment to strengthening its entrepreneurship ecosystem and cementing its position as the most supportive economy for entrepreneurs and the top destination for establishing businesses”.

In January 2021, the Circular Economy Council was established, with aims to oversee the drafting of a mechanism to implement the strategy in coordination with relevant authorities and approve performance indicators related to the strategy’s adoption. The Circular Economy Policy is a comprehensive framework for determining the country’s approach to achieving sustainable governance and the ideal use of natural resources, by adopting consumption and production methods that ensure the quality of life for current and future generations. This week, it had its first meeting of the year, discussing strengthening food security, expanding sustainable production, and increasing investment in circular economy sectors. Chaired by Abdulla bin Touq Al Marri, Minister of Economy and Tourism, it was attended by council members from government, the private sector and academic institutions. Discussions centred on national policies aimed at accelerating the UAE’s transition towards a circular economy model, with a focus on stronger governance, updated regulations and practical systems to ensure policies are effectively implemented.

On Wednesday, Jerome Powell attended his last Fed meeting as Chairman. Following the Federal Reserve’s divided decision to maintain the Base Rate applicable to the Overnight Deposit Facility at 3.65%, the Central Bank of the UAE followed suit; it announced that its Base Rate applicable to the Overnight Deposit Facility would stay at 3.65%. The CBUAE also decided to maintain the interest rate applicable to borrowing short-term liquidity from the CBUAE at fifty bp above the Base Rate for all standing credit facilities.

With EVs and premium SUVs gaining traction in the ME vehicle market, China’s GAC Group is considering setting up a R&D centre in Dubai by 2028, in a move that would bring the Chinese automaker closer to Gulf buyers. The rationale behind the decision is for GAC to better understand local drivers, climate conditions, road habits and premium-car expectations and would run in tandem with GAC’s existing Dubai operation centre which already covers sales, branding, service workshops and warehousing for the wider MENA region. It also sees Dubai as one of the region’s most premium and diverse car markets and is the ideal place to test how Chinese brands can move up the value chain; the UAE could become one of GAC’s key trial markets for premium brands in the Gulf over the next five years.

There were encouraging returns in the Emirates Integrated Telecommunications Company’s Q1 financials, despite the onset of the ME crisis starting from 29 February, and its impact on the economy. Nevertheless, du, posted growth in Q1 revenue, (up 6.9% to US$ 1.12 billion), net profit – 15.5% higher at US$ 218 million – and 11.7% growth in EBITDA to US$ 545 million. During the quarter, operating free cash flow climbed 14.2% to US$ 463 million. This month, it successfully refinanced a US$ 545 million revolving credit facility, securing improved terms and a seven-year tenor.

Good Q1 results from Dubai Islamic Bank, the largest Islamic bank in the UAE by assets, sees revenue coming in on US$ 3.00 billion and operating profit, up 12.0% to US$ 681 million, and pre-tax profit at US$ 572 million, while pre-tax return on tangible equity remained strong at 21.0%. Consumer banking segment continued to deliver steady growth, with financing assets rising 6.0% on the year to US$ 22.62 billion. Balance sheet items include financing asset and Sukuk investments, at US$ 99.18 billion, customer deposits of US$ 87.74 billion and total assets of US$ 114.44 billion. Asset quality also continued to improve, with the non-performing financing ratio declining to 2.5%, while cash coverage strengthened to 122%.

The DFM opened the week on Monday 27 April on 5,854 points, and having shed one hundred and thirty points (2.2%), the previous week, shed eighty-seven points (1.5%), to close the week on 5,767 points, by 01 May 2026. Emaar Properties, US$ 0.13 lower the previous week, shed US$ 0.15 to close on US$ 3.22 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.73 US$ 8.07 US$ 1.93 and US$ 0.40, and closed on 01 May at US$ 0.73, US$ 7.94, US$ 1.93 and US$ 0.38. On 01 May, trading was at two hundred and eight million shares, with a value of US$ eight hundred and sixty-seven million, compared to one hundred and ninety-eight million shares, with a value of US$ one hundred and ninety-three million, on 24 April.

The bourse had opened the year on 6,047 points and, having closed on 30 April at 5,766, was 281 points (4.6%) lower YTD. Emaar had started the year with a 01 January 2025 opening figure of US$ 3.83, and had shed US$ 0.61, to close on 30 April 2026, at US$ 3.22. Four other bellwether stocks, DEWA, Emirates NBD, DIB and DFM started 2026 on US$ 0.74, US$ 7.59, US$ 2.53 and US$ 0.45 and closed on 30 April 2026 at US$ 0.72, US$ 7.90, US$ 1.95 and US$ 0.39.

By 01 May 2026, Brent, US$ 43.09 (36.5%) lower the previous four weeks, gained US$ 14.00 (14.8%), to close on US$ 108.34. Gold, US$ 343 (7.7%) higher the previous three weeks, shed US$ 224 (4.6%), to end the week’s trading at US$ 4,621 on 01 May. Silver was trading at US$ 75.69 – US$ 0.41 (0.5%) lower on the week.

Brent started the year on US$ 60.91, and US$ 50.56 higher (83.0%), YTD, to close 30 April 2026 on US$ 111.47. Gold started the year trading at US$ 4,341, and by the end of April, the yellow metal had gained US$ 284 (6.5%) and was trading at US$ 4,625. Silver started 2026, trading at US$ 70.60 and closed US$ 3.69 (5.2%) higher on 30 April at US$ 74.29.

International Airlines Group, BA’s owner, has warned of elevated prices because of the higher cost of aviation fuel brought about by the closure of the Strait of Hormuz due to the Iran war.IAG said on Friday that the situation in the Middle East will increase the cost of flights to reflect higher jet fuel costs. The airline commented that despite its fuel hedges, it was “not ​immune” to the broader fallout from the conflict in the ME. However, IAG insisted that it was not yet seeing any disruption to its jet fuel supply, amid warnings of future shortages due to the conflict. It was also revealed that airports will make it easier for airlines to cancel flights without risking losing their allocated take-off and landing slots if fuel shortages stop them from flying. Airlines can now apply for an exemption from the ‘use it or lose it’ rule in these circumstances. The bearer of bad news on this topic comes from the EU Energy Commissioner, Dan Jorgensen, commented that it is “very likely that many people’s holidays will be affected, either by flight cancellations or very, very expensive tickets”. 

Talking of “very, very expensive tickets”, the World Cup Final in the US this summer sees four tickets on FIFA’s official “resale/exchange marketplace”, being priced at US$ 2.30  million each, equating to US$ 9.2 million for all four; it does seem a handful of other tickets in the same section, behind one of the goals, are also on sale for US$ 16.1k. These prices are dictated by FIFA, but the world body does get a 15% commission on every sale; resale tickets for previous World Cups were capped at face value. More than five million tickets have already been sold for this year’s event, with the final phase of ticket sales opening earlier this week.

A mixed verdict in an Oakland court saw a US District Judge dismiss Elon Musk’s fraud case against   OpenAI and co-founder Sam Altman of betraying OpenAI’s original mission; however, the trial of his breach-of-charitable-trust and unjust-enrichment claims was allowed to go ahead. On the news that his fraud claim was thrown out, Musk said that it would streamline the other case and keep jurors focused on his goal of ensuring that OpenAI benefits humanity rather than be a “wealth machine”. One report indicates that the world’s richest man is seeking US$ 150 billion in damages, with proceeds going to OpenAI’s charitable arm. Some may consider this an optimistically high claim amount but the fact that Open AI is reportedly considering a US$ 1.0 trillion IPO brings this a little more realistic. The case seems to hinge on his claims that OpenAI, Altman and Microsoft, one of OpenAI’s largest investors, conned him and the public by forming a for-profit entity in 2019, after he had left OpenAI’s board.

Samsung Electronics Co posted better than expected Q1 figures as sales, (69.2% higher at US$ 90.68 billion), operating profit, (up 580% to US$ 26.29 billion) and net profit, (by 584% to US$ 31.98 billion), all surged on the back of robust demand for high-end memory chips used in AI.

Last year, Astra Zeneca scrapped plans to build a US$ 612 million vaccine manufacturing plant in Liverpool, as well as pulling the pin on the expansion of its Cambridge Discovery Centre (Disc) site in September. At the time, Merck, the US drugs company, stopped plans to open a new US$ 1.36 billion HQ in London’s Knowledge Quarter, whilst Eli Lilly suspended part of a planned investment in a biotech innovation hub in London. The main reasons for the companies’ reluctance to invest was the high cost of an NHS sales scheme and government curbs on the reimbursement of innovative medicines. However, the Starmer administration has finally reached a deal with the US, under which the UK will spend more on new NHS medicines in exchange for a tariff exemption on UK pharma exports to the US.

NatWest posted Q1 pre-tax profits of US$ 2.76 billion – 12.0% higher on the year – driven by higher borrowing costs resulting from the fallout from the ME war.  Over the quarter, NatWest’s net interest margin – basically the difference between what it pays out to customers on their deposits versus the interest it charges for loans – rose by 8.8% to 2.47%, on the year. It did, however, take a hit from a US$ 385 million impairment charge, which included US$ 190 million to reflect downgrades to its economic forecasts in the wake of the ME war. In the current economic climate, the bank foresees that interest rates will remain higher for the rest of the year and accordingly has upped its income guidance for the year, which it expects to be at the top end of its US$ 23.41 billion to US$ 23.95 billion guidance range. The higher-than-expected profit level may interest the Chancellor to look at increased tax for banks who, like oil companies, are doing better because of the crisis.

In the UK, Whitbread owns not only the hotel chain, Premier Inn but also a range of food brands including Beefeater, Brewers Fayre, Bar and Block, Cookhouse and Pub, Thyme bar and grill and Table Table. This week, it intimated that 3.8k jobs, 12.6% of its 30k payroll, could be made redundant, with the main reason down to the higher costs of employing staff.. Whitbread posted that the move is part of a new five-year strategy to reduce costs and is being made in light of “significant cost increases in the form of business rates and National Insurance”. This latest review came about, in part, because of “unexpected changes” such as “higher than expected” inflation and “significant increases in UK business rates”.  It will also close its remaining one hundred and ninety-seven standalone restaurants, which it will integrate into existing hotels and sell and lease back US$ 2.04 billion worth of its hotels, and return US$ 2.72 billion to shareholders over the next five years.

Last year, WH Smith, divested all its retail outlets to TG Stones, owned by Modella Capital, and now the chain is struggling and is preparing for either a ‘cram down’ or bankruptcy; the former would inevitably involve both shops closing and staff redundancies, as well as landlords having to take painful haircuts on their rentals.

UK jewellery retailer, Claire’s, had collapsed into administration in January for the second time in a matter of months. After its first brush with insolvency, about 50% of the chain’s three hundred stores were bought by Modella Capital, the investor which also owns TG Jones, WH Smith’s former high street arm. A spokesperson for insolvency practitioners at Kroll said: “as of 27 April, all Claire’s standalone stores in UK and Ireland have ceased trading”. All one hundred and fifty-four stores have closed and 1.3k employees have been advised of redundancy. Although Claire’s standalone stores in the UK and Ireland have stopped trading, its three hundred and fifty concessions will remain open, as will its head office. At the same time, Julien Jarjoura, the owner of parts of the jewellery retailer’s European operations, is reportedly keen to acquire in the region of fifty UK stores, in a last-ditch rescue deal. The retail industry continues to face significant headwinds, with various chains, including Poundland, having closed significant numbers of shops, and TOFS, which was also briefly backed by Modella, has seen all of its stores permanently closed.

A frightening warning has come from Svein Tore Holsether, chief executive of Yara, a global leader in crop nutrition, ammonia and essential industrial solutions. The Norwegian, whose company is one of the world’s biggest fertiliser producers, claims that the current crisis in the ME could see the loss of ten billion meals a week because of the blocked Strait of Hormuz and the subsequent deficit of supplies of fertiliser and its key ingredients. It will impact poorest countries hardest and could well jeopardise global food production. He is worried that there will be reduced crop yields as a result of lower fertiliser and that this could lead to a bidding war for food; he noted that “we’re up to half a million tons of nitrogen fertiliser not being produced in the world right now because of the situation we are in”. He also estimated that not applying nitrogen fertiliser would reduce crop yields for some crops by as much as 50% in the first season. On top of surging fertiliser costs, and all that, he noted that farmers have been further hit by other higher expenditure factors such as diesel for farm vehicles, higher energy costs, rising operational costs etc, adding that crop prices have yet to be adjusted to cover the higher bills they are facing.

April UK house prices rose 3.0% on the year, and 0.4% on the month, to US$ 379k. Nationwide, the UK’s second largest mortgage lender, noted that the growth was “somewhat surprising given that indicators of consumer confidence have weakened noticeably”, but attributed the resilience to the “relative strength of household finances”.

Despite earlier having resisted calls for UK schools to ban smartphones Prime Minister, Keir Starmer has now changed his mind and has been forced to make yet another U-turn and has now been forced to ban smartphones; he had insisted that a statutory ban was unnecessary because most schools enforced their own rules. To date, most schools had been following one of four options – a complete ban from the premises, the handing in of devices on arrival, locking them away or adopting a “never used, seen or heard” approach. The current Schools Bill has to and froed between the Commons and Lords, with the Skills Minister, telling the senior house that a government amendment to the Schools Bill would “create a clear legal requirement that the guidance must be followed”. Meanwhile, the government is consulting on a social media ban for under-sixteens, and other measures, to address concerns about the impact of smartphones on children.

Yesterday, both the Bank of England, at 3.75%, and the ECB decided to hold rates steady, with the latter’s main refinancing rate at 2.15% and the deposit rate at 2.00%. The BoE’s nine-member rate-setting committee voted 8-1 in favour of holding the rate, with the Bank’s chief economist Huw Pill voting for a rise to 4%. It did indicate that further rises were likely and pointed to the possibility of “forceful” rises to come. Both central banks have the same dilemma of surging energy costs, higher inflation levels and weaker economic growth.

On Wednesday, UK long-term borrowing costs on thirty-year government bonds topped 5.7% – its highest level since 1998 – the higher the yield, the higher the cost to the UK taxpayer of servicing the government’s debt. At the same time, oil prices reached a new Iran war peak, with a barrel of Brent Crude for June delivery up by almost 8% to US$ 120.. The main drivers behind the oil hike seem to have been fears of extended disruption to energy flows from the ME and the continuing lack of results in peace efforts between the warring parties. Although other nations are facing the same problems, the UK still has the highest public borrowing among the G7 and is bedevilled by higher inflation levels which are set to rise in the coming months.

In a not too surprising announcement, the UAE has decided to leave Organisation of the Petroleum Exporting Countries (OPEC)), now with eleven members, and OPEC+, now with twenty-one member nations), effective today, 01 May 2026; it had joined the cartel almost sixty years ago in 1967. Prior to the UAE’s exit, the organisation, aiming for price stability by setting agreed production quotas for the membership, controlled about 41% of global supply, including 30% emanating from OPEC. In Q1, UAE was pumping between 2.9 million bpd to 3.5 million bpd, with capacity increasing toward a target of five million bpd by next year. In recent times, the cartel had been introducing quotas so as to not ‘flood’ the market which impacted the UAE’s aim to maximise production. With the UAE leaving, Opec loses about 15% of its capacity, and one of its most compliant members, and this will definitely impact on  its future direction. It does seem that the UAE suffered from OPEC’s disproportionate quotas in terms of lost revenues. Recent reports indicate a strategic shift with the UAE exiting OPEC+ to maximize production, focusing on boosting output to utilise its high-capacity reserves. The UAE holds approximately 113 billion barrels of proven oil reserves as of 2025, ranking sixth globally, which would last more than three hundred years at 2024 production levels.

A statement makes it fairly clear why this action has been taken – “the time has come to focus our efforts on what our national interest dictates and our commitment to our investors, customers, partners and global energy markets. This is what we will focus on going forward”. Obviously, the UAE would feel the benefit of its recent investments to boost supply by being a ‘sole trader’, rather than part of a cartel, with its inflexibility and other production constrains.  It will also result in the UAE helping to meet growing global energy demand in the long term. The UAE government also noted that “we reaffirm our appreciation for the efforts of both OPEC and the OPEC+ alliance and wish them success. During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all”. Following its exit, the UAE have promised to continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions. This could easily lead to the start of a domino effect in the sector but for the UAE, it is The Last Farewell!

Drift Away!                                                              17 April 2026

Reports indicate that Ras Al Khaimah’s single-largest private developer is moving into the Dubai market. BNW’s sixth project will witness the expansion of its prestigious branded residences portfolio to Al Furjan, one of Dubai’s most connected communities. The development will be Orvessa Residences, the world’s first property by Michel Adam. Dr Ankur Aggarwal, Chairman and Founder of BNW Developments, noted that “Orvessa Residences is a natural evolution of BNW’s ethos, where spatial fluidity is guided by intention”. The project will encompass ninety-two one -, two- and three- bedroom apartments, with amenities including rooftop swimming pool, fully equipped gym, co-working spaces, outdoor lounges, family seating areas, BBQ zones, steam and sauna facilities, and a dedicated kids’ play area. BNW also aims to build a focused Dubai pipeline.

Dubai Properties awarded Metac General Contracting a US$ 300 million deal for the construction of phases one and two of La Tilia, the latest residential cluster within Villanova. The new phases will add five hundred three-bedroom and three hundred and fifty four-bedroom townhouses; four hundred and ten units will be built in phase one and four hundred and forty in phase two. To date, the Villanova project has already delivered 3.83k residential units and is seen to be one of Dubai’s most established residential addresses for mid-market and upper-mid-market buyers. Khalid Al Malik, CEO of Dubai Holding Real Estate, (the parent company of Dubai Properties), noted that “the award of these contracts reflects continued demand for high-quality, family-focused communities in Dubai”. The latest phases will follow Villanova’s Mediterranean-inspired architectural style, with landscaped streets, parks, walking and cycling tracks, and integrated retail and community amenities.

Meanwhile, Azizi Developments has awarded a US$ 300 million structural steel construction contract for its Burj Azizi project to Eversendai Corporation Berhad.

As part of its ongoing expansion strategy, Prestige One Developments has awarded contracts exceeding US$ 136 million this month to new contractors across multiple projects. These include the first Hilton waterfront-branded residences, Hilton Residences Dubai Maritime City, along with The One by Prestige One, the company’s future headquarters, and The Boulevard by Prestige One. This week, the developer also handed over Vista, its landmark residential development in Dubai Sports City. Overlooking the Els golf club, Vista, with over 350k sq ft of built-up area, offers expansive views across Dubai Sports City along with a range of lifestyle-focused amenities designed to enhance modern urban living. The fourteen-floor building offers a range of studio through to three-bedroom apartments. The developer, that has also recently completed the handover of The Residence, a G + 5 low-rise development, in Jumeirah Village Circle, currently has 2.5k units under construction and twenty active developments in the emirate.

Al Ghurair Development has unveiled plans for a one million sq ft mixed use masterplan community in Al Jaddaf, located across Dubai Creek Harbour. It will combinehomes, offices, hospitality, retail and cultural spaces in close proximity to both the Metro and Etihad Rail. The developers have hired Pelli Clarke & Partners, the architecture firm behind Malaysia’s Petronas Towers. Its CEO, Sultan Al Ghurair, noted that “our vision is to create a complete neighbourhood that puts walkability, public life and mixed-use living first”, with the project being designed around the idea of a “five-minute city”, where residents can reach daily essentials, parks, transport and public spaces within a short walk. The masterplan will include landscaped parks, open public areas and interconnected streets designed to create a cohesive neighbourhood rather than isolated towers. Further details, including design concepts and launch timelines, are expected to be announced later. The company’s current portfolio includes The Weave in Jumeirah Village Circle, now under construction, Wedyan on Dubai Canal, and upcoming residential projects in Dubai South and Wadi Al Safa 3.

DAMAC Properties has launched the final six hundred apartments at its DAMAC District development in DAMAC Hills. Aiming at both investors and end-users, this particular project will include studio and one-bedroom units. The developer noted that there had been strong uptake across earlier residential and commercial launches within the development. The district has been positioned as a mixed-use development bringing together residential towers, commercial space and lifestyle facilities, within a single environment. Prices for studios and one-bedroom apartments will start at US$ 206k and US$ 300k respectively; flexible payment plans are being offered. Amenities include fitness and wellness spaces, outdoor activity areas and social zones designed to support daily living within the community. Residents will also have access to shared workspaces and meeting areas within the commercial component of the project. Retail, dining and entertainment options are planned within the district, along with landscaped areas and community-focused spaces.

The Wasl Group has opened a large green space in Jebel Ali, located within the Wasl Gate residential development; Central Park, encompassing some 82.7k sq mt, is one of the largest parks built inside a housing community in Dubai and is open to both residents and the general public. It has been designed as a large shared urban green space at the heart of a busy city landscape, offering residents a place to exercise, gather and escape the surrounding built environment. Amenities include jogging and cycling tracks, sports courts, a skate park, picnic areas, an amphitheatre lawn and food truck spaces. The project also aligns with Dubai Social Agenda 33 – the government of Dubai’s long-term strategy to improve quality of life and strengthen family and community wellbeing. Wasl Group manages more than sixty thousand residential and commercial units and over one thousand buildings across the emirate.

Reports indicate that several hotels are taking the opportunity of a downturn in business to carry out refurbishment work. They include

• Burj Al Arab is undertaking what it calls a “long-awaited” refurbishment – the first major overhaul since the hotel opened in 1999. The work, under the direction of Paris-based interior architect Tristan Auer, is expected to take eighteen months during which time the property will remain closed
• St. Regis, The Palm in Dubai confirmed that parts of the hotel will be unavailable from mid-April but it will “continue to deliver a considered range of guest experiences”
• Dubai Parks & Resorts has temporarily closed, with visitors advised to contact the call centre for ticket information, bookings and refunds
• Anantara World Islands Dubai Resort has ceased operations entirely as of 10 April
• The Park Hyatt Dubai is also preparing to temporarily shut from 01 May for around six months as it enters the final phase of a multi-year upgrade

An agreement between Emirates NBD and Dubai Holding Real Estate has seen a new financing model that will allow Dubai buyers, of off-plan homes, to secure mortgage approval earlier in the purchase process. Aimed at reducing uncertainty for buyers, it will integrate mortgage financing into off-plan sales across residential projects by Meraas, Nakheel and Dubai Properties, giving eligible buyers access to bank financing at the booking stage rather than closer to handover. The bank clarified that the approvals are subject to eligibility checks and that financing option will be available to both UAE residents and non-residents. Last week, the bank announced a similar deal with Sobha Realty to provide integrated home financing solutions for buyers of the premium luxury developer’s off-plan residential developments across Dubai. Both partnerships align with the emirate’s wider housing and urban planning ambitions under the Dubai 2040 Urban Master Plan.

Led by Downtown Dubai, with annual prices up by 28.7%, to US$ 1.40k per sq ft, the emirate’s office values continued to skyrocket last year. In 2025, there was a 114% surge in office deals, above US$ 2.72 million, (AED 10 million) to one hundred and sixty-seven. Faisal Durrani, Partner and Head of Research for MENA, posted that “the near tripling in AED ten million+ transactions between 2023 and 2025 underscores the depth of capital targeting Dubai and reflects a strong belief in the city’s long-term economic and real estate fundamentals”. It is readily apparent that occupiers are prepared to pay a premium for efficient layouts and well-connected locations, along with metro access and strong surrounding amenities. Adam Wynne, Partner and Head of Commercial Agency for the UAE commented that “assets are operating at or near full occupancy, with very limited vacancy and, as demand continues to outpace supply, both capital values and rents have naturally increased quarter-on-quarter and year-on-year, a trend that has persisted since 2020”. Two sectors are the big players in the office market with banking/finance and technology accounting for 32.5% and 23.1% of total office demand, mainly in grade-A space. Mostly concentrated in Business Bay, Meydan City, DIFC and Jumeirah Lake Towers, around 24.2 million sq ft of office space is scheduled for delivery over the next five years; DIFC itself has a 7.7 million sq ft pipeline up to 2040.

Canada’s Brookfield Corporation, one of the world’s largest alternative investment managers, already has a presence in Dubai, with itself and the Investment Corporation of Dubai owning a 51% stake in ICD Brookfield Place. Brookfield Properties continue to manage the property – a fifty-four storey, 1.1 million sq ft, premier commercial property located in the Dubai International Financial Centre. It also has other interests in the emirate, with operations spanning infrastructure, real estate and renewable energy including:

• a controlling stake in a Gulf Islamic Investments platform, comprising three million sq ft of high-quality warehouses in the UAE
• a JV with Dubai Holding managing retail and lifestyle assets, including City Walk, The Beach, and La Mer
• a stake in GEMS Education
• the reported acquisition of the Sofitel Dubai The Palm
• partnering with Lunate to launch a US$ 1 billion JV, targeting premium residential real estate in Dubai and Abu Dhabi
• developing Solaya in Jumeirah

Sheikh Maktoum bin Mohammed bin Rashid, Dubai’s First Deputy Ruler, has held talks with Brookfield CEO, Bruce Flatt, the chief executive of global investment firm Brookfield Corporation, on strengthening cooperation and attracting further investment to the emirate. The meeting focused on opportunities to expand partnerships, with both sides highlighting Dubai’s appeal to international investors and also noting Dubai’s growing role as a trade hub between markets in the East and West. Sheikh Maktoum, also chairman of the Dubai International Financial Centre, added the emirate is focused on supporting long-term growth through partnerships and maintaining a business-friendly environment aligned with global trends in finance and investment.

This week, Dubai Chambers President and CEO, Mohammad Ali Rashed Lootah, met the China Council for the Promotion of International Trade Shanghai’s Vice Chairman, Yang Dongsheng. The aims of the meeting were to strengthen economic ties as well as to increase trade and investment between the two markets. Items such as supporting business communities in both regions, and encouraging two-way investment, were also discussed. Mohammad Lootah added that “Dubai and China share a dynamic economic partnership with significant scope to expand trade and investment ties, deepen collaboration, and drive mutual growth”. Last year, China ranked seventh among the countries of origin for new foreign companies joining Dubai Chamber of Commerce, as 1.58k new Chinese companies adding to the chamber’s membership.

In a bid to strengthen bilateral economic and investment ties, a meeting has been held between UAE’s Minister of Economy and Tourism, Abdulla bin Touq Al Marri, and Uzbek Deputy Prime Minister, Jamshid Khodjaev. The talks focused on expanding cooperation across a range of key sectors, including tourism, aviation, fintech, transport, renewable energy, and the broader new economy, alongside areas such as food security, logistics, manufacturing and banking. It was noted that some 2.3k Uzbek companies now operate in the UAE, and that tourist numbers to the UAE jumped by almost 25% to 75k. Both sides also discussed future collaboration through Investopia Tashkent, which will be held alongside the Tashkent International Investment Forum, focusing on unlocking investment opportunities across the UAE, Uzbekistan and wider Asian markets.

With 2025 impressive DMCC figures, as its member companies now topping twenty-six thousand, the free zone continues to play a central role in enabling and consolidating the country’s total trade of over US$ 1.63 trillion, as well as helping Dubai to reach seventh in the Global Financial Centres Index. DMCC is a fully integrated platform that connects commodities, finance and technology, a convergence that is actively reshaping how global trade is conducted.  It is now home to over four thousand tech companies, three thousand, six hundred entities in the energy field and almost two thousand involved in private capital and finance.  The launch of new sector-focused platforms, such as DMCC FinX and DMCC Wealth Hub, has fuelled this growth. This year, there will be increased focus on expanding its ecosystems further, developing the free zone’s districts, and strengthening Dubai’s position as a leading global hub for trade and finance. Although there were strong inflows from India, the UK and Türkiye, the fastest growth came from the US, China, Germany and Switzerland.

It also continues to expand its role across global commodities markets, with the Dubai Diamond Exchange hosting one hundred and three tenders and auctions last year. In a bid to enhance transparency and its digital infrastructure, a record-setting 1,971 kg silver bar was unveiled and is being tokenised through DMCC’s Tradeflow platform which saw a 47.0% annual increase registering 296k transactions, valued at US$ 484.4k; DGCX posted over two million contracts traded, valued at US$ 46.9 billion.

Next Monday, after a holiday and three weeks of online learning, Dubai pupils will be returning to normal schooling, with the Ministry of Education announcing a return to in-person learning. It confirmed, “the resumption of in-person learning for all enrolled children, students, educational staff, and administrative staff in public and private nurseries, kindergartens, and schools effective Monday, 20 April 2026.” A survey by Dubai school principals, to gauge parents’ willingness to send their children back to school, received a positive reaction from many parents, expressing eagerness to resume in-person learning.

The latest Airports Council International World rankings showed that international passenger traffic reached four billion globally in 2025, up 5.9% from 2024 and 8.3% higher than 2019 pre-pandemic levels; in 2025, global total passengers were estimated to have reached 9.8 billion. As expected, Dubai International Airport maintained its position as the world’s busiest airport for international passenger traffic last year and was second again in total traffic (which includes international and domestic traffic) with 95.2 million passengers, compared to Hartsfield-Jackson Atlanta’s 106.3 million; Tokyo Haneda rose to third with 91.7 million passengers.

A Memorandum of Understanding has been signed between the General Directorate of Identity and Foreigners Affairs – Dubai and the Dubai Land Department to unite real estate and residency services under one system. The twin aims of the exercise are to simplify procedures and improve the overall experience for residents, investors and property owners. The agreement will result in the integration into GDRFA – Dubai’s platform of the three key services, viz Golden Residency, Retiree Residency and Property Residency. In future, applicants will only have to utilise one system instead of dealing with multiple authorities and will benefit from quicker waiting times, improved coordination and faster decision-making. It will also support better data sharing between the two entities, helping create a smoother and more reliable process. The partnership is also aligned with Dubai Economic Agenda D33, which aims to expand the emirate’s economy and position it among the world’s top cities.

Late last week, Dubai Aerospace Enterprise Ltd and Blackstone Credit & Insurance announced an agreement to partner ‘Equator’, a new long-term global investment program, with its main aim to invest in aircraft on lease to commercial airlines; it plans to deploy some US$ 1.6 billion annually. DAE’s Aircraft Investor Services will manage the assets, owned by Equator, with DAE sourcing the assets from third parties. Firoz Tarapore, Chief Executive Officer of DAE, commented that “Blackstone’s scaled and flexible capital provides a strong foundation to grow our third-party fleet management franchise”, adding that “our fleet size, global customer and counterparty reach, and dedicated client support team makes DAE uniquely positioned to support Equator’s long-term success. BXCI expects to provide a full spectrum of capital to support the program, enabling flexible and dependable financing solutions across market cycles and investment opportunities.

Both companies are big operators on the world stage. DAE manages about seven hundred aircraft, including more than one hundred valued at over US$ 4 billion under management; it is one of the largest aircraft lessors globally, and acts as servicer in seventeen servicing and management agreements for institutional and financial investors. BXCI’s Infrastructure and Asset Based Credit Group manages over US$ 100 billion and has more than ninety investment professionals. It focuses on providing investment grade credit, non-investment grade credit, and structured investments across the real economy, including infrastructure, commercial finance, fund finance, consumer finance, and real estate lending.

Parkin has entered into a multi-year agreement with real estate developer Binghatti Holding, where it will operate approximately 1.2k spaces across selected Binghatti developments – in areas near Jumeriah Village Circle, Al Jaddaf, and Business Bay. Parking access at these locations will be fully integrated into the paid public parking provider’s mobile application, with customers paying either for short-term or long-term stays, as well as seasonal card purchases. The operation is expected to start before the end of Q2.

The DFM opened the week on Monday 13 April on 5,486 points, and having gained two hundred and twenty-nine points (4.2%), the previous week, gained five hundred and one points (9.1%), to close the week on 5,987 points, by 17 April 2026. Emaar Properties, US$ 0.04 higher the previous week, gained US$ 0.26 to close on US$ 3.50 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.75 US$ 8.36 US$ 2.04 and US$ 0.39, and closed on 17 April at US$ 0.75, US$ 8.42, US$ 2.04 and US$ 0.41. On 17 April, trading was at three hundred and fifty-five million shares, with a value of US$ two hundred and fifty-five million, compared to one hundred and two million shares, with a value of US$ one hundred and ninety-two million on 10 April.

By 17 April 2026, Brent, US$ 24.81 (20.8%) lower the previous fortnight, shed US$ 9.14, (10.0%), to close on US$ 94.34. Gold, US$ 250 (5.5%) higher the previous fortnight, gained US$ 93 (2.2%), to end the week’s trading at US$ 4,845 on 17 April. Silver was trading at US$ 81.12 – US$ 2.93 (6.8%) higher on the week.

Last Monday, OPEC reduced its forecast for global Q2 oil demand by 500k bpd, to 105.07 million – a figure that is lower than many other estimates, bearing in mind the ongoing Iran war. At the same time, it made no change to its full-year outlook as it sees consumption rebounding in later months. OPEC kept unchanged its forecast that world oil demand will rise by 1.38 million bpd in 2026, in contrast to the EIA which halved its prediction in a 07 April report. The oil cartel noted that the reduction, for both OECD nations and non-OECD, was down to “slight transitory weakness in oil demand growth, given ongoing developments in the Middle East”.  Even though oil output has fallen markedly since the start of hostilities on 28 February, OPEC+ had agreed to resume oil production hikes as of April. Reports indicate that crude oil output by OPEC+ averaged 35.06 million bpd in March, down 7.70 million bpd on the month, with Iraq and Saudi Arabia making the biggest cuts.

The International Energy Agency has indicated that Europe has “maybe six weeks of jet fuel left”, and that stocks would reach a tipping point in June if Europe was unable to replace at least half of its imports from the ME. IEA executive director, Fatih Birol, said there could soon be flight cancellations if supplies remained blocked. The IEA noted that exports from the Gulf region were the largest source of jet fuel to the global market, and that refineries in other major exporting countries, such as Korea, India and China were themselves highly dependent on crude oil imports from the ME.

Lufthansa has become the first major airline to ground dozens of its planes, as the fuel crisis caused by the Iran war takes hold. The German carrier said it would ground up to twenty-seven planes from its regional ‘CityLine’ imminently, citing the fact that “significantly increased kerosene prices, which have more than doubled compared to the period before the Iran war, as well as rising additional burdens from labour disputes, the implementation of the corporate strategy is being partially accelerated”. Nigerian airlines warned it could stop flying as soon as this Monday, 20 April, unless fuel prices – which have risen by around 270% since late February – came down. Airlines have been warning of fuel shortages within weeks and the potential for travel disruption ahead of the peak summer season, with carriers having to push ticket prices higher. Carriers have raised the cost of tickets, introduced fuel surcharges (yet again) and axed some routes in a bid to save cash. However, the situation may change following news today that Iran has announced the Strait of Hormuz would be “completely open” to commercial ships for the remainder of the ceasefire in the US-Israel war with Iran.

Rystad Energy has estimated that repair and restoration costs for energy infrastructure, damaged during the recent Middle East conflict, could reach as much as US$ 58.0 billion. It forecasts that rebuilding damaged power stations, desalination plants and heavy industrial assets such as aluminium smelters and steel facilities would cost up to US$ 8.0 billion and that restoration spending on oil and gas facilities alone could total between US$ 30 billion and US$ 50.0 billion. The latest estimate is somewhat higher than the original projected cost of US$ 25.0 billion. The scale of the operation is immense, and finance will not be the major problem this time but the primary constraint will be access to contractors, specialised equipment and fabrication capacity already committed to a wave of liquefied natural gas and offshore developments sanctioned globally since 2023.

The boss of South East Water has decided that he would forfeit his bonus this year after the utility suffered a drinking water outage in Tunbridge Wells in December and January. Chief executive, David Hinton, was facing an Environment, Food and Rural Affairs Committee of MPs after the corporate watchdog Ofwat fined the company US$ 30 million for repeated supply failures, in Kent and Essex, between 2020 and 2023, which impacted some 280k customers.

The co-founder of Dolce & Gabbana, Stefano Gabbana, has stepped down as the firm’s chairman, to be replaced by Alfonso Dolce, the brother of co-founder Domenico Dolce and the current D&G chief executive; however, he will continue his creative role at the company. The fashion house posted that his resignation came “as part of a natural evolution of its organisational structure and governance”. Like other major fashion companies, the Italian iconic firm has been impacted by a slowdown in the luxury goods sector, and recently by the fall-out from the Iran war.

Q1 revenue jumping 8.5% to US$ 19.44 billion seemed to justify PepsiCo’s earlier decision to lower prices and cut artificial ingredients; net income also rose 27.0% to US$ 2.33 billion. PepsiCo CEO Ramon Laguarta noted that “the consumer is coming back multiple times to our brands, responding to our holistic value plus execution, plus advertising, plus innovation strategy”. Following Covid, and in a bid to combat inflation, the drinks company bumped prices higher and for eight straight quarters between 2022 – 2023 posted double-digit percentage price hikes; 2024 continued with price rises but at a more moderate rate. The end result was reduced sales and its market value slumping by more than US$ 40.0 billion from 2023. Somebody in the company suddenly saw the light and last Spring, PepsiCo began cutting prices on value brands like Chester’s and Santitas. Then, last September, activist investor Elliott Investment Management took a US$ 4 billion stake in the company and began pressing for further price cuts and other changes. US prices on the likes of Lay’s, Doritos, Cheetos and Tostitos chips were cut by 15%, whilst it introduced new products, with no artificial ingredients – such as Cheetos NKD and Doritos NKD – and other trendy food items like Smartfood FiberPop and Doritos. On the drinks side, it acquired Poppi, a gut health soda and introduced a new lower-sugar version of Gatorade, with no artificial ingredients. The end result is that food and drink sales have surged both in its domestic and international markets.

The founder of the embattled Chinese property developer Evergrande, once the biggest real estate firm not only in China but globally, has pleaded guilty to a number of charges including embezzlement of assets and corporate bribery; Hui Ka Yan will be sentenced at a later date. In its heyday, it had a market cap of more than US$ 50.0 billion, but collapsed in 2021, with mega debts. It was later discovered that millions of dollars of pre-funding money had been siphoned off – not for construction – but to be used for new projects which resulted in hundreds of unfinished properties across China. At the time of its collapse, Evergrande had around 1.3k on-going projects in the works across two hundred and eighty cities in China. It became known as the world’s most indebted property developer after much of its empire was built on US$ 300 billion of borrowed money. Its 2021 collapse was the catalyst for the country’s property market to spin fall out of control, with the repercussions still being felt today impacting the country’s economic development.

China’s Q1 GDP grew at a faster than expected 5.0% on the year and 0.5% higher on the quarter – and this despite the ME war severely disrupting global energy supplies. This is the first release of economic data since the country cut its annual economic growth target last month to a range of 4.5%-5%, its lowest expansion goal since 1991. Although still badly impacted from the ongoing fall-out of its property investment sector, (and also to a lesser extent weak consumption and a shrinking population), the main driver for the improvement was manufacturing along with cars and other exports. Xi Ping has promised to invest heavily in innovation, high-tech industries and efforts to boost domestic spending. Like most other countries in the world, China has also to deal with energy problems, global trade tensions and Trump tariffs.

Across Thailand, it is estimated that tens of thousands of small and commercial vessels that work in the country’s multi-billion-dollar fishing industry have been stranded on shore as the ME war, and the resultant blockade on the Strait of Hormuz, decimate fuel supplies and see energy prices surging. It is estimated that, by last Friday, diesel prices had rocketed by over 260% in the space of just fifteen days to US$ 1.58 per litre; Thailand is vulnerable because it imports over half of its energy from the ME. Such prices make it impossible for some fishermen to return to the seas. On top of those troubles, consumers, with less disposable income, are also trying to save money by buying less produce. The industry is extremely fuel-intensive, as Thailand’s fishing boats consume about eighty-ninety million litres of fuel per month, with many making voyages that stretch for weeks and cover more than one hundred km offshore. Even a small hike in prices can be difficult to manage, and with fuel prices at such a high level, it is inevitable that many fishermen will be unable to go out fishing. A marked slowdown in the industry will result in Thai fishermen and families suffering great hardship, whilst thousands of Myanmar migrants, fleeing their war-torn country, will be out of work and have to return home. If more than 80% of fishing vessels are grounded, 150k workers will lose their jobs.

At the International Monetary Fund’s annual meeting in Washington DC this week, finance ministers, central bankers and financiers have spent some time discussing AI, and specifically about the development of the Claude Mythos model by Anthropic. They are concerned that this powerful new AI model could undermine the security of financial systems after it found vulnerabilities in many major operating systems. It appears that potentially it has an unprecedented ability to identify and exploit cyber-security weaknesses. The meeting concluded that there should be safeguards in place and to ensure that processes are in place to make sure that there is resiliency of financial systems. However, they are moving into unknown territory where anything is potentially possible.

The government has announced that it will cap interest rates on plans 2 and 3 student loans, at 6%, for one year from September, so as to protect UK students and graduates in England and Wales from the potential of inflation pressures due to the current state of the global economy. The loan system has long been criticised because of high interest rates; many students are seeing their original debt move higher. Interest on plan 2 loans is currently paid at a rate of between RPI and RPI plus 3%, which currently ranges from 3.2% to 6.2%, whilst students on plan 3 loans also face an interest rate of RPI +3%. Plan 2 student loans are those taken out for undergraduate courses and Postgraduate Certificates of Education since September 2012 in Wales and between September 2012 and July 2023 in England. Plan 3 student loans cover postgraduate master’s or doctoral courses for borrowers in England and Wales. Meanwhile, the other two student loan plans operating in England (1 and 5) will continue to charge a much lower rate of interest, whilst plan 2 and 3 graduates will still be charged significantly more interest than those of different generations. Proper reform is urgently needed.

Finally, some good news for the UK Chancellor as the Office for National Statistics confirmed that the UK economy saw its biggest monthly rise in more than two years in February, at 0.5%; it also raised its former zero estimate for January growth to 0.1%.

However, the IMF has slashed 0.5% off its 2026 UK GDP growth forecast to 0.8% – the biggest downgrade of the G7 nations – and much in line with a similar forecast from the OECD. All other countries faced projection declines, as did the overall global growth projection (which, it said, it would have been raised were it not for the war). The report noted that”the global economy has, to date, withstood a series of shocks, yet another one – this time a military conflict engulfing the Middle East since the end of February – is testing this resilience”. Not only the incompetent management of the Starmer administration, but also the country’s dependence on energy imports, its sensitivity to import prices and its comparatively high levels of government debt exacerbates the problem. The embattled Prime Minister is also facing resignation calls, from members of his own party for his role in supporting the Machiavellian Peter Mandelson as the UK ambassador in Washington despite him failing to pass initial security vetting checks. With the week ending so badly, there are many on both sides of the political divide that would like to see Sir Kier just Drift Away!