Be Like That!                                                                      09 January 2026

With villas still outpacing apartments when it comes to property price rises, ValuStrat estimates that the emirate’s residential property has risen by almost 20% over the past twelve months. Over the period, and with a January 2021 base index of 100, villa values surged 25.1%, to 323.9 points, while apartments posted a more modest 14.2 per cent annual rise, 185.9 points. The ValuStrat Price Index for Dubai’s residential market rose to 240.4 points in December 2025, an increase of 19.8% on the year and 1.3% on the month. Such figures surely consolidate Dubai’s position as a safe haven and major global real estate hub.

The index also confirmed the fact that Dubai’s freehold villas are now valued 211% above post-pandemic 2021 levels and 89% higher than the 2014 market peak. Leading villa locations include Jumeirah Islands, (37.2% annual growth), Palm Jumeirah (35.9%), Green Community West (23.6%), and The Meadows (23.4%). Meanwhile Victory Heights and Mudon also recorded gains of 19.5% and 10.7%, respectively. When it comes to apartments, the leading locations for price increases were Remraam (21.8%), Dubai Silicon Oasis (20.7%), The Greens (20.0%), Dubailand Residence Complex (19.5%), and Town Square (18.9%); on the lower side were International City (9.7%), Discovery Gardens (11.2%), and Business Bay (12.4%) – all posting more modest increases. Overall, apartment prices are now 85% above post-pandemic levels and are 2.0% higher than their 2014 peak.

Weighted average capital values citywide stood at US$ 1.00 million, with villas averaging US$ 3.92 million and apartments at US$ 537k, with villas at an average of US$ 831 per sq ft, while apartments averaged US$ 402 per sq ft.

Off-plan sales transactions accounted for 76% of all December deals with registrations 30.0% higher on the year, compared to ready-home transactions down 9.7% on the month but still nudging 3.0% higher on the year. The three leading off plan locations accounted for 28.8% of the total – Marjan (11.3%), Dubai Investment Park Second (9.9%), and Jumeirah Village Circle (7.6%). For ready homes, the four leaders, accounting for 25.3% of the total, were Jumeirah Village Circle, (10.9%), Business Bay (6.3%), Dubai Marina (4.6%), and Downtown Dubai (3.5%). There were twenty-seven ready properties sold, (those valued at over US$ 8.17 million – AED 30 million), including ten going for more than US$ 13.62 million, (AED 50 million). Most were located in Palm Jumeirah, Dubai Hills Estate, Al Barari, Jumeirah Islands, District One, and Emirates Hills.

The six most active developers were Binghatti (19.5%), Emaar (13.2%), Damac (5.6%), Danube (3.7%), Azizi (2.5%), and Nakheel (2.4%), reflecting strong competition in both luxury and mid-market segments.

Meraas has unveiled plans for a major residential expansion in Dubai Design District, spanning eighteen million sq ft, with a combination of residential, cultural, retail and hospitality properties. The real estate developer, a member of Dubai Holding Real Estate, said the expansion supports the emirate’s ambition to become a global hub for design, culture and innovation, in line with the Dubai Economic Agenda D33, and expects interest from both local and international property buyers. On completion, D33 will be seen as a creative, canal-front residential neighbourhood, designed for ‘creative professionals, investors and families seeking design-led urban living.’ A key feature of the new neighbourhood is the Design Line, a shaded, pedestrian-first spine, that connects the entire district. The masterplan shows five distinct areas:

• canal-front residences with boutique hospitality
• an urban core combining homes with curated retail and dining
• a cultural quarter overlooking the d3 Bowl
• a wellness-focused residential zone with parks and sports facilities
• a creative hub featuring galleries, studios and loft-style spaces.

The two-day PropTech Connect Middle East 2026 will take place starting on 04 February at the Grand Hyatt, hosted by the Dubai Land Department. This will be the first regional edition of the real estate technology event. Its hosting supports the objectives of the Dubai Economic Agenda, D33, which places digital transformation and innovation, in the real estate sector, at the core of efforts to double the size of Dubai’s economy, enhance its global competitiveness, attract high-quality investments, and strengthen the emirate’s position as a global hub for business and the digital economy. Furthermore, it will also align with the Dubai Real Estate Sector Strategy 2033, led by the Dubai Land Department, which aims to promote empowering technology in the property space, enhance data centralisation, improve market efficiency and transparency, and deliver an integrated experience for customers. The event is expected to attract more than three thousand participants from around the world and over 1.5k companies across the real estate ecosystem. There will be more than two hundred global speakers from leading real estate, investment, and technology institutions, whilst featuring more than sixty panel discussions.

Following a change in Friday prayer time, to 12.45pm, and effective today, 09 January, the UAE has announced revised Friday timing for government schools, as listed below:

• Kindergarten

8am – 11.30am

• Cycle 1 (two schedules)

7.10am – 10.30am

8am – 11.30am

• Cycles 2 and 3

Boys: 7.10am – 10.30am

Girls: 8am – 11.30am

The Knowledge and Human Development Authority had earlier announced that all private schools and early childhood centres, operating within private schools, must end the school day no later than 11.30am on Fridays. For students in Grade 6 (Year 7) and above, schools may seek approval to offer online learning on Fridays, subject to parental consultation and KHDA approval.

Dubai World Trade Centre has announced its events calendar for H1 that will feature seventy-one international exhibitions and conferences across myriad sectors including security, healthcare, food, energy, mobility, tourism, technology and culture. The calendar supports Dubai’s Economic Agenda D33 and strengthens the city’s position in business tourism and cross-sector collaboration. The events will be housed across its main venue and the expanded Dubai Exhibition Centre (DEC), increasing Dubai’s capacity to stage large-scale international events.

The Q1 calendar includes:

• 12 – 14 January Intersec (held alongside Light Intelligent Building ME)
• 13 – 15 January FESPA ME
• 18 – 20 January World Of Coffee
• 19 – 21 January AEEDC Dubai
• 26 -30 January Gulfood (will be co-hosted at DWTC and DEC)
• 04 – 05 February                            Aircraft Interiors ME and MRO ME,
• 04 — 05 February                           Breakbul k ME and World Shisha Show
• 04 – 08 February                           The Dubai 2026 World Stamp Exhibition
• 09 – 12 February                             World Health Expo – formerly Arab Health
• 10 – 13 February                            WHX Labs – formerly Medlab ME
• 10 – 12 February                            Dubai Entertainment, Amusement & Leisure Expo 
• 11 – 12 February                           IFX Expo Dubai
• 18 Feb – 19 March                        Ramadan will see DWTC host The Majlis offering Iftar services
• 24 – 26 March                                 DUPHAT                                                                                           31Mar – 02 April                             Gulf Print & Gulf Pack and Dubai Derma 22

Emirates SkyCargo is planning a further addition of ten Boeing 777 freighters this year to increase flexibility, and support rising global demand across sectors such as e-commerce, pharmaceuticals, and perishables; its current fleet is at eleven Boeing 777Fs and five wet-leased Boeing 747s. This is on the back of IATA data that shows resilience in the air cargo market, with annual growth of 4.1% posted in October – marking eight consecutive months of growth – and a new monthly record for traffic. Its current network covers forty-two destinations, with SkyCargo signing new interline partnerships with Astral Aviation in Africa and Teleport in SE Asia, last year.

On the first eleven days of 2026, DXB expects to welcome some 3.4 million passengers, with daily traffic consistently exceeding 300k travellers, with Emirates also pointing to high outbound volumes during the same period. It also advises passengers to arrive at the airport at least four hours before departure, use remote check-ins or use options such as Emirates City Check-In, in DIFC or Ajman, or opt for Home Check-In services in Dubai and Sharjah to avoid queues. Last week, Emirates, warned that the post-holiday period will see busy arrival halls, longer immigration queues, and increased road traffic, as families, professionals, and students return to the UAE after overseas breaks. The airport broke its daily record when 324k passengers passed through the airport on 03 January.

The UK first launched its Electronic Travel Authorisation (ETA) scheme in October 2023, starting with Qatari nationals, before expanding it to Gulf countries, including the UAE, in February 2024. Passengers travelling to the UK face new digital entry rules, with Emirates warning that travellers without an approved ETA will not be allowed to board flights from 25 February. The ETA is a digital permission to travel, required for visitors who do not need a visa for short stays of up to six months The UK Home Office noted that “visitors from eighty-five nationalities, including the US, Canada, and France, who do not need a visa, will not be able to legally travel to the UK without an ETA from 25 February”.

A new global study by long-haul travel specialists Travel Bag has found that Abu Dhabi and Dubai have been named the safest cities in the world for solo travellers. The report, which analysed thirty-six destinations, was based on user perceptions of safety, theft, assault, and property crime, using daytime and nighttime safety scores from the Numbeo Crime Index, along with factors such as affordability, transport costs and traveller acceptance. Dubai ranked second with scores of ninety-one by day and eighty-three at night. With its low crime rate, twenty-four-hour lifestyle, and well-lit public spaces, the city allows solo visitors to explore areas such as Dubai Marina, night beaches, and shopping districts with confidence.

The top five safest cities were:

1. Abu Dhabi               UAE                 – 92 | 87
2. Dubai                       UAE                 – 91 | 83
3. Chiang Mai              Thailand          – 93 | 81
4. Muscat                    Oman              – 89 | 76
5. Queenstown            New Zealand   – 86 | 74

 

Solo travel is booming worldwide, with 76% of Gen Z and Millennials saying they plan to travel alone this year, with safety being the top concern. While the UAE dominated on safety, Hanoi in Vietnam was named the best overall destination for solo travellers in 2025, scoring highly for daytime safety, low travel costs and a friendly atmosphere. There a pint of beer costs just US$ 0.95, while public transport averages US$ 0.34, making it one of the most affordable capitals in the world. Colombo and Kandy came in second and third.

According to the Startup Friendly Cities Index 2026, Dubai was rated third, behind San Francisco and Zurich, but ahead of London, Paris and New York. The new global index that measures how well cities support entrepreneurs and early-stage businesses, is published by global platform Multipolitan. This result indicates that the emirate continues to enhance its position as a global hub for entrepreneurship, driven by fast company set-up processes, digital infrastructure and policies designed to attract international talent. The index assesses startup eco-systems in sixty countries, following which it ranks twenty-eight cities, using five key measures – startup activity, digital connectivity, young talent, quality of life and business agility.

The Top 10 Startup-Friendly Cities 2026 are:

1. San Francisco

2. Zurich

3. Dubai

4. Singapore

5. New York City

6. Los Angeles

7. Seoul

8. London

9. Hong Kong

10. Paris

An agreement signed this week sees Parkin managing parking facilities at six Spinneys and Waitrose supermarkets, in a bid to ease congestion and improve access at these busy retail locations. The parking operator will use its automated access and enforcement systems at the selected stores, with the first two hours free and thereafter standard hourly charges will apply, in a move aimed at improving space availability and turnover; customers will be able to pay via their phones.

Buyers will benefit from the new Civil Transactions Law, that has introduced more transparent regulations for sales contracts, given more time for filing claims related to hidden defects and enhanced remedies for defective goods; in the case of latent defects, buyers used to have six months to claim, now it will be one year, and even longer if a contractual guarantee is agreed. The triple aims appear to be modernising sale transactions, reducing disputes and aligning the law with contemporary commercial practices. The new law also sees the clarification of sale contracts, including clearer regulation of sale by sample and sale by model, and will provide greater protection for people lacking full legal capacity, particularly in cases of grossly undervalued real estate sales. The sale contract reforms form part of a broader update to the Civil Transactions Law, aimed at improving clarity, fairness and trust in the legal system.

A new regulation issued by the UAE Ministry of Foreign Affairs sees Emirati citizens traveling to Georgia having to show health and accident insurance policies upon arrival. It further adds that the insurance documents must be valid for the entire duration of the traveller’s stay, can be issued in either English or Georgian, with a minimum required coverage of US$ 11.15k. It also added that the policies must be issued by reputable insurance providers, whether international or Georgian, or arranged through airlines. The policy took effect on 01 January.

The UAE has taken over the presidency of the Middle East and North Africa Financial Action Task Force for 2026, led by Hamid Saif Al Zaabi. MENAFATF, which includes twenty-one member states, with a combined GDP of over US$ 3 trillion, plays a key role in combatting money laundering, terrorist financing, and related threats across the region. This year, the regional organisation is set to prepare for its third round of mutual evaluations under updated global standards set by the Financial Action Task Force. Its triple aims this year are to modernise governance frameworks, expand international cooperation, and address emerging financial crime risks. Key priorities also include studying emerging risks linked to virtual assets, fintech, AI, beneficial ownership transparency and asset recovery.

The UAE’s regulated stablecoin ecosystem is steadily gaining ground, with announcements this week from RAKBANK and Network International. The Central Bank of the UAE has approved, in principle, for the bank to issue an AED-backed stablecoin, (with the proposed stablecoin being backed one-to-one by UAE dirhams held in segregated, regulated accounts, supporting full redemption at par value). The payments firm has moved to enable stablecoin payments across merchant platforms through AE Coin, becoming the first payments platform in the UAE to enable regulated stablecoin payments at scale through AE Coin, following a MoU with Al Maryah Community Bank. The partnership will integrate AE Coin into Network’s point-of-sale and e-commerce systems, allowing merchants to accept stablecoin payments across physical and digital channels.

With its Tier 1 Third-Country Central Counterparty recognition by the European Securities and Markets Authority granted, Dubai Clear, a subsidiary of Dubai Financial Market and Nasdaq Dubai, has become the first CCP in the Middle East and North Africa region to achieve ESMA Tier 1 status. This award enhances the country’s financial market infrastructure credibility and confirms the emirate’s emergence as a globally recognised centre for internationally aligned post-trade services. It also enables Dubai Clear and Nasdaq Dubai to attract market participants and institutions from EU countries as clearing members, strengthening cross-border connectivity between both markets in Dubai and European capital markets. It reflects the strength and maturity of Dubai’s regulatory environment and its alignment with international best practices in risk management and market oversight, whilst reinforcing Dubai’s long-term commitment to transparency, financial stability, and world-class market infrastructure.

The DFM opened the week on Monday 05 January on 6,114 points, and having shed twenty points, (0.3%), the previous week, closed one hundred and twelve points higher (0.8%), to close the week on 6,226 points, by 09 January 2026. Emaar Properties, US$ 0.04 lower the previous week, gained US$ 0.06 to close on US$ 3.92 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.76 US$ 7.79, US$ 2.36 and US$ 0.45 and closed on US$ 0.78, US$ 8.00, US$ 2.57 and US$ 0.46. On 09 January, trading was at one hundred and forty-six million shares, with a value of US$ one hundred and twenty million dollars, compared to one hundred and ninety-six million shares, with a value of US$ one hundred and twenty-seven million dollars, on 02 January.

By 09 January 2026, Brent, US$ 0.90 (1.5%) lower the previous week, gained US$ 3.31, (5.5%), to close on US$ 63.60. Gold, US$ 213 (4.7%) lower the previous week, gained US$ 173 (4.7%), to end the week’s trading at US$ 4,497 on 09 January. Silver was trading at a record US$ 79.92 – US$ 7.90 (11.0%) higher on the week.  

Last Sunday, OPEC+ – Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman – kept oil output unchanged, having raised oil output targets by around 2.9 million bpd in 2025, equal to almost 3% of world oil demand, to regain market share; over the year, Brent fell 16.8% to US$ 60.91. Sunday’s meeting reaffirmed the position that was agreed last November, which had been to pause output hikes for January, February and March due to relatively low demand in the northern hemisphere winter. Sunday’s brief online meeting affirmed that policy and interestingly did not discuss Venezuela. Its next meeting is scheduled for 01 February.

On Tuesday, Donald Trump announced that Venezuela’s interim leaders had agreed to US-managed marketing of thirty to fifty million barrels of crude, followed by US Energy Secretary Chris Wright announcing that Washington will control sales of Venezuelan oil “indefinitely”. He added that “we’re going to market the crude coming out of Venezuela, first this backed up stored oil, and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace”.

For the first time since the onset of the pandemic, UK new car sales topped two million, driven largely by rising demand for EVs; sales came in 3.5% higher on the year, but were still slightly down on the 2019 pre-pandemic figure of 2.31 million units. The Society of Motor Manufacturers and Traders posted that EVs accounted for around 23% of the total 2025 registrations, as fully electric car sales rose by almost 25% to a record level.

Not before time, Ford Motor has decided to allow drivers to take both their eyes off the road and hands off the wheel when driving their new midsize EV truck as from 2028; the entry price will be in the region of US$ 30k. It announced that Level 3 driver-assistance systems, which are being developed by a specialised team in California, will initially only be available on Ford’s new electric vehicle platform and only when operating on certain highways; this would be available at an additional, yet unknown, cost. It is expected that the technology will be expanded to other Ford vehicles later. The carmaker would not comment which model, from the platform, would first get the advanced driver-assistance software.

It has been a long time coming but finally Tesla, with sales declining for the second consecutive year, has lost its crown, as the world’s top EV maker, to China’s BYD; last year, its sales outside of China rose to a record one million vehicles, (an eye-watering 150% surge on the year with a further 60% hike forecast for 2026 to 1.6 million). Tesla said it delivered 418.22k vehicles in Q4, (15.6% lower on the year); during the year it delivered 1.64 million units – 8.4% lower on the year. Tesla’s problems have not been helped by increasing competition, the expiration of US tax credits and recent damage to its brand by its owner’s political rhetoric. Its ‘fall from grace’ has been widely felt in the European markets, where BYD has continued to widen the sales gap with its US competitor. After Donald Trump ended the US$ 7.5k federal tax credit for EVs, in September, demand has softened. It is estimated that global sales surged 28% last year, with the Chinese leading brand outselling Tesla for the first time on an annual basis. It does seem that much of Tesla’s focus lays on its near future projects – especially robo-taxis and self-driving cars – to justify its steep valuation. Its share value at the start of 2025 was US$ 411, before almost halving to US$ 222 last March, whilst ending the year on US$ 450.

Elon Musk’s latest foray into the financing market sees his AI startup xAI raising US$ 20.0 billion in its latest funding round, as it accelerates development of its Grok AI models, in a crowded market with competition from the likes of OpenAI, Google, Perplexity and Anthropic. The fact that this latest funding round was oversubscribed continues to show that investors are still hungry to get involved in the sector despite the current lack of returns on the mega investments already made. The oversubscribed round drew investment not only from Nvidia, (who will support xAI’s computing infrastructure expansion by supplying its highly prized AI chips and software), but also from Valor Equity Partners, Stepstone Group, Fidelity Management & Research Company, Qatar Investment Authority, MGX and Baron Capital Group. Last year, it launched the deployment of what it claims are the world’s largest AI supercomputers, whilst its Colossus I and II data centres in Memphis now house over one million high-performing GPUs, the AI chips from Nvidia that are supercharging AI development.

It is reported that Glencore and Rio Tinto are in preliminary discussions about a possible combination of some or all of their businesses, which could include an all-share merger. The mega miners had previously talks in late 2024 but decided to go their own ways then.US-listed shares of Glencore shares in New York surged 6.0% on the news, whilst Rio Tinto headed in the other direction, with their share value down 6.3% on the Australian Stock Exchange.

There are reports thatTGI Fridays is finalising plans to buy back a slimmed-down version of the UK casual dining chain that could result in hundreds losing their jobs. Sugarloaf TGIF Management, which only took control of TGI Fridays two months ago, is preparing to implement a pre-pack administration of the business that will involve the closure of a significant proportion of the estate’s forty-nine restaurants. (A pre-pack insolvency involves a buyer being lined up for a company or its assets without its financial liabilities, immediately after the appointment of administrators takes place). The hospitality industry was badly impacted by moves in Rachel Reeves’ October 2024 and last November’s budgets that saw additional employers’ national insurance and other tax hits.

In a US$ 1.35 billion plus deal, Oakley Capital has agreed to buy a majority stake in Global Loan Agency Service, which specialises in the provision of loan administration and bond trustee services, and has become a fast-growing player in the global finance industry: GLAS was founded in 2011 by Mia Drennan and Brian Carne. It is understood that La Caisse, the Canadian pension fund giant previously known as CDPQ, was a co-investor and that the agreement to purchase is from Levine Leichtman Capital Partners, another private equity group.

In a US$ 1.082 million deal, Bridgepoint, the London-listed buyout firm, has agreed to buy a controlling stake in Interpath Advisory, from fellow private equity firm HIG Europe. The buyer, which is also the owner of Burger King’s British operations, had been involved in a hotly fought auction with some other big players such as Blackstone, Onex, PAI Partners and Permira. Interpath was spun out of KPMG UK in 2021, driven by the changing regulatory climate in the audit profession, following the collapse of companies such as BHS and Carillion, prompting a number of disposals by ‘big four’ firms to divest their consultancy units. Interpath is currently involved in some high-profile liquidations/restructuring such as Claire’s, TGI Friday’s and Russell & Bromley; in 2024, it was used by Sir Jim Ratcliffe’s Ineos Sports to help cut costs at Manchester United FC. Since HIG Europe acquired the business, four-and-a-half years ago, Interpath has doubled its EBITDA, with latest reports posting a 26% increase in revenue to almost US$ 200 million. Its chief executive, Mark Raddan, noted that “although we’re only four years old, we have a clear vision to become one of the world’s leading advisory firms and have made enormous strides towards that goal”. He and other senior executives are expected to retain a stake in the firm following the completion of the Bridgepoint deal.

Because of Spire Healthcare’s disappointing share performance, that has seen more than 25% wiped off its book value in 2025, to give a market cap of US$ 902 million, there has been increased shareholder pressure to sell the business; this is despite the company’s real estate assets alone have been valued at more than US$ 1.88 billion. The Board has already begun to explore options for maximising shareholder value. It is reported that the UK’s biggest private hospital operator has handed prospective suitors, including private equity firms, a 20 January deadline to pursue a takeover of the company. As well as running a network of private GP practices, and providing occupational health services to hundreds of corporate clients, it runs thirty-eight hospitals and more than fifty clinics, medical centres and consulting rooms across the UK. The healthcare group’s shareholders rejected a US$ 3.55-a-share offer from Australia’s Ramsay Healthcare in 2021, saying it undervalued the business. Its stock closed 2025 at US$ 2.25 per share.

Helped by a better-than-expected Christmas trading environment, Next reported that full-price sales rose by 10.6% in the nine weeks to 27 December, with UK sales up 5.9% and international sales 38.3%. Accordingly, the retails giant now expects full-year profits of US$ 1.56 billion for the twelve months to the end of January – 13.7% higher on the year. This is the fifth time, over the past twelve months, that Next has upgraded profit forecasts, starting the financial year with a US$ 1.42 billion expectation. Over the period, it has seen its market cap surge by 37%. It is not so bullish on the 2026 outlook, forecasting 4.5% sales growth as “continuing pressures on UK employment are likely to filter through into the consumer economy as the year progresses”.

Others are not faring as well. Reports indicate that the carnage on UK shop floors continues with the latest facing the chop being Claire’s and The Original Factory Shop – both owned by the investment firm Modella Capital and both on the brink of collapse – with the loss of over two thousand, five hundred jobs. Both, with a combined portfolio of some three hundred outlets, have filed notices of intention to appoint administrators which will give them breathing space from creditors. It seems they are the latest casualties of government policies, with a significantly increased tax burden on the retail industry and demands from landlords to take back swathes of shops. It does seem that both will carry on trading while seeking buyers.

Further bad news point to the fact that data from Sensormatic Solutions showing that retail footfall on 23 December, the last full shopping day before Christmas, fell 13.1%, compared to 2024. There are many who now feel that the sector will worsen into the new year.

Berlin-based ‘GetYourGuide’ is reportedly interested in a secondary share offering at a multibillion-euro valuation. The travel experiences marketplace is in discussions with investment banks, but no final decision has been made. Latest figures show that its revenue had grown to US$ 1.18 billion, (eur 1.0 billion) and that the company had posted a profit for the first time and that in one quarter last year, it had booked more than ten million experiences on its platform. Its last foray into the capital market was in 2023 when the Singaporean state fund Temasek and private equity giant KKR participated in a US$ 265 million equity and debt funding round, and that valued it at US$ 2.0 billion; any new secondary share sale is likely to be priced at a premium to that valuation.

Online shopping sales in the Republic of Korea jumped 6.8%, from a year earlier, to a record high in November, driven by strong demand for food-related services. The value of online shopping transactions stood at US$ 16.75 billion – 6.8% higher on the year – and the highest level since official records started in 2017. Promotions helped with increases of 13.7% in the sales of food services and 8.5% on travel and transportation services. There was a 7.9% jump in purchases made through smartphones, tablets and other mobile devices. However, there was a 4.9% decline in the online sales of home appliances and electronics, largely due to a decrease in promotional events offered by online shopping malls.

In December, Korea’s KOSPI posted that foreign ownership, as a share of total market capitalisation, reached its highest level in almost six years, supported by a rally in the equity market. Foreigners now account for 32.9% of the total market cap, after they bought a net US$ 2.4 billion worth of local shares in December; the previous month saw foreign interests holding 29.6% of the total market cap. It is also reported that foreign investors purchased a net US$ 3.12 billion worth of shares in the electronics sector in December. In the bond market, foreign investors bought a net US$ 6.1 billion worth of bonds last month The conclusion must be that this sharp rise in foreign investment is down to overseas confidence that the Korean economy – and its chipmakers – will benefit from robust global demand for memory chips.

In his New Year message, Singapore’s Prime Minister, Lawrence Wong, confirmed that the country’s economy grew by ‍a “stronger-than-expected” ‍4.8% in 2025. He also noted that “this is a ‌better outcome than we expected, given ⁠the circumstances, but we must be realistic: sustaining this pace of ⁠growth will be challenging”, adding that “fractured trade and geopolitical tensions are ‍not transient problems, but permanent features ​of a fragmented world”.

Malaysia’s economy is expected to get a boost – this following Prime Minister’s Anwar Ibrahim announcement of key measures supporting businesses that include a lower service tax rate on rental for SMEs, a one-year penalty-free transition period for e-invoicing, and the full settlement of excess tax refunds for the 2023 and 2024 assessment years. Not surprising, the initiatives have been welcomed by the business community, across the board, that will see a reduction in operating expenses, an improvement in cash flow and an easing in cost-of-living pressures.

According to data from London-based aviation analytics firm Cerium, Philippine Airlines, with an 83.12% on time performance rate, has, for the first time, clinched the top spot as the most punctual airline in the Asia-Pacific region. PAL, (founded in 1941 as Asia’s oldest continuously operating commercial airline), was followed by Air New Zealand, Japan’s All Nippon Airways and Singapore Airlines securing fourth. In August 2025 alone, PAL bagged the top spot in Asia Pacific punctuality, beating heavyweight rivals Singapore Airlines and Qantas with an 89.37% on-time record. Cirium considers a flight “on time” if it arrives or departs within 14 minutes and 59 seconds of schedule, drawing from over six hundred real-time flight data sources for accuracy.​

By the end of December 2025, China’s foreign exchange reserves rose 0.34%, on the month, to US$ 3.3579 trillion. According to the State Administration of Foreign Exchange, factors, such as macroeconomic data and monetary policies in major economies, were the leading drivers behind the US dollar index declining and mixed movements in global financial asset prices.

To further consolidate its leading position as a global AI innovation hub, the People’s Republic of China aims to grow its core AI industry, beyond US$ 142.5 billion, within two years, whilst adding to its 5.3k companies, currently accounting for 15% of the global total. The plan, which will comprise nine major initiatives targeting different sectors of the AI industry, prioritises technological breakthroughs through coordinated research efforts, boosting high-quality data supply and expanding applications across sectors. It also includes measures to attract top talent, mobilise long-term capital and support open-source ecosystems, with three other targets. They are building a domestically produced AI computing cluster, (with a capacity of over 100k chips), adding more than ten newly listed AI-related companies and cultivating over twenty unicorn firms in this sector.

Last week’s blog reported on the fact that Australia’s banks’ watchdog appeared to have closer relationships with some of the entities it oversees to the detriment of the stakeholders it is supposed to protect.  It was reported that CBA was able to convince the bank watchdog to push back the announcement, until after its 2024 annual general meeting, despite it having been caught in a massive breach of spam law. This week, it seems that the Australian Communications and Media Authority had been involved in changing a draft media statement announcing action against Sportsbet after lobbying from the gambling giant. It seems it had pressured ACMA to ‘water down’ an enforcement announcement after the watchdog had found Sportsbet continuing to text and email tens of thousands of customers even though they had already tried to unsubscribe from marketing messages. Indeed, ACMA should only alter quotes if they were incorrect or unsupportable, but this was not the case here. Another example of the watch dog probably barking too close to the companies it regulates.

According to latest figures issued by Cotality, its December Home Value Index rose at its smallest increase since July, at 0.7%; however, the annual increase, at 8.6%, ensured that the Australian national median dwelling value rose by US$ 47.78k. There are signs that the bull market, evident since May 2022, may soon be ending, attributable with market sentiment that the recent rate-cutting exercise may be over. In May 2022, interest rates were at 0.35%, only to rise 4.0% over the next eighteen months to 4.35% by November 2023. Over the next fifteen months, rates remained flat until February 2025 when rates started their fall, starting with a 0.25% reduction; since then, there has been four cuts with the current rate at 3.6%. The fact that rates may now have ended their downward trend has spooked the housing market that is influenced by the direction of rate reductions; two other factors have had their input – cost of living pressures and deteriorating housing affordability. Both leading cities, Sydney and Melbourne, saw property markets going backwards, by 0.1%, for the first time since January last year – an indicator that prices had started losing momentum, with the trend probably continuing into the new year.  Other monthly rises were:

• Adelaide and Perth           both up 1.9%
• Darwin and Brisbane        both 1.6%
• Hobart                              0.9%
• Canberra                           0.2%

This comes after 2025 witnessed its strongest year in home values post Covid, after 2021, home values then surged 24.5%. There are various factors driving these impressive figures. One is the 5% deposit scheme which is helping to push up demand especially in the under US$ 670k, (AUD one million), deposit scheme. (The Scheme enables eligible first home buyers to purchase a home with a deposit as low as 5%, and single parents or legal guardians with a deposit as low as 2%). The country also has relatively affordable housing scattered across the country, including in sections of Perth, Adelaide, Hobart and SE Queensland. Although Sydney is still largely unaffordable for those on average incomes, with a median house price of US$ $1.0 million, the combined capital cities have a median dwelling price of US$ 663k and the regions US$ 491k. Nationally, the median dwelling price is US$ 603k.

The Australian Prudential Regulation Authority has announced restrictions on home loans to limit the number of ‘high risk’ large loans being issued to customers; this is just one move indicating that the banks will be tightening up on mortgage approvals. It means only 20% of all new loans approved can have the total amount borrowed at more than six times the borrower’s annual household income. Furthermore, interest rates have a big impact on prices – with any move upwards curtailing interest and the opposite effect when rates head lower. Inflation and/or wage levels have an impact on the affordability side of the equation.  The fact that not enough new dwellings are hitting the market also has an impact on the supply side which can be a reason for rising prices.

Eurostat November figures showed that the euro area seasonally adjusted unemployment rate came in at 6.3%, down 0.1% from October’s results but 0.1% higher, at 6.2%, on the year. Meanwhile, the November EU unemployment rate was flat, on the month, at 6.0% but 0.2% higher, on the year. The statistical office of the European Union estimated that 13.23 million persons in the EU, of whom 10.94 million in the euro area, were unemployed in November 2025. On the month and year, EU figures were 97k lower and 416k higher with the euro area posting figures 71k lower and 253k higher.

As job opportunities are comparatively low, there was no surprise to see the number of Americans filing new claims for unemployment benefits rising slightly last week, ending 27 December, with initial claims for state unemployment benefits increasing by 8k, to a seasonally adjusted 208k.

The US Department of Commerce noted that the country’s October trade deficit narrowed sharply, plunging 38.9%, on the month, to its lowest level of US$ 29.4 billion. Imports fell 3.2% during the month, to US$ 331 billion, as exports were 2.5% higher at US$ 302 billion.

According to Calastone, UK outflows from equity funds topped US$ 9.0 billion last year – a record since the fund data provider first compiled figures eleven years ago in 2015; no surprise to see the main driver being investor uncertainty prior to the 29 November budget spooking investors to look elsewhere. December was the seventh month in a row of consecutive monthly outflows, at a net US$ 253 million, bringing the H2 total funds withdrawn from equities to US$ 14.3 billion.

A week ago, Nationwide posted December housing data that indicated UK house prices had slipped 0.4% in what was ‘a slow month’. Halifax reported softer figures, showing a 0.6% decline in the month bringing the average UK property to be valued at just over US$ 400k – only 0.3% higher on the year. Industry analysts, who were looking at a 0.2% hike in December, were left disappointed. Amanda Bryden, head of mortgages at Halifax, commented that “while this may feel like a subdued close to the housing market in 2025, overall activity levels were resilient over the last year and broadly in line with the pre-pandemic average”.

According to the Centre for Policy Studies, it does seem that the embattled Chancellor is “quietly hammering” workers with stealth taxes, as a result of her two budgets. Although she had not directly increased employee income tax and direct employee national insurance, she did extend a freeze on them until 2031. This will inevitably result in many being dragged into a higher tax bracket, in line with an increase in their wages over the next five years. By this manoeuvre, the Treasury expects to raise almost US$ 31.0 billion to help the government “deliver on the country’s priorities”, like cutting NHS waiting lists and debt. However, the CPS estimates that by 2031 a person earning US$ 67.12k today will be US$ 678 worse off in 2031, despite a salary increase of US$ 8,054 over that period. In contrast, pensioners and those on welfare are set to be better off. Thanks to the triple lock guaranteeing increases in line with inflation, earnings or 2.5%, whichever is higher, a pensioner could expect to be at least US$ 411 better off in real terms in 2030-31. If people relying on the state pension are exempted from paying income tax, even once the payment crosses the personal allowance threshold, they could be US$ 721 better off. And increases to the standard rate of universal credit will mean someone on unemployment benefits will be US$ 389 better off. It is true that the Chancellor said that she was “asking everyone to make a contribution” to fund public services, but it does seem that the workers are paying more than their fair share.

Despite her promise that High Street hospitality businesses would benefit from “permanently lower tax rates” after the budget, it is estimated that pubs face an average tax rise of 76% over three years, thanks to Rachel Reeves’s decision to remove a Covid-era relief and to launch a review into rateable property values. The year has just begun but it seems highly likely that she will shortly be introducing her twelfth economic U-turn as political and popular pressure is forcing her to do something that will save pubs from crushing tax increases. It appears that an increasing number of Labour MPs has begun to organise a rebellion against the Chancellor’s business rates changes. The hospitality industry say her changes will lead to many businesses going to the wall, as pubs in particular face sharp tax rises. The Treasury is putting together a US$ 402 million package to support pubs and avoid large increases in business rates. However, this manoeuvre has only led to more industry calls for support, including hotels and the live entertainment industry, which are also in line for increases in business rates thanks to the government’s new decision to launch a review of how businesses are valued for tax purposes.

Following voluntary restrictions being introduced last October, a new online and TV ban on the advertising of unhealthy food comes into full effect on 06 January. Ads promoting “less healthy” food and drinks, that are high in saturated fat, salt and sugar, are banned on UK TVbetween 5.30am and 9.00pm, and online at any time. Products, included in the thirteen-category range, include soft drinks, chocolates and sweets, pizzas, cakes and ice creams, but also breakfast cereals and porridges, sandwiches, sweetened bread products and yoghurts. Adverts for plain oats and most porridge, muesli and granola will not be affected, but some less healthy versions, with added sugar, chocolate or syrup, could face restrictions. The government estimates the ad ban will prevent around 20k cases of childhood obesity – a mere drop in the ocean when there are over 12.7 million under sixteens in the country, of which perhaps at least 20% are clinically obese. The pity is that for many of them, there is no need to Be Like That!

It’s A Rich Man’s World!                                     26 December 2025

For the penultimate week of 2025, total real estate transactions touched 4.23k, with a total sales value of US$ 3.84 billion, with an average price per sq ft of US$ 490. New projects launched included Damac Islands 2 – Tahiti 2, (Al Yelayiss 1), Palace Residences Hillside B, (Hadaeq Sheikh Mohammed bin Rashid), and Silviana Park Living, (Al Barsha South Fifth). Meanwhile Binghatti dominated the off-plan apartments sector, with Vintage, Titania and Amberhall, followed by Breez by Danube and Empire Lake Views, with respective sales of one hundred and thirty-five, one hundred and two, seventy-five, sixty-four and fifty-two; prices per sq ft were US$ 518, US$ 490, US$ 463, US$ 954 and US$ 409. In the off-plan villa sector the leading five were The Valley, (six sales) Anya, (5), Wadi Al Safa 3, (4), The Acres (4) and South Bay, (4) with prices per sq ft of US$ 518, US$ 463, US$ 817, US$ 381 and US$ 327.

Mashriq Elite Real Estate Developments has officially started construction on its inaugural residential project in Dubai Islands – ‘Floarea Breeze’; the waterfront development will feature forty-eight luxury apartments and four exclusive townhouses. It will comprise a range of twelve one B/R, twenty-four two B/R and twelve three B/R apartments, with prices starting at US$ 490k; completion is slated for Q3 2027. It will feature an impressive Grand Lobby, elegant designer corridors, apartments with floor-to-ceiling Italian tiles, premium wood finishes, and integrated smart home technology. ‘Floarea Breeze’ is the developer’s sixth residential project in Dubai, and it has a pipeline of more than 1.2k new residential apartments. (According to Dubai Land Department, in H1, Dubai Islands – which spans seventeen sq km – posted over 2k sales transactions, totalling US$ 1.66 billion. The total development will add more than twenty km of beachfront to the city, and is expected to have over eighty luxury hotels, as well as golf courses, retail destinations, and exclusive properties).

NBCC (India) Ltd has made its initial investment into the Dubai property market, with a US$ 4.1 million investment, in Dubai Mainland.  Although a relatively small investment, it marks a   rare overseas real estate investment, by an Indian state-owned firm, whilst signalling a shift toward global diversification; it will be developed as a mixed-use project. No further details were readily available. The Indian company’s business includes project management consultancy, engineering and real estate development and this move into an overseas market will allow it to pursue work in markets, with strong investor demand and deeper global capital flows. It joins other Indian-related developers such as Sobha Group, already with multiple projects in Dubai, Sunteck Realty, which has recently announced developments valued at more than US$ 4.00 billion, over the next three years, and Casagrand who have launched in Dubai Islands. It is expected that other Indian companies will join the bandwagon in the coming months because of the emirate’s clearer regulations, faster project approvals and stable demand from global buyers; in addition, Indians remain the Dubai’s biggest expatriate group of property investors.

Reports show that Brazil’s footballer, Vinícius Júnior, has acquired a landmark penthouse from Tiger Properties at the prestigious Tiger Sky Tower, located in the heart of Business Bay. His penthouse has a complete three-hundred-and-sixty-degree panoramic view of the city, including a direct sighting of the Burj Khalifa. It features expansive floor-to-ceiling windows and generous interiors. This acquisition further reflects the growing preference of elite athletes, and international personalities, to select Dubai as their home and investment destination.

This week, Prestige One Developments unveiled ‘Hilton Residences Dubai Maritime City’ – the world’s first Hilton-branded standalone waterfront residential development.

YTD figures show that there has been a 31.0% surge in Dubai property sales value to US$ 185.23 billion, with sales volume 18.0% higher at 213.1k; average price per sq ft came in 8.0% higher, at US$ 463.

According to ValuStrat, average freehold villa values in Dubai are now 206% higher than post-pandemic levels, but still only 86% above the 2014 market zenith. Villas tend to lead in the price rise market, but it appears that apartments are fast catching up. ValuStrat data shows annual capital growth for villas reached 25.5% in 2025, placing them firmly ahead of apartments for another year. However, apartments have surpassed their 2014 peak for the first time. It appears that mid-market communities – including the likes of The Greens, Remraam and Silicon Oasis – continue to post stronger price rises, driven by demand from both sectors of the market – end users and investors. In the villa sector, established prime location, such as Jumeirah Islands, Palm Jumeirah, The Meadows and Mudon have shown the biggest price increases in that sector; the two main attributes are their mature infrastructure and no new supply. At the top end of the market, there is no surprise to see the likes of Palm Jumeirah, Dubai Hills Estate, Al Barari, and Downtown Dubai continuing to attract global buyers. Dubai’s ultra-prime segment continues to defy global trends. In Q3 alone, one hundred and three homes sold for more than US$ 10 million, generating transaction values above US$ 2 billion – a 54% annual increase. As we approach a new year – and after five years of continuing quarterly growth – there are market concerns that there could be a downturn in 2026. This blog opines that growth – albeit slower – will continue in 2026 and any market adjustment may have to wait another year.

Continuing in a prime position as one of the leading global economies, the UAE has continued the trend in H1, with non-oil foreign trade 24.5% higher, (almost fourteen times the global average), to US$ 46.32 billion. The main drivers behind the impressive trade figures have not changed much, being its strong non-oil sectors, robust foreign/domestic investment, pro-business regulation and a flexible regulatory environment. Last year, the UN Conference on Trade and Development World Investment Report 2025 ranked the UAE tenth for inbound foreign direct investment, at US$ 45.67 billion, whilst the IMF recently raised its 2025 forecast  growth figure,  for the nation, to 4.8%, with all three global agencies – Fitch, Moody’s and S&P Global – maintaining their sovereign ratings, citing strong economic performance and sound fiscal policy. By the end of Q3, the Central Bank posted increases in both gross banks’ assets, to US$ 1.417 trillion, and gross credit to US$ 675.42 billion. Real GDP grew at an annual 4.2% to US$ 253.17 billion in H1 2025. Non-oil GDP rose 5.7% to US$ 196.18 billion, accounting for 77.5% of real GDP, while oil activity contributed the 22.5% balance. Earlier in the month, the 2026 Federal Budget, at US$ 25.18 billion, (the largest ever), was approved by the Cabinet, along with the National Investment Strategy 2031.  This included twelve programmes and thirty initiatives, with twin aims of raising both the annual foreign investment inflows and UAE’s total foreign investment stock by 114% to US$ 65.40 billion and by 275%, to aim at raising annual foreign investment inflows from US$ 30.52 billion in 2023 to US$ 60.00 billion by 2031. During the period, the Ministry of Industry and Advanced Technology signed five memoranda of understanding, with national banks to provide more than US$ 10.90 billion in financing. The Cabinet also approved the establishment of the National Investment Fund, with an initial capital of US$ 10.0 billion, and approved the UAE Strategy for Islamic Finance and Halal Industry to strengthen the country’s position as a global hub. Over 220k new companies were registered YTD, to 30 November, along with 36k new trademarks.

China’s AWOT Global Logistics Corporation opened its new regional headquarters this week at Dubai Airport Freezone, enhancing the emirate’s standing as a global logistics hub. AWOT is ranked ninth in the world, with 780k metric tonnes of cargo in 2025, and operates fifty-five self-run sites across China, Hong Kong and SE Asia, along with more than three hundred agents in one hundred countries. Its HQ employs some 1.5k staff and operates 1.8k charter flights from Asia to the US, Latin America, Europe, the ME, and back. The DAFZ connection will utilise DXB’s proximity to gain supply chain dominance in the ME, Africa and Europe.

This week, the Dubai Free Zones Council, chaired by Sheikh Ahmed bin Saeed, held its thirty-third meeting to discuss key priorities, aimed at boosting Dubai’s business environment. The agenda covered many items including strengthening government cooperation, enhancing regulatory readiness, and improving investor experience across free zones. It also explored ways to streamline procedures and integrate efforts for greater ease of doing business, as it reviewed plans to connect all free zones, supporting efficiency and competitiveness. Further discussions included the introduction of an ‘Events Visa’ and the Dubai Cashless Strategy, reinforcing the emirate’s push toward a fully digital payment ecosystem.

Following the results of a finding by the Central Bank of the UAE, the licence of Omda Exchange has been revoked and it has been banned from operating in the UAE; in addition, it has been struck off the Register and has been fined US$ 2.72 million. The penalties, in line with the Decretal Federal Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments, were the result of the findings, which revealed failures and violations of the Central Bank Law and related regulations by the Exchange House.

The DFM opened the week on Monday 22 December on 6,114 points, and having gained two hundred and seventy-seven points, (4.7%), the previous three weeks, was twenty points, (0.3%), higher to close the week on 6,134 points, by 26 December 2025. Emaar Properties, US$ 0.10 lower the previous fortnight, gained US$ 0.13 to close on US$ 3.90 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.77 US$ 7.85, US$ 2.56 and US$ 0.47 and closed on US$ 0.76, US$ 7.89, US$ 2.60 and US$ 0.45. On 26 December, trading was at one hundred and seventy-two million shares, with a value of US$ fifty-two million dollars, compared to three hundred and sixty-nine million shares, with a value of US$ three hundred and thirty-one million dollars, on 19 December.

By 26 December 2025, Brent, US$ 3.70 (5.8%) lower the previous fortnight, gained US$ 1.09, (1.8%), to close on US$ 61.19. Gold, US$ 217 (5.2%) higher the previous fortnight, gained US$ 194 (4.4%), to end the week’s trading at another record US$ 4,537 on 26 December. Silver was trading at a record US$ 66.75 – US$ 9.64 (18.1%) higher on the week.  

BP has sold a 65% stake in its motor oil division for a reported US$ 6.0 billion, in a cash deal, to New York-based investment firm, Stonepeak; the deal values Castrol at US$ 10.1 billion. The energy giant will use the money to pay down debts, with the sale allowing it to focus on its core business. BP will hold onto a 35% stake in Castrol, which it first took control of in 2000. After closing the deal, BP commented that it was over halfway to meeting that target and is also moving away from green energy investment to concentrate more on oil and gas on the back of pressure from some investors, concerned that its profits and share price had lagged rivals. In recent months, the London-based energy giant had divested its US onshore wind energy business and its Dutch mobility and convenience arm; it aims to rid itself of US$ 20 billion worth of ‘non-important’ assets by 2027. After investors showed their displeasure, about the progress BP was making under its chief executive Murray Auchincloss, who had only been in the position for less than two years, it was announced that Meg O’Neill, the head of Australia’s Woodside Energy since 2021, would take over the position.

On the back of Donald Trump finally allowing the export of advanced chips – in exchange for a 25% fee – Chinese clients have been advised by Nivida that it expects to ship its second -most powerful chips, (from existing stock), before the Lunar New Year holiday in February. Total shipments are expected to total up to 10k chip modules – equivalent to about 40k to 80k H200 AI chips. Furthermore, it relayed news that it would be adding new production capacity for the chips, with orders for that capacity opening in Q2 2026. It is estimated that these chips will provide the likes of Alibaba and ByteDance with processing capabilities up to six times greater than currently available solutions. Beijing is reportedly reviewing the matter cautiously amid concerns that an influx of US chips could slow the pace of development of the domestic industry.

An agreement has been signed by  TikTok’s Chinese owners, ByteDance, to allow a consortium of US and international investors to operate its business in the US; the ownership split will be 19.9% for the Chinese company, with the 80.1% balance for the remaining investors – 45%  assigned to Oracle, Silver Lake and the Emirati investment firm MGX., each with 15%, and another 30.1% will be held by affiliates of existing ByteDance investors. TikTok commented that the deal would enable “over one hundred and seventy million Americans to continue discovering a world of endless possibilities as part of a vital global community”. The agreement ensured that TikTok’s recommendation algorithm will be set to be retrained on US user data to ensure feeds are free from external manipulation. The news will be well received by the more than seven million small businesses which market their products and services on TikTok in the US.

Citing that its main Kentucky site for production will remain closed throughout 2026, Japan’s Suntory Global Spirts said that Jim Beam will takes “the opportunity to invest in site enhancements.” The maker of Jim Beam bourbon whiskey, which employs 1k, confirmed that its other operations in the state, including a separate distillery and its bottling and warehousing plants, would continue to run next year. The visitor centre in Kentucky also remains open. It is in discussions with the workers’ union on how best to use its workforce during the production pause. 

In October, the Kentucky Distillers’ Association posted that the amount of bourbon in warehouses across the state was at a record high sixteen million barrels. So far this year, Kentucky distillers have had to pay state tax of “a crushing” US$ 75 million and have also faced retaliatory import taxes on their goods because of the Trump tariffs. The KDA is calling for a “for a speedy return to reciprocal, tariff-free trade”.

A bad December for England cricket captain Ben Stokes after losing the first three Ashes test matches, (and the series), in Australia, was made worse by reports that a chain of cricket-based venues, that he reportedly backed, had collapsed into administration. ‘Sixes’, with sixteen cricket-themed entertainment venues across England, said “challenging” trading had caused its closure. All but one venue, Southampton, will stay open whilst it looks for a rescue deal. FRP Advisory, appointed as administrators, said they were talking with “a number of interested parties about a sale”.

Reports indicate that LK Bennett could be heading for collapse for the second time in six years. The clothing chain, launched by Linda Bennett in 1990, has appointed Alvarez & Marsal as its advisers, who have been testing the market for potential buyers/investors. Its halcyon days of having two hundred outlets in the UK and overseas, (including China, Russia and the US), have long gone, and is now down to just nine standalone stores, with a further thirteen listed as concessions on its website. Byland UK, formed by Rebecca Feng, who ran LK Bennett’s Chinese franchises, owns the brand that registered a 2024 post-tax loss of US$ 4.7 million on turnover of US$ 57 million – 13.7% lower on the year. In 2008, the owner sold her business to a consortium for some US$ 135 million but retained a stake before buying back the remaining equity in 2017.

Several UK High Street banks are in in line to take over the wealth management group, Evelyn Partners, in a US$ 3.37 billion takeover battle; they include the two front runners, Barclays and NatWest Group, along with Royal Bank of Scotland and Lloyds Banking Group among several other private equity firms. Latest figures indicate that Evelyn Partners had assets under management worth US$ 87.12 billion, at the end of last June.  The finance company is owned by the private equity firms Permira and Warburg Pincus, having merged their respective firms, Tilney and Smith & Williamson, in 2020; last year, Evelyn’s professional services arm was sold to the buyout firm Apax Partners.

In the first eleven months of the year, China’s nine mainland cities in the Greater Bay Area posted a 4.6% hike in total imports and exports of a record US$ 1.18 trillion. These key regions include the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and the Beijing-Tianjin-Hebei region. 70% of the trade involved mechanical and electrical products, with exports dominated by high-tech goods such as electronic components, computers and related parts, and by imports of production materials, (including integrated circuits and semiconductor manufacturing equipment), whilst imported consumer goods, such as aquatic and dairy products, surged by over 20%. Interestingly, there was an 11.0% rise in two-way trade with Belt and Road partner countries, with the total import and export value of the Beijing-Tianjin-Hebei region reaching US$ 611.8 billion.

In the first twenty days of the month, Korea’s exports grew 6.8% on the year, driven by strong global demand for semiconductors. Data from the Korea Customs Service posted that outbound shipments reached US$ 43 billion, between 01 to 20 December, compared with US$ 40 billion posted over the same period last year; this marks an all-time high for the period, with the previous record being set last year.  Chip exports jumped 41.8%, on the year, to US$ 11.65 billion, accounting for 27.1% of the country’s total exports during the cited period. Shipments of cars dropped 12.7% to US$ 3.25 billion, and petroleum exports contracted 1.0% to US$ 2.63 billion. Imports nudged 0.7% higher, on the year, to US$ 39.2 billion, resulting in a trade surplus of US$ 3.8 billion. In November, exports grew 8.4%, from a year earlier, to US$ 61 billion, marking the sixth consecutive monthly increase on the back of strong demand for semiconductors.

Q3 saw the US economy growing 0.5%, on the quarter, to 4.3% – posting its strongest growth in two years, attributable to increases in consumer spending and exports. This comes at a time when the economy, and trade in particular, has been impacted, one way or another, by a quad-whammy of Trump tariffs, dramatic changes to the US immigration policies, government spending cuts and sticky inflation. If nothing else, the US economy can be described as being resilient, whilst performing better than most other developed nations, and has been helped by a 1.0% quarterly increase in consumer spending, to a very respectable 3.5%, despite a slowing job market. There was no surprise to see imports continuing their declining trend because of the wave of new taxes pushing prices higher, but this was partly offset from a 7.4% hike in exports, driven by defence outlays. There has been a marked slowdown in business investment, including in intellectual property, along with a weakening housing sector, still being hit by high interest rates and supply constraints. Whether this mini surge will continue into 2026 is still conjecture, with signs of inflation levels nudging higher and households cutting back on spending, as the labour market continues to weaken.

The year is to end how it started, with yet another U-turn announced by the embattled Keir Starmer who has decided, because of increasing concern from some Labour backbenchers, to increase the threshold on inherited farmland by 150% to US$ 3.38 million from US$ 1.35 million. At the Chancellor’s first budget, in October 2024, a 20% tax on inherited agricultural assets, worth more than US$ 1.35 million, was introduced to start from April 2026, ending the 100% tax relief that had been in place since the 1980s. The Prime Minister has left it to one of his underlings to explain why the change happened, with Environment Secretary, Emma Reynolds saying, “we have listened closely to farmers across the country and we are making changes today to protect more ordinary family farms”, and “it’s only right that larger estates contribute more, while we back the farms and trading businesses that are the backbone of Britain’s rural communities”. Among his U-turns, this year, have been his government easing cuts to winter fuel payments and then reversing plans to make US$ 6.75 billion of cuts to the welfare bill. Most of the U-turns were made solely on political grounds – usually opposition within his own party – after the Chancellor had espoused economic reasons for their introduction.

Latest data from the Office for National Statistics indicated that the Q3 UK economy only managed to nudge 0.1% higher, (compared to a revised 0.2% in the previous quarter), and badly impacted by the Jaguar Land Rover September cyberattack which nullified car production for weeks and was the main reason for falls in production; growth in services partly offset some of those falls. A worrying statistics saw the UK population saving less in Q3, with the household saving ratio dipping 0.7% to 9.5% – the lowest in a year; household disposable income per head also declined by 0.8%. The ONS forecast zero GDP growth in Q4 – a sad state of affairs following the UK having had the best growth figures among the ​G7 economies in H1. One of the factors for this turnaround was long-running uncertainty about tax increases in the run up to the chancellor’s late November budget. The ONS now sees Q4 growth at 0.3%, (up from its initial 0.1% rise).

Following a court decision to restore his long-disputed compensation package, by reinstating his Tesla stock options valued at US$ 139 billion, Elon Musk has become the first person to amass a net worth exceeding US$ 700 billion; his value currently stands at US$ 749 billion. The ruling restored his 2018 pay package at Tesla, which was once valued at US$ 56 billion before a lower court struck it down as “unfathomable”. At the beginning of the week, prior to the decision, he had become the first person to be worth more than US$ 600 billion, driven by reports that his aerospace venture SpaceX was likely to pursue an initial public offering. Last month, Tesla shareholders approved a compensation package of more than US$ 1.0 billion, subject to him transforming the EV maker into a leader in AI and robotics. The rest of the billionaire club have been left well behind, with the nearest being Larry Page, some US$ 500 billion behind, according to Forbes. It’s A Rich Man’s World!