The Joke Is On Me! 17 October 2025

There has been a subtle shift in the surging local real estate sector, with it now being driven by end-users, to live in, rather than by investors to flip or rent out. Both Espace Real Estate’s Q3 2025 Residential Market Overview and Property Finder’s October Community Insights point to this interesting change. The former noted that, in Q3, there were 55.28k transactions, valued at US$ 37.60 billion – 18.0% higher on the year- with off plan sales accounting for 70% of the share, “reflecting investor confidence and developer innovation”, and ready properties, the balance. The improvement was noted across all divides of the sector.

The consultancy also noted that off-plan sales have increased partly due to developers’ flexible payment plans and strong project pipelines, with Dubai South, Business Bay, and Jumeirah Village Circle leading the field. It also noted, on the back of renewed launch activity, strong momentum for branded residences and waterfront projects, particularly around Dubai Creek Harbour and Palm Jebel Ali. From their survey of thirty-four communities, all but three posted upward price movements, with villas, in family-friendly communities, showing the bigger price rises. The three locations, with double-digit annual price hikes, were Emirates Living, Arabian Ranches, and Jumeirah Park. The Meadows and Jumeirah Golf Estates also saw increased transaction volumes, reflecting demand from long-term families, whilst Jumeirah Islands posted the biggest rises, with annual villa prices up 22%. Meanwhile Palm Jumeirah remained the home of having the highest villa prices, exceeding US$ 1.36k per sq ft.

This week, Sobha Realty unveiled details of ‘Sobha SkyParks, a one hundred and nine-storey, four hundred and fifty mt high, residential tower on Sheikh Zayed Road; it will be home to six hundred and eighty-four residences. The tower features a unique straight-line structure, articulated into five slender sub-towers that appear to support each other as they rise skyward. The design incorporates minimalist glass façades and aligned inset balconies, with each residence offering expansive private balconies, with expansive views of SZR, Palm Jumeirah and the Arabian Gulf.

Its outstanding feature is the four themed SkyParks, each spanning six stories and positioned at elevated heights:

• The Adventure Zone   includes family play zones and padel courts
• The Active Life            features multi-level fitness circuits and wellness terraces
• Lush Life                     offers zen gardens, reflexology paths, and glass pavilions
• LUXE LIFE                   at 350 mt, features an infinity pool deck with floating beds

Amenities include a cinema, family BBQ zone, and additional recreational facilities.

YTD Binghatti Holding Ltd has posted robust YTD figures, with almost 12k residential units sold and thirteen new project launches, valued at US$ 3.35 billion, across Dubai. 8.2k of the company’s new developments are in the sub-US$ 545k sector, with a sellable area exceeding 6.2 million sq ft. It estimates that it has been responsible for 20% of all new project completions in Dubai so far this year including Flare 1, (eight hundred and forty-four units) and Flare 2, (six hundred and thirteen apartments), and that 95% of units were sold within the first 90 days of their launches. It has an US$ 21.80 billion portfolio, comprising some 38k units, across thirty-eight locations including Downtown Dubai, Business Bay, Jumeirah Village Circle and Meydan.

Wadan Developments recently unveiled its second project, Seraph, following a month after the successful debut of Nuvana by Wadan on Dubai Islands. Located in the Dubai Land Residence Complex, the development is a sixteen-storey residential tower, comprising fully furnished studios as well as one- and two-bedroom apartments. Amenities include a rooftop swimming pool, fitness and wellness zones, a sauna, an ice bath, and a rooftop cinema – all designed to foster a sense of community.

Amadeus also noted Dubai’s evolution from a regional transit hub into a leading global tourism powerhouse, adding that “it’s clear that sustained investments in infrastructure, hospitality, and visitor experiences are paying off”. It also noted Dubai’s ability to attract diverse tourism markets and cater to both short- and long-stay travellers. Meanwhile, industry executives indicated that hotels and resorts, across the emirate, are seeing record booking levels, with some reporting up to an annual 30% increase in confirmed reservations.

According to the latest data from ForwardKeys, Dubai, in Q4, will post one of the world’s top three strongest performances in international visitor arrivals, alongside Tokyo and London. The study indicates that Dubai will post a 6% increase in Dubai international arrivals and that the emirate continues to attract a growing share of global travellers, accounting for approximately 2.2% of all international tourist arrivals expected worldwide in Q4. These figures will only consolidate Dubai’s position as a global tourism, leisure, and business hub. India and the UK continue to be the emirate’s largest source markets. Notable improvements were seen from China, with a 34% annual growth, to return to Dubai’s top ten market, with Germany registering a 9% increase in numbers. Leisure travellers make up the largest segment of incoming visitors, with long-stay bookings on the rise but short stays, (one–five nights), still dominate, representing 46% of all reservations, with extended stays of fourteen nights or more projected to grow by 9%.

Dubai Loop, built by Elon Musk’s Boring Company, is expected to be operational by Q2 2026. The project, developed in partnership with Dubai’s Roads and Transport Authority, will carry 20k passengers an hour across some of the emirate’s busiest locations. It forms part of the emirate’s broader mobility strategy to ease congestion and connect key districts through a fast, weather-resilient underground network. Phase 1 of The Loop will cover seventeen km  and include eleven underground stations.. Dubai’s Crown, Prince Sheikh Hamdan bin Mohammed, noted that the project “reflects Dubai’s commitment to advancing new, cutting-edge mobility solutions” Modelled on the Las Vegas Loop, the operational system utilisies Tesla vehiclesto move passengers beneath the city’s convention district. It is expected that the Dubai version will use higher capacity vehicles, be a potential autonomous operation, and incorporate integrated digital ticketing.

Emirates’ relationship with AC Milan began in 2007 and this week the deal was extended, with the airline  maintaining the club’s Principal Partner, Official Airline Partner, and Official Men’s Jersey Partner; its ‘Fly Better’ logo will continue to be seen on AC Milan’s Men’s First Team shirts and has been expanded to be worn  by the club’s Academy youth players. The agreement will also give Emirates extensive brand exposure through LED displays in stadia and training centres during all home matches, as well as exclusive digital content, fan experiences, and premium hospitality opportunities for Emirates guests and supporters. AC Milan has also expanded its international presence with a new office in Dubai to strengthen its commercial and communication strategies across the region.

flydubai has unveiled major economy class upgrades, announcing it will include complimentary meals and inflight entertainment, as from next month. Its CEO, Ghaith Al Ghaith, noted that “redefining the economy class offering across all flights represents a significant evolution in our business model, offering customers a more elevated and convenient travel journey”. Having already received nine new jets this year and with five more due before year end, it will end 2025, with a fleet of ninety-eight Boeing 737s, serving one hundred and thirty-five destinations – and growing.

Dubai Healthcare City is planning to invest US$ 354 million for its Phase 1 major expansion, with a new development plan announced. That will consolidate Dubai’s role as a top destination for global healthcare investment. The initial programme will include a LEED Platinum-certified office building, a purpose-built medical complex, and new infrastructure to support long-term growth. As expected, the initiative aligns with the Dubai Economic Agenda D33 and the UAE’s Net Zero Strategy 2050. The office tower, spanning 13k sq mt across nine floors and three basement levels, will offer flexible commercial spaces built to the highest global sustainability standards; adjacent to the building will be a 5.8k sq mt medical complex, housing surgical centres, labs, diagnostics and outpatient facilities, all built for future adaptability. Construction is scheduled to begin in December 2025, with completion set for November 2027.

Last Monday, HH Sheikh Mohammed bin Rashid visited GITEX Global 2025, the world’s largest technology, AI and startup event. The five-day event, now in its forty-fifth edition, is taking place, for the last time, at the Dubai World Trade Centre and concluded today. There were more than 6.5k exhibitors, 1.8k startups, and 1.2k investors alongside governments from more than one hundred and eighty countries. This year’s edition featured the most extensive AI programme in its history, with the participation of leading global technology giants, including Alibaba Cloud, AMD, AWS, Dell, e&, G42, Google, HPE, Huawei, IBM, Microsoft, Oracle, Salesforce, Siemens, and Snowflake. Future events will be held at Dubai South’s Expo Centre, where it will be able to offer the scale and infrastructure needed for the event’s next chapter of growth. There it will introduce a new format, expanded agenda, and enhanced visitor experience to unlock new opportunities for every participant. The relocation also brings back GITEX Global and Expand North Star together, restoring the synergy between global big tech, startups, investors, and policymakers.

Dubai is expanding its flagship retail and lifestyle landmark once again, unveiling the 10k sq mt Dubai Mall Exhibition Centre becoming a premier location to host world-class events in the heart of Downtown Dubai. Featuring five multi-functional halls, and able to host up to 6k people, it is equipped with state-of-the-art infrastructure and will have an open floor plan with flexible zoning options, including main exhibition areas, demonstration zones, networking lounges, and presentation stages. The venue is ideally located with direct access to luxury retail, dining, and hospitality, managing to offer a mix of business and leisure for visitors and exhibitors alike.

At the end of the month, there will be a major three-day summit to be held at Expo City Dubai ending 29 October. In attendance will be global leaders, at the forefront of shaping cities, to discuss the future of urban living. The 2025 Asia Pacific Cities Summit and Mayors’ Forum will focus on building more liveable, efficient and sustainable urban centres in response to rapid urbanisation. Agenda items, including affordable housing, climate-resilient infrastructure, smart mobility and the role of real estate in future-ready cities, will be discussed by over one hundred and fifty mayors as well as delegates from more than three hundred cities.

In a statement shared on social media, HH Sheikh Mohammed bin Rashid noted that, in just three years, Dubai had successfully added an entirely new sector to its economy which has turned into the world’s largest licensed virtual assets market. The Dubai Virtual Assets Regulatory Authority, under the supervision of Sheikh Maktoum bin Mohammed, continues to consolidate its position as the global leader in the virtual assets space, with trading volumes surpassing US$ 681.2 billion since its 2025 start. His son approved the Dubai Financial Sector Strategy which will roll out fifteen transformative programmes over the next three years to drive growth and shape the future of global finance. Its twin aims are to double the financial sector’s contribution to the emirate’s GDP and grow the size of assets under management.

August figures show that the UAE Central Bank’s gold reserves topped a record high of US$ 8.17 billion – a notable 32% hike in the first eight months of the year. The bank has done well, with gold having surged 56.3% from its 01 January opening of US$ 2,624, and 22.3% since 01 September. There is no doubt the central bank has hit the ball out of the park when it comes to bullion stock but it has also performed well in deposits and savings, as the value of demand deposits rose by 7.1% to US$ 323.70 billion, with time deposits exceeding US$ 286.1 billion.

The UAE President, HH Mohammed bin Zayed, has enacted a new Federal Decree-Law that will involve the Central Bank, financial institutions, and insurance operations. Under the decree, licensed banks and insurers must:

• ensure universal access to financial services
• strengthen consumer protection by centralising complaints systems
• enable early intervention when a licensed entity shows signs of financial strain

It also introduces automatic debits of fines, pending judicial rulings and mandates public disclosure of penalties on the regulator’s website. Interestingly, it also approves “increasing administration fines to be commensurate with the gravity of the violations and the volume of transactions, up to ten times the value of the violation”. Financial institutions are now required to hold adequate guarantees, when extending credit to individuals and sole proprietorships. The decree reinforces three key objectives:

• preserving currency stability
• protecting the integrity of the financial system
• ensuring prudent management of foreign exchange reserves

A global survey, carried out by Time Out, came out with some surprising results, ranking Abu Dhabi in first place as the happiest city on the planet. The ranking used various metrics including culture, nightlife, food, walkability, affordability, quality of life and happiness. The magazine has now separately released a city ranking based on the happiness part of the survey. The four countries lagging UAE’s capital were Medellin, (Colombia), Cape Town, Mexico City and Mumbai. With Brighton (eleventh) and Glasgow (twentieth), there was no place for London in the Top Twenty. Apart from the UK, four other countries had two countries in the list – China, Beijing (sixth) and Shanghai (seventh), Spain. Seville (ninth) and Valencia (nineteenth), Australia, Melbourne (tenth) and Sydney (thirteenth), and the UAE, Abu Dhabi (first) and Dubai (sixteenth).

There are reports that Emirates NBD may be interested in acquiring a controlling stake in RBL Bank, with support from the Reserve Bank of India. This would be seen as a major breakthrough in India’s efforts to attract foreign capital into its mid-sized private banking sector. If the process were to go through, it would buy a 25% share in RBL and under the country’s regulations, this would trigger a mandatory open offer for another 26%, resulting in it having a majority and controlling interest. The acquisition, valued at around US$ 1.70 billion, would represent one of the largest foreign takeovers in India’s banking history; its current market cap stands at US$ 2.01 billion. It seems that the RBI sees foreign partnerships as a means to strengthen India’s mid-tier private bank. It recently cleared Japan’s Sumitomo Mitsui Banking Corporation to acquire a 24.9% stake in Yes Bank. Local regulations currently allow up to 74% foreign investment in private sector banks but caps a single foreign investor’s holding at 15%, unless the central bank grants special approval. The Dubai bank, 56% owned by the Dubai government, already has three branches in India – in Mumbai, Chennai, and Gurugram. Investors in RBL must be well pleased, having seen the bank’s share value dip 8.0% last year, compared to an 85% surge YTD, at a time when the Nifty 50 index has declined 8.0%.

The latest local IPO has been announced – with Dubizzle Group Holdings releasing plans to offer a 30.34% share on the Dubai Financial Market; it will comprise 1.25 billion ordinary shares, including 196.1 million new shares and 1.05 billion existing shares to be sold by the current shareholders. Subscriptions will open next Thursday, on 23 October, close six days later on 29 October, with the final offer price announced on 30 October; trading is expected to commence on 06 November. Rothschild & Co. has been appointed as the Independent Financial Advisor, while Emirates NBD Capital PSC will serve as the Listing Advisor.

An earlier DFM IPO had been ALEC Holdings, a diversified engineering and construction group, which made its trading debut this week. This listing, the first in this sector in fifteen years, becomes the country’s largest-ever initial public offering in the construction sector, by both valuation and size. Its IPO, which raised US$ 381 million, via a sale of one billion existing ordinary shares by its sole Selling Shareholder, the Investment Corporation of Dubai, which will retain its remaining 80% stake in the company. The IPO was priced at US$ 0.381 per share, at the top end of the announced price range, which would see ALEC Holdings with a market cap of US$ 1.91 billion. In line with its dividend policy, ALEC intends to distribute a cash dividend of US$ 54.5 million in April 2026, followed by US$ 1.36 million for the 2026 financial year, payable in October 2026 and April 2027. Based on the 2026 dividend and final offer price of US$ 0.381 per share, this represents a dividend yield of 7.1% at listing. Thereafter, it intends to pay dividends twice a year, in April and October, with a minimum payout ratio of 50%of net profit, subject to Board approval.

The DFM opened the week, on Monday 13 October, on 5,982 points, and having gained one hundred and ninety points (3.3%), the previous fortnight, gained a further ten points, (0.22%), to close the week on 5,992 points, by 17 October 2025. Emaar Properties rose US$ 0.02 on the week to close on US$ 3.73 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.75, US$ 6.86, US$ 2.61 and US$ 0.44 and closed on US$ 0.75, US$ 7.30, US$ 2.61 and US$ 0.43. On 17 October, trading was at two hundred and four million shares, with a value of US$ one hundred and fifty-seven million dollars, compared to eighty-three million shares, with a value of US$ seventy-four million dollars on 10 October 2025.

By 17 October 2025, Brent, US$ 7.92 (8.1%) lower the previous fortnight, shed US$ 1.29 (2.1%) to close on US$ 61.33. Gold, US$ 207 (2.7%) higher the previous fortnight, gained US$ 150 (3.7%), to end the week’s trading at US$ 4,251 on 17 October. Silver was trading at US$ 49.98 – US$ 1.90 (3.8%) higher on the week.  

It is reported that in a surprise move, BP had won a case against Venture Capital, after the International Chamber of Commerce’s International Court of Arbitration found that the US company had breached its contractual obligations. In January 2022, it had started producing LNG from a facility in Louisiana; two months later, Russia invaded Ukraine which then sent gas prices soaring as global gas supply was severely curtailed. It had contracts to sell the LNG from its new Louisiana facility, once it was fully operational, to international buyers such as BP, Shell, Galp and Edison at much lower prices. The US gas supplier failed to declare the formal start of commercial operations until more than three years later in April 2025 – a move that enabled it to sell its LNG at much higher market spot prices. Both BP and Shell sued Venture for breach of contract, with the latter losing its case some months ago. In a surprise move, the court ruled in favour of BP that Venture had breached its obligations to declare the commercial operation of its Calcasieu LNG project in a timely manner. The energy giant is seeking more than US$ 1 billion in damages, along with interest, costs and attorneys’ fees, with the vanquished Venture Global indicating that “remedies will be determined in a separate damages hearing, which has not been scheduled but is anticipated to occur in 2026”.

Dieselgate’ is back in the news again, with a major lawsuit being heard in the High Court, against five leading carmakers – Mercedes, Ford, Nissan, Peugeot/Citroën and Renault – accused of cheating on emissions tests. These companies have been chosen by the court as lead defendants to be tried first as the case is so big. It is alleged that they used software to allow their cars to reduce emissions of harmful gases under test conditions. This will be the largest class action in English and Welsh legal history, and could eventually involve 1.6 million car owners, but initially it involves 220k car owners – and depending on the outcome of this case would then drag in a further nine carmakers to face the arm of the law. The saga started in 2015, with Volkswagen being accused by the US Environmental Protection Agency of installing software – known as “defeat devices” – on diesel cars to lower readings of the cars’ nitrogen oxide emissions. Five years later the German manufacturer was found guilty and paid US$ 257 million in settlement to 91k UK motorists. To date, the scandal has cost VW more than US$ 37.0 billion. In the current case, the court will have to decide whether systems installed in diesel cars, by the five carmakers, were designed to cheat clean air laws. The case will drag on for the next nine months, with a verdict expected in the summer of 2026, when 1.6 million UK motorists will know whether they will get any compensation.

Kering-owned Gucci, Richemont’s Chloe and LVMH’s Loewe have been fined US$ 139 million, US$ 23 million and US$ 20 million respectively, for fixing the resale prices of their retail partners. It does seem that the first two companies cooperated with the industry watchdog and probably received a lesser penalty for their efforts. Indeed, Gucci had already provisioned the fine in its H1 accounts. The illegal practices deprived retailers of pricing independence and reduced competition while protecting the brands’ own sales channels from retailer competition. The European Commission posted that “the three fashion companies interfered with their retailers’ commercial strategies by imposing restrictions on them, such as requiring them to not deviate from recommended retail prices; maximum discounts rates; and specific periods for sales”. It does seem that authorities are paying closer attention to the activities of the larger fashion houses. Brands including Armani, Dior, Loro Piana and recently Tod’s have also come under pressure from Italian authorities about alleged worker abuse in their supply chains.

For the third consecutive year, ending 31 March, the Royal Mail has been fined US$ 28 million, (50% higher on the year), for failing to meet delivery targets, for both first- and second-class mail, with a warning that fines are likely to continue if there were no improvement in performance; it also did not meet revised down targets agreed with Ofcom. With preset delivery targets of 93.0% and 98.5%, (for first-class and second-class mail), it failed badly posting returns of 77.0% and 92.5%. The only reason that the fine did not reach US$ 40 million was because it admitted wrongdoing and agreed to settle. Ofcom noted that “it took insufficient and ineffective steps to try and prevent this failure, which is likely to have impacted millions of customers who did not get the service they paid for”.

A lot has been written about the shenanigans surrounding PPE Medpro, a firm linked to Baroness Michelle Mone and founded by her husband, Doug Barrowman. It had been ordered to repay US$ 163 million for supplying defective PPE at the height of the pandemic. It had been introduced to a “VIP lane” for providers, by the Conservative peer.  The lady’s husband has described himself as the “ultimate beneficial owner” of PPE Medpro and says US$ 39 million of profit from the deal was paid into a trust benefitting his family, including his wife and her children, but he was never a director, and the couple were not personally liable for the money. The court had given him until 4pm, 15 October 2025, to pay the fine – the deadline was not met. (PPE Medpro entered into administration a day before the court’s ruling, with its latest accounts showing it had a book value of around US$ 1 million – some way short of the penalty).

Pensana had planned to build a rare earths refinery at its Saltend Chemicals Plant near Hull, which would have processed raw materials into metals used to create powerful magnets which would then have been used in high-tech applications such as motors for electric vehicles, wind turbines and robotics. The project would have given the UK a strategic foothold in the rare earths industry, which is currently dominated by China. In 2022, Boris Johnson’s announced plans for “a multi-million-pound investment” in the project but this week it was announced that it had pulled the plug on building a US$ 336 million refinery in Hull and decided to move the operation to the US. According to Pensana’s founder and chairman, Paul Atherley, the government contribution –of US$ 7 million – was “nowhere near enough”, and the Treasury proved unwilling to contribute more. The US government  seems to be a lot keener in promoting this industry – for example, in a deal between the US government and MP Materials, the company will benefit from more than half a billion dollars’ worth of investment and soft loans to fund a similar facility in California, as well as a ten-year agreement to ensure all the magnets it produces are sold for a minimum price. (Currently, China produces roughly 90% of all finished rare earth metals and that its government is heavily sponsoring the industry; last week it imposed tight restrictions on the exports of rare earths). Pensana had been seen as UK’s answer to the periodic panics about the availability of rare earths, with the site at Saltend Chemicals Park being chosen by the government to launch its critical minerals strategy in 2022. Sic transit gloria mundi.

Yesterday, Nestle announced that it would be cutting some 16k global jobs, (spread between 75% from office-related positions and 25% in manufacturing and supply chain jobs). The world’s biggest packaged food company, with brands, such as Nescafe, Cheerios, KitKat, and Rolo, confirmed that it was “automating” its processes and increasing focus on “operational efficiency”. It also added that reductions will be “across functions and geographies”. Of its current 277k global workforce, 7.5k work in the UK.

The US government has seized more than US$ 14 billion in bitcoin and charged the founder of the Prince Group for allegedly engaging in a wire-fraud conspiracy and a money laundering scheme. Chen Zi, a UK and Cambodian national, (who still remains at large), headed the Cambodian business empire, and had seen his businesses sanctioned by the US and the UK as part of a joint operation; the UK government has frozen assets owned by his network, including nineteen London properties – one of which was worth US$ 133 million. US prosecutors said it was one the biggest financial takedowns in history and the largest ever seizure of bitcoin – 127,271 bitcoin being held by US government. He is accused by the Department of Justice, of being the mastermind behind a “sprawling cyber-fraud empire”, operating under his multi-national company. Its activities were the complete opposite of what was claimed on its website – that its businesses include property development, and financial and consumer services. However, the DoJ thought otherwise, alleging that the sham company ran one of Asia’s largest transnational criminal organisations, entrapping unwitting victims to transfer cryptocurrency based on false promises that the funds would be invested and generate profits. Prince Group documents included tips on building rapport with victims, advising workers not to use profile photos of women who were “too beautiful” so that the accounts would look more genuine. The company also was accused of being a “criminal enterprise built on human suffering”. It also trafficked workers, who were confined in prison-like compounds and forced to carry out scams online. It was alleged that some of the criminal proceeds was wasted on luxury travel and entertainment, and making “extravagant” purchases like watches, private jets and rare artwork, including a Picasso painting. If convicted in the UK, Chen faces a maximum penalty of forty years in jail because of allegedly incorporated businesses in the British Virgin Islands and investments in UK property, including a US$ 134 million office building in central London, a US$ 16 million mansion in North London and seventeen apartments in the city, 

According to the data from the Korea Customs Service, in the first ten days of October, exports from the Republic of Korea’s exports declined 15.2% on the year, as outbound shipments dropped 15.0% to US$13 billion. With annualised imports slumping by 22.8% on the year to US$ 13.5 billion, there was a trade deficit of US$ 500 million. In September, exports had increased 12.7%, compared to a year earlier to US$ 65.95 billion, attributable to strong robust semiconductor demand, (its highest monthly total in three and a half years).

In the nine months to September 2025, China’s total goods imports and exports in yuan-denominated terms rose 4.0% on the year, to US$ 4.71 trillion. The General Administration of Customs said the growth rate accelerated from the 3.5% increase recorded in the first eight months of the year. In September alone, China’s imports and exports were 8.0% higher on the year to total US$ 565.91 billion. In the first nine months of 2025, China’s total goods imports and exports, in yuan-denominated terms, rose, by 4.0%, to US$ 4.73 trillion. According to the General Administration of Customs, this had risen from the 3.5% increase noted in the eight months to 31 August. In September alone, China’s imports and exports totalled US$ 5.68 billion – 8.0% higher on an annual basis.

According to the IMF MD, Kristalina Georgieva, the world body will continue to push the G20 economies to focus on persistent debt issues, burdening developing economies. She commented that “growth is slow, debt is high, and the risks of financial downturn are … there”, with the IMF working with the World Bank to look at countries with liquidity issues. She also noted at the annual meetings of the IMF and World Bank in Washington, that the impact of US tariffs had been less dramatic than expected, but uncertainty remained high.

Two major global nations have been left reeling from the impact of the Trump tariffs – India on the end of a 50% levy, (increased because of the country importing Russian energy), and Switzerland by 39%. Most others have had to make do with a 25% levy, with exceptions such as the UK’s favourable 10% and the EU’s 15%. One of India’s most important industries has taken a major wake-up call from the impact of the Trump tariffs; the country’s US$ 11.0 billion textile export industry has had its confidence shaken to its core in the US market. It is estimated that half a million garments sit in towering stacks, ready for shipment but stalled over who will pay the new duties, with US buyers asking for major discounts to pay for the ‘inflated’ prices of Indian merchandise. Major Indian producers are already cutting payroll numbers and reducing hours – and in turn pay packets – and would be struggling if they had to pay a larger share of the tariff. Tiruppur, in the southern state of Tamil Nadu, and known as the country’s ‘knitwear capital’, exported 40% of its woollen garments, worth US$ 2.0 billion, to the US. Inevitably, it will be struggling this year. With US orders almost completely at a standstill, and some bigger factories on the brink of bankruptcy, the industry has to urgently find new markets and, even, if successful, they will not fill the void from the loss of the US business. Tamil Nadu Chief Minister, MK Stalin, has warned that up to three million jobs could be at risk across the state’s textile belt, a grim prospect for a country struggling to provide well-paid work for its youth.

To date, Swiss President Karin Keller-Sutter has failed to reduce US tariffs on Swiss goods, including watches, even though the country is thought by many to have one of world’s most competitive and innovative economy. Furthermore, it is also one of the biggest investors in the US, creating up to 400k jobs.

Data from the Statistical Centre for the Cooperation Council for the Arab States of the Gulf, posted that the six-nation bloc’s Q1 GDP, at current prices, of the Gulf Cooperation Council rose 3.0% to US$ 588.1 billion. Non-oil activities contributed 73.2% of GCC’s GDP, at current prices, while oil activities accounted for 26.8%, at current prices. On the quarter, the GCC’s GDP grew 0.05%.

The GCC’s travel and tourism sector contributed US$ 247.1 billion to their cumulative GDP – 31.9% higher than the pre-Covid 2029 level. It is forecast that 13.3%, (US$ 371.2 billion), of the GDP will benefit from this sector by 2034 – an indicator that it is becoming increasingly important as a key driver of the bloc’s economic, social and environmental development. Tourism is one of the region’s main engines for creating direct and indirect jobs, with its 2024 contribution valued at US$ 4.3 billion – 24.9% higher than the figure in 2019. By 2034, the sector is expected to generate around 1.3 million new jobs by 2034.

Donald Trump is seen to be looking after his friends again – this time it is the Argentine president, Javier Milei. Treasury Secretary Scott Bessent announced the purchase of the country’s pesos and that the US had finalised terms of a planned US$ 20 billion financial rescue package for the country, adding that “the US Treasury is prepared, immediately, to take whatever exceptional measures are warranted”. As usual, any move by Trump has riled his opponents who are left wondering why the country has extended financial support to embattled Argentina, at a time of spending cuts at home has drawn scrutiny. The value of the peso has declined sharply in recent months, while investors have been dumping Argentine stocks and bonds. Bessent retorted that, “a strong, stable Argentina, which helps anchor a prosperous Western Hemisphere, is in the strategic interest of the United States. Their success should be a bipartisan priority”. It is Argentina’s third debt default since 2001, with the last being in 2020.

The US President came out fighting again last Friday, as he unveiled plans to retaliate against China’s earlier decision to curb the critical exports of rare earth element controls, essential to tech manufacturing. China produces over 90% of the world’s processed rare earths and rare earth magnets. He announced that he would levy additional 100% levies on China’s US-bound exports, along with new export controls on “any and all critical software” by 01 November, nine days before existing tariff relief is set to expire. He also mentioned that the proposed Xi Jinping meeting in North Korea, next month, could be in jeopardy, as he commented “now there seems to be no reason to do so”. Unfortunately, for the rest of the world, this could be bad news if a global trade war were to ensue and be a major body blow to ‘The Magnificent Seven’, including cloud computing and AI and it impact on global bourses.

In a bid to safeguard the European supply of semiconductors for cars and other electronic goods, and protect Europe’s economic security, the Dutch government has taken over control of Nexperia, a Chinese-owned chipmaker based in the Netherlands; it also has facilities on a global scale including in the UK. The Hague confirmed that the decision was down to “serious governance shortcomings” and to prevent the chips from becoming unavailable in an emergency. This move will obviously ratchet up tensions between the EU and China, which is already at low levels because of trade and Beijing’s relationship with Russia. Late last year, the US government placed Wingtech, Nexperia’s owner, on its so-called “entity list”, identifying the company as a national security concern; this legislation bars US companies from exporting American-made goods to businesses on the list unless they have special approval. In the UK, Nexperia was forced to sell its silicon chip plant in Newport, after MPs and ministers expressed national security concerns. currently owns a UK facility in Stockport. The Dutch Economic Ministry said it made the “highly exceptional” decision to invoke the Goods Availability Act over “acute signals of serious governance shortcomings” within Nexperia. However, it confirmed that company’s production could continue, as normal, but it appears that the company was in discussions with lawyers about potential legal remedies.

Ming Yang, a Chinese energy company, has announced plans to spend US$ 2.0 billion to build the UK’s largest wind turbine manufacturing facility in Scotland, that will create 1.5k new jobs. The firm, the largest private wind turbine manufacturer in China, has already chosen the green freeport site at Ardersier and will spend 50% of its investment, with the first production taking place by late 2028. The balance will help create an “offshore wind industry ecosystem” around the hub. The firm’s UK chief executive, Aman Wang said, “we firmly believe that by moving forward with our plans to create jobs, skills and a supply chain in the UK, we can make this country the global hub for offshore wind technology”. There is one caveat that there are some who consider China a “hostile site”, and there should be “serious questions about energy and national security”. However, the Starmer administration will “encourage investment”, adding that “this is one of a number of companies that wants to invest in the UK. Any decisions made will be consistent with our national security”.

Another week and further bad news for the Chancellor of the Exchequer, with wage growth slumping to a four-year low, last seen in March 2021, driven by a weak demand for workers allied with the supply of available candidates to fill roles. The latest KPMG and the Recruitment and Employment Confederation index of wage growth for full-time staff sees an 0.4 monthly dip to 50.2 – marginally above the 50.0 threshold, demarcating between expansion and contraction. This could be seen as good news for the rate setters at the BoE who had shown concern that demand for higher wages could have impacted inflation that then may have resulted in higher prices.

In Q3, and for the thirty-ninth successive period, UK’s vacancy numbers dipped lower, by 9k – a sure indicator that, with fewer jobs available, it becomes more difficult to find work. Figures from the Office for National Statistics showed the unemployment rate nudging 0.1% higher, on the month, to 4.8%, primarily driven by younger people, as a record number of people over sixty-five are still in work. The jobless rate is now at its highest since May 2021, partly attributable to the fact that the cost of employing staff became more expensive, last April, due to higher employers’ national insurance contributions and an increased minimum wage. Some good news came with August having the fewest working days lost to strike action in a single month for nearly six years. Public sector pay growth increased more quickly, at 6%, than the 5.0% average weekly earnings.

Mixed news for the UK, as the IMF has forecast that, in 2025, the country will be the second- fastest growing economy in the G7, at a modest 1.3% for both years. This was somewhat tarnished by the global body predicting that the UK will have the highest rates of inflation, this year (3.4%), and next (2.5%), in the G7, attributable to rising energy and utility bills. Canada is expected to retake second place next year when its economy is forecast to grow at 1.5%. Germany, France and Italy are all forecast to grow far more slowly at rates of between 0.2% and 0.9% in 2025 and 2026.

Rishi Sunak, the former prime minister, but still MP for Richmond and Northallerton, indicated his “delight” to be working “with two of the world’s leading tech firms”, Microsoft and Anthropic; he had already earlier confirmed he will act as a paid adviser to his former employer, Goldman Sachs. He has already been warned by the Advisory Committee on Business Appointments that he must not lobby ministers on behalf of the companies. As prime minister, (between 2022 -2024), he had made tech regulation a significant priority, setting up an AI safety summit in 2023. The watchdog noted that Anthropic “has a significant interest in UK government policy”, meaning that Sunak’s appointment could potentially be seen to offer “unfair access and influence” within government, and that the appointment with Microsoft, a “major investor” in the UK, also presented similar issues. Sunak was told not to advise on bidding for UK contracts, or to lobby the government for two years from his last day in ministerial office. Many in the country will be wondering why some MPs have so much time on their hands that they can take up second and third jobs and whether being an PMP is really a full-time position.The Joke Is On Me!

Getting Away With It!                                                     10 October 2025

fäm Properties’ latest report indicates that average overall monthly real estate sales rose 20.5% to 17.6k transactions and by 32.4% to US$ 15.11 billion for the first nine months of the year, compared to 2024. It noted that average sales values and volumes were also up for each of the apartment, villa, commercial and plot sectors compared with the same period last year, continuing its upward trend that started in 2021. Firas Al Msaddi, CEO of fäm Properties, commented that “during this period, property values have grown faster than the number of deals in all segments, highlighting strong all-round market momentum”. A summary shows, that over the past five years, there has been growth recorded during the January – September nine-month period in all sectors and when looking at transactions and values

• Apartments     up 452% to US$ 655.31 billion         339.1%           123.4k deals  
• Villas               up 302% to US$ 44.14 billion           144.3%           27.6k deals
• Plots                up 379% to US$ 23.21 billion           61.9%             3.4k deals
• Commercial     up 414% to US$ 3.08 billion             150.0%           4.0k deals

According to Property Finder, Dubai posted record-breaking real estate performance in Q3 2025, recording its strongest quarterly volume ever, with a 17.0% rise in transactions to 59.04k, and a total value of US$ 46.05 billion. Off plan sales, accounting for 68.0% of total volume, saw a 26.0% rise in transactions to US$ 22.59 billion, with the 18.94k ready market transactions recording a 16.0% increase in value to US$ 23.46 billion. For the first nine months of 2025, Dubai saw a 32.4% increase in total sales value and a 20.6% hike in transactions. It is estimated that real estate prices having jumped almost fourfold since 2021, with sales up 379.9% to US$ 136.0 billion and volume by 266.7% to 158.4k. Dubai’s current average US$ 454 per sq ft price is a new record high.

A new launch, by BEYOND Developments, sees a US$ 708 million twin-tower residential development – Soulever –  in Dubai Maritime City; SAOTA are the architects, with interiors by ARRCC This is the developer’s seventh project, and sixth waterfront one, since its establishment just over a year ago, and is another piece in BEYOND’s eight-million-sq-ft DMC masterplan  – the others being Saria, Orise, Sensia, The Mural, and Talea. Soulever will have five hundred and thirteen residences comprising one – three-bedroom residences, along with a limited collection of signature duplexes, including exclusive four-bedroom layouts, with private splash pools and terraces, complemented by two-bedroom podium chalets. Each residence will have high ceilings and private balconies. Apart from landscaped terraces and podium gardens, amenities include pools, spa facilities, a waterfront gym club, library spaces, and family areas.

Yet another record for Dubai comes with the property market posting a record price – at US$ 99 million – for a prime, waterfront plot on the Dubai Water Canal in Business Bay; the corner site, that could be the base for a mixed-use project and premium retail, opens directly onto the canal boardwalk. With the supply of prime waterfront sites dwindling by the year, and as supply slows with quickening demand, prices will only move one way – upwards. The location continues to be a magnet for buyers, with recent data indicating that land plot purchases, over the past twelve months, have surged by 16.7% to US$ 572 per sq ft. DXBInteract data shows that the median price per sq ft there rose 7.3% on the year to US$ 663, as the number of transactions this year surged 19.4% to 10.68k. The future looks bright for the location, not only because of the triple whammy of the emirate’s expanding economy, increasing foreign investment, and the city’s push toward becoming a global business hub, but also because of infrastructure upgrades and waterfront enhancements.

Betterhomes has posted that Nakheel’s Dubai Islands, spanning seventeen sq km, with twenty km of beachfront, is fast becoming one of the city’s most talked-about coastal communities, with H1 sales of US$ 1.66 billion. An analysis of that figure shows there were 1.89k transactions, valued at US$ 1.66 billion, whilst there were only twenty-eight villa transactions, with six-bedroom villas selling for up to US$ 4.09 million. There are five interconnected islands, with upcoming bridges making access a lot easier and more convenient. In alignment with the Dubai 2040 Urban Master Plan, the development is reshaping what luxury waterfront living looks like — blending resort-style homes, leisure districts, and city convenience in one location. Interestingly, prices on the islands are 22% lower than those on the more developed Palm Jumeirah’s US$ 817 per sq ft.

The latest Global Super-Prime Intelligence report from Knight Frank confirms Dubai’s continued lead as the world’s most active super-prime residential market, with Q2 sales of US$ 10 million plus homes at five hundred and ninety, or up an impressive 18.7% on the year; value wise. the figure was a more impressive 32.6% at US$ 11.8 billion. Knight Frank noted that “Dubai’s position as the world’s leading super-prime market is now firmly established. Its performance underscores the emirate’s maturity as a wealth hub and its ability to attract global capital consistently, irrespective of market cycles. Dubai holds its lead, but New York’s resurgence and strong rebounds in Los Angeles and Hong Kong highlight the depth and diversity of global demand”.

Dubai continued to dominate the global super-prime landscape, outpacing traditional powerhouses in the number of transactions. The emirate’s enduring appeal lies in its blend of strong economic fundamentals, tax advantages, world-class infrastructure and unmatched lifestyle offering. Dubai’s luxury property market has been buoyed by rising demand from global investors seeking a safe haven for capital, coupled with an influx of wealthy entrepreneurs and family offices relocating to the UAE.

Knight Frank’s data revealed that while Dubai led in deal count, New York reclaimed the top spot in total transaction value, driven by strong activity in Manhattan’s ultra-prime condominium sector, and the resale market for trophy townhouses, for the first time since late 2021. Earlier reports also show that Dubai accounted for roughly 20% of global super-prime sales last year, with record-breaking transactions in exclusive areas such as Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, and Dubai Hills Estate. With several Dubai properties selling for over US$ 100 million, Dubai now stands along global icons like New York’s Billionaires’ Row and London’s Mayfair.

Analysts are upbeat about the state of this sector of the Dubai property market, and the positive momentum is set to continue into 2026. There are many attributes to support this theory including its investor-friendly policies, world-leading safety standards, year-round sunshine, and the continued inflow of wealthy expatriates/remote entrepreneurs drawn by its long-term residency programmes.

Government developer, Meraas has unveiled its latest launch – Nourelle – with skybridge gardens, and panoramic Jumeirah views, located at Madinat Jumeirah Living. The project comprises a range of one- to four-bedroom apartments, and with prices starting at US$ 1.0 million, the developer has introduced a 75/25 payment plan.

Dubai-based Mashriq Elite Real Estate Development has announced that it has handed over its nine-storey Floareá Residence at Arjan in Dubailand master community. Its focal point is a grand waterfall, five mt high and thirty mt wide, falling from an Infinity Pool on the first floor The development, being two hundred and six fully finished, semi-furnished designer apartments, (comprising ninety-one studios, ninety-seven one-beds and eighteen two-beds), was launched in September 2023 and handed over in August. The developer commented that following this success, it plans to add a further 1.2k residential units over the next two years, in various locations, including Floareá Vista, (Discovery Gardens), Floareá Grande, (Arjan), Floareá Skies, (Jumeirah Village Circle) and Floareá Oasis, (Dubai Land Residential Complex). Further projects include Floareá Breeze, (Dubai Islands), whilst parcels of land have been acquired in Meydan District 11 and Dubai Production City.

A new law, issued by the Dubai Ruler, Sheikh Mohammed bin Rashid, will regulate the emirate’s engineering consultancy sector, with violators in line for fines of up to U$ 27k.  Its main aim is to classify service providers, based on their technical, financial and managerial competence and to encourage investment, ensure timely project execution, and to attract global companies to position Dubai as a key hub for engineering consultancy services. Only those, with proper authorisation, a valid trade licence and Dubai Municipality registration, will be permitted to take on engineering consultancy work. In addition, firms cannot operate beyond their licensed scope, employ unregistered engineers, or contract with unlicensed companies to carry out consultancy work in Dubai. Apart from the monetary fines, offenders can be hit with a gamut of penalties including suspension of the engineering consultancy offices for up to one year, classification downgrade, removal from the registry, cancellation of commercial licences, suspension of staff, certificates being revoked, and notification to the UAE Society of Engineers about violations.

Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed, issued Executive Council Resolution No. (67) of 2025 on the Workforce Productivity Measurement System. According to the Resolution, the System will be implemented in phases. In the first phase, productivity will be measured using recognised standards by comparing services delivered against workforce size, total salaries, actual working hours, and other relevant data. The results will then be analysed, followed by the development of initiatives to improve efficiency and services. The final phase will focus on evaluating the system. A procedural guide will set out the details and responsibilities for each phase.

At a recent meeting of the Ministry of Interior’s Happiness and Positivity Council, it was announced that the UAE had been ranked among the top four countries in the world in traffic safety per 100k people – a sure indicator of the effectiveness of the country’s national traffic policies. At the meeting, chaired by Sheikh Saif bin Zayed, Deputy Prime Minister and Interior Minister, projects and initiatives, aimed at enhancing government performance, were discussed. There is no doubt that the country’s target of creating a safe, secure, and positive environment for the population is paying dividends for everyone’s quality of life.

Earlier in the week, the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed, unveiled Dubai Founders HQ – a major initiative to accelerate startup and SME growth in the emirate. The platform – designed to empower entrepreneurs with the tools to launch, scale and thrive in a competitive market – features a dynamic ‘phygital’ model’, combining a physical innovation campus with a full-scale digital ecosystem, bringing together startups, investors, corporates and enablers under one roof. Launched under the Dubai Economic Agenda D33, its aims are to help scale thirty unicorns and support four hundred high-potential SMEs by 2033. Over twenty-five leading public and private sector partners are already on board, offering services like mentorship, venture building, business setup, licensing support and investor access.

The Dubai Business Registration and Licensing Corporation, in collaboration with the Dubai Free Zone Council, has introduced the Free Zone Mainland Operating Permit. Designed to ease cross-jurisdiction business, this will allow free zone entities to bid for government contracts and to better access local markets. Initially covering non-regulated sectors like tech, consulting, design and trading, the framework will expand to regulated industries over time. The initiative is in alignment with the Dubai Economic Agenda, D33, which aims to double the city’s economy by 2033. The permit is valid for six months at a cost of US$ 1.36k, renewable every six months, with the initiative expected to benefit more than 10k businesses.

The UAE Ministry of Finance confirmed that new rules to update the country’s excise tax on sugary drinks will take legal effect on 01 January 2026. The update is meant to make the tax system more efficient and aligned with new standards set by the Gulf Cooperation Council. The proposed legislative amendments, including setting the various levels of a tiered volumetric model based on sugar content or other sweeteners for sweetened beverages. The amendments aim to establish a comprehensive legal and regulatory foundation that ensures the smooth implementation of the updated policy at the national level. It added that the proposed amendments will “foster a competitive tax environment”.

It is not very often that you see a global tax authority thanking taxpayers but that is exactly what the UAE Federal Tax Authority did; it  has issued a statement expressing its gratitude and appreciation to the large number of Corporate Taxpayers, at over 640k, who have achieved high compliance rates – exceeding internationally targeted averages – regarding registration with the Authority and within the legal timeframes specified for each category. This unprecedented response also shows the success and efficiency of the local legislative and procedural tax system, which is in line with the best global practices.  The Director General of the Federal Tax Authority, Khalid Ali Al Bustani, emphasised that the past period witnessed a notable increase in compliance levels and responsiveness of taxpayers to tax legislation and procedures, driven by greater awareness and the spread of a tax culture.

This week, the Chairman of the UAE Space Agency, Dr Ahmad Belhoul Al Falasi, spoke on the sidelines of the Dubai Airshow 2025 press conference. Whilst noting that the country had invested some US$ 12.0 billion in the sector, he commented that the rapid growth seen in the UAE’s space sector was being driven by  sustained government support and the increasing participation of the private sector, adding that the success of any country’s space sector largely depends on the success of its private sector. He said that the government was following the same path and that “many nations began with major government investments but simultaneously empowered the private sector to become an active partner in this journey-and today”. Explaining that the space sector inherently requires ongoing government backing alongside private participation, both remain complementary, he noted that “over the past decade, the government bore most of the responsibility, but now we see the private sector taking on a greater role, from major corporations to the growing number of SMEs”. He also emphasised the importance of international cooperation being essential for the success of the space industry and concluded that the agency’s strategic objective is to position the UAE among the world’s top ten countries in attracting and hosting space-related companies by 2031, reinforcing its status as a global hub for space sciences and future technologies.

It has been confirmed that China’s state-owned aircraft manufacturer, Commercial Aircraft Corporation of China Ltd, will make its Dubai Airshow debut next month. Comac will have four of their planes on display as well as taking part in an actual flying display. The C919 – similar to Boeing’s 737 – can seat up to one hundred and sixty-eight passengers and has been flying commercially in China since March 2023.

flydubai has joined its sister carrier, Emirates, in tightening rules on the use of portable batteries onboard for safety reasons. The carrier posted that “passengers may carry one power bank per person in their hand baggage, provided it has a watt-hour (Wh) rating of 100 Wh or less, clearly marked on the device. Devices exceeding 100 Wh are strictly prohibited”. Power banks must be kept in hand baggage only, under the seat or in the seat pocket in front of the passenger—not in overhead lockers- and their use on board is strictly forbidden. They must be switched off and protected against short circuits or accidental activation and are forbidden in checked baggage.

Last March, the Telecommunications Regulatory Authority issued the region’s first national regulation for accrediting drone  air navigation service providers and six months later,  UAE’s General Civil Aviation Authority has granted the first drone airspace service provider certificate to Dubai Air Navigation Services. DANS, in collaboration with Dubai Aviation Engineering Projects and ANRA Technologies, has developed an air traffic management platform for drones. This platform will enable immediate approvals for drone flights integrate radar and weather data, and weather alerts, enhance conflict detection and avoidance capabilities, and expand into urban air mobility applications in the future.

September’s S&P Global UAE Purchasing Managers’ Index saw the country post its strongest performance in seven months in September, attributable to growth in new business and steady expansion in output; the seasonally adjusted PMI rose 0.9, on the month, to 54.2. The organisation’s Senior Economist, David Owen, noted that “the UAE PMI made up some lost ground in September following a trend of moderating growth in the middle of the year,” and more so after its July nadir. It was reported that over 30% of firms surveyed posted higher new order volumes – a clear indicator of a boost in client activity, with positive momentum in the domestic market, whilst exports sales activity was rather muted. In the month, it was reported that rising demand led to an expansion in output and recruiting, (its fastest pace since May), whilst new orders were impacted by firms relying on existing stock to meet customer demand; September was the third consecutive month of inventory levels heading south. Although there was an uptick in demand, there was a marked reluctance for companies to cash in, by increasing their prices, but competitive pressures put a lid that option; this was partly attributable to caution around purchasing and pricing decisions.                                                    

Meanwhile, the Dubai PMI also showed similar improvement, on the month, by 0.8 to 54.2, in September, with the emirate’s non-oil firms posting a stronger rise in new work, an uptick in employment, and greater business optimism heading into Q4. Intense competition resulted in firms cutting selling prices for the first time since November 2024, and this despite input cost pressures reaching a five-month high. Overall, there was optimism in the air, with companies expressing continued confidence about future business activity, supported by government initiatives, new projects, and strong domestic demand.

An Asian man was ordered by the Dubai Civil Court Dubai Civil Court to pay US$ 850k to his ex-business partners after he was found guilty of embezzling fifteen kg of gold from their company. An earlier criminal case had seen the man sentenced to six months in jail. The civil ruling follows a final criminal judgment that sentenced the man to six months in prison and fined him an amount equal to the value of the stolen gold, all followed by deportation. His partners had stated legal proceedings, in early 2024, accusing him of misappropriating 24-karat gold valued at US$ 956k; he was charged with breach of trust and embezzlement, arguing that he diverted assets entrusted to him and caused direct financial losses.

According to Moody Ratings, the UAE is consolidating its position as a leading hub for sustainable finance, whilst praising the country’s expansion of green innovation beyond traditional energy sources to advanced industries and technologies.  Raúl Ghosh, from the agency, also noted that data centres were major energy consumers, with demand in the sector potentially rising fivefold due to accelerating investments, whist adding that AI could play a crucial role in cutting emissions. This is on the back of the International Energy Agency estimating rapid adoption could reduce global emissions by 5% or more over the next decade. He added that innovation in the UAE now extends to low-carbon steel, low-emission cement, and energy- and water-efficient data centres, whilst noting successful issuances of Masdar’s green bonds and DP World’s regional first blue sukuk to support port infrastructure and combat marine pollution. He estimated that a regional spend of 4% of GDP would be required for a sustainable economic transition that would include large-scale investment in mining new resources, power transmission and distribution, battery storage, and electrification technologies such as electric vehicles and heat pumps. He concluded that an increasing number of investors are looking for projects that combine profitability with sustainability.

A major investment by a subsidiary of DFM-listed Dubai Investments sees Emirates Float Glass announcing that it will introduce a second line that will double its manufacturing capacity to a daily balance of 1.2k tonnes. It will also introduce Ultra Clear low-iron glass, a first-of-its-kind capability in the MENA region that will set new standards in clarity, colour accuracy, and premium quality. This second float line will be operational by early 2028 and will integrate advanced automation, energy-efficient systems, and next-generation process controls to ensure consistent product quality, operational reliability, and reduced energy consumption at scale.

Nasdaq Dubai welcomed the successful listing of Emirates Islamic’s US$ 500 million Sustainability-Linked Financing Sukuk, the world’s first Sukuk issuance of its kind was issued this week on Nasdaq Dubai; this is part of the bank’s US$ 4 billion Sukuk Programme. Orders, at US$ 1.2 billion, were 2.4 times oversubscribed, with strong investor demand, enabling the bank to tighten the annual profit rate to 4.540%, at a spread of ninety-five basis points over five-year US Treasuries. Following this listing, Emirates Islamic Sukuk’s total outstanding listings on Nasdaq Dubai reached US$ 2.77 billion which brings the total value of all outstanding Sukuk listed on the exchange to over US$100 billion, consolidating the bourse’s position as a leading global hub for Islamic fixed-income products. The Dubai-based exchange currently hosts US$ 140.0 billion in fixed income and US$ 28.7 billion in ESG listings, including US$ 1.55 billion in sustainability-linked issuances.

This week, the General Assembly of Emirates Central Cooling Systems Corporation approved the Board of Directors’ proposal to distribute H1 cash dividends of US$ 119 million, (or US$ 0.0119 per share), equating to 43.75% of the Empower’s paid up capital. In H1, the company posted revenues and net profit of US$ 396 million and a net profit of US$ 110 million.

The DFM opened the week, on Monday 06 October, on 5,855 points, and having gained sixty-three points (2.1%), the previous week, gained a further one hundred and twenty-seven points to (2.2%), to close the week on 5,982 points, by 10 October 2025. Emaar Properties was flat on the week to close on US$ 3.71 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.75, US$ 6.81, US$ 2.57 and US$ 0.44 and closed on US$ 0.75, US$ 6.86, US$ 2.61 and US$ 0.44. On 10 October, trading was at eighty-three million shares, with a value of US$ seventy-four million dollars, compared to one hundred million shares, with a value of US$ ninety-two million dollars on 03 October 2025.

By 10 October 2025, Brent, US$ 5.79 (8.1%) lower the previous week, shed US$ 2.13 (3.2%) to close on US$ 62.62. Gold, US$ 207 (2.7%) higher the previous fortnight, gained US$ 124 (3.2%), to end the week’s trading at US$ 4,101 on 10 October. Silver was trading at US$ 49.98 – US$ 2.00 (4.2%) higher on the week.  

Last Wednesday, the price of gold hit a record high of more than US$ 4k an ounce, playing its role as a safe haven, as investors look for safe places to put their money over concerns about economic and political uncertainty around the world. The current status sees the yellow metal surging by almost a third since Donald Trump announced tariffs which have upset global trade. The  price was buoyed by the US government shutdown, which was triggered by repeated impasses over public spending, and is seen as a “tailwind for gold prices”. At the last government shutdown, six years ago, (and during Trump’s first presidential tenure), gold rose about 4.0%. Other factors impacting its price include the weakening greenback and a marked increase in retail investors, probably entering too late in the game. However, gold’s price fell 2% yesterday, retreating from having topped US$ 4k earlier in the week, attributable to a reported rising dollar and investors cashing in profits after the Israel-Hamas ceasefire deal. According to the World Gold Council, a record US$ 64.0 billion has been invested in gold ETFs so far this year.

Gold is not the only precious metal on a record-breaking rally, being surpassed by silver’s soaring prices, having risen by over 75% YTD. The main drivers behind the current surge are a combination of safe-haven demand, strong industrial consumption, and persistent supply shortages. Yesterday, it reached a record high of US$ 51 per troy ounce – and going over the US$ 50 mark for the first time since 1980. Meanwhile, on the day, gold’s price fell 2%, retreating  from having topped US$ 4k earlier in the week, attributable to a reported rising dollar and investors cashing in profits after the Israel-Hamas ceasefire deal.

This week, Airbus posted, that since its 1988 commercial debut, it has managed to sell 12.3k A320neos, overtaking the Boeing 737 line, to become the most-delivered jetliner in history. Boeing’s decades-old record fell with the handover of an A320neo to Saudi carrier Flynas, becoming its twelve thousand, two hundred and sixtieth sale. Demand for both the A320 and the 737 has surged in recent years, as economic growth led by Asia brought tens of millions of new middle-class travellers into the skies. Initially they were made to serve major hubs but later widely adopted by low-cost carriers, which Airbus courted after Boeing cut output during a downturn in demand post-9/11. Having declared that they had manufactured five hundred and seven jets by the end of September means that the plane maker has to bring a further three hundred and thirteen units to achieve its 2025 target of eight hundred and twenty. Now the world’s largest plane maker, it delivered a record September number of seventy-three, as the supply of engines improved, indicated by a fall in the number of completed planes, parked on the ground, awaiting their engines.

Blaming its decision on airport operator AENA increasing the charges it levies on airlines, particularly at regional airports, and “illegal” bag fines, Ryanair has taken out 1.2 million seats to and from Spain next summer – this follows its decision to axe one million seats from its winter schedule last month. It is ending all flights, to and from Asturias Airport in northern Spain, and shifting seats to Spain’s bigger airports and other European countries, mainly to lower-cost competitor airports in Italy, Morocco, Croatia, Sweden and Hungary. Earlier in the week, the EC seemed to favour the Irish budget airline by ruling that the fines imposed for charging extra fees on cabin bags had breached regulations. Last year, the Spanish watchdog fined Ryanair, easyJet, Norwegian, IAG’s low-cost unit Vueling and Volotea a combined US$ 206 million for practices such as charging for cabin luggage.

Ineos, the UK chemicals group founded and co-owned by Manchester United’s 25% owner, Sir Jim Ratcliffe, is not well pleased with the Starmer administration after having cut sixty skilled jobs at its factory in Hull. He commented that the redundancies were “as a direct result of sky-high energy costs and anti-competitive trade practices, as importers ‘dump’ product into the UK and European markets”. He added that the lack of government action – both in the UK and the EU – had resulted in “dirt cheap” carbon-heavy imports flooding the market, making its products uncompetitive, and called for Trump-like tariffs or the problems would just get worse. The firm claims that its Chinese competitors were emitting up to eight times more carbon dioxide than its UK operations, after US$ 40 million was spent on switching Ineos plant energy source from natural gas to hydrogen.  He commented that, “it’s grim, there is no other word for it really,” I don’t think there will be much chemicals left in ten years’ time”.

No wonder that the UK car industry is in such a bad state, when BYD announce a mega 880% surge, to 11.3k vehicles, in UK September sales, compared to a year earlier; it noted that its Seal U, a SUV, accounted for the majority of those sales, and that its share of the UK market has jumped to 3.6%.  The Chinese carmaker commented that the UK has become its biggest market outside of its homeland. For some reason, known only to Starmer’s inner circle, the UK, unlike its European and US peers, has yet to impose tariffs on these Chinese imports. Overall, UK EV sales hit a record high last month, with sales of pure battery electric vehicles rising to almost 73k – still less than the total sales of petrol and diesel models. The Kia Sportage, Ford Puma and Nissan Qashqai were the month’s best-selling cars.

To compensate more than one hundred ex-employees, manhandled by its owner, Mohamed Al Fayed, who died in 2023, Harrods has set aside more than US$ 81 million in its plan to compensate alleged victims. Multiple women have accused Fayed, who owned the luxury store between 1985 to 2010, of rape and sexual assault, with the Met Police, confirming that one hundred and forty-six people have come forward to report a crime in their investigation into Fayed. A redress scheme was set up last March, which would consider all claims up to US$ 519k – this will stay open until March 2026. There is also a US$ 7 million provision to cover legal and administrative expenses. Latest figures indicate that the store posted annual revenue flat at US$ 1.34 billion, with a US$ 46 million deficit, compared to a US$ 149 million profit a year earlier. The main drivers behind the disappointing return were not only from the Fayed scandal but also on weaker beauty trading, modernising some of its systems and current domestic and global economic environment.

The EU is hiking the tax, to 50%, on steel it imports, and since this bloc is the biggest market for UK steel exports, it could be disastrous for the industry to lose any of its business there. UK Steel described it as “perhaps the biggest crisis the UK steel industry has ever faced” and called on the government to “secure UK country quotas”.

Last weekend, two events took place that would have seemed like a distant dream only a few years ago. Dame Sarah Mullally, a former chief nursing officer for England, was named as the first female Archbishop of Canterbury in the history of the Church of England. The first person to hold that position was Augustine of Canterbury in 597AD, with the church in full communion with the Roman Catholic Church, until Henry VIII proclaimed himself head of the Church of England in 1533, and appointed Thomas Cranmer Archbishop of Canterbury.

The other event saw Sanae Takaichi appointed the new leader of Japan’s ruling Liberal Democratic Party, and if confirmed later this month as the successor to Shigeru Ishiba, she will become the country’s first female prime minister. Come Monday, Japanese shares hit new highs, (especially those in real estate, technology and heavy industry), gaining some 4.75%, with the benchmark Nikkei 225 index ending the day above 47k for the first time., as the Topix index surged 3.1% to record highs. Furthermore, long-term government borrowing costs rose sharply, as investors piled into the ‘Takaichi trade’ amid expectations that she will announce a wave of fiscal stimulus packages. Over the past twenty years, she has held various senior government positions and is known for her support of higher government spending and lower borrowing costs. She was also a big fan of Margaret Thatcher and her free market approach to economics, as well as an apostle of ‘Abenomics’ – a fiscal strategy of high government spending and loose monetary policy, introduced by a former prime minister, Shinzo Abe. However, the yen headed in the other direction, sinking to a record low against the euro and slumping 1.7% against the greenback. Time will tell whether the country would benefit from her policy to boost government spending, or it will see the currency weakening even further, as Japan’s debt rises.

According to the latest Bloomberg Billionaires Index, Portugal’s Cristiano Ronaldo has become the first billionaire footballer, with an estimated net worth of US$ 1.40 billion. The striker, with some nine hundred and forty-six official goals, for his clubs and country, to his name, is the all-time top goal scorer in men’s football. He joins as elect group of other billionaire sportsmen, including Michael Jordan, Magic Johnson, LeBron James, Tiger Woods and Roger Federer.

There is little surprise to see that Chinese authorities  tightening its regulations on the export of rare earths – a much important ingredient crucial to the manufacture of many high-tech products. The new regulations have been introduced “to safeguard national security”, formalise existing rules on processing technology and unauthorised overseas cooperation. It is more than likely to block exports to foreign arms manufacturers and some semiconductor firms. The Ministry of Commerce noted that technology used to mine and process rare earths, or to make magnets from rare earths, can only be exported with government permission. The new rules will see the addition of several rare earths and related material to its export control list in April, which caused a major shortage back then.

On Tuesday, the Financial Conduct Authority published details of a proposed redress scheme following the ignominious car loan mis-selling scandal, with the watchdog estimating that some US$ 11.0 billion will be repaid to those consumers that had been “robbed”, and a further US$ 3.8 billion for administration expenses. The whole episode was down to commissions, sometimes hidden or inadequately disclosed, paid to forecourt car dealers for arranging finance on car purchases. Some may argue that the lenders involved have got away with a lot, with the payout being much less than the August forecasts of between US$ 12.0 billion and US$ 24.0 billion. Up to 14.2 million people could each receive an average of US$ 937 in compensation due to car loan mis-selling, with 44% of all car loan agreements made between April 2007 and November 2024 being eligible for payouts; those eligible for the compensation will have had a loan where the broker received commission from a lender. It seems that the fallout from this scandal will cost Lloyds Bank up to US$ 2.6 billion, which had only provided US$ 1.5 billion in its accounts, so that a further US$ 1.1 billion will reduce their next profit. Shares in the bank fell more than 3% on the news.

According to global thinktank Ember, H1 saw, for the first time, renewable energy surpassing coal as the world’s leading source of electricity. There has been such strong growth in alternative energy sources, such as solar and wind, that even though electricity demand is expanding globally, it managed to meet 100% of the extra demand and also to drive a slight decline in coal and gas use. Strangely, it is the developed countries, including those in the US and EU, that seem to be lagging, relying on even more planet-warming fossil fuels for electricity generation. On the other hand, China has led the cleaner energy charge, and although still adding to its fleet of coal-fired power stations, it also remains way ahead in clean energy growth, adding more solar and wind capacity than the rest of the world combined. Its clean tech exports hit a record US$ 20 billion, driven by surging sales of electric vehicles (up 26%) and batteries (up 23%). The growth in renewable generation in China has outpaced rising electricity demand and helped reduce its fossil fuel generation by 2%. Likewise, India has experienced slower electricity demand growth – and has been able to cut back on fossil fuel usage – and also added significant new solar and wind capacity. In the US, electricity demand grew faster than clean energy output, increasing reliance on fossil fuels, while in the EU, months of weak wind and hydropower performance has led to a rise in coal and gas generation. However, it does appear that the move to clean power is keeping pace with demand growth and that solar power is meeting 83% of the increase in electricity demand; 58% of solar generation now occurs in lower income nations. This is mainly due to the fact that solar prices have fallen 99.9% since 1975, (cf wind turbine costs that have only come down some 33% in the last decade), and is now so cheap that large markets for solar can emerge in a country in the space of a single year. For example, Algeria has increased panel imports thirty-three-fold, Zambia eightfold and Botswana sevenfold. Last year, Pakistan posted a doubling of imported solar panels, capable of generating 17 GW of solar power – equivalent to almost a third of the country’s current electricity generation capacity, whilst in Africa, Nigeria overtook Egypt into second place, behind South Africa, with 1.7GW of solar generating capacity – equating to being able to meet the electricity demand of roughly 1.8 million homes in Europe. In contrast, Afghanistan’s widespread use of solar-powered water pumps is lowering the water table, with estimates that some areas may run dry within a decade.

The BoE is concerned that global stock market valuations – but particularly in the US -“appeared stretched” and on some measures are “comparable to the peak of the dotcom bubble”. The worry is that the very high share prices of US tech stock have tended to skew the market with an increasing focus on them pushing their prices artificially higher. The Bank’s Finance Committee is that “any AI-led price adjustment would have a high level of pass-through into the returns for investors exposed to the aggregate index”, and if that bubble were to burst, the fallout – and the resultant global market sell-off – would be felt in the UK. At the same meeting, it also warned about investor concerns about the independence of the US Federal Reserve, noting that “central bank operational independence underpins monetary and financial stability — and therefore lowers borrowing costs for households and businesses”. Even JP Morgan’s Jamie Dimon had his say on the matter commenting that he was “far more worried than others” about a serious market correction, which he said could come in the next six months to two years; he considered that the current state of play shows a higher risk of a serious fall in US stocks than is currently being reflected in the market. He also warned that the US had become a “less reliable” partner on the world stage and that he was still “a little worried” about inflation in the US. October is the month for stock market crashes, so there would be no surprise to see a much-needed downward adjustment this month.

Between March 2020 and March 2022, the UK government spent US$ 414 billion on “pandemic-related support measures”, equating to handing US$ 616 to every person in the UK; that figure could rise to as much as US$ 497 billion, according to the Office for Budget Responsibility. A staggering US$ 128.5 billion was spent by the Department of Social Care (DHSC), with at least US$ 20 billion being wasted procuring goods from dubious sources – often purchasing products that were not fit for purpose and excessively inflated in price.

Last week’s blog mentioned the shenanigans surrounding Baroness Mone, and her husband, Doug Barrowman’s company PPE Medpro, and this week she comes out fighting arguing that the National Criminal Agency investigation had “nothing to do with PPE Medpro and the contracts”. She had noted that “the case theory of the NCA investigation is that I somehow misled the Conservative government about my alleged concealed involvement and ended up pocketing a lot of money. Well I’m sorry to disappoint you, but it isn’t true”. She also confirmed that the Johnson Conservative government knew of her involvement and names former health secretary Matt Hancock, Lord Agnew, Lord Feldman and Lord Chadlington as being among fifty-one “mostly Conservative peers and MPs” who introduced providers to the (high priority) ‘VIP lane’. Introduced in April 2020, the idea was to treat offers to supply PPE with greater urgency if they came with a recommendation from ministers, MPs, members of the House of Lords, or other senior officials. In other words, the usual protocol of checking credentials, comparing prices etc no longer applied. It was open season, and it does seem that many in the ‘VIP lane’ did well for themselves in dubious circumstances.

The disgraced baroness ended by saying that ” my role was exactly the same as all other Conservative MPs and peers who were trying to help provide PPE… if I have done wrong, then so have all the others in the ‘VIP lane’. In which case, you should be calling out for them to resign as well. That’s if you manage to work out what it is they are supposed to have done wrong”.

At that time the government said there was a “desperate need” to protect health and social care staff, and it was argued swift action was required to secure PPE. An NAO report found that up to the end of July 2020, about 10% of suppliers in the ‘high priority lane’ were awarded a contract, while the figure was less than 1% for other suppliers. The government ordered more than thirty million masks, gowns and other items of PPE, including ventilators, during Covid, with contracts totalling US$ 19.4 billion. The Conservative Government’s established a ‘VIP lane’, which  allowed companies with direct links to the ruling Conservative Party to jump the queue and land government contracts, valued in the billions of pounds, to provide medical equipment. The UK was the only nation in the world to introduce such a controversial and illegal back channel during the pandemic.

Two years later, the new prime minister, Rishi Sunak, approved the incineration of billions of items of unusable PPE and, believe it or not, only the baroness has faced the long arm of the law. It would appear that many have got away with stealing vast sums of money from the UK exchequer and that industrial-scale cronyism and political scandals, that consumed the then PM, Boris Johnson’s Number 10 era, have left some of the Tory hierarchy better off. Nobody will ever know how many of the ‘VIP lane’ recipients are now living the life of Riley, not on merit, but based on their political connections they had within the governing slimy Conservative Party.

Two examples show how some firms were sailing close to the wind when contracts were given out. In June 2020, Meller Designs, a firm then selling beauty products, was awarded two contracts by the DHSC – for US$ 109 million and US$ 88 million – to supply hand sanitiser and face masks. Both contracts were awarded, via the ‘VIP lane’, and without formal competition. The owner of the company was David Meller a regular donor to the Conservative Party and had personally donated to Michael Gove MP and supported his unsuccessful bid to become leader of the Conservative Party in 2016. Another was Steve Dechan who ran a small, loss-making firm distributing medical devices but in mid-2020 his company P14 Medical Ltd was awarded two contracts – one for US$ 160 million to supply face shields and the other a US$ 207 million contract by the DHSC to supply medical gowns manufactured in China. He was also a Conservative Party councillor and eventual donor to, unsurprisingly, the Conservative and Unionist Party; this is one way to turn a loss-making enterprise into a money-spinner. Maybe it was just coincidence that Medacs Healthcare Plc, a healthcare subsidiary company of Impellam Group, ultimately controlled by leading Tory donor and former party chairman, Lord Ashcroft, received a US$ 465 million contract as part of the government’s Covid-19 testing and vaccination rollout; in the year leading up to the contract award, he had donated a reported US$ 233k to the Conservative Party.

At the time Labour MP, Rachel Reeves, the then shadow Cabinet minister and now Chancellor of the Exchequer commented that “people are understandably furious seeing businesses owned and run by the friends and donors of the Tory Party being awarded huge multi-million-pound public contracts throughout this pandemic”.

In true UK bureaucratic style, much of the Covid collateral damage has been covered up by the Tory hierarchy and will probably not see light again for many years.  That leaves the casualties and survivors of the pandemic to pick up the pieces, and asking why politicians always seem to be Getting Away With It!