Hit The Road Jack!                                                                                    21 February 2025

Under the new Smart Rental Index, launched last month, Dubai landlords now have to notify tenants ninety days before the expiry of tenancy contracts to increase rentals; this regulation applies even if the property qualifies for a rent increase under the new index. This week, the Dubai Land Department clarified that where the landlord had provided the required ninety-day notice – and the previous index supported the increase – but the new index does not, the renewal date will be determined based on two points: either the previous index will be applied, if the contract was renewed before 2025, or the new index will be enforced if the contract is renewed during 2025. Last year, Dubai recorded an 8.0% hike in the number of lease contracts to over 900k.  The new index uses various factors when calculating the applicable rent increase, including rental contract values in the building, the average rental values in the area, and the building classification. It also uses AI to deliver accurate and standardised rental price assessments to cover all residential areas, including key districts, special development zones, and free zones. This modus operandi ensures fairness, and strengthens confidence in Dubai’s real estate sector, as well as it mitigates the impact of inflation, with the aim of bringing stability to rentals and maintaining them at a more realistic level. It is estimated that rents increased, for the sixteenth consecutive quarter in Q4, with villa and apartment rents jumping 16% and 13% respectively.

Abu Dhabi-based Aldar has released ‘The Wilds’ – its third foray into the Dubai market, (in partnership with Dubai Holding), following the success of the ‘Haven’ and ‘Athlon’.   ‘The Wilds’ will have about 1.7k homes, (each one surrounded by eco corridors and green spaces), including five- and six-bedroom mansions, designed by Lebanese architect Nabil Gholam. Prices for three-bedroom villas will start at US$ 1.4 million, and US$ 2.72 million to US$ 3.0 million for more premium options. The development will see an international school, along with outdoor learning spaces and eco-focused facilities. There will also be a pond and dry stream habitats, as well as manmade bird nests and bee-keeping zones.

Yesterday, Azizi Developments introduced its international launch of the world’s second-tallest tower in seven global cities – Dubai, Hong Kong, London, Mumbai, Singapore, Sydney and Tokyo. Dubai’s Burj Azizi, slated for completion by 2028 and located on SZR, is a one hundred and thirty-one plus storey tower that will encompass residential, hotel, retail, and entertainment spaces. On the residential side, it will house apartments with one, two, or three bedrooms, and for every twenty floors of residences, an amenity floor is planned, consisting of swimming pools, with sauna and steam room, a gym/yoga centre, a spa, a games room including billiards, chess and ping-pong, a business centre, a kids’ play area, a cinema, a restaurant/coffee shop, and a supermarket. Burj Azizi will also house an all-suite seven-star hotel inspired by seven cultural themes: Arabic, Chinese, Persian, Indian, Turkish, French, and Russian. It also revealed the prices of apartments in the world’s second-tallest tower Burj Azizi. The prices of ultra-luxury units start from US$ 1,948 per sq ft, while the highest has been priced at US$ 9,264 per sq ft. Apartment prices start at US$ 2.04 million, while the most expensive has been priced at US$ 42.50 million. There are reports that on the first day of sales, one hundred and ten units were sold, including a US$ 17 million penthouse.

According to Skyscrapercenter’s data, Dubai is home to thirty-three towers taller than three hundred-plus metres and is the number one in the world. It also boasts having fourteen of the one hundred tallest global towers including Burj Khalifa, Marina 101, Princess Tower, 23 Marina, Elite Residence, The Address Boulevard, Ciel Tower, Almas Tower, Gevora Hotel, II Primo Tower, JW Marriott Marquis Hotel Tower 1, JW Marriott Marquis Hotel Tower 2, Emirates Tower One and The Torch.

Corinthia Hotels and Dubai General Properties have announced a mixed-use one hundred and two storey tower development, including a hotel and branded residences, located on SZR near to the Museum of the Future. The development, with a 330k sq mt built up area and set to open in 2030, will comprise a one hundred and twenty-key luxury hotel, alongside Corinthia-branded serviced penthouses and apartments. It will boast the world’s highest outdoor sky pool, at over five hundred mt, with panoramic 360-degree views The property is owned by Dubai General Properties LLC, while Corinthia Hotels will provide management and expertise to operate the development. Another Corinthia Group subsidiary, QP, a multidisciplinary design and project management firm, will provide project management and design services.

As part of its extension plans, that include Maldives and Saudia Arabia, Aman is set to invest US$ 436 million on a residential project in Jumeirah 2. Located at the end of Dubai Water Canal, the project will comprise one hundred hotel suites and eighty-two Aman-branded residences. Handover date for Aman Residences Dubai is slated for December 2028, with building to start in Q3. The project is being developed by H&H Investments and Development, through its subsidiary Blackwood Development.

According to Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the UAE Tourism Council, hotels in the UAE generated just over US$ 1.0 billion, (4.0% higher on the year), in the ten months to October 2024. Occupancy was 2.7% higher at 78.0%. The Minister was chairing the first 2025 UAE Tourism Council meeting, in which he highlighted the ongoing expansion of Emirati tourism across various sectors, supporting the National Tourism Strategy 2031.

Monday saw the opening of the five-day Gulfood 2025, with a visit from HH Sheikh Mohammed bin Rashid, where he commended the exhibition’s impressive growth over the years, noting that the ongoing edition marks the largest in its history. The event, which as usual was being held at the Dubai World Trade Centre, will feature 4.6k exhibitors, showcasing over one million products, from one hundred and six countries. The thirtieth edition of Gulfood goes under the theme ‘The Next Frontier in Food’. HH Sheikh Mohammed highlighted the value of the event, as a key platform for building partnerships and striking deals within one of the most vital sectors globally. The Dubai Ruler emphasised that the UAE always strives to remain a global hub for building partnerships and exchanging knowledge to address present needs and prepare the ground for a prosperous future for humanity. He highlighted how major exhibitions, hosted by Dubai, offer an ideal opportunity to exchange ideas, discover new opportunities, and build partnerships with the private sector across the globe.

On the sidelines of Gulfood 2025, it was reported that Dubai Industrial City had attracted more than US$ 95 million in investments from the food and beverage sector last year. The region’s leading industrial and logistics ecosystem announced that, last year, it attracted more than twenty-five F&B customers, leasing 1.7 million sq ft of high-quality industrial spaces – an indicator of the growing business confidence in Dubai’s position as a hub for innovation and market expansion.  Located close to Al Maktoum International Airport, Jebel Ali Port, an Etihad Rail freight terminal, and key regional roadways, DIC hosts more than 1.1k local, regional, and international manufacturing companies and over three hundred and fifty operational factories. In 2024, the two notable F&B investments at DIC were:

• Silver Line Gate Group’s integrated hub to annually produce more than 100k tonnes of dairy products, including milk products and butter, each year
• Pure Ice Cream, the manufacturer of brands such as Kwality Ice Creams and Hershey’s Ice Cream, signed a musataha agreement to launch a production facility. It will be among the UAE’s largest ice cream factories upon launch in 2026, increasing Pure Ice Cream’s annual capacity by 300%

President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Ukrainian President Volodymyr Zelenskyy, were in attendance at the signing of the Comprehensive Economic Partnership Agreement between the two countries. The CEPA was signed by the Minister of State for Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, and his Ukrainian counterpart, Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy. As a result of this agreement, and with immediate effect, 99% of Ukrainian imports of UAE goods and 97% of Ukrainian exports to the UAE will be exempt from customs duties. The net financial result is estimated at a US$ 369 million contribution to UAE’s GDP and US$ 874 million to Ukraine’s economy. It will also create new opportunities for cooperation in sectors such as infrastructure, heavy industry, aviation, aerospace, and IT. Last year, bilateral trade topped US$ 372 million. There have been twenty-four CEPAs signed to date, covering a marketplace of more than 2.5 billion people, all part of the country’s broader efforts to expand its global trade partnerships and enhance investment opportunities across multiple sectors so that non-oil trade will hit AED 4 trillion (US$ 1.09 trillion) by 2031.

According to the 2025 Edelman Trust in Government Report, the UAE, with eighty-two points, was ranked third in the government trust rankings, behind Saudi Arabia and China. Furthermore, the country remains the most trusted institution among four key sectors which also include business, media, and NGOs. The annual survey, now in its twenty-fifth year, was carried out online between 25 October to 16 November last year and garnered responses from over 33k individuals, across twenty-eight countries, with approximately 1.15k respondents per country. In a social media post HH Sheikh Mohammed bin Rashid noted that “Trust has been built over fifty years of legitimate work and achievement… and today, under the leadership of my brother [His Highness Sheikh Mohammed bin Zayed Al Nahyan], trust is strengthened… credibility is entrenched… and the people rally more around their government and leadership to create the best developmental experience and the highest standard of living for people worldwide.”

In 2024, Dubai International Financial Centre had its best ever year, posting a 1.82k increase in new registrations, to over 7k, with now over 46k being employed in DIFC. It registered record combined revenues, at US$ 485 million, with a 55.0% uplift in operating profit to US$ 36 million. Tech companies increased by an annual 38% to 1.25k. Dubai’s Crown Prince, Sheikh Maktoum bin Mohammed noted that, “we remain committed to further enhancing an integrated global financial ecosystem that fosters innovation and reinforces Dubai’s standing as a future-focused international financial centre.”

The Dubizzle Group has acquired Hatla2ee, a leading Egyptian automotive portal. Its CEO MENA, Haider Khan, noted “Egypt’s dynamic automotive sector presents immense opportunities and by integrating Hatla2ee’s expertise with our technology-driven ecosystem, we aim to enhance the buying and selling experience for millions of users”. The Egyptian company, founded in 2016, and with over two million unique monthly visitors, offers a range of services including buying and selling of both new and used cars, along with car evaluations, financing options, and real-time market pricing insights.

Jebel Ali Port posted its highest container and breakbulk cargo volumes, in a decade, handling 15.5 million twenty-foot equivalent units (TEUs) in 2024 – 68% higher on the year; the figure equates to nearly 18.0% of DP World’s total 2024 global container throughput of 88.3 million TEUs. Breakbulk cargo also saw significant growth, surging by 23% on the year to reach 5.4 million metric tonnes – the second-highest performance since 2015.The DP World entity continues to be the leading trade and logistics hub in the region.

As previously advised by Parkin, vehicle parking at major events in Dubai will be charged at US$ 6.81, (AED 25), an hour which came into effect on Monday, at the start of Gulfood 2025. The parking company confirmed that this new variable tariff applies at spots near concerts, festivals, conferences and exhibitions with the affected zones being 335X, 336X and 337X, and situated in areas surrounding Dubai World Trade Centre. Parkin confirmed, “special event parking zones, with adjusted rates, will be activated to accommodate higher vehicle volumes.” 

In its first full year of operations since its IPO, 2024 saw Dubai Taxi Company’s financial indicators all moving higher, driven by the emirate’s population/tourism growth and continuing urban expansion. Revenue was 12.0% higher on the year, at US$ 599 million, and net profit, before tax and interest,  up 18%, whilst EBITDA rose 19.0% to US$ 159 million, with a 27% margin. Reported net profit declined by 4% year-on-year to US$ 90 million, due to the introduction of corporate tax in and increased interest costs. DTC’s taxi segment, which has a 47% market share, saw a 12.0% rise in revenue to US$ 523 million, attributable to increased trip numbers, as it added a further seven hundred and forty-four vehicles in the year to bring its fleet numbers to 5.96k. The limousine segment posted an annual 8.0% revenue to US$ 34 million. DTC’s taxis and limousines completed more than forty-nine million trips during the year – 6% higher on the year. The bus segment registered an 11.0% increase to US$ 32 million, driven by new service contracts and an expanded fleet size. Its delivery bike segment posted a 2.3 times increase in its revenue.

Dubai Islamic Bank posted its 2024 financials, all showing significant increases – pre-tax profit up 27% to US$ 2.45 billion, net profit climbed 16% higher to US$ 2.23 billion, net operating revenues by 10% to US$ 3.50 billion, and total income, 16% to the good at US$ 6.36 billion. On the balance sheet side, the UAE’s largest Islamic bank registered a 10% hike in financing and sukuk investments to US$ 80.38 billion and customer deposits by 12% to US$ 67.85 billion, with current and savings accounts deposits 1.3% higher, contributing over 38% of the total. There was a 71.0% marked reduction in impairment charges to US$ 111 million, which saw a 1.4% reduction in non-performing finance to 4.0%. Driven by ongoing automation and digitalisation efforts, the bank posted an improvement in operational efficiency, with the cost to income ratio down 0.4% to 26.7%; its Liquidity Coverage Ratio came in at 159%.

The DFM opened the week, on Monday 17 February, one hundred and eighty-two points, (3.4%), higher the previous fortnight, shed three points (0%), to close the trading week on 5,359 points by Friday 21 February 2025. Emaar Properties, US$ 0.23 higher the previous four weeks, gained US$ 0.15, closing on US$ 3.88 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.74, US$ 5.80, US$ 2.08 and US$ 0.38 and closed on US$ 0.72, US$ 5.76 US$ 2.11 and US$ 0.38. On 21 February, trading was at three hundred and twelve million shares, with a value of US$ one hundred and forty-eight million dollars, compared to three hundred and one million shares, with a value of US$ one hundred and eighty-five million dollars on 14 February.

By Friday, 21 February 2025, Brent, US$ 0.07 higher (5.0%) the previous week, shed US$ 0.39 (0.5%) to close on US$ 74.39. Gold, US$ 17 (1.8%) lower the previous week, gained US$ 55 (1.9%) to end the week’s trading at US$ 2,939 on 21 February 2025.

Early Friday morning, gold had hit another record high, (for the tenth time this year), trading at US$ 2,955 per oz, driven by concerns of a possible global trade war, mainly because of Donald Trump’s tariff threats; his latest ‘targets’ relate to lumber, cars, semiconductors and pharmaceuticals which he will announce “over the next month or sooner”. Even though fundamentals point to gold being overvalued, it can only be a matter of time before it tops the magical US$ 3k figure.

Wynn Resorts CEO, Craig Billing, is confident in the potential of the UAE’s gaming market, predicting it could reach between US$ 3 billion and US$ 5 billion over time. He also indicated that he would not be concerned if the regulators were to grant another licence in a different emirate. He added that Wynn Al Marjan is “the most exciting development project in the industry,” and that “we don’t believe that every emirate will avail themselves of potential licence by any means…We’re opening in March 2027, so think about the fact that it takes a minimum of four years to design and build an integrated resort. You can imagine that we’re going to have a very, very healthy lead.” The casino’s financial projections take into account the opening of a second casino in the UAE, and that “would be good for the industry”. The topping off Al Marjan is scheduled “towards the end of this year.”

Last October, Wynn Resorts announced that the local regulator, the General Commercial Gaming Regulatory Authority, had issued a Commercial Gaming Facility Operator licence to the entity developing the Wynn Al Marjan Island resort in Ras Al Khaimah. Last month, Wynn acquired Aspinalls in Mayfair London, which will give the operator a presence in the centre of the city, and a London base for some of its clients.  Wynn Resorts earlier this month said that it completed financing for the development of the Wynn Al Marjan Island project after it obtained a US$ 2.4 billion syndicated loan from a range of banks. Its remaining outstanding equity contribution to this project is up to US$ 773 million, with about 50% payable this year and the balance in 2026. Its contribution to date has been $632 million, including US$ 99 million contributed in Q4.

With its reworking of operations and market coverage, it seems that it has been successful as HSBC posts a US$ 2.0 billion surge in its 2024 profit before tax to US$ 32.3 billion; profit after tax came in, US$ 400 million higher, at US$ 25.0 billion. The net interest margin for the year ended up at 1.56%, lower by ten bp. Its US$ 0.87 per share dividend incudes a special payout of US$ 0.21 per share. HSBC is also to finalise a US$ 2.0 billion share buyback in Q1. In the near term, the bank is targeting US$ 1.5 billion in savings through the ongoing re-organisation by the ‘de-duplication of roles’, through a more simplified organisational structure, and a reduction in staff expenses by around 8%. Although it made a US$ 4.8 billion gain from selling its business in Canada, this balance, plus a further US$ 1.0 billion, was wiped out by losses stemming from exiting its Argentinian operations. Furthermore, there was also US$ 5.2 billion losses attributed to the recycling of ‘foreign currency reserve losses and other reserves’.

Having already earmarked a US$ 570 million provision to cover the costs of its car finance mis-selling scandal, Lloyds Banking Group has now increased the required provision to US$ 1.52 billion, which has obviously impacted its 2024 profits. It posted a pre-tax profit of US$ 7.56 billion, down from US$ 9.50 billion a year earlier, as the UK economy faltered, and interest rates came down. Lloyds is not the only bank implicated in the scandal over its treatment over commission paid to car dealers, with millions of motorists potentially in line for compensation. They include the likes of Barclays, having set aside US$ 114 million and Santander with a US$ 375 million provision. The Supreme Court will decide in April on the question of whether people taking out car loans were properly informed over how commission was paid, possibly leading them to be charged more. Banks and other financial institutions now await and may be liable to pay compensation over some deals, particularly before rules were changed in 2021. One sure thing is that Lloyds will have to pay some penalty but is likely to be less than 10% of the US$ 27.73 billion it paid, over its role in the PPI mis-selling saga in 2019.

Japan saw its core consumer inflation rate, which excludes fresh food prices, move at its fastest pace – 3.2% – in nineteen months which will probably see the central bank continuing to raise rates, and maybe more aggressively; in December, the rate had been 3.0%.  Because of the market becoming more bullish on interest rates moving higher, bond yields nudged north. The Bank of Japan consider another index, which strips out costs of both fresh food and fuel, as a better indicator of demand-driven inflation, and this rose 2.5% in January – the fastest year-on-year pace since March 2024, when the index rose 2.9%.

In a desperate move to tackle surging home prices and give young voters a chance to get onto the housing ladder, the Australia’s government will ban foreign investors from buying established houses for the next two years, starting on 01 April 2025. According to the Australian Taxation Office, overseas investors bought US$ 3.12 billion of residential real estate — including vacant land, new and established dwellings – in the fiscal year ending 30 June 2023; this accounted for about 33% of the total sales. The country’s housing is some of the most unaffordable in the world and with a general election due by 17 May at the latest, in what promises to be a close fight, between the two protagonists – Anthony Albanese and Peter Dutton – the country’s thirty-first PM needs to be seen helping the disenfranchised millennials and other house-buyers. Over the past decade, Sydney housing values have jumped almost 70% with the median dwelling price now around US$ 762k – and still climbing.

The US President is definitely not a shrinking violet and, this week alone, he has managed to upset the Ukrainian president, European leaders and Boeing. The latter has had a turbulent few years, most of which seemed to be self-inflicted. In his first term in office, he approved two updated versions of Air Force One, (which is now thirty-five years old), based on the modern Boeing 747-8; delivery was scheduled for 2024 but now has been put back to 2028. He has complained about it taking the plane maker too long to build planes and has threatened that “we may buy a plane or get a plane, or something,” and “I’m not happy with Boeing”. However, he will not consider buying an Airbus alternative but “I could buy one that was used and convert it.” A few days ago, Trump visited a thirteen-year-old Boeing 747-800 that had been owned by the Qatari royal family while it was parked at Palm Beach International Airport.

The Bank of England is facing a conundrum as inflation figures remain stubbornly high, (with the Consumer Price Index posting a 0.5% hike, in January, to 3.0%), as it needs to balance whether to bring it down to its 2.0% long-term target, by keeping higher interest rates, or risk dampening the economy too far by lowering interest rates too quickly. The main drivers behind the January increase were food/drink prices rising 3.3% on the year, (compared to 2.0% in the year to December), a smaller than expected decline in plane ticket costs and private school fees, 13.0% higher, as new VAT rules were introduced; it was the highest annual rate since last March. However, the money is on there being no rate cut at next month’s BoE meeting, with more inflation rises expected, throughout 2025, with the possibility of reaching 4.0% by year end.

More misery for the suffering UK populace is news that, as from this April, most English councils are set to increase council tax by the maximum amount of at least 4.99%. Councils are facing rising costs, and even more if they legally have to provide services such as social care, education, housing and waste services. Latest statistics indicate that 85% of the one hundred and thirty-nine top-tier authorities that have proposed or confirmed rises so far are planning to do so by 4.99%. Even though any local authority who wants to lift this tax to 5.0% or above must carry out a local referendum, under normal circumstances, but because being in severe financial trouble, six councils have been given authority to increase council tax beyond this level without a vote. Only fifteen councils are planning increases below 4.99%, including Wandsworth, (4.98%) and Kensington & Chelsea (4.0%), down to Lincolnshire (2.99%) and Wandsworth (2.0%).

In January, official figures indicate that government borrowing was more expensive than expected, and tax revenue fell below expectations. The end result is that the Chancellor is coming under increased pressure to raise taxes or cut public spending. In the month, the Office for National Statistics posted that the month saw the greatest budget surplus since records began in 1993, as the public sector took in more taxes and other income than it spent, leading to a surplus of US$ 19.46 billion. However, borrowing was US$ 14.65 billion more than a year earlier and the fourth highest on record. For the year, borrowing came in at US$ 146.55 billion, well ahead of the OBR’s forecast of US$ 133.16 billion. Normally, January is a big earner for the taxman, as self-assessed returns come in, but the tax revenue and the surplus were below economists’ forecasts; in the month, UK long-term borrowing costs soared, as the pound dipped lower, whilst ten and thirty-year borrowing costs soared. Consequently, government borrowing costs surged in the month, resulting in decades=high interest rates for government bonds, with the Chancellor may having to break her self-imposed fiscal rules – to bring down government debt and balance the budget by 2030. Undoubtedly if both inflation levels and interest rates move higher, then Rachel Reeves is in deep political trouble and the inevitable tax rises and spending cuts, maybe as early as the 26 March budget.

The new year started with a surprise for the embattled UK retail sector, with figures from the Office for National Statistics indicating that monthly retail sales were up by 1.7% – well above the 0.3% the market had expected – and a major improvement on the 0.6% fall posted in December. The main driver was from food shop sales rising 5.6% – the greatest amount since March 2020, when the lockdowns began. Allied with other recent data there has been increased consumer sentiment, as the figures show a strengthening economy. Another major feature has been the combination of wage rises and interest rate which have boosted consumer confidence.

Monday saw the possible return of Jack Ma, who was seen at a business leaders’ meeting with Chinese president, Xi Jinping; he had suddenly departed from public life, after he had criticised China’s financial sector in 2020. On the news, tech stocks climbed higher, including Alibaba, which ended the day 8% higher, with its value having risen by some 60% YTD. His appearance was seen as a sign that he may have been rehabilitated, as he was sitting in the front row and even shook hands with the Chinese supremo. To some analysts, the return of the poster boy for China’s tech industry could prove to bring a much-needed boost to the country’s economy. Four years ago, and after he had built one of China’s largest tech conglomerates, and had become one of the country’s richest men, he commented that China’s state-owned banks had a “pawn-shop mentality” and lamented the “lack of innovation” in the country’s banks. His misguided comments led to the cancellation of his US$ 34.5 billion stock market flotation of Ant Group, his financial technology giant, which many thought to be a government attempt to put him in his place because he had become too popular, too powerful and too outspoken.

At the meeting, Xi Jinping told those present that their companies needed to innovate, grow and remain confident, despite China’s economic challenges, which he described as “temporary” and “localised”. He also added that it was the “right time for private enterprises and private entrepreneurs to fully display their talents” – a sure sign of a change in direction from the government, with private tech firms back in the fold which were badly needed to boost the economy. This was after such companies had been taken to task and were forced to face much tighter enforcement of data security and competition rules, as well as state control over important digital assets; at the time, billions of dollars were wiped off many tech companies. Subsequently China suffered from a much weaker domestic economy, not helped by a property sector downturn, slow consumer spending and a marked rise in youth unemployment. On top of that, the country was slow in recovering post pandemic and then was hit by Russia’s invasion of the Ukraine. It could also be seen as a sign that the country’s leadership is changing tack and, to avoid any further stagnation, may be prepared to loosen its grip on the private sector. The attendee list showcased the importance of internet/tech/AI/EV sectors, given their representation of innovation and achievement. Another player in this game was the arrival of DeepSeek’s disruptive R1 artificial intelligence and its global impact; its success against its much more expensive US peers, has had a double whammy of knocking major US tech stocks, with its success leading to increased inward investment, and a surge in national pride which has continued into the financial markets.

With the Chinese president increasingly emphasising policies that the government has referred to as “high-quality development” and “new productive forces” there will be a move away from the former drivers of growth, such as property and infrastructure investment, towards high-end industries such as semiconductors, clean energy and AI.  It appears that the government is trying to combine a controlled engagement, with the private sectors, especially tech, and higher living standards for everyone, driven by an economy driven by advanced manufacturing and less reliant on imports of foreign technology. The move could see an end to unregulated growth and a move toward Mr Xi’s national priorities. So it will be a welcome return for the former schoolteacher, Mr Ma, and once again it will be time for him to Hit The Road Jack!