Just The Two Of Us!                                                                    03 October 2025

Dubai real estate continues to surge with a Q3 update by fäm Properties posting that there had been a 17.2% gain in transactions, to 59.23k and a 19.9% uptick in value to US$ 46.51 billion and for the first nine months of the year by 32.3% to 158.20k deals and by 20.5% to US$ 135.91 billion. The following is a breakdown of the figures, sector wise:

Apartment      49.37k transactions, (up 25.9%)         US$ 25.69 billion

Commercial     1.57k transactions (up 41.9%)            US$  1.14 billion

Plot                 1.21k transactions (up 25.7%)            US$ 9.84  billion

Villas               7.08k transactions (down 23.3%)       US$ 11.74 billion

                        Q3 median sale price  (up 11.4%)       US$ 459 per sq ft (US$ 234 – 2020)

Over the past five years, Q3 sales have risen, more than ninefold, from US$ 4.88 billion, (8.50k transactions) to US$ 46.51 billion, (59.23k transactions).

In Q3, a price breakdown of sales sees:

Under US$ 272k                                 AED 1.0 million           15.06k transactions    25.4%

Between US$ 272k – US$ 545k        AED 1m – AED 2m     22.79k transactions    38.5%

Between US$ 545k – US$ 817k        AED 2m – AED 3m     9.13k transactions      15.4%

Between US$ 817k – US$ 1.36m      AED 3m – AED 5m     6.26k transactions      10.6%

Over US$ 1.36m                                 AED 5.0 m                   5.99k transactions      10.1%

 In Q3, the most expensive villa was sold in Jumeirah Second for US$ 68 million, with the priciest apartment being at Aman Residences Dubai – Tower 1 for over US$ 17 million. The trend of developer sales, increasing its share of all transactions, continued into Q3, accounting for 73% of all transactions and 66% by value. The leading projects in the prime market were:

Apartments                 Binghatti Skyrise        1.39k sales                 US$ 599k

                                    Binghatti Hillviews      724 sales                    US$ 225k

                                    Binghatti Aquarise      634 sales                    US$ 300k

                                    Sobha Solis                 624 units                   US$ 208k

                                    Sobha Orbis                477 units                   US$ 178k

Villas                           Wadi Al Safa 3            849 units                   US$ 1.61m

                                    Al Yelayiss                     755 units                  US$ 627k

                                    Dubai Investors Park2  635 units                  US$ 954k

                                    Madinat Al Mataar       392 units                  US$ 436k

                                    Madinat Hind 4             376 units                  US$ 192k

Resale leaders included Azizi Riviera, Elite Sports Residence, DIFC Heights Tower, Mediterranean Cluster, Sobha Hartland – The Crest (apartments) and Wadi Al Safa 5, Al Hebiah Fifth, Madinat Al Mataar, Wadi Al Safa 7 and Jabal Ali First (villas).

As a result of another partnership between Dubai Holding Investments and Canada’s Brookfield Properties, has seen the launch of ‘Solaya’, a new residential development under the Meraas brand. Located on the beachfront in Jumeirah 1, the project, encompassing some forty acres, will span nine buildings, with a total of two hundred and thirty-four homes. There will be a mix of two- to five-bedroom residences, penthouses, (with private pools and terraces), eighteen garden houses with courtyards, and duplexes – created by Foster + Partners with interiors by 1508 London. Amenities include a spa, fitness centre, private cinema, dining and meeting spaces, and an exclusive residents’ lounge.

Some two hundred Emirati professionals, working in the public service, have been offered two specialised master’s programmes – one in AI and the other in Economic Strategies – with half in one programme and the balance in the other. The aim of the Mohammed bin Rashid Government Fellowships initiative is to train the next generation of government leaders, with programmes being delivered by global leading educational institutions including Oxford, MIT, Georgetown, NYU and Mohamed bin Zayed University of Artificial Intelligence. Mohammed Al Gergawi, Minister of Cabinet Affairs, highlighted the need to ensure a future-ready government workforce, capable of driving economic growth, digital transformation and evidence-based policymaking.

Reports point to Abu Dhabi banning cryptocurrency mining on agricultural land and introducing a fine of US$ 27.2k on violators, with that being doubled in case of repeat; last year, the fine was at US$ 2.7k. This follows several cases of violations being found on various farms, with the emirate’s Agriculture and Food Safety authority adding that it will suspend all services and support provided to non-compliant farms; they will have all services suspended, utilities disconnected, and mining equipment confiscated.

On 01 August 2015, the federal government liberalised fuel prices so that they could be aligned with market rates until the onset of the pandemic which saw prices frozen by the Fuel Price Committee, in 2020. The controls were removed in March 2021 to reflect the movement of the market once again. The approved fuel prices, by the Ministry of Energy, are determined every month, according to the average global price of oil, whether up or down, after adding the operating costs of distribution companies. After two months of almost unchanged prices, September saw marginal monthly increases for petrol, (between 2.5% to 3.1%) whilst diesel prices headed 2.9% higher. The breakdown for a litre of fuel prices in October is as follows:

Super 98     US$ 0.755 from US$ 0.736    in Oct      up   6.2% YTD US$ 0.711     

Special 95   US$ 0.725 from US$ 0.703    in Oct      up   6.5% YTD US$ 0.681        

E-plus 91     US$ 0.703 from US$ 0.684    in Oct      up   6.2% YTD US$ 0.662

Diesel           US$ 0.738 from US$ 0.717      in Oct      up   1.1% YTD US$ 0.730

The one hundred and nineteenth auction for distinct number plates, organised by the Roads and Transport Authority, saw some ninety plates go under the hammer to garner almost US$ 27 million. The top four licence plates were for BB88, Y31, BB777 and M78 going for US$ 3.8 million, US$ 1.7 million, US$ 1.6 million and US$ 1.6 million. All those who wanted to be involved in the auction had to apply for a traffic file and deposit a US$ 6.8k security cheque.

This week saw the Comprehensive Economic Partnership Agreement with Malaysia come into force, having been signed last January. Its principal aim is to increase bilateral non-oil trade to US$ 13.5 billion by 2032, from its 2024 total of US$ 5.5 billion which had risen by 30.9% on the year. In H1 2025, trade was already 30.9% higher at US$ 3.3 billion, compared to H1 2024. Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, also added “this agreement will not only enhance trade relations but also unlock new investment avenues in key sectors such as healthcare, artificial intelligence, renewable energy, and logistics”.

Also, this week, the CEPA with Australia officially came into force, heralding a new era of economic collaboration between the two nations. It is expected to elevate annual bilateral trade from US$ 4.2 billion in 2024, to over US$ 10 billion by 2032, with H2 figures showing a 33.4% increase, to US$ 3.03 billion, in the UAE’s non-oil foreign trade with Australia. The agreement will help boost these numbers by reducing unnecessary barriers to trade, facilitating greater market access for goods and services, and creating a robust framework for investment and collaboration to increase opportunities in priority sectors.

Things can only get better because, as with all CEPAs, economic ties are strengthened by removing or reducing tariffs, enhancing customs procedures, and promoting private sector collaboration. Its targets are to have both total trade at US$ 1.0 trillion, and the size of the economy surpassing US$ 800 billion, by 2031. Since its September 2021 launch, the UAE has concluded thirty-one CEPAs programmes.

Emirates and flydubai have signed two Memoranda of Understanding (MoUs) with Dubai Finance to advance digital payment initiatives and promote ‘Dubai Cashless Strategy’ among international tourists. With Dubai receiving over 18.7 million tourists last year, a relatively untapped market for digital payment adoption, its main aim is to solidify the emirate’s position as a global digital economy hub. Their signing was in the presence of Sheikh Ahmed bin Saeed, Chairman and Chief Executive, Emirates Airline & Group. Adnan Kazim, Emirates’ Deputy President and Chief Commercial Officer, said, “by leveraging our combined expertise and infrastructure, we’re supporting Dubai’s cashless vision and directly fuelling D33 Agenda ambitions by enabling the business case for digital-first tourism that creates seamless visitor experiences”.

On Tuesday, Sheikh Ahmed bin Saeed, Chairman of the Dubai Supreme Council of Energy, opened the twenty-seventh edition of the Water, Energy, Technology and Environment Exhibition, (WETEX). The event, covering the latest technologies in clean energy, water and environmental solutions, hosted over three thousand, one hundred companies from sixty-five nations. Sheikh Ahmed noted that Dubai had become a strategic hub for major global events in sustainability and innovation, thanks to strong public-private and international partnerships, and that WETEX plays a key role in supporting national goals like the UAE Net Zero by 2050 initiative and the Dubai Clean Energy Strategy.

Reports indicate that India’s HDFC Bank’s Dubai DIFC branch has been barred by the Dubai Financial Services Authority from onboarding new clients, and in a statement noted that “the DFSA confirms that a Decision Notice, restricting the DIFC Branch of HDFC Bank Limited from the onboarding of new clients, was issued on 25 September 2025”. Existing clients will continue to be serviced but the branch cannot onboard new ones and cannot advise on financial products, arrange deals in investments/credit/custody, or advise on credit. The restriction will remain in force until explicitly amended or revoked by the DFSA. It appears that last June the DFSA became aware of allegations that India’s largest private sector lender had sold high-risk Credit Suisse Additional Tier-1 bonds to retail investors in the UAE; this move was able to by-pass investor-protection safeguards. Many investors were concerned that Know Your Customer records were being manipulated to classify them as “professional clients,” a requirement for such risky products and that declared net worths were inflated on documents without their knowledge.

The DFM opened the week, on Monday 29 September, on 5,855 points, and having shed  one hundred and seventy-six eight points (2.9%), the previous fortnight, gained sixty-three points (2.1%), to close the week on 5,855 points, by 03 October 2025. Emaar Properties, US$ 0.30 lower the previous fortnight, gained US$ 0.09 to close on US$ 3.71 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.74, US$ 6.65, US$ 2.56 and US$ 0.44 and closed on US$ 0.75, US$ 6.81, US$ 2.57 and US$ 0.44. On 03 October, trading was at one hundred million shares, with a value of US$ ninety-two million dollars, compared to one hundred and forty-four million shares, with a value of US$ one hundred and sixty-nine million dollars on 26 September 2025.

The bourse had opened the year on 4,063 points and, having closed on 30 September at 5,840, was 1,777 points (43.7%) higher YTD. Emaar had started the year with a 01 January 2025 opening figure of US$ 2.16, and had gained US$ 1.40, to close on 30 September at US$ 3.56. Four other bellwether stocks, DEWA, Emirates NBD, DIB and DFM started 2025 on US$ 0.67, US$ 4.70, US$ 1.56 and US$ 0.38 and closed September 2025 at US$ 0.74, US$ 6.62, US$ 2.61 and US$ 0.44.  

By 03 October 2025, Brent, US$ 3.79 (0.3%) higher the previous week, dumped US$ 5.79 (8.1%) to close on US$ 64.77. Gold, US$ 99 (2.7%) higher the previous week, gained US$ 108 (2.9%), to end the week’s trading at US$ 3,886 on 03 October. Silver was trading at US$ 47.98 – US$ 4.64 (10.7%) higher on the week.

Brent started the year on US$ 74.81 and shed US$ 8.78 (11.7%), to close 30 September 2025 on US$ 66.03. Gold started the year trading at US$ 2,624, and by the end of September, the yellow metal had gained US$ 1,235 (47.1%) and was trading at US$ 3,859. Silver was trading at US$ 46.50 – US$ 2.52 (60.4%) higher YTD from its 01 January price of US$ 28.99.

Oil prices fell to a seventeen-week low on Wednesday, down for a third straight day following the U.S. government shutdown and driven by concerns about the global economy and this despite traders opting for increased supply coming to the market because of a planned output boost by OPEC+ next month.

It seems that once again French air traffics controllers will go out on strike, from 07 October to 10 October, resulting in chaos for travellers, whose planes fly over the country. Michael O’Leary, Ryanair’s chief executive, has warned that 100k passengers could see their flights disrupted next week, and that it would cost his airline upwards of US$ 27 million. Noting that Ryanair could afford to bear the cost, he said it would ultimately be customers who will be worse off, and they should complain.

There are fears that worse is to come, for bakery giant, Greggs, following a profit warning, as some analysts worry that the bakery may have over-expanded. Data from the Financial Conduct Authority indicates that short sellers are more bearish on Greggs than at any point since 2012. Furthermore, it appears to be the seventh most traded stock on the FTSE 250. Yesterday, it increased its prices by 6.8% to US$ 4.24 for a two-item breakfast deal and by 5.1%, to US$ 5.58, for a three-item breakfast. Like most other retailers, it is reeling from increased employment costs attributable to rises announced in last October’s Autumn budget, which has taken some US$ 27.0 million off its bottom line. The economic outlook is far from bright for UK retailers as the Chancellor is determined to fill her black hole of some US$ 40.0 billion at next month’s budget. Greggs was “still doing some work” on inflation projections and did not know about potential further national living wage rises.

After last month’s cyber-attacks, Jaguar Land Rover has been forced to turn off all its computer systems not only in the UK but also in India and Brazil. This attack has not only impacted the Indian carmaker but has also contributed to a marked slowdown in UK manufacturing, pulling down factory output to a five-month low – and down on the month, by 0.8, to 46.2. S&P noted that “companies entwined into the autos supply chain are facing a temporary hit to activity”. The number of workers in factories continued its downward spiral, for the eleventh consecutive month, with two of the main factors being the knock-on effect of the April rise in employers NI contributions, estimated to have cost up to US$ 34 billion, and the 6.7% hike in the minimum wage. To exacerbate the problem – and mainly down to Trump tariffs – foreign demand for UK goods has weakened, with S&P noting that “new orders from overseas clients fell at one of the quickest rates in over two years”.

More bad news on the way for the London Stock Exchange, with reports indicating that AstraZeneca is planning to take a direct listing on the New York Stock Exchange; it noted that it would “harmonise” its share listing structure  across the London Stock Exchange, Stockholm and New York to provide a “global listing for global investors in a global company”, adding that “US has the world’s largest and most liquid public markets by capitalisation, and the largest pool of innovative biopharma companies and investors”. Its chief executive, Pascal Soriot, is on record saying that he would like to move the stock market listing to the US. The Cambridge-based FTSE 100 company will continue to be listed, headquartered and tax resident in the UK.

Following intervention from the Australian Securities and Investments, Macquarie Investment Management Ltd has agreed to pay out US$ 210 million to about 3k investors, affected by the Shield Master Fund. The MacQuarrie Group’s subsidiary admitted to failures in overseeing the fund’s financing and that it had contravened the Corporations Act by not acting “efficiently, honestly and fairly” after failing to place Shield on a watch list for heightened monitoring. The Federal Court made a court-enforceable undertaking to ensure Macquarie pays members the full amounts invested in Shield less any withdrawals made. The courts findings will ensure that “MacQuarrie will return these members to the position they were in before their retirement savings were eroded”, many of whom thought that their funds were safe when they used Macquarie’s super platform to invest in Shield, which had no track record.

The corporate watchdog had previously taken Equity Trustees Superannuation to court over alleged oversight failures at the collapsed Shield Master Fund, First Guardian Master Fund and Australian Fiduciaries. Collectively, it put at risk US$ 785 million in super investments in these three superannuation trustees. ASIC is continuing its misconduct investigations relating to the Shield and First Guardian Master Funds to hold them accountable. The Court issued a warning that superannuation trustees “are gatekeepers for retirement savings. ASIC expects them to take active steps to monitor the funds they make available to members through their platforms”.

The iconic Australian sunscreen slogan of “Slip, Slop, Slap, Seek, Slide”, promoting sun protection by slipping on a shirt, slopping on sunscreen, slapping on a hat, seeking shade, and sliding on sunglasses, has taken something of a wakeup call. The country, which had led the world, for many years, when it came to slopping on sunscreen, has been beset by a scandal. Four months ago, analysis by a consumer advocacy group found that several popular and expensive sunscreens did not provide the protection claimed by their makers. Ultra Violette’s Lean Screen Skinscreen, with an advertised skin protection factor of 50+, was found to have an SPF of 4 – it was voluntarily recalled in August. Since then, eighteen products have been taken off the market, as several popular and expensive sunscreens had SPFs lower than those claimed. The Therapeutic Goods Administration has raised concerns that of the twenty-one products tested, eight have been recalled, with manufacturing stopped, another ten have been paused and two are still under review; the other product is made, but not sold, in Australia. Worryingly, it added that some of the goods the SPF rating may be as low as 4.

The scale of the problem can be seen by the fact that Australia, with the highest rate of skin cancers in the world, (with two out of three Australians having at least one cut out in their lifetime), has some of the strictest sunscreen regulations globally. There is no surprise to see that the Aussie backlash has been massive, but experts have warned of the global implications. There have been problems found both with the manufacture of some sunscreens and the integrity of lab testing relied upon to prove their SPF claims. Consequently, one such manufacturer, Wild Child Laboratories Pty Ltd, has stopped making it, even though the TGA found no manufacturing issues at its facility. On Tuesday, the watchdog said it had significant concerns about testing undertaken by Princeton Consumer Research Corp (PCR Corp), a US lab. It added that “the TGA is aware that many companies responsible for sunscreens manufactured using this base formulation relied on testing by PCR Corp to support their SPF claims.”

August figures from the International Air Transport Association (IATA) noted that:

• global passenger demand was up 4.6% on the year
• total capacity was 4.5% higher year-on-year
• load factor was 0.1% higher at 86.0%
• international demand, capacity and load factor rose 6.6%, 6.5% and by 0.1%to 85.8%
• domestic demand, capacity and load factor rose 1.5%, 1.3% and by 0.1%to 86.3%

Region-wise, the August figures showed the following for demand, capacity and load factor

Asia-Pacific                 9.8%, 9.5% and 0.2% to 85.1%

Europe                        5.3%, 5.3% and flat Europe                         

North America            1.8%, 2.6% and minus 0.6% to 87.5%       

Middle East                 8.2%, 6.9% and 1.0% to 83.9%

Latin America             9.0%, 9.3% and minus 0.2% to 84.7%

Africa                          7.1%, 5.3% and 1.3% to 79.7%

Data compiled by the Ministry of Trade and Industry shows that, last month, the Republic of Korea’s exports rose 12.7% on the year, attributable to strong demand for semiconductors, reaching an all-time high; outbound shipments reached US$ 65.95 billion – an all-time high following the previous record set in March 2022, and the fourth consecutive month of growth. In Q3, exports posted an annual 6.6% annual increase, to US$ 185.03 billion – a new quarterly record – with imports declining 8.2% to US$ 56.4 billion.

In a lesson to many who thought that cryptocurrency would not last – and that banks would always dominate the financial sector – a consortium of nine European banks has combined to launch a euro-denominated stablecoin, expected to be operational in H2 2026. This is in response to news that US banks were in the throes of setting up their own dollar-backed crypto tokens system, following Donald Trump signing a law overseeing rules for stablecoins that could further cement US hegemony. It appears that the US participants are very much keener on this than their European counterparts, with the Bank of Italy posting that global stablecoin issuance stands at nearly US$ 300 billion, of which euro-denominated stablecoins totalled some US$ 620 million, or 20.6% of the total. A spokesman for the bank, based in Amsterdam, added that “the initiative will provide a real European alternative to the U.S.-dominated stablecoin market, contributing to Europe’s strategic autonomy in payments”. However, there are others, including the ECB, that are concerned.  In June, the bank’s supremo, Christine Lagarde, spoke about stablecoins posing risks for monetary policy and financial stability, whilst urging European lawmakers to introduce legislation backing the launch of a digital version of the EU’s single currency. Meanwhile, Deutsche Bank highlighted that emerging market economies, in particular, are adopting dollar-based stablecoins to replace local deposits and cash. The nine banks involved in this venture are ING and UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank and Raiffeisen Bank International.

For the first time in some six years, the US government has been forced to shut down afterRepublicans and Democrats in the Senate failed to agree on a funding bill. There are expectations that this could be a longer closure than the thirty-five-day shutdown during  Trump’s first presidency which was estimated to have cost US$ 3.0 billion. The cost of furloughing some 750k federal workers will cost US$ 400 million every day and will impact agencies such as the Federal Reserve, (being unable to access crucial economic data),  as well as the likes of the Labour Department, Securities and Exchange Commission, the Food and Drug Administration and the Environmental Protection Agency being unable to fully carry out their  duties. One of the first victims of the closure was that the closely watched non-farm payrolls, which have not been published because the Bureau of Labor Statistics, which publishes the figures, is classed as a “non-essential’ federal function”, has been temporarily closed. Thus, the publication of weekly figures on jobless claims, and a measure of monthly factory orders, has been delayed. Critical services, including social security payments and the postal service, will keep operating but may suffer from worker shortages, while national parks and museums could be among the sectors that close completely.

The latest report from the British Retail Consortium and NielsenIQ just confirms what reports have indicated- that August annual inflation accelerated 0.5% to 1.4%; for the first time in seven months, food inflation remained unchanged but this was offset by higher costs of a number of non-food items, such as DIY and gardening tools. Meanwhile, business confidence took a beating, with a Lloyds Bank September index of business declining by twelve points to 42%, whilst a wider optimism index slumped eleven points to 33%. 

The last Tory administration survived almost five years, starting with Boris Johnson in December 2019 and ending almost five years later, with Rishi Sunak in July 2024, along with a cameo appearance of Liz Truss. During that time, monthly disposable income fell by US$ 54 per person, becoming the first time ever that disposable income had been lower at the end of a parliamentary term than it was at the start. (Disposable income is the net amount left after an individual has paid tax and received all the public benefits, including pensions that is then used to pay all everyday expenses). As of today, the average person is only US$ 1.35 better off compared to the end of 2019. However, disposable income has increased by US$ 55 per person per month since Labour took office in July 2024, but there has been a marked deterioration in recent months. Interestingly, in the last half year of Rishi Sunak’s administration, disposable income grew by US$ 66, whilst over the past six months, it has fallen by US$ 19.

At long last, a bad week for Baroness Mone and her husband, Doug Barrowman, who, inter alia, have been ordered to pay US$ 164 million in damages relating to a case brought by the Department of Health and Social for a breach of a government contract for the supply of personal protective equipment (PPE) during the Covid pandemic. The court decided that her husband’s company, PPE Medpro, had supplied medical gowns that did not comply with relevant healthcare standards, ruling that it failed to prove whether or not its surgical gowns, which were to be used by NHS workers, had undergone a validated sterilisation process. When the pandemic broke out in early 2020, the then Johnson government were keen to get urgent supplies of clothing and accessories to protect medics from the virus. In May 2020, PPE Medpro was set up, by a consortium led by Baroness Mone’s husband, Doug Barrowman, and soon won its first contract to supply masks through a so-called ‘VIP lane’, after being recommended by Baroness Mone. The government then made an order with the company for the supply of twenty-five million sterile gowns from China.  Delivery was in August and October 2020, but just before Christmas that year, the Department of Health served the company with a notice rejecting the gowns and asking for a refund; indeed, of the one hundred and forty gowns tested, 73.6% were found to be defective. Initially, Baroness Mone, a former Conservative peer and lingerie tycoon denied gaining directly from the contracts, but in December 2023 finally admitted that she was set to benefit from tens of million of pounds of profit; she also commented that she and her husband lied about their involvement with Medpro to avoid “press intrusion”.

Baroness Michelle Mone says she will defy calls for her to step down from the House of Lords, despite calls from MPs across the political divide, claiming that the government was pursuing a “vendetta” in trying to recover improper Covid funding. Rachel Reeves agrees with her saying “too right we are”, and is keen to collect the fine to boost her exchequer.

Chinese national Yadi Zhang has pleaded guilty to money laundering offences over the UK’s biggest-ever cryptocurrency seizure of Bitcoin, currently worth almost US$ 6.8 billion. Eight years ago, she arrived in the UK, on a false St Kitts and Nevis passport,  after allegedly carrying out the huge scam in China involving 130k investors in fraudulent wealth schemes for three years before her UK arrival. UK police raided her US$ 6.8 million rented house ion Hampstead Heath a year later in October 2018, but it would take investigators a further thirty months before they discovered 61k Bitcoin, worth US$ 1.2 billion at the time, in digital wallets.  She then went on the run but was finally arrested last April. The court has now to decide who will receive this bounty – the Chinese or UK governments, with the Chancellor keen to grab hold of the cache to help her out of her big economic hole. Rachel Reeves may have benefitted from both a Chinese scammer and a disgraced baroness schemer. Just The Two Of Us!