I Want It All!!                                       19 December 2025

The Bugatti Residences in Business Bay has set a new record for its developer, Binghatti, with a penthouse, encompassing 47.2k sq ft, selling for US$ 150 million – the highest price ever paid for such a property not only in Dubai but in the region; the price per sq ft came in at US$ 3,174. The development, Bugatti’s first-branded residential offering worldwide, has drawn high-profile figures, including footballers Neymar Jr and Aymeric Laporte tenor, along with Andrea Bocelli. It claims to be one of the three leading developers in Dubai, and YTD has sold more than 14k residential units. Binghatti Holding Ltd reported a 145% year-on-year increase in net profit to US$ 725 million for the first nine months of 2025 – its strongest ever financial performance. This week, the developer and Mercedes Benz have unveiled plans for what they describe as the world’s first Mercedes-Benz branded city, a large-scale, US$ 8.17 billion master planned development in Dubai.

DFM-listed paid parking operator Parkin has signed its first agreement outside of its home base, with a five-year agreement with DAMAC Properties to manage around some 3.6k parking spaces across the developer’s communities in Dubai and in Al Reem Island, Abu Dhabi. The deal will see Parkin handle over five hundred on-street spaces in DAMAC Hills 1, along with about 2.7k spaces across forty-four residential and commercial towers in key areas such as Downtown, DIFC, Dubai Marina and Business Bay. The rollout begins early next year, with all locations being integrated into its mobile app and will include upgraded technology, such as automatic number plate recognition and unified access systems.

In cooperation with Parkin, Dubai’s Roads and Transport Authority is concerned about the number of unauthorised QR codes appearing on some parking signposts in the emirate. It has urged caution and advised against scanning or interacting with any codes or links from unknown sources or those not issued through official channels. They also called for any suspicious activity to be reported immediately through official channels, in support of efforts to raise awareness and protect users from fraudulent activity.

DP World has launched a thirty-six-hour maritime service linking Dubai’s Mina Rashid with Iraq’s Umm Qasr Port, with each sailing carrying up to one hundred and forty-five accompanied trailers. This new routing, which will be a faster option to overland trucking, will be served by DP World Express, a dedicated roll-on/roll-off vessel. This direct secure and direct door-to-door service will cut transit time, reduce border complexities, and support onward movement into neighbouring countries. The Dubai port operator is confident the corridor will strengthen access to Iraq’s commercial hubs and boost wider regional trade.

Abdulla bin Touq Al Marri, Minister of Economy & Tourism, has been giving figures relating to the nation’s hospitality sector. They show that UAE hotel occupancy rates, at 79.3%, were up 1.3% for the first ten months of 2025. The Minister, speaking at the launch of the sixth edition of the ‘World’s Coolest Winter’ campaign, added that hotel revenues totalled US$ 24.2 billion over the period, with 1.24k hotel establishments offering more than 216k rooms nationwide. He also noted that tourism contributed 13.0% to the UAE’s GDP last year, equivalent to US$ 70.11 billion, whilst providing over 920k jobs; there are plans to raise the sector’s contribution to 17.0% within five years, supported by growing investments and continued expansion in the aviation sector. Investments, having risen 11.8% to US$ 8.77 billion last year, is expected to grow a further 9.3% to US$ 9.59 billion.

An exclusive global auction, arranged by Emirates Airline along with the Emirates Airline Foundation and Emirates Auction, is to offer special Emirates Skywards membership numbers that come with Platinum tier status benefits valid for up to twenty years. Having started on Wednesday, 17 December until 17 January 2026, bids can be made for special membership numbers with Platinum tier status benefits. 100% of funds raised from Emirates Auction will be directed entirely toward the Emirates Airline Foundation’s vital work in supporting vulnerable children worldwide, with proceeds from the bids benefitting fourteen NGOs in nine countries.

On Wednesday, the airline urged all passengers departing on Thursday and Friday, (18 -19 December), to arrive at the airport at least four hours before departure, as rainy and windy weather was expected to slow road traffic across the UAE. Since then, the country has been buffeted by heavy rains, thunderstorms and strong winds that have hit parts of the country. The airline also posted that, “the weather may affect road visibility and driving conditions. Passengers are advised to plan extra time for their commute to the airport or use the Dubai Metro”. The carrier’s first and business class passengers, with confirmed Chauffeur Drive bookings, were also advised that their pickup would be an hour earlier than originally scheduled. flydubai also posted similar information. With stormy conditions of heavy rainfall and high winds that arrived yesterday, EK has cancelled several services today. It continued to urge passengers to check their flight status for the latest information regarding their flights. 

Under the banner, “Strong Economy… An Aware Society”, the Economic Security Centre of Dubai (ESCD) has launched a nationwide awareness campaign to combat economic fraud. The twin aims of the campaign areto equip individuals, businesses and institutions with the knowledge needed to detect and prevent fraud, as criminal tactics become more sophisticated through AI, deepfake technology and online scams.It highlightscommon fraud risks, including misleading advertisements, phishing emails and messages, fake investment schemes, online marketplace scams, bank card theft, cryptocurrency manipulation, and deceptive business partnerships.

The Central Bank of the UAE announced late Wednesday it has decided to lower the base rate applicable to the Overnight Deposit Facility (ODF) by 0.25% to 3.65%. This decision was taken on the back of the US Federal Reserve reducing the Interest Rate on Reserve balances by 0.25% to 3.50% – 3.75%.

As from 02 January 2026, Friday’s prayer timings will be standardised for 12.45pm across all mosques. This decision, by the General Authority of Islamic Affairs, Endowments and Zakat, follows four-year study and extensive public feedback. Its chairman, Dr Omar Habtoor Al Darei, said the review was undertaken following the previous adjustment to Friday prayer schedules and examined how evolving social patterns, work routines and family lifestyles have reshaped Fridays across the country. The change is intended to strengthen family cohesion and encourage family gatherings, particularly as the UAE approaches the ‘Year of the Family’. In line with this move, Dubai’s Knowledge and Human Development Authority has announced that all private schools, and early childhood centres operating within private schools in the emirate, will end the school day no later than 11.30am on Fridays, as from 09 January 2026.

The fifth edition of ‘World of Coffee Dubai’ is set to run from 18 January to 20 January 2026 at Dubai World Trade Centre.  Eight national pavilions, including Ethiopia, India, Saudi Arabia, Costa Rica, El Salvador, Panama, and Brazil, will participate, with Kenya and Peru joining for the first time with Colombia, Guatemala, Indonesia, Mexico, and Rwanda. It is set to be its most internationally diverse edition, underscoring the event’s role as a global platform for coffee origins. Featuring over seventy-six producers – a record number- it enhances Dubai’s growing reputation in global coffee trade.

Dubai Electricity and Water Authority has awarded a US$ 59 million contract for the supply, installation, testing and commissioning of glass-reinforced epoxy (GRE) pipelines of varying diameters; this move will boost the future efficiency and reliability of Dubai’s water transmission networks, along with associated works across Dubai. The project entails the installation, testing and commissioning of a 7.1km main water transmission line, along with twenty interconnections for the transmission and distribution networks to increase flow and pressure in the network across various areas of Dubai. The project is scheduled for completion by Q4 2027.

Registering a century of hedge funds, (doubling in number this year), Dubai International Financial Centre has consolidated its dominance in the sector by becoming a top five global hub for the industry. During the year, DIFC welcomed the likes of Baron Capital Management, BlueCrest Capital, Naya Capital Management, Nine Masts Capital, North Rock Capital, Pearl Diver Capital, Select Equity Group, Strategic Investment Group, Silver Point Capital, Squarepoint Capital and Welwing Capital Group.  

To meet growing demand from global tech giants and MNCs, Tecom Group has launched Phase 4 of its Innovation Hub in Dubai Internet City – a US$ 168 million project, adding 263k sq ft of Grade-A office space. DIC is seen as the region’s top technology cluster, and this latest investment has pushed its total hub spend to US$ 545 million. Even though Phases 2 and 3 will not be handed over until 2027, both are already fully leased. Phase 4 is expected to be handed over in 2028, aligning with UAE Digital Economy Strategy and Dubai’s D33 agenda to draw innovators. Financed from existing resources, the Innovation Hub has seen revenue grow by some 20%, to US$ 572 million, and the project continues to maintains healthy leverage and net profit 18.8% up at US$ 300 million in nine months through 2025. It is estimated that DIC drives 65% of the emirate’s tech GDP via premium offices, twenty R&D centres and a full ecosystem for multinationals and startups. Tecom’s other assets include Dubai Media City, Production City, Studio City, International Academic City, Knowledge Park, Science Park, d3 and Industrial City.

The DFM opened the week on Monday 15 December on 6,097 points, and having gained two hundred and sixty points, (4.4%), the previous fortnight, was seventeen points, (0.1%), higher to close the week on 6,114 points, by 19 December 2025. Emaar Properties, US$ 0.25 higher the previous fortnight, shed US$ 0.10 to close on US$ 3.77 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.75 US$ 7.70, US$ 2.56 and US$ 0.47 and closed on US$ 0.77, US$ 7.85, US$ 2.60 and US$ 0.46. On 19 December, trading was at three hundred and sixty-nine million shares, with a value of US$ three hundred and thirty-one million dollars, compared to two hundred and thirty million shares, with a value of US$ one hundred and ninety million dollars, on 12 December.

By 19 December 2025, Brent, US$ 2.51 (2.9%) lower the previous week, had shed US$ 1.19, (2.0%), to close on US$ 60.10. Gold, US$ 172 (4.2%) higher the previous week, gained US$ 45 (1.0%), to end the week’s trading at a record US$ 4,343 on 19 December. Silver was trading at a record US$ 66.75 – US$ 4.91 (7.9%) higher on the week.  

Following the sudden departure of Bernard Looney in 2023, BP replaced him with Murray Auchincloss, as its chief executive. Looney was forced to leave because of disclosures of covert relationships with certain BP employees. Now less than two years in the job, a surprise announcement this week confirmed his departure. In his short tole in the position, he had led the drive for increased profits from oil and gas on the back of investor pressure for more progress. On Wednesday, and after the markets had closed, it was confirmed that Meg O’Neill, the head of Australia’s Woodside Energy since 2021, would take over from him in April 2026. Her appointment marks the first major move by BP’s new chairman Albert Manifold, who took over in October amid continued shareholder frustration over the progress of BP’s turnaround. Shares in Woodside fell 3.0% on the news, whilst BP traded 0.2% higher in early trading.

With hopes that an end to the Ukraine crisis is nearing, oil markets have continued their recent downward trend, dipping below US$ 60, on Tuesday afternoon, to US$ 59.01 – the first time it had traded at below US$ 60, since May 2025; any peace settlement is expected to see sanctions on Russian oil being at least relaxed, if not even lifted, that would  potentially add further supply to a market that is already forecast to have a glut of oil in 2026. The US has offered to provide Nato-style security guarantees for Kyiv, although a deal on territorial concessions remains elusive, according to reports. Further bad news for the oil sector came with reports that Chinese factory output growth had slowed to a fifteen-month low, with a possible negative impact on Chinese oil demand.

Early last week, it seemed that a deal had been done that saw parts of the once mighty film studio, Warner Bros, being partly taken over by Netflix in a US$ 72.0 billion deal. If that were to happen, they will cherry pick Warner Bros’ crown jewels – the one hundred and two-year-old studio, HBO, and its vast archive of films and TV shows – leaving Warners’s legacy TV networks, like CNN, TNT Sports and Discovery, for another buyer. The deal could be usurped by Paramount Skydance’s US$ 108 billion hostile takeover bid which includes backing from Saudi Arabia, Abu Dhabi, Qatar and a fund started by Jared Kushner, US President Donald Trump’s son-in-law. Either way, it is inevitable that more job cuts are on the cards and definitely means one less buyer of film and TV projects. The industry faces the lesser of two evils – control by a tech giant blamed for killing movie theatres or billionaires seen as too cosy with President Trump. Either way, Warner Bros had been in decline for years and had become a shadow of its former glory when it was famous for its blockbuster films such as Casablanca and Goodfellas to Batman and Harry Potter. The final two nails the coffin came with film and TV productions grinding to a halt because of the pandemic, in 2020, followed three years later by simultaneous actor and writer strikes in 2023. The only winner in the whole debacle seems to be Warner Bros Discovery’s CEO, David Zaslav, who earned US$ 51.9 million last year as Warner Bros lost more than US$ 11.0 billion and the company’s stock fell nearly 7%. Some critics see Zaslav, (who, in 2022, took over another massive merger of Discovery, Inc., which he ran, with AT&T’s WarnerMedia, creating Warner Bros Discovery), as the fictional movie character Gordon Gekko who proclaims “greed is good” in the 1987 movie Wall Street. He ruled the airwaves during the consolidation which saw several thousand jobs cut – and lavish pay packages for Mr Zaslav.

By the end of the week, the Board of Warner Bros Discovery had urged shareholders to reject Paramount Skydance’s US$ 108 billion hostile bid from Paramount Skydance indicating that it considered the bid inferior to that of Netflix. The Board did not hold back  describing this offer – Paramount’s seventh since September – as illusory and that it had “consistently misled WBD shareholders that its proposed transaction has a ‘full backstop’ from the Ellison family”, when it is only backed  by the family trust – not by any personal guarantees from Larry Ellison, co-founder of Oracle, and one of the world’s richest men. The Board also noted that “a revocable trust is no replacement for a secured commitment by a controlling stockholder. The assets and liabilities of the trust are not publicly disclosed and are subject to change”.  The battle will continue into the new year and will later inevitably become a Netflix four-part series.

It is reported that fashion chain, Next, with a US$ 22.2 billion market cap, is in the ring to acquire Russell & Bromley, the 145-year-old shoe retailer. It is one of many suitors who are showing interest in the chain, which has thirty-seven stores, employing some four hundred and fifty staff. Russell & Bromley confirmed several weeks ago that it had drafted in Interpath, the advisory firm, to explore options for raising new financing for the business. If the deal were to go through, it would mark the latest in a string of brand deals struck by the country’s most successful London-listed fashion retailer. As well as owning the likes of Made.com, the online furniture retailer, and FatFace, the high street fashion brand, it has also bought brands, such as Cath Kidston, Joules and Seraphine, the maternity wear retailer for knockdown prices. Over recent times, Next has done better than most in a flagging economic environment and is seen as one of the UK’s best-run businesses. Its Total Platform infrastructure solution has worked well and has seen Next providing successful logistics, e-commerce and digital service capabilities, to Victoria’s Secret and Gap.

Probably having thought that their troubles were behind them, the UK Financial Conduct Authority has opened a formal investigation into WH Smith, after it seems that, because of an accounting blunder, profits in their N American business had been unknowingly inflated over a number of years. The Group posted that it was “committed to co-operating fully with any engagement in relation to the North America accounting issue from any regulatory body or other authority”. Because of this profit overstatement, 2023 and 2024 profits paid to Carl Cowling, its former boss, and Robert Moorhead, its former financial chief, will be clawed back. Latest figures, for the twelve months ending 31 August 2025, showed that like-for-like revenue rose 5.0% to US$ 1.0 billion, but adjusted pre-tax profit declined to US$ 144 million, down from US$ 152 million a year earlier, and down from US$ 187 million that had been expected before the accounting fiasco. Its full year dividend was slashed by 48.5% to US$ 0.231 per share.

As he tries to reclaim former glory with a high street restaurant comeback, six years after his Jamie’s Italian chain collapsed into administration, Jamie Oliver has cut his Group payroll by 20% to around one hundred; the Group is not connected to the newly revived restaurant business. His Group operations include his media activities, such as digital content and partnerships with third parties. The return to the UK casual dining scene of Jamie’s Italian is being orchestrated through a partnership with Brava Hospitality Group, the owner of Prezzo. He noted that “I will drive the menus, make sure the sourcing is right, the staff training, and ensure the look and feel of the restaurant is brought to life in the right way”.

The Trump administration continues to procrastinate on its decision relating to the sale of Bytedance’s TikTok or to block it for US users. The law was signed in 2024 by the then President, Joe Biden, with the current incumbent having given himself until 16 December before moving the deadline to 23 January 2026.That law was passed because it was felt, by some, at the time that ByteDance’s links to the Chinese government could threaten national security, with added fears that Beijing could force the company to hand over data on US users. It is no surprise to learn that TikTok and its owners have always said these concerns are unfounded.  Over past months, the US President has trumped, on several occasions, that he had the blessing of Chinese President Xi Jinping to go ahead with a sale to US interests, and that he added that “sophisticated” US investors would be involved in it acquiring the app, including two of his allies –  Oracle chairman Larry Ellison and Dell Technologies’ Michael Dell. When Trump signed his most recent executive order extending the deadline to January, he said in an online post it would lead to a deal being completed.

Since his January 2025 return to the presidency, Donald Trump is to go ahead with his second major arms sale to Taiwan – much to the chagrin of the Xi Ping administration. This latest package is a US$ 11.0 billion deal involving advanced rocket launchers and self-propelled howitzers, (both worth US$ 4.0 billion each) and a variety of missiles. Whilst Taiwan thanked the US saying the deal would help the island in “rapidly building robust deterrence capabilities”, China was not so magnanimous, complaining that it “severely undermines China’s sovereignty, security, and territorial integrity”. Although the US has formal ties with China, but not with Taiwan, it remains a powerful ally of the latter as well as being its biggest arms supplier. A Chinese foreign ministry spokesman warned that “the US’s attempt to support independence through force will only backfire, and its attempt to contain China by using Taiwan will absolutely not succeed”. The sale still has to be agreed by Congress.

The Spanish government has not only fined property rentals giant Airbnb US$ 75 million for advertising unlicensed apartments but has also banned some of the properties from being rented. The problem is because of the universal tourism popularity of the country that has led to house prices surging and out of range of many local people, as prices become unaffordable. The government’s Consumer Rights Minister, Pablo Bustinduy noted that, “there are thousands of families who are living on the edge due to housing, while a few get rich with business models that expel people from their homes,”  A spokesperson added that since short-term rental regulations in Spain changed in July, Airbnb was “closely collaborating with its Ministry of Housing to support the enforcement of the new national registration system”. Like many countries, Spain’s government is concerned about how short-term holiday lets can change a neighbourhood, fuelled by a transient population of holiday-goers. The country has been fighting a battle with thousands of Airbnb listings, banning them and clamping down on how many properties the firm can advertise. The government noted that over sixty-five Airbnb adverts breached consumer rules, including promotion of properties that were not licensed to be rented.

At the beginning of the week, the Indian rupee sank to an all-time low, with the exchange rate at 90.58 rupees to the AED and 24.6 rupees to US$ 1.0. The twin drivers behind the fall are uncertainty surrounding an India–US trade agreement, (which now could drag on to March 2026), and persistent foreign outflows from equities and bonds. Foreign investors have withdrawn more than US$ 17 billion from Indian equities this year, surpassing 2022’s record, while also trimming their bond exposure. Analysts point to more of the same in the near future but are concerned at the increased rate it is falling; for example, on 16 November it was trading at 24.05 rupees to the AED before moving higher to 24.30 on 01 December and then to 24.6 on 15 December. Today it has nudged lower to 24.38. The downside is that widening trade deficits and importer hedging have kept the supply of export dollars thin in the domestic market.

November saw Japan register its first trade surplus in five months – at US$ 2.07 billion – with annualised exports to US rising, (by 8.8% to US$ 116.96 billion), for the first time in eight months, with total exports 6.1% higher at US$ 623.43 billion. The main drivers were a marked increase in semiconductors and other electronics parts to the rest of Asia and pharmaceutical products to the US. Imports climbed 1.3% to US$ 603.34 billion, driven by engines from the EU and chips and other parts from Asia.

It was widely expected that The Bank of Japan would raise its benchmark interest rate from around 0.50% to around 0.75% – the first-rate hike since January 2025 and its highest level in thirty years, at its two-day policy meeting starting Thursday, as inflationary pressures remain elevated due in part to the yen’s weakness. It is hoped that following this move, the first for Prime Minister Sanae Takaichi. According to Kyodo News, the decision would mark the first-rate hike since January and also the first under the administration of Prime Minister Sanae Takaichi. Monetary tightening raises borrowing costs, slows consumption and investment, and also helps stabilise prices. The measure should have strengthened the yen, reducing the cost of imports that have been a major driver of the nation’s period of cost-push inflation.  Today, the BoJ lifted its policy rate buy 0.25% to 0.75% which saw the yen weakening by as much as 1.2% to 157.48 yen to the greenback; however, the move was already expected by the market who had already started to sell the yen. This was at a thirty-year high.

The November US unemployment nudged 0.2% higher on the month to 4.6%, and with 64k new jobs being created ticked up last month are the latest signs of job market weakness, but the mixed official report still leaves room for debate among central bankers; this followed a 105k drop in October, made worse because of the 162k federal jobs that were lost. The US unemployment rate rose in November to a four-year high. The health and construction sectors added 46k and 11k jobs, according to the report, whilst the transportation and warehousing sector lost 18k jobs in November and manufacturing 5k jobs. There was also an uptick in the number of people, to 1.9 million, who have been unemployed long-term, for more than six months – and 200k higher on the year. Because of the recent government shutdown, this report by the Labor Department was the first since September. This latest report also noted that there were fewer jobs added in September and August than it had initially estimated. Despite some of this data pointing to a growing weakness in the labour market, economists cautioned it would be unlikely to resolve internal disagreements at the Federal Reserve as policymakers consider the path forward for interest rates. The committee yesterday was facing a conundrum, weighing up the pros and cons of a weakening job market on the one hand, and rising prices on the other. The Fed had reduced rates by 0.25% last week last week, its third cut this year, in a bid to boost the slowing labour market.

In the UK, the Financial Conduct Authority has fined Nationwide US$ 59 million for failing to do enough to combat financial crime. The corporate watch dog also added its criticism of the building society for “inadequate” efforts at tackling offences such as money laundering, as well as having ineffective policies and procedures for monitoring personal current accounts. The fine relates to failures over a five-year period from October 2016 to July 2021, with one ‘serious offence highlighted – failing to spot how a customer was using current accounts to receive millions of pounds in fraudulent Covid furlough payments, which included twenty-four payments totalling US$ 37 million, over thirteen months, including US$ 35 million deposited over eight days. The taxman has managed to collect all but US$ 1.1 million.

According to Rightmove, UK December house prices are 1.8% lower on the month, at US$ 477.5k, and US$ 2.7k lower, compared to 2024. The agency noted that although December prices are typically lower, this year’s decease was bigger than normal, but it does expect a ‘Boxing Day bounce’ when people who have put their home moving plans on hold due to budget uncertainty could join the post-Christmas boost in activity. The fall in average prices will be further good news for first-time buyers, who have been taking out larger mortgages than ever before, because of the changing economic climate of falling prices, reduced mortgage rates and increased wage levels, upping their affordability levels. According to Savills, in the year to September, the average first-time buyer borrowed US$ 280k and combined to make up 20% of all spending in the UK housing market in that period.

On Wednesday, ahead of the BoE’s rate setting meeting yesterday, the Office for National Statistics released November inflation figures which showed monthly declines across the board; consumer price index by 0.4% to 3.2%, (its lowest level in ten months), core inflation – which excludes energy, food, alcohol and tobacco prices – by 0.2% to 3.2%, and services inflation by 0.1% to 4.4%. The main drivers were falling food, alcohol and tobacco prices. The odds were on for a rate reduction, even before these figures were released but this surprise fall in inflation did enough to convince even the hawks on the nine-member Monetary Policy Committee.

Yesterday, the vote was five to four for a 0.25% rate cut, to 3.75%, with the hawks just losing out with their argument that continued strength of underlying price pressures was a good enough reason to remain cautious and keep rates at 4.0%. The new level is the lowest it has been in almost three years and was indicative of ongoing concerns over rising unemployment and weak economic growth. The BoE now expects inflation to fall closer to its own 2% target in 2026, whilst it does not expect much improvement in growth which will hover around the zero level in the foreseeable future. It has been calculated that the 530k homeowners with a tracking mortgage aligned to the BoE’s interest rate, will see a US$ 39 monthly reduction. There is no doubt that inflation is set to decline quicker than originally expected by the BoE, and this could result in another 0.25% cut in Q1 and the possibility of 3.0% rates by the end of 2026.

On Thursday, EU leaders reviewed proposals to use proceeds from frozen Russian assets to support Ukraine’s huge budget and defence needs.  Today it was knocked back so that leaves the PM in a quandary because on Wednesday, he addressed the House of Commons, commenting that the former owner of Chelsea FC must “pay up now” to victims of the war in Ukraine or face court action.  In a 2022 settlement, Roman Abramovich had pledged the US$ 3.35 billion he made from the sale of the club would be used to benefit victims of the Russian invasion of Ukraine. Since then, there has been a delay in releasing the funds, which are currently frozen in a British bank account, due to a standoff over how exactly they should be used. The government wants the money to be used for humanitarian aid, but Mr Abramovich insisted it should be used for “all victims of the war” – meaning that Russians could also benefit. The Treasury said that under the terms of the licence, the money must go to “humanitarian causes” in Ukraine and cannot benefit Mr Abramovich or any other sanctioned individual. The problem is that the Russian oligarch cannot access the money under UK sanctions but the proceeds from the Chelsea sale still legally belong to him. It is understood that Mr Abramovich has ninety days to act before the UK considers taking legal action. It is obvious that the Prime Minister had been emboldened by the EU move but now with deal dead in the water, it will be interesting to see what will happen because it seems that he may have taken on the wrong person, at the wrong time. The prime minister now must decide whether the UK will unilaterally seize the funds or find another way to pay for its Ukraine aid. Starmer believes he has the leverage to force Abramovich’s hand and this could be a political and legal battle that may leave the prime minister battered, bruised and red-faced.

After his election to become Fifa’s president, (or perhaps these days it should be despot), Gianni Infantino, declared that the World Cup should be extended to forty-eight teams, declaring that it would give countries who had never made the finals “a chance to qualify. It is a chance to participate in a big event”. What has happened is that “football fever” has taken no time to disappear, thanks to Fifa’s greed and attitude to make money at all costs, by charging astronomic amounts for tickets, with the Football Supporters’ Association has called ticket prices a “laughable insult” to fans, let alone the massive costs involved in hotel and travel expenses. The very nations that Infantino seemed to want help in his opening gambit as president are the first to be thrown under the football bus. Last week, group-stage tickets were released that indicate that they could be more than triple the prices for the same tickets in Qatar in 2022; the cheapest ticket for the final will cost US$ 4.2k. By last Friday, Fifa acknowledged that they had received more than five million ticket requests from fans from more than two hundred nations. For the record, the monthly minimum wages in Ghana, Haiti and Cape Verde are US$ 588, US$ 147 and US$ 175 so that those fans from these countries would have to work seven months, twenty-eight and twenty-four months just to be able to buy a final ticket! Indeed, group-stage ticket prices will often be higher than some country’s monthly wages. The cheapest ticket for Haiti’s first match against Scotland will be US$ 180. So Fifa’s call that they had increased the number of qualifying teams to forty-eight so a lot more ‘smaller’ teams’ fans will have a chance to see them on the world stage carries little credence.

Infantino seems to have lost contact with reality. He has introduced a new money-making competition – the FIFA Club World Cup – with the trophy bearing his name and has introduced the FIFA Peace Prize, despite FIFA being opposed to politics; it will not be long before the Norwegian Nobel Committee start their own global football competition  and Infantino brings in his own Oscars. He seems to spend most of his time mixing with world leaders and politicians and perhaps he should look at his job description to see that his job includes expanding the game on a global scale and that his office is in Zurich, not in Doha, Riyadh or New York.

Only after global condemnation of Fifa’s greed has the world body unanimously decided that it would introduce a small number of “more affordable” US$ 60 tickets to “loyal fans” of the countries that have qualified in any of the one hundred and four matches at next year’s World Cup. For England and Scotland, this will mean some four hundred such tickets being made available. Fifa should be ashamed for having to backtrack on their pricing policy and greed to milk the situation to make the most money it can. It will be interesting how many tickets end up in Fifa’s hands for entertainment purposes, how much money they make from the tournament and how much are the bonuses paid to senior Fifa officials. Perhaps we will never know but we will know the theme song – I Want It All!