Taxman, Mr Thief!                                                                        23 January 2026

Since its July 2025 inception, Dubai’s First-Time Home Buyer program has helped more than 2k residents purchase their first home and, at the same time, generated US$ 886 million in residential property sales. The scheme, which brings together government entities, developers and banks, was developed by the Dubai Department of Economy and Tourism and the Dubai Land Department, with the aim of widening access to home ownership. More than 41k residents have registered so far, and of those who completed purchases, 49% had lived in Dubai for more than five years without previously owning a home. Last year, Dubai’s real estate market posted record total transactions of US$ 249.86 billion. Authorities are planning to add more developers and properties, expanding the range of homes available to first-time buyers.

Emirates is to set to develop a fully integrated living environment for 12k of its cabin crew in Dubai Investment Park, located roughly equidistant between Dubai International Airport and Dubai World Central. An EK spokesman commented that the village is “a strategic investment in Emirates’ future, supporting our transition plans to Al Maktoum International and continued growth in the years ahead”. Work will start on the Emirates Cabin Crew Village in Q2, with the first phase expected to be completed by 2029, under a long-term lease arrangement with Dubai Investment Park. The village will comprise twenty nineteen-floor contemporary residential buildings, with one-to-three-bedroom apartments; this is intended to reflect EK’s intention to accommodate different lifestyles and employment stages, rather than just short-term housing. The project has been planned as a complete community rather than a housing cluster, with retail outlets, restaurants, and everyday services will be located within the development. Amenities will include modern fitness facilities, resort-style swimming pools, clinics, walking trails and landscaped public spaces, (designed to support the physical and mental demands of cabin crew schedule). Each residential building will include dedicated amenities, ensuring convenience and accessibility regardless of where crew members live in the village.

Mashreq has claimed that it has introduced the country’s first fully digital home loan pre-approval, aimed at speeding up and simplifying the mortgage process for homebuyers in the UAE. The browser-based service, accessible through Mashreq’s website, is currently available to salaried expatriates earning at least US$ 4k a month. It allows eligible expatriate residents to receive a verified assessment of their borrowing capacity before committing to a property purchase. Applicants can submit their details online at any time and receive a verified pre-approval letter on the same day. Mashreq said the process covers income assessment, consent-based verification, identity authentication and liability evaluation through automated processes.

Q3 saw the emirate’s retail and warehouse sectors register a much-improved performance, attributable to growing investor confidence, resilient demand and constrained supply. Cavendish Maxwell noted that in the quarter, for the first time, retail sales climbed above the AED 1 billion, (US$ 272 million) level. In the retail sector, transaction volumes surged 78.7% on the quarter and 27.2% on the year. Impressive returns were noted in Q3 off plan deals – 133.0% and 64.7% higher on the quarter and the year – with over four hundred sales transactions. Indicators are that the retail sector is being enhanced by a combination of limited availability and increasingly robust demand. With renewal contracts rising 6.1%, and new agreements sinking by 32.2%, the indication is that scarce high-footfall retail space is forcing tenants to renew existing leases rather than relocate. This disequilibrium has resulted in rentals climbing between 7.0% and 15.0% in key districts such as Downtown Dubai, Dubai Marina, and Business Bay.

A similar scenario is reflected in the warehouse market, with both being impacted by tight supply and rising costs. Overall rental transactions, at 4.2k deals, slipped 8.3% on the year, as renewal activity soared 62.2%. New contracts, by contrast, fell sharply as businesses scrambled to retain existing facilities in an increasingly competitive environment. It is further evidence that Dubai is fast consolidating its position as a global logistics hub.  With rental rates averaging 16.8% across major hubs such as Jebel Ali, Dubai Investment Park, and Ras Al Khor, growth was at 12% to 21% driven by structural demand from e-commerce. Meanwhile, the warehouse sector shows no signs of cooling. Persistent supply constraints and surging demand from logistics and online retail are expected to keep rents on an upward trajectory. Businesses will have to absorb higher costs to secure scarce space.

Sobha Realty posted a 30% plus surge, in 2025 sales, to an impressive US$ 8.17 billion, enhancing its position as one of the leading developers in the emirate. Sobha put the improvement down to robust off-plan activity, new master planned communities and rising international investor interest. Its three main growth locations were in Umm Al Quwain, (where the company generated US$ 2.18 billion in sales from Downtown UAQ/Sobha Realty) and Sobha Siniya Island The fact that prime residential prices in Dubai rose by more than 15.0% last year, population growth was up at 6.0% and sustained demand from high-net-worth investors relocating to Dubai also pushed demand higher. The firm, with fourteen developments in its portfolio – including twelve in Dubai and two in Umm Al Quwain – has also entered the US and Australian markets; it has established regional offices and secured strategic land parcels in Texas as well as in Queensland and Sydney.

DP World has unveiled plans to double the size of the existing Al Aweer Central Fruit and Vegetable Market to twenty-nine million sq ft as part of a rebranding exercise to bring trade, storage, processing and distribution into a single, connected ecosystem. The multi-category food trade hub will be designed to strengthen food supply chains, expand trade capacity, and support regional food security. It will offer cold stores and temperature-controlled warehousing, primary and secondary processing facilities, digital back-office solutions, cash-and-carry options, and a gourmet food hall to serve businesses and consumers. The expansion will be held in phases, with the first scheduled to begin in 2027 and, on completion, will position the emirate as an integrated gateway for the global food trade.

Since its July 2022 listing, TECOM Group has raised its commercial and industrial portfolio to more than US$ 1.50 billion, with its latest US$ 34 million acquisition being a university campus at Dubai International Academic City. The government entity aims to enhance and upgrade the district, which spans across more than 300k sq ft, as it continues its quest to consolidate its Education Cluster in both DIAC and Dubai Knowledge Park.  The former houses global universities such as Amity University Dubai, the first international campus of the Indian Institute of Management Ahmedabad (IIMA), the University of Birmingham Dubai, the American University in the Emirates (AUE), and Manipal Academy of Higher Education.

Dubai’s own luxury hospitality brand Jumeirah, in partnership with Emirates Development, is entering Abu Dhabi’s branded residences space, with some two hundred and fifty-three high-end waterfront apartments, located next to The Galleria Mall. Jumeirah Residences Al Maryah Islands, which will comprise a range of one- to five-bedroom luxury units, is Jumeirah’s second property in Abu Dhabi. Emirates Developments has already delivered several branded residential projects across the UAE, including a Hilton-branded tower in Dubai and a couture-inspired Elie Saab development on Yas Island.

Dubai Holding Hospitality, a subsidiary of Dubai Holding, has acquired the five-star Jumeirah Mallorca in Port de Sóller, Spain, from Deka Immobilien. The luxury retreat property, which has been operated by the Jumeirah Group for a number of years, has one hundred and twenty-one rooms. The hospitality brand and global luxury hotel company, itself a subsidiary of Dubai Holding, will continue to run the hotel. The latest acquisition expands Dubai Holding Hospitality’s ownership portfolio to thirty-four hotels and resorts, including five Jumeirah hotels across Europe.

Over the past five annual editions, World of Coffee Dubai has grown from a regional platform into a globally recognised meeting point for the specialty coffee industry. Organised by DXB LIVE, the event brought together leading producers, equipment manufacturers, roasters and traders from both established brands and emerging markets. Latest figures from statista.com estimates that the global coffee revenue will be in the region of US$ 495.7 billion this year. HH Sheikh Mohammed bin Rashid toured the event, featuring more than 2.1k exhibitors and brands from seventy-eight nations. The Dubai Ruler was briefed about the scale and impact of the exhibition and also managed to tour several pavilions. Despite its relatively short history, the exhibition, which covers more than 20k sq mt, has become one of Dubai’s biggest events

Sheikha Latifa bint Mohammed bin Al Maktoum, Chairperson of Dubai Culture and Arts Authority, led the UAE’ delegation, of over one hundred ministers and industry/government leaders, at the fifty-sixth Annual Meeting of the World Economic Forum 2026.  The five-day event, started on Monday, 19 January, took place, as usual, in Davos. The country’s presence reflected its role as a key global partner, actively shaping international cooperation frameworks and supporting the transition toward inclusive, long-term sustainable development.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, led a high-level government and business delegation to Yaoundé, Cameroon, to meet with its Prime Minister Joseph Dion Ngute. The aim of the visit was to significantly strengthen bilateral relations, with high-growth African economies, and to discuss a wide range of opportunities aimed at expanding economic ties. Meetings were held focussing on further collaboration across various sectors, including agriculture, infrastructure, renewable energy, finance, and telecommunications. Bilateral economic ties have strengthened over recent years, with non-oil trade with Cameroon surging 116% to 2024’s US$ 1.24 billion; in the first nine months of 2025, there was a 25.4% hike to US$ 1.14 billion. In 2024, non-oil trade, between the UAE and African nations, jumped 34.0% to US$ 112 billion, with the UAE having committed over US$ 110 billion to Africa since 2019.

As part of its foreign trade agenda, and its Comprehensive Economic Partnership Agreement programme, the UAE is deepening its ties not only with Cameroon but also with other African nations, recognising the continent’s tremendous potential for economic growth.

According to S&P Global Ratings, the UAE banking sector will continue to remain one of the most profitable and resilient in the region in 2026, (and probably on the global stage). The ratings agency points to solid economic growth, strong credit expansion, benign asset quality trends and ample liquidity as factors that will drive the sector forward in 2026. However, with interest margins normalising, profitability is expected to ease modestly from the peak levels recorded between 2023 and 2025 but will still be well above pre-pandemic averages. The agency added that “even as margins come under pressure from lower interest rates, banks should be able to protect their bottom lines through volume growth, diversified income streams and stable credit costs”.

S&P projects UAE 2026 economic growth to be 0.2% higher at 4.7%, driven largely by the non-oil economy, including construction, financial services, transport, hospitality and manufacturing and average oil production of around 3.4 million bpd. The banking sector will benefit from a stable progressive economy, driven by strong domestic demand, population growth and sustained investment flows that will continue to witness healthy loan growth – forecast to be between 10% to 12%. It will also see income from fee and commission income become an increasingly important earnings buffer, as banks reap dividends from growth in wealth management, payments, transaction banking and trade finance, areas supported by the UAE’s role as a regional financial and logistics hub. One important point relates to the sector’s exposure to real estate, but it is noted that, as property prices have more than doubled since 2020, lending to real estate and construction has declined to about 14% of total credit, from 20% in 2021.

Mattar Al Tayer, Director General of RTA, has confirmed that the emirate will launch commercial air taxi services, and roll out self-driving taxis, by the end of this year. He also commented that “Dubai is taking a serious approach in dealing with future projects. We do what we say, and we say what we do”, and added that the project moved from planning to execution in just ten months. Indeed, a dedicated command and control centre has already been set up and is linked to Dubai’s intelligent transport systems and telecom networks. He added that Dubai’s air taxi project is now ready for commercial launch.

Last Wednesday, 22 January, a ten-year agreement between Dubai Airports and Salik came into force; the deal sees the introduction of a ticketless parking payments, via the Salik e-wallet, at Dubai International Airport. This will allow motorists to use their Salik accounts across all paid car parks at DXB, covering some 7.4k spaces; it will negate the need to collect tickets or stop at payment machines and will obviously improve traffic flow and reduce congestion at the airport’s car parks. Salik was introduced to Dubai roads in July 2007 and fifteen years later became a public company listed on the Dubai Financial Market where it has become the most successful of the government IPOs. It has been expanding the use of its e-wallet, beyond tolling, as part of a broader push into digital mobility services. There are now ten Salik gates in operation.

Following technical problems, paid parking has finally arrived in Discovery Gardens last Monday, 19 January, to be followed by International City on 01 February. Discovery Gardens parking will be charged from 8am to midnight, and spaces will be free on Sundays and public holidays; rates will be US$ 1.09, (AED 4) per hour from 8am to 5pm and US$ 1.63, (AED 6), per hour from 5pm to midnight. Under the new rules, each residential unit will receive one free parking permit, but additional cars, or extended stays, will incur fees. Normal city parking fees will apply in International City. If a resident parks every evening for four hours at US$ 1.63, that means about U$$ 6.54 a day, or roughly US$ 131 in a twenty-workday month in more spending.

With its run of quarterly profit growth stretching to twenty-two consecutive quarters, Commercial Bank of Dubai posted record returns in 2025 with all indicators moving north including:

• net profit before tax of US$ 1.05 billion, up 15.6%
• net loans exceeded US$ 27.25 billion for the first time
• net profit after tax rose 15.5% to US$ 954 million
• operating income increased 7.8% to US$ 1.61 billion
• net interest income rose 9.3%, driven by growth in loans and current and CASA balances
• non-funded income increased 4.5%
• operating expenses climbed 10.8% to US$ 422 million
• total assets increased 14.4% to US$ 43.68 billion
• gross loans and advances rose 7.2% to US$ 28.72 billion
• net loans increased 8.6% to US$ 28.72 billion
• customer deposits grew 14.1% to US$ 30.35 billion

Furthermore:

• the cost-to-income ratio stood at 26.25%
• the loan-to-deposit ratio improved to 90.75%
• the advances-to-stable-resources ratio stood at 83.14%
• the non-performing loan ratio fell 0.77% to 3.58%
• cost of risk declined by 0.25% to 0.49%
• the capital adequacy ratio was 15.52%
• return on equity after tax rose by 0.75% to 22.15%

The DFM opened the week on Monday 19 January on 6,316 points, and having gained two hundred and two points, (3.3%), the previous fortnight, closed one hundred and sixty-eight points higher (2.7%), to close the week on 6,484 points, by 23 January 2026. Emaar Properties, US$ 0.08 higher the previous fortnight, gained US$ 0.15 to close on US$ 4.09 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.80 US$ 8.31, US$ 2.58 and US$ 0.46, and closed on 23 January at US$ 0.83, US$ 8.49, US$ 2.68 and US$ 0.47. On 23 January, trading was at two hundred and twenty-five million shares, with a value of US$ one hundred and forty-five million dollars, compared to one hundred and ninety-three million shares, with a value of US$ one hundred and fifty-six million dollars, on 16 January.

By 23 January 2026, Brent, US$ 4.09 (6.7%) higher the previous fortnight, gained US$ 1.50, (2.3%), to close on US$ 65.88. Gold, US$ 85 (1.9%) higher the previous week, gained US$ 416 (8.9%), to end the week’s trading at US$ 4,988 on 23 January. Silver was trading at a another record US$ 88.80 – US$ 14.15 (15.9%) higher on the week.  

Yesterday, and following news that its Q4 loss was US$ 600 million, (compared to a US$ 100 million deficit in Q4 2024), on revenue of US$ 13.7 billion – compared to US$ 14.3 billion in 2024 – Intel shares sank more than 10%. With Nvidia announcing, late last year, it would invest US$ 5.0 billion in the struggling tech giant, along with further investment from SoftBank and the US government taking a 10% stake, the market was expecting some improvement in results. Intel, which missed out on the smartphone boom and failed to develop competitive hardware for the AI era, is recognised as the company that powered the PC and internet revolution with its processors.

Since his appointment, in early 2023, as chief executive of the then embattled Rolls Royce, Tufan Erginbilgic has overseen a massive improvement in its economic performance. Annual profits are expected to be up to US$ 4.3 billion when figures are released next month. In the ensuing three-year period, the company’s valuation had multiplied more than twelve-fold, (since Mr Erginbilgic took the reins), starting this week with a market valuation of over US$ 145 billion. Consequently, he is to receive a massive uptick in his remuneration package, with his bonus entitlement increased from double to triple his base salary of some US$ 1.6 million and that his long-term incentive award will double from a maximum of 375% of salary to 750%. This sees the Turkish-born British national’s overall package of salary, annual bonus and LTIP award surging to more than US$ 17.5 million. When he joined Rolls-Royce, he was given 8.3 million shares – which at the time were worth US$ 10 million and are now valued at about US$ 144 million. In 2025, he earned US$ 5.5 million, but a year earlier had received some US$ 18 million because of a one-off US$ 10 million compensation payment for money he forfeited by leaving his previous employer, the investment firm Global Infrastructure Partners.

In what could be described as a bargain bin sale, Next is to purchase Russell & Bromley out of administration; although the agreement will save the one hundred and forty-seven-year-old British footwear brand, it still leaves four hundred jobs and thirty-three outlets with an uncertain future. The high street chain has paid US$ 3.0 million for the footwear company’s intellectual property and three outlets in Chelsea, Mayfair and the Bluewater shopping centre. Administrators have confirmed that the remaining shops will continue to trade “while we explore the options available.”, whilst Andrew Bromley, chief executive of Russell & Bromley, said the “difficult decision” to sell was “the best route to secure the future for the brand”. This is the fifth struggling retailer that Next has acquired and has continued to sell their products, either online or through concessions inside its own stores. They include FatFace, Cath Kidson, Joules and furniture group, Made.

Founded by Hong Kong billionaire, Li Ka-shing, it appears that CK Hutchison is once again considering to spin off its telecommunications business onto the London Stock Exchange. The company was formed in March 2015, via a merger between Cheung Kong Holdings and its main associate company Hutchinson Whampoa. The sprawling conglomerate, with a market cap of US$ 19.75 billion on the Hong Kong bourse, would be a welcome addition to the FTSE 100 which has been losing several high-profile companies in recent times.Whilst Hutchison is understood to be considering London as a primary listing venue, it will retain Hong Kong as a secondary base. Last year, the Hong Kong firm merged its Three UK mobile business with Vodafone and now operates phone and data networks under the 3Group in Europe. It has operations in Hong Kong and SE Asia, with more than one hundred and fifty million customers.

The year could start with a mega takeover, with Zurich’s latest, (and sixth) US$ 10.4 billion bid, on the table, for the Lloyd’s of London insurer Beazley; if it were to go through, it would result in a speciality group with a combined US$ 20.26 billion of gross written premiums. On the news, Beazley shares closed 43% higher at US$ 15.79, slightly below Zurich’s US$ 17.29 -a-share offer price, which came at a 56% premium on last Friday’s closing price. A 04 January offer of US$ 16.61 was rejected by the board for “significantly undervaluing” Beazley. Zurich has until February 16 to submit a formal offer.

Last Saturday, the White House announced plans to hit eight European nations – Denmark, Finland, France, Germany, Italy, Norway, Sweden and UK – with a 10% tariff on “all or any goods” exported to the US after 01 February. Donald Trump added that these levies will remain in place until “such time as a Deal is reached for the Complete and Total purchase of Greenland”.

European responses were quick, considering its usual snail pace of doing business, and all along the same pattern. Swedish Prime Minister, Ulf Kristersson, who rejects Trump’s tariff threats, said “we will not allow ourselves to be blackmailed”, adding that “only Denmark and Greenland decide on issues concerning Denmark and Greenland”. He also commented that “this is an EU issue that concerns many more countries than those now being singled out”.  French President Emmanuel Macron confirmed his country’s commitment to “the sovereignty and independence of Nations” whilst expressing his support to Greenland and Denmark, describing Trump’s tariff threats as “unacceptable”. The EC President, Antonio Costa, vowed to “co-ordinate a joint response”. These are the same people who, only last year bowed and scraped at the court of Donald Trump, afraid to ruffle his feathers, to try and get better tariff deals.

Twinkletoes Starmer has to step very carefully with his dealings but has ventured to saying that Donald Trump is “completely wrong” to slap tariffs on the UK, and other European counties, “for pursuing the collective security of NATO allies.” The sycophant has spent time, and a lot of political capital, in developing a personal connection with Donald Trump but has not been so charitable with historical comments such as “Of course I would not want to have Donald Trump round for dinner to express his views,” “Humanity and dignity. Two words not understood by President Trump,” and “An endorsement from Donald Trump tells you everything you need to know about what is wrong with Boris Johnson’s politics.” Sir Keir must be worried that the US President probably thinks the feeling is mutual and that he is a weak politician and leader. Trump has accused the UK and other European allies of “playing a very dangerous game” in travelling to Greenland “for purposes unknown”, even though it is reported that the UK has sent just one single military officer to Greenland to carry out a reconnaissance mission ahead of a future joint exercise in the area, alongside a handful of troops from other countries. The UK’s PM noted “that Arctic Security matters for the whole of NATO and allies should all do more together to address the threat from Russia”.

President Trump was quick to retaliate so that by Tuesday morning, he attacked the UK PM, over his handling of the Chagos Islands to Mauritius, saying it was a reason why the US need to acquire Greenland for security reasons, so that China and Russia are kept at arm’s length. He added on Truth Social that it was an “act of GREAT STUPIDITY”. Belatedly, the president went to Davos where he discussed the future of Greenland with “the various parties”. It is hard to disagree with ex Tory leader, William Hague, that the “best outcome of the Greenland crisis would be that it shakes western Europe from its torpor, and that “the prime minister should realise that to keep shaping the world around us we will have to wake up and shape up ourselves”. 

Yesterday, Asian markets were mostly positive after the US President commented that he had reached a framework for a deal on Greenland. South Korea’s benchmark Kospi index climbed more than 2.0% and topped, for the first time, the 5,000 points level; Japan’s Nikkei was also up – by 1.0% – in early deals. Whilst Asian stocks moved higher, safe-haven precious metals – including gold and silver – retreated from previous record levels, on news that Donald Trump changed to a more conciliatory approach on his threat to hit key European countries with tariffs over their opposition to the US takeover of Greenland. Earlier in the week, the markets were more than volatile, concerned by Trump’s tariffs’ threat, that would have been disastrous for the global economy and international trade. Even France’s Top Gun was talking about the possibility of deploying an unused, powerful instrument, aimed at deterring economic coercion, fanning fears of a trade war between the economic giants.

Although Russia has agreed to join, the UK has declined Trump’s invitation to join his ‘Board of Peace’, set up to help lead Gaza’s reconstruction; each country that accepts and wants to have permanent membership has been asked for US$ 1.0 billion. It appears that some fifty countries have been asked to join and by yesterday some thirty-five, including the UAE, had responded positively but with lukewarm response from most of Europe. President Donald Trump launched his newly formed “Board of Peace” on an international stage in Davos. Yesterday Trump said he would be withdrawing Canada’s invitation. It is expected that Trump will remain chairman for life and member countries, that have not paid the US$ 1.0 billion, will have three-year terms.

According to Rightmove, UK January house prices posted their biggest month-on-month increase in more than a decade, at 2.8%, to US$ 494k. This increase returned average prices to what they were last August before uncertainty about the then upcoming Reeves’ November budget started spooking the market. The agency noted that “it’s an encouraging start to the year to see sellers confident enough to list their homes at higher prices after several months of muted price growth last year, coinciding with more potential buyers returning to market”. In a separate report, Hamptons posted that UK rentals had dipped in 2025 – for the first time since they started recording such data in 2011. – by 0.7%. Tenants were typically paying US$ 1.84k a month – US$ 13 a month less than in 2024. There was also an increase in the number of children, aged over twenty, still living at their childhood home.

Average wage growth, excluding bonuses, fell 0.1% to 4.5%, on the year, in the quarter to November – a sure indicator that the labour market continues its slow downward trend. But it seems unlikely that the market will see the BoE cutting rates next month.  November payroll figures witnessed a 43k decline in the number of employees working, as job vacancy numbers nudged 1.4% higher to 734k, in Q4. November unemployment remained flat at 5.1%.

Latest December retail figures from the Office for National Statistics surprised the market with volumes that rose by 0.4% on the month but was 0.3% light in Q4 because of below average returns in October and November; this could be attributed to consumer nervousness prior to the Chancellor’s late November budget.   The Office for National Statistics pointed to higher cigarette prices and rising airfares, for the November headline rate of inflation rising more than expected by 0.2% to 3.4% – the first increase seen in six months. Core inflation, which excludes energy, food, alcohol and tobacco prices, was flat, on the month, at 3.2%, with services inflation nudging 0.1% higher to 4.5%. New figures from HMRC reveal that some 5.6 million people paid too much tax in the 2023/24 financial year. It seems that these UK taxpayers had been using wrong tax codes and flummoxed by complicated rules which has given the taxman a bonus of US$ 4.70 billion. Employers and pension providers use these codes to ascertain how much tax should be deducted from either pay or pension. There are various reasons why this anomaly happens and it is up to the taxpayer – not the tax body – to check if their tax return is truly accurate; HMRC can actually issue the wrong tax codes and make other mistakes. Taxman, Mr Thief!