U Should’ve Known Better!                                                                   06 February 2026

Dubai property started 2026 by registering its highest-ever monthly value of transactions and sales. Data from the Dubai Land Department shows that transactional value was 86.49% higher on the year, at US$ 29.42 billion, with volumes up 17.27% to 21.88k transactions. The Dubai housing market recorded US$ 15.02 billion in January 2026 sales, as volumes and values rose, led by off-plan demand. In the month, sales activity alone reached an historic record level of US$ 19.21 billion, the highest monthly value ever recorded in Dubai’s property market, marking a 59.13% hike, compared to January 2025. Transaction numbers rose 20.38% to 16.86k. Mortgage deals topped 4.16k, valued at US$ 8.73 billion, whilst there were some 0.83k transactions involving property gifts, valued at US$ 1.59 billion.

Top-selling locations were Al Rowaiyah 1, Meydan 2, Al Yalayis 1, Business Bay and Sheikh Mohammed bin Rashid Gardens at US$ 1.72 billion, US$ 1.65 billion, US$ 1.25 billion, US$ 956k and US$ 888k. Sales of over US$ 500 million were noted in Umm Suqeim First, Palm Jebel Ali, Dubai Investment Park Second, and Palm Deira.

Eight Square Developers has unveiled Nooré, a boutique residential development, in Meydan District 11. The project offers a range of one- to three- bedroom apartments ranging in sizes of 769 – 882 sq ft, 1,101 – 1,244 sq ft and 1,584 – 1,756 sq ft; starting prices start at US$ 354k, US$ 575k and US$ 624k. The project will have an unusual double-height entrance lobby, and wider-than-standard corridors. Advanced technology and sustainability-focused features include a centralised water filtration system, smart-home readiness, integrated audio systems, and energy-efficient solutions; it will also include a rooftop padel court. Completion is slated for Q2 2027, with early-stage works completed and structural development underway.

Founded in Morocco, Chaimaa Holding has delivered more than 40k residential units across the country. Active in Dubai since 2015, its UAE portfolio includes developments, such as Chaimaa Premiere, Chaimaa Avenue I & II, Elegance by Chaimaa, and Symphony by Chaimaa.  Its latest launch, located in Dubai Islands, is ISLA Private Residences comprising one-, two- and three-bedroom homes, (with prices starting at US$ 599k, US$ 899k and US$ 1.12 million), within the master-planned coastal destination, aligned with Dubai’s 2040 Urban Vision. Residents will have access to infinity pools, rooftop wellness decks, fitness and aqua gyms, landscaped gardens, social lounges, curated family spaces and even an outdoor cinema. Construction is scheduled for completion in Q1 2028.

2025 was another good year for Dubai South which now houses more than 4.2k operational businesses in its portfolio, after welcoming 0.65k new companies last year; it also posted a 90% retention rate and recorded a 65% hike in new licences issued. During the year, Dubai South Properties delivered eight hundred residential units in The Pulse Beachfront, and expects to add a further1.3k properties, across South Bay and South Living Tower, this year. Launches last year included HAYAT by Dubai South, Beachfront Gates, and South Square, all of which have sold out. Late last year, the developer announced its first retail and lifestyle destination, South Bay Mall, spanning 200k sq ft in The Residential District. The Logistics District marked another successful year, welcoming many major facilities including Expeditors, a Ford distribution facility, and the DHL Innovation Centre, whilst strategic agreements were signed with global players such as DHL and UPS. To support SMEs, new multi-user facilities were launched, offering strategically located infrastructure aligned with regional and global market requirements. Meanwhile, EZDubai, the dedicated e-commerce zone, continued to play a pivotal role in supporting the UAE and regional e-commerce ecosystem, as the UAE’s e-commerce market reaches US$ 8.80 billion.  The Mohammed bin Rashid Aerospace Hub, also signing strategic agreements with leading firms, concluded 2025 with significant achievements. Strategic agreements were signed with leading aviation companies, including Avia Solutions Group, the world’s largest ACMI provider, Atherion Aerospace, UUDS, Tariq Al Futtaim and Al Burj Holding.

In 2025, Binghatti Holding Ltd, posted a 96.1% surge in net profit to US$ 975 million attributable to a robust operating leverage, and the continued strong demand from the local realty sector. A triple whammy of strong sales momentum, accelerated project handovers and its diversified portfolio drove revenue almost doubling in value to US$ 1.73 billion. Profitability remained strong, with a 44% gross margin, 35% EBITDA margin and 29% net margin. A robust balance sheet saw total assets, up 92% year-on-year to US$ 6.64 billion, including cash balances increasing to US$ 2.41 billion. According to Property Monitor, Binghatti claimed the top spot in the off-plan market in December, with a 24.7% share of the total market, with 2.97k transactions, of which 0.88k were registered by Binghatti Vintage in Majan, followed by Binghatti Titania (0.45k) in Majan, and Binghatti Amberhall (0.24k) in Jumeirah Village Circle. At the back end of the year, the developer launched Mercedes-Benz Places Binghatti City, the world’s first Mercedes-Benz-branded city, and sold the ME’s most expensive penthouse – in Bugatti Residences by Binghatti – for US$ 150 million.

According to Savills’ Dubai and Abu Dhabi Office Market in Minutes, Q4 2025, the emirate continued its ongoing and sustained rental growth, (with commercial property transactions totalling US$ 3.38 billion in December 2025), along with resilient occupier demand. The demand side of the equation leans towards a trend for more flexible office formats because of limited Grade A supply. 63% of enquiries focused on spaces below 5k sq ft. Rental performance varied across key submarkets. DIFC continued to command the highest rents at approximately US$ 146 per sq ft, while Business Bay and JLT recorded some of the strongest annual growth numbers. With the Central Bank of the UAE forecasting 5.2% GDP growth in 2026, and with more than 53k new companies having joined the Dubai Chamber of Commerce during the first nine months of 2025, and more of the same forecast this year, points to even more demand for office space.

At the weekend, HH Sheikh Mohammed bin Rashid posted that, in 2025, the UAE’s non-oil foreign trade had exceeded US$ 1.0 trillion, (AED 3.8 trillion) for “the first time in its history”; overall, the non-oil sector surpassed US$ 221.5 billion – an annual growth of 45%. UAE’s prime minister also noted that the country had set to achieve “these figures” by 2031 but achieved “95.0%” of that target five years before the deadline. He also highlighted the benefits arising from the triple whammy – “international partnerships have doubled… Our partnerships with the private sector have been strengthened… And the world’s confidence in the UAE has been solidified”. He also congratulated the “national teams” and urged them to “double the efforts… And solidify the partnership with the private sector to build a better economic future”.

Meanwhile, and almost in tandem with the federation, Dubai’s economy performed well last year, posting steady growth across key sectors and reinforcing the emirate’s position as one of the region’s most resilient business hubs. The nine-month figures to September show GDP expanding 4.7% at US$ 963 billion, and by 5.3% in Q3. Dubai’s Crown Prince, Shaikh Hamdan bin Mohammed, credited the progress to long-term planning and coordinated efforts across government and private sectors, adding that the emirate’s development model focuses on people, talent and sustainable growth while creating opportunities for future generations.

	Dubai’s Economy to 30 Sep 2025		Added Value	Growth	% of GDP
	Human Health/Social Work		1.44	15.40%	1.50%
	Financial/Insurance		11.67	8.50%	12.00%
	Construction		6.51	8.50%	6.70%
	Real Estate		7.93	6.70%	8.20%
	Information/Comm		4.52	4.80%	4.70%
	Accommod/Food		3.27	4.70%	4.30%
	Wholesale/Retail		23.68	4.60%	26.00%

Dubai’s Crown Prince, Sheikh Hamdan, has approved the US$ 136 million master plan for the development of Umm Suqeim Beach. He commented that “the project is part of our ongoing drive to enhance Dubai’s beaches with world-class design elements that reflect the city’s spirit of innovation and creativity and its leadership in leveraging the highest urban planning standards and advanced technology to deliver distinctive, sustainable leisure and tourism facilities”. He added that “Dubai is a jewel among cities and a pearl among beach destinations, and the quality of life of its residents and visitors remains our top priority”. The comprehensive project will extend across 3.1km, covering approximately 445k sq mt, of which 130k sq mt will be illuminated to encourage night swimming, and will the increase beach area and developable spaces by 30%. This is but one initiative, undertaken by Dubai Municipality, to enhance public beaches across the emirate, reinforcing Dubai’s position as a global tourism and lifestyle destination. It is expected that the redeveloped Umm Suqeim Beach will be able to accommodate up to six million visitors annually. It will feature a thirty-eight mt observation tower inspired by the emirate’s maritime heritage.

During his address at the World Government Summit, in Dubai, RTA’s Chairman, Matar Al Tayer, confirmed that the first phase for ‘Dubai Loop’ will commence soon. The service will begin in areas of Dubai International Financial Centre and Dubai Mall and is expected to be completed in one or two years. The project will feature networks of one-directional underground tunnels connecting key residential, commercial, and tourist areas across the city, with both above and underground stations. Dubai becomes the second global city, after Las Vegas, to implement Elon Musk’s underground transport project. Phase 1 started this week and will cover 6.4 km, and have four stations, with an investment cost of over US$ 163 million; the entire Dubai Loop network will span twenty-four km, with a total estimated cost of US$ 681 million, and have nineteen stations. Once operational, one hundred Tesla cars will operate inside these tunnels and reduce the time taken to travel between DIFC and Dubai Mall from twenty minutes to just three minutes. The initial phase is expected to transport up to 13k passengers per day.

Also at this week’s World Government Summit, the RTA released details of the autonomous system called Revolutionize Urban Mobility, noting that it will be launched across four locations in the city, connecting metro stations with surrounding areas; they are Bluewater Island, Umm Suqeim, Al Quoz, and Dubai Festival City. The trial route will be the 2.8km link from the National Paints metro station to Bluewater Island. The Umm Suqeim route will cover 1.9km between the Mall of the Emirates metro station and Madinat Jumeirah, Al Quoz will run 2.6km from the Onpassive metro station to Alserkal Avenue and Times Square Centre and the  longest track will serve the Dubai Festival City area and be 7km long, with the possibility of linking to the Dubai Metro Blue Line later. Each pod, designed by the California-based company Glydways, will seat four to six people and can run 250km on a single charge; it will travel at 50km per hour and can transport more than 10k passengers per hour in each direction. Its electric vehicles run in dedicated lanes the size of a bike lane, and can be added alongside existing roads, above ground or underground, without additional tracks or wiring.

At the “Wings of India 2026” Conference, Abdulla bin Touq Al Marri, Minister of Economy and Tourism and Chairman of the Board of Directors of the General Civil Aviation Authority spoke about how the UAE continues to consolidate its position as one of the world’s leading aviation hubs. He added that the main drivers were having one of the best logistics infrastructures globally and an integrated ecosystem linking East and West. He noted that the UAE accounts for 2.3% of total global international passenger traffic and 32.2% of international passenger traffic, at the regional level, and is among the most connected countries in the world in air transport.

Two more Comprehensive Economic Partnership Agreements have been signed this week, extending the programme, to over thirty agreements concluded and fourteen in force, that will be a major boost for the country’s economic growth and diversification. They are also a major driver in the UAE’s ambitious foreign trade agenda, which aims to boost non-oil foreign trade to US$ 1.1 trillion by 2031. Such deals help the UAE benefit from open and rules-based global trade based on reduced tariffs and the elimination of trade barriers. Such agreements will also enhance investment flows and create opportunities for private sector collaboration across key sectors.

On Monday, in Abu Dhabi, a CEPA with the Democratic Republic of the Congo was signed in the presence of the UAE President HH Sheikh Mohamed bin Zayed and Félix Tshisekedi, President of the DRC. The UAE President noted that the agreement reflected the UAE’s consistent approach to building effective development partnerships and hoped that it would mark a major step forward in economic cooperation between the two countries. As one of Africa’s top ten economies, the DRC’s GDP stands at US$ 70.75 billion and the country is a world-leading producer of cobalt and a major source of essential minerals for the electric vehicle and energy transition sectors; it is also actively involved in mining, agriculture, and clean energy. UAE-DRC non-oil trade reached US$ 2.9 billion in the first nine months of 2025, marking a 16.1% increase year-on-year. As bilateral trade continues to grow, the CEPA is poised to strengthen economic cooperation, facilitate cross-border investments, and empower SMEs in both countries. 

On the same day, the UAE and Sierra Leone signed a CEPA aimed at strengthening trade and investment cooperation. UAE President HH Sheikh Mohamed bin Zayed and Sierra Leone’s President Julius Maada Bio witnessed the signing of the agreement, which will reduce trade barriers, enhance investment flows and promote private sector collaboration in key sectors.

The UAE President said it reflects the UAE’s longstanding commitment to building partnerships with countries around the world, aimed at driving sustainable development, fostering shared prosperity and creating new opportunities for future generations. Bilateral non-oil foreign trade topped US$ 153 million last year. The agreement will contribute to boosting bilateral trade, especially in the sectors of minerals, iron ore, bauxite and agricultural products such as cocoa and fish. The African country accounts for about 14% of the global production of rutile, with other major exports being diamonds and iron ore.

The country’s CEPA with Vietnam has officially come into force, with an aim to “unlock investment opportunities in vital sectors such as renewable energy, technology and agriculture”. It will also “eliminate or significantly reduce tariffs” on over 90% of UAE exports to Vietnam and 95 per cent on UAE imports from Vietnam. Furthermore, with trade barriers having been eliminated, a robust framework for enhanced economic cooperation across multiple sectors has been set up. Bi-lateral non-oil trade, with UAE’s largest trading partner in the ASEAN region, with 2025 trade surpassing US$ 16.05 billion – a marked 27.4% annualised increase.

The UAE’s Ministry of Economy and Tourism has announced the conclusion of the sixth edition of its World’s Coolest Winter campaign. Launched on 16 December 2025, the six-week campaign saw hotel revenues of US$ 3.41 billion, with the total number of hotel guests, 5.0% higher, at over five million; occupancy rates averaged 84%. The six-week campaign showcased the UAE’s diverse tourism offerings, from islands and beaches to nature reserves, heritage sites and urban landmarks.

Posting its best ever January return – and the third best monthly posting – Dubai Duty Free registered a 18.5% sales hike, on the year, at US$ 234 million; the two leading months were last November and December with sales of US$ 251 million and US$ 239 million. The four leading sales items were perfume, gold, fashion and confectionary – all showing increases on the year of 13.6%, 45.7%, 36.7% and 15.4% – with sales of US$ 40 million, US$ 28 million, US$ 22 million and US$ 22 million. Meanwhile, sales of Dubai Chocolate reached almost US$ 10 million, (50% higher on the year), with eighty-three tonnes sold, compared to forty-two tonnes in January 2025.

According to the latest data issued by Dubai Health Authority, the related insurance system posted impressive expansion in coverage indicators and operational activity last year, compared to returns in 2024. Figures show the number of beneficiaries exceeded 4.9 million last year, compared to approximately 4.6 million the year before, representing an annualised 6.5% growth, whilst the number of insurance claims rose 13.5% to 49.6 million. Dubai’s health insurance network includes 3.94k healthcare providers, one hundred and forty insurance brokers, forty-three insurance companies and sixteen insurance claims management entities.

The UAE fuel price committee on Saturday announced petrol and diesel prices, (per litre), with reductions across all categories.

	US$		February	January	Percentage	01 January
	Super 98		0.668	0.689	-3.21%	0.689
	Special 95		0.635	0.659	-3.86%	0.635
	Eplus		0.616	0.638	-3.54%	0.616
	Diesel		0.687	0.695	-1.19%	0.687

A Memorandum of Understanding has been signed by the UAE Ministry of Investment and the Scottish Government aimed at strengthening investment cooperation and boosting mutual investment flows between the two countries. It introduces a structured framework that will enhance coordination between government bodies, investment agencies and other stakeholders. It is also part of the UAE’s strategy to build global economic alliances to grow international trade.

A DIFC-based reinsurance brokerage operating has been fined US$ 455k by the Dubai Financial Services Authority, having been found to have engaged in misleading and deceptive conduct involving reinsurance premiums, commissions and altered documents. The total fine comprised two parts – US$ 175k, in disgorgement, covering improperly earned amounts plus interest, and US$ 280k as a financial penalty. The initial fine of US$ 575k was reduced because the watchdog acknowledged that the firm had promptly reported the misconduct to the DFSA, conducted an internal investigation, and paid restitution to clients in respect of placements involving the use of altered documents. The DFSA claimed that Ed Broking (MENA) Limited had provided different premium figures to insurers and reinsurers for the same reinsurance placements – a practice regulators say undermines trust in financial markets. The firm also misled clients about brokerage earnings across one hundred and twenty-one placements and used altered documents to support the misconduct.

2025 financials see that TECOM Group posted increased results with revenues 19.0% higher on the year, as earnings before tax came in, up 20.0%, to US$ 599 million and recurring net profit 20.0% to US$ 409 million. Several factors were behind the marked improvement, including rising demand across its commercial, industrial and land portfolios, higher occupancy rates, (including commercial office rates at 97%), portfolio expansion and improved operational efficiency. Over the year, the Group made more than US$ 681 million in acquisitions and development projects, including a US$ 436 million purchase of one hundred and thirty-eight industrial land plots in Dubai Industrial City. Funds from operations rose 19% to US$ 545 million, while the fair value of the group’s investment property portfolio increased by 23% to US$ 9.40 billion. The Board has approved a 10% increase in H2 dividend, to US$ 120 million, targeting total payouts of US$ 240 million.

DIFC’s 2025 combined revenues jumped 19.7% to US$ 580 million on the year, as net profit rose 28.0% to US$ 409 million. Over the year, there was a 28.0% hike in the number of active businesses to 8.84k, with new registrations 39.0% higher at 2.53k. The leading global financial hub, across the Middle East, Africa and South Asia, now hosts the region’s largest regulated financial services ecosystem, made up of more than a thousand firms, including the regional headquarters of more than two hundred and ninety banks and capital markets institutions, alongside insurance, brokerage, hedge funds, wealth and asset management companies, and family‑related entities. Its total workforce of financial services related professionals now stands at over 50k, (of which women represent over a third of the total), with 4.1k new jobs created in 2025.

Mashreq posted healthy 2025 figures, with net profit before tax, net profit after tax and operating income of US$ 2.26 billion, US$ 1.91 billion, and a 3.0% rise to US$ 3.43 billion. The two main drivers behind growth were higher origination volumes and stronger income contributions across the bank’s franchises. Non-interest income increased 16% year-on-year, driven by a 53% rise in investment income and a 30% increase in other income, excluding one-off items. Its balance sheet showed impressive gains, with total assets, total lending, and customer deposits up 25% to US$ 91.28 billion, 30% to US$ 62.67 billion and 27% to US$ 55.86 billion, (supported by a CASA ratio of 62%).

The DFM opened the week on Monday 02 February on 6,484 points, and having shed forty-nine points, (0.8%), the previous week, gained two hundred and fifty-six points (4.0%), to close the week on 6,691 points, by 06 February 2026. Emaar Properties, US$ 0.08 higher the previous three weeks, was up US$ 0.26 to close on US$ 4.35 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.82 US$ 8.47, US$ 2.63 and US$ 0.45, and closed on 06 February at US$ 0.85, US$ 9.28, US$ 2.72 and US$ 0.45. On 06 February, trading was at two hundred and eight million shares, with a value of US$ one hundred and fifty-three million dollars, compared to two hundred and thirty-nine million shares, with a value of US$ two hundred and thirty-nine million dollars, on 30 January.

By 06 February 2026, Brent, US$ 10.40 (9.3%) higher the previous four weeks, shed US$ 2.19, (3.1%), to close on US$ 70.69. Gold, US$ 108 (2.2%) lower the previous week, gained US$ 108 (2.0%), to end the week’s trading at US$ 4,988 on 06 February. Silver was trading at US$ 76.88 – US$ 8.37 (9.2%) lower on the week.

Oil prices plunged Monday after Donald Trump said he had hopes of reaching some sort of settlement with Iran that would ease worries of a major conflict in the oil-rich Gulf.  Brent lost 3.2% to US$ 67.09 in early Asian trade.

By the beginning of the week, gold, which had posted its sharpest decline in forty-three years, slumping over 9.0% last Friday, lost a further 7.0% overnight to trade at under US$ 4.5k, with silver losing 12%.

 Despite the falls in recent days, the metal is still up more than 60% over the past year, having briefly topped US$ 5.5k in recent weeks. The main driver appears to have been Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair. As he is considered a “loyalist” who would compromise the Fed’s independence and aggressively cut interest rates – a move that spooked the precious metals market that showed its disdain, probably by too much. Investors ‘buy the dip’ with the expectation that the price rally has further to run.

By yesterday Bitcoin had slumped to US$ 68.86k – its weakest level since November 2024, after the Trump presidential victory. After falling 8.0% in the four days’ trading this week, Bitcoin tumbled through the key US$ 70k level on Thursday, as a slide in the world’s largest cryptocurrency showed no signs of stopping. The main driver behind the latest cryptocurrency retreat is again Kevin Warsh and down to his nomination, as the next Federal Reserve Chair, and fears he could shrink the Fed’s balance sheet, which would have a major negative impact on Bitcoin’s value. Coin Gecko has estimated that the global crypto market has lost nearly US$ 1.9 trillion in four months, since its US$ 4.379 trillion peak in early October, with US$ 800 billion shed in the last month. It closed the week on US$ 70.1k

Q4 earnings saw Shell reporting a 11.2% reduction in earnings, to US$ 3.25 billion, compared to 2024, attributable to lower crude prices, and a weak performance from its oil-trading and chemicals businesses. For the twelve months to December, adjusted earnings were 22.0% lower on the year at US$ 18.5 billion. It also announced plans to buy back a further US$ 3.5 billion of shares – the seventeenth consecutive quarter of at least US$ 3 billion of buybacks. Its shares have risen 23% since the appointment of Wael Sawan in January 2023.

Now he could be US$ 6.09 million better off, every year, after the energy giant had concluded a consultation with its largest shareholders about revamping boardroom pay policy. It is understood that plans, including granting a long-term incentive stock award, worth up to nine times his base salary of US$ 2.08 million. This would see the chief executive 50% better off on the current remuneration policy, under which the Shell chief is eligible for an LTIP award of up to six times his salary. Assuming his salary remains fixed at the current level, he will receive US$ 18.69 million a year. In addition to an annual bonus worth up to US$ 5.220 million, or 250% of his salary, that would make his total pay package, excluding pension contributions, worth up to US$ 25.97 million.

Reports indicate that Liberty Steel’s Hartlepool-based steel pipes unit, part of Sanjeev Gupta’s Liberty Steel Group, (which in turn is owned by the embattled businessman’s GFG Alliance), is looking for a buyer. The unit, which employs about one hundred and seventy people, supplies oil giants including BP and Shell,with several prospective buyers already sounded out. Last summer, most of Gupta’s UK steel-making empire, operating as Speciality Steel UK, was placed into liquidation, after a judge ruled them to be “hopelessly insolvent”. The sales process, overseen by the Official Receiver, is ongoing, with interest shown by a few parties, including Abu Dhabi’s Arabian Gulf Steel Industries, EIG Global Trust, (a cryptocurrency fund), and 7 Steel.

Last week, this blog’s ‘A Small Man In A Big World’, commented on potential problems with ‘shadow banking’, which is subject to less rigorous control procedures than traditional banking. Now, news indicate that The Federal Deposit Insurance Corporation has approved two major car makers to set up the Ford Credit Bank and the GM Financial Bank – both chartered in Utah. The FDC said the banks would “focus on providing automotive financing products in the US”, but critics are warning that they will get ‘better’ access to lower-cost funds than a traditional financial subsidiary of a large manufacturing company. This comes at a time of increased monitoring and concerns over car affordability. Both Toyota and BMW already have industrial banks in the country.

The scandal over the mis-sold car loans will not go away and has led to Santander UK to lift the sum it had originally set aside, US$ 402 million, by 55.9% to US$ 626 million, as it waits for the regulator to finalise its rules for an industry-wide compensation scheme. It has already expensed over US$ 23 million in legal fees and associated costs. No doubt it will be near the top of the agenda for Mahesh Aditya, who starts the top position with the Spanish finance giant next month. The Financial Conduct Authority commenced a wide-ranging investigation of the market two years ago, and when finalised will see millions of motorists receiving compensation payments. (He will also have deal with managing its US$ 360.83 billion takeover of rival TSB, which was agreed last July and will be finalised this year, as well as a surprise current US$ 12.2 billion deal to acquire American bank Webster).

With banks facing increased demand for their mobile and online services, NatWest – in line with other peers such as Lloyds Banking Group – will close more than thirty bank branches over the next two years. The bank commented that “our branch network is a central part of how we serve customers, and we continue to invest in this for the future, with an increase in our investment into branches planned over the next three years”.

Elon Musk has combined two of his mega companies, with SpaceX announcing it has acquired artificial intelligence start-up xAI; the combined company would have a valuation of US$ 1.25 trillion.  The richest man on the planet noted that the deal would create “the most ambitious, vertically integrated innovation engine on (and off) Earth, with AI, rockets, space-based internet, direct-to-mobile device communications and the world’s foremost real-time information and free speech platform”. He also owns Tesla, social media platform X, and satellite communications company Starlink. X, formerly Twitter, which itself was bought by xAI last year, having originally acquiring Twitter in 2022 for US$ 44.0 billion.

In the US, the Jeff Bezos-owned Washington Post is making a third of its staff redundant, covering almost all areas of its newsroom. This was confirmed to employees in a video conference on Wednesday, with the hierarchy sending emails, with one of two subject lines – telling them their role was either going or being kept. It seems that its sports section, several foreign bureaux and the newspaper’s books coverage are being scrapped. Claire Parker, the paper’s Cairo bureau chief, announced her redundancy on X, along with all of the newspaper’s ME correspondents and editors, saying it was “hard to understand the logic”. The layoff comes days after the newspaper, founded in 1877, scaled back its coverage of the 2026 Winter Olympics amid mounting financial losses.

Last Sunday, LHR authorities grounded an Air India Boeing Dreamliner for safety checks, which took off on its return journey, with a possibly faulty fuel switch. The UK Civil Aviation Authority has subsequently asked Air India to explain how a Boeing Dreamliner passenger jet, which was grounded on arrival in India for safety checks, took off from London on Sunday with a possibly faulty fuel switch; it has warned that if Air India do not issue a response, within seven days, regulatory action will be taken. Air India said in a statement it had completed a precautionary re-inspection of the switches and found no issues and would “respond to the UK regulator accordingly”. Fuel switches were at the centre of last year’s fatal crash involving an Air India Dreamliner on take-off from Ahmedabad.

With the Modi government finally decided to halt Russian oil purchases and lower trade barriers on US exports, Donald Trump slashed US tariffs from 50% to 18%, with India’s financial markets rallying sharply on Tuesday. India’s benchmark stock index, the Nifty 50, climbed by almost 5.0%, with the rupee finally strengthening, 1.0% higher, to 90.40 to the greenback – its best day since November 2022. Last August, the tariff was doubled to 50% because of the import of sanctioned Russian oil and since then Indian stock markets, and the rupee, have been battered, along with record foreign investor outflows. This trade deal will certainly lift consumer confidence – both domestically and foreign – and capital inflows will return to some form of normality. As part of the deal, India has agreed to buy petroleum, defence goods, electronics, pharma and telecom products, as well as aircraft from the US. On top of all this, only a week earlier, India had signed a long-awaited trade deal with the EU that is expected to eliminate or reduce tariffs on 96.6% of traded goods by value.

The Sunday Times Tax List 2026 proves to be interesting reading, with the top one hundred taxpayers handed over 15.5% more money in tax than a year earlier, with a total of over £5.758bn. This latest list was headed by Fred and Peter Done, the billionaire brothers behind gambling giant Betfred, topping the rankings for the first time; their tax payment was estimated at £400.1 million over the past year, according to the annual list; last year, the brothers paid HMRC £273.4m. Financial trading entrepreneur Alex Gerko ranked second on the list, with £331.4m in tax, followed by hedge fund boss Chris Rokos, who paid £330.0m. Wetherspoons founder, Sir Tim Martin, ranked eighth in the list, with a personal contribution of £199.7m, and billionaire businessman, Mike Ashley, ninth on the list, with a contribution of £175m in tax. Two footballers also joined the list for the first time – Manchester City’s Erling Haaland, in seventy-second place, and Liverpool’s Mo Salah, in eighty-first position, with estimated tax payments of £16.9m and £14.5m. Other notable entrants included JK Rowlng, Harry Styles, Ed Sheeran and Anthoy Joshua – in thirty-sixth place (£47.5m), fifty-fourth, (£24.7m), sixty-fourth, (£19.9m), and one hundredth, (£11.0m). Six taxpayers, including sports promoter Eddie Hearn, (who now lives in Monaco), featured on the list, despite leaving the UK over the past year, amid reports of wealthy individuals moving to avoid higher taxes under Labour, or due to non-dom status being removed.

In December, Italy posted its lowest ever unemployment level, since the statistical series began in 2004, with the rate falling to 5.6% in December, marking the lowest level recorded since the statistical series began in 2004; Istat posted that the return was 0.1% lower than the November figure. 24.142 million Italians were employed in December – 20k lower than the month earlier but 62k higher on the year.

Last week, US$ 80 billion, (equating to 8.0%), was wiped off Jakarta Composite Index, as foreign capital flooded overseas because of concerns of ownership and trading transparency. President Prabowo Subianto is also widening the fiscal deficit and ramping up the state’s involvement in financial markets. There was immediate action taken by authorities to stop the capital outflow which could have had damaging implications for the bourse being downgraded to frontier-market status that prompted a selloff of more than 8% in just two days. The steps that were taken included doubling the free-float requirement for listed firms to 15%. The President’s appointment of his nephew, Thomas Djiwandono, to the central bank this month, has also not helped investor confidence but has helped the rupiah slide to historic lows.

Productivity improvements – including ongoing reforms, aimed at improving the business environment, reducing compliance costs and removing barriers to market entry – were reasons for the Vietnamese economy commencing the new year on a positive note. 2025 ended with more than one million active enterprises nationwide, with an estimated 54k businesses entering or re-entering the market – 62% over the past twelve months. Almost 1k business households – accounting for some 25% of all such conversions last year transitioned into formal enterprises. At the beginning of January, exports rose by 9.6%, to US$ 21.29 billion, in the first two weeks. Customs data showed positive trade momentum, with exports totalling US$18.05 billion in the first half of January, an increase of 9.6%, compared with the same period last year. Imports climbed 17.8% to US$21.29 billion. Exports fell 24.2%, compared with the second half of December 2025, with several key groups recording marked declines, including computers, electronic products and components, machinery/equipment, and textiles/garments. However, compared with the same period of 2025, overseas shipments still rebounded, with strong growth in computers and electronics, phones and components, and machinery, equipment and spare parts. Foreign-invested enterprises continued to dominate export performance, generating US$14.03 billion and accounting for almost 78% of total export turnover. On the import side, figures in the first two weeks of January declined, compared with the latter half of December, with decreases seen in machinery and equipment, crude oil and steel but over the twelve-month period, they jumped 17.8%.

With the Modi government finally deciding to halt Russian oil purchases and lower trade barriers on US exports, Donald Trump slashed US tariffs from 50% to 18%, India’s financial markets rallied sharply on Tuesday. India’s benchmark stock index, the Nifty 50, climbed by almost 5.0%, with the rupee finally strengthening, 1.0% higher, to 90.40 to the greenback – its best day since November 2022. Last August, the tariff had been doubled to 50% because of the import of sanctioned Russian oil and since then Indian stock markets and the rupee have been battered, along with record foreign investor outflows. This trade deal will certainly lift consumer confidence – both domestically and foreign – and capital inflows will return to some form of normality. As part of the deal, India has agreed to buy petroleum, defence goods, electronics, pharma and telecom products as well as aircraft from the US. On top of all this, only a week earlier, India had signed a long-awaited trade deal with the EU that is expected to eliminate or reduce tariffs on 96.6% of traded goods by value.

A former Federal Reserve governor, Kevin Warsh, has Donald Trump’s vote to take over from Jeb Powell to be the next Federal Reserve chair. The President said the former Fed governor, would be “one of the Great Fed Chairmen, maybe the best”, and that “on top of everything else, he is ‘central casting’, and he will never let you down.” On news being released last Friday gold and silver cooled from record highs earlier, whilst the greenback dipped lower, US government gilts slowed, the dollar trimmed its gains, US government bond yields rose and stock futures pointed to a weak open on Wall Street.

Countries supplying oil to Cuba have been threatened with new tariffs, authorised by an executive order under a national emergency declaration. The move by Donald Trump, who has repeatedly talked of acting against Cuba, and said that “Cuba will be failing pretty soon”, did not single out any particular country or the tariff rate. The island state, already in the midst of a major economic crisis, would be really damaged by any curtailment in energy imports. Government media warned that that the order threatened to paralyse electricity generation, agricultural production, water supply, and health services. Mexico has taken over the mantle of Cuba’s main oil supplier – a position formerly held by Venezuela.

Yesterday saw global bourses take another beating, with a sharp sell-off in AI-linked tech shares that had lost more than US$ 1 trillion in market value over the four previous days of trading, which in turn dragged down global equities and credit markets. After years of exceptional gains, the market has finally decided to assess proper valuations for the major global tech firms. Concerns have mounted over elevated tech valuations prompted broad risk reduction, with investors cutting exposure to sectors that had powered speculative gains over the past year.

Chipmaker Advanced Micro Devices, which had seen its market double over the past twelve months, plunged 17.3% despite reporting quarterly profit above expectations and issuing a revenue outlook that exceeded forecasts. Investors focused instead on valuation concerns after the stock had doubled over the past year. The market seems to be prepared to further pare back unrealistic market caps of some of the major tech stocks and whether AI-driven spending can deliver sustainable growth. There is growing uncertainty over how artificial intelligence will reshape competition and profitability has added to volatility. Elevated expectations have left little room for disappointment, while uncertainty over how AI will reshape competition and profitability has added to volatility. Tech stocks remain under sustained pressure, as investors question how much upside remains after a prolonged period of outperformance.

Last Saturday, Bitcoin’s recent sell off sees the cryptocurrency trading at below the US$ 79k, and the 8.0% fall on the day, representing its sharpest decline since April 2025. Other currencies also bore the brunt of the market’s concern, with digital assets seeing the total crypto market capitalisation below US$ 2.8 trillion which pushes Bitcoin to fall to being the world’s twelfth largest asset by capitalisation. Solana, Dogecoin and Ripple dipped lower by 13% to US$ 102.9, by 13% to US$ 0.10 and 10% to US$ 1.56. slid about 13% to around US$ 102.9 and US$ 0.10 respectively, while Ripple dropped roughly 10% to US$ 1.56. The downward trend will continue to be as low as US$ 75k but there will be a bounce back that will see Bitcoin returning to the US$ 100k plus level – and a tidy 30% profit.

According to latest figures from Halifax, January UK house prices grew 0.7% on the month, following a 0.5% decline a month earlier, and on an annual basis by 1.0%. the UK’s largest mortgage lender. The typical UK property now costs US$ 408k (and at GBP 300.1k the first time it has broken through the GBP 300k mark). It commented that affordability continues to be “a challenge for many potential buyers”, but that activity levels showed the market was resilient. However, it did note that wage growth had been outpacing property price inflation since late 2022, which should improve underlying affordability. Earlier in the week, the country’s second largest mortgage lender reported that house prices rose by 1.0% in the twelve months to the end of January.

As widely expected, the BoE did not touch interest rates this month, maintaining them at 4.75%, and this despite predicting that inflation is heading towards target amid a “lacklustre” economy and rising unemployment. Its monetary policy committee, which meets every six weeks, voted by 5-4 to keep borrowing rates unchanged. Governor, Andrew Bailey was happy to see the UK inflation rate edging towards the bank’s (probably too-) long standing 2% target, adding that the central bank had to leave rates unchanged to “make sure that [it] stays there”. The BoE is confident that inflation will reduce by at least 0.5%, driven by falling energy prices, a freezing of rail fares and a delayed an increase in petrol taxes.

Two UK ‘personalities’ are well represented in the latest release of the Epstein papers. Questions will have to be asked on whether Andrew, (formerly known as Prince), and Lord Peter Mandelson, (aka ‘Svengali’ or the ‘Prince of Darkness’), acted legally in their dealings with Epstein. To date, it seems that both are claiming their innocence. It does seem interesting that Keir Starmer is now calling for the ex-Royal to testify to the US Congress; in November, the UK Prime Minister, said it would be up to the ex-Royal to decide whether he should or not. No mention of whether his friend Mandelson, who has since left the Labour Party, should do likewise.

Reports indicate that the disgraced lord, the then Business Secretary in Gordon Brown’s administration, told Epstein he was “trying hard” to change government policy on bankers’ bonuses at his request; this came about months after the convicted sex trafficker had paid thousands of pounds to the then UK business secretary’s partner, later husband, Reinaldo Avila da Silva. In September, da Silva asked Epstein to pay him GBP 10k to fund an osteopathy course and other expenses; this appeared to be paid within a week of his request, after he had responded that “I will wire your loan amount immediately”; a few days later, da Silva, replied “thank you for the money which arrived in my account this morning”.

Six months after being released from prison in July 2009, having pleaded guilty to trafficking a minor, it seems that, in December, Mandelson tried to change government policy on taxing bankers’ bonuses, at Epstein’s behest. On 09 December 2009, the then chancellor Alistair Darling announced a 50% “super tax” on bonuses, intended to prevent pay being inflated by taxpayer-funded bailouts; a 15 December email purported to be from Epstein asked Mandelson if the policy could be changed, with an email –  “any [sic] real chance of making the tax only on the cash portion of the bankers bonus”. The reply was “trying hard to amend as I explained to Jes last night. Treasury digging in but I am on case.” Epstein responds: “let me know before jes please”, followed by “Ok. They are not being helpful”. “They jpm. or they treasury,” “Treasury” Mandelson replied. ‘jpm’ refers to JP Morgan and ‘Jes’ is likely to be Jes Staley, the then head of JP Morgan’s investment bank. (Staley resigned from Barclays in 2020 after the Financial Conduct Authority launched an investigation into his conduct and the transparency of his disclosures about his relationship with Epstein).

By the end of the week, the political future of the prime minister and his chief of staff Morgan McSweeney was in doubt. This week, Starmer finally admitted that he knew about the cosy Mandelson/Epstein connection, from a document he had sighted in December 2024 and before the Washington ambassadorial appointment; he also disclosed that he was aware that Mandelson had stayed in the financier’s Manhattan apartment in 2009 after his conviction and jail-time. Meanwhile, it seems that McSweeney was very keen to see his good friend, (they had had a close relationship since the days of Jeremy Corbin’s reign as Labour leader), become ambassador.

Scotland Yard has been brought in to investigate allegations that Mandelson passed market-sensitive information to the paedophile financier when he was business secretary and whether his husband had received payments from Epstein, including three separate US$ 25k bank transfers. Meanwhile, Starmer is laying low and his defence continues to be that Mandelson had lied to get the ambassadorship. One would think that being the Prime Minister of the United Kingdom, U Should’ve Known Better!