What You Gonna Do About It? 13 February 2026
Abu Dhabi-based Aldar Properties and Dubai Holding have expanded their joint venture, announcing plans, for two further projects, to develop nearly 14k new homes in Dubai, valued at more than US$ 10.35 billion. Aldar Properties first moved into the Dubai market in 2023 and since then the JV has launched five projects in the emirate – Haven (projected handover – Q4 2027), Athlon (Q3 2028), Verdes by Haven (Q3 2028), The Wilds (Q2 2029) and Rise by Athlon (Q4 2029) – all of which have sold out. One of the projects will be opposite Nad Al Sheba, which will include apartments, townhouses and villas and is expected to launch this year. The other project will be a luxury waterfront development on Palm Jebel Ali, including branded and non-branded homes, with direct beach access; sales are expected to commence next year. Under the agreement, Aldar will manage the full development process for both projects, including design, construction, sales and long-term management. This project will enhance Aldar’s total development pipeline in Dubai to more than 2.3 million sq mt of gross floor area and would support the Abu Dabi developer’s pipeline in Dubai. To date, the joint venture has recorded property sales of US$ 5.86 billion.
In a record-breaking 2025, Palm Jebel Ali surpassed Palm Jumeirah as the emirate’s most sought-after enclave for ultra-luxury residential homes, priced above US$ 5.45 million. This segment of the market recorded 2.49k homes, changing hands last year – indicating Dubai’s growing magnetism for global wealth and long-term capital. Off-plan homes dominated transactions, accounting for 64.5%, (1.60k), of deals, compared with 35.5%, (0.89k), of ready-property sales These figures reflect the on-going demand from UHNWs for trophy assets, waterfront living or tax-efficient wealth preservation, according to data compiled by Penthouse.ae and Property Monitor. Palm Jebel Ali accounted for 20.8% of all ultra-luxury transactions, registering 0.52k transactions that generated US$ 3.38 billion in sales.
Indeed, Knight Frank posted that Dubai recorded the highest number of US$ 10 million-plus home sales globally in 2025, ahead of London and New York, with the consultancy also noting that Dubai’s prime residential prices have more than doubled since 2020, supported by population growth, residency reforms and sustained economic expansion. The firm expects continued momentum in 2026, as supply of ultra-prime homes remains limited relative to demand. There is no doubt that Dubai’s top-end property segment will remain one of the world’s most dynamic real estate investment destinations through 2026 and beyond, driven by strong international demand and limited supply of prime waterfront homes.
This week, Moody’s Ratings reported that it expects Dubai’s expanding population to soak up the 180k residential units, set to be added over the next three years to 2028, but that there will be a modest decline in prices over the next twelve to eighteen months. Apart from the expected growth in population, a shift towards smaller household sizes will be a further driver in new completions being absorbed. The emirate’s property market has enjoyed five years of a robust bull run rally, and every year, since 2021 appearing to establish new records with annual double-digit growth, setting new records in terms of prices and transactions. Moody’s also added that “we expect it will slow price gains in the overall market. Modest outright price declines are probable in the apartment segment, especially within the more affordable mid-market studio and one-bedroom categories, where supply remains elevated. The slowdown will prompt developers to scale back the launch of new projects and lead to lower new sales values over the next twelve to eighteen months – a trend that we expect will persist for several years”.
Y A S Developers has unveiled its latest boutique luxury project, Casa Altia, in Al Furjan, with enabling having already started and the project slated for completion by Q1 2028. The developer has already handed over its earlier projects – Altia Residence and Altia One – in Dubai Silicon Oasis. Casa Altia will comprise seventy-two residences including twelve one-bedroom, forty-eight two bedroom and twelve three-bedroom apartments. A unique feature seems to be an entire floor dedicated to six ultra-luxury homes, featuring private pools, landscaped gardens, BBQ areas, and a suite of bespoke amenities. Casa Altia also comes with a range of amenities including retail, gym, infinity pool, club house and kids play area designed to meet the expectations of the modern urban consumer. Apartment prices will start at US$ 463k. The developer noted that a further luxury project in Al Furjan will be lunched within three months.
AGN Skyline Developers has launched Casa Aura, a boutique residential development in Dubai South; the launch took place at a ground-breaking ceremony which brought together brokers, industry partners, and key stakeholders for an immersive introduction to the project. The five-storey, residential development spans a total project area of 2.59k sq mt, and features open-plan layouts, expansive balconies, exceptional European finishes, integrated smart home systems, and high-quality branded fittings. Residents will enjoy access to a wide range of lifestyle amenities, including a swimming pool, fully equipped gym, jogging track, padel court, basketball court, open-air cinema, lounge and BBQ areas, children’s play area, and secure parking with CCTV surveillance. From an investment perspective, Casa Aura offers a structured and end user-friendly payment plan spread over twenty months post booking, with construction-linked instalments and a 40% payment on completion, aligning closely with the project’s delivery milestones.
MGM Resorts International confirmed that work on its hotels in Dubai is on track, saying that“construction remains on schedule in Dubai, with Bellagio, Aria and MGM Grand Hotel towers scheduled to open in the third quarter of 2028”. Initially the opening had been slated for H2 2028, with MGM Resorts International having a non-gaming management agreement with Dubai’s Wasl Hospitality to bring the Bellagio, Aria, and MGM Grand brands to the emirate. Wynn Resorts was the first to receive a licence to operate an integrated gaming resort in Ras Al Khaimah, due to open next year. MGM Resorts’ consolidated net revenues topped US$ 4.6 billion in Q4, 6.0% higher on the year, whilst net income attributable to MGM Resorts posted an increase of 6.0% on the year. Net income attributable to MGM Resorts increased on the year by 87.3% to US$ 294 million.
HH Sheikh Mohammed bin Rashid announced yet another new addition to further enhance Dubai’s tourism sector – Al Layan Oasis. The development, which will cover ten million sq ft,will be centred by a lake, covering 2.5 million sq ft, in addition to recreational facilities, sports trails, camping areas, and other desert tourism experiences. The rural tourist destination is divided into four main areas — Hub Park, Family Park, Canyon Park, and Trailer Park. It will also include four oases with different facilities, catering to specific segments:
- Camping boasts one hundred caravan camping sites and a fully equipped visitor centre
- Gathering an open-air cinema, amphitheatre, outdoor theatre, and a food truck plaza
- Family with twenty-eight rest areas, children’s play zones, and integrated amenities
- Recreation inc a range of activities, retail outlets, and services within a sustainable natural setting
On completion, Al Layan Oasis will be able to welcome 330k visitors annually and 1k car parking spaces, along with fourteen km of walking and bicycle paths. This latest project is part of a package for which US$ 1.09 billion has been allocated, under Dubai’s Blue and Green Roadmap. Through the project, Dubai Municipality is providing approximately 365k sq mt of investment opportunities for the private sector.
For a third consecutive year of record tourism, Dubai welcomed 19.59 million international overnight visitors in 2025 – 4.6% higher on the year – including December being the first month ever that tourist number had been above the two million level. Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed, commented that tourism is a key driver of economic diversification and sustainable growth under D33. Its biggest source market continues to be:
- Western Europe 4.10 million up 9.6% 20.94% of the market
- GCC 2.99 million 15.26%
- MENA 2.17 million 11.08%
- CIS/E Europe 2.89 million 14.75%
- S Asia 2.89 million 14.75%
- NE Asia 1.85 million 9.44%
- Americas 1.40 million 7.15%
- Africa 0.90 million 4.59%
- Australasia 0.40 million 2.04%
Dubai International welcomed a record 95.2 million guests last year and, with that number, became the highest annual international passenger traffic ever recorded by any airport. The Dubai Ruler described the airport as the “nerve centre of Dubai” and noted that he is “proud of its services .. proud of its team led by Ahmed bin Saeed Al Maktoum for decades with all professionalism .. and proud of its exceptional growth rates”. He added that the location received over 454k flights during the year, with the average waiting time for passengers reported at less than fifteen minutes only, to complete the arrival procedure.
The leading five destinations, accounting for 35% of the total, remain basically the same with India, Saudi Arabia, the UK, Pakistan and the US with totals of 11.9 million, 7.5 million, 6.3 million, 4.3 million and 3.3 million. The top five city destinations were London, Riyadh, Mumbai, Jeddah and New Delhi with 3.9 million, 3.0 million, 2.4 million, 2,4 million and 2.2 million. The Dubai Ruler described the airport as the “nerve centre of Dubai” and noted that he is “proud of its services .. proud of its team led by Ahmed bin Saeed Al Maktoum for decades with all professionalism .. and proud of its exceptional growth rates”. He added that the location received over 454k flights during the year, with the average waiting time for passengers reported at less than fifteen minutes only to complete the arrival procedure.
Over the year, hotel inventory topped 154.26k rooms, across eight hundred and twenty-seven establishments by the end of 2025. All indicators were positive including average hotel occupancy up 2.5% to 80.7%, occupied room nights, 4.0% higher at 44.85 million, average daily rates rising 8.0% to US$ 158 and revenue per available room moving up 11% to US$ 127. New hotel openings, during the year, included Ciel Dubai Marina, Vignette Collection by IHG, billed as the world’s tallest hotel, Jumeirah Marsa Al Arab, Mandarin Oriental Downtown, Dubai, Cheval Maison – Expo City and Vida Dubai Mall. According to Financial Times’ fDi Markets data, in H1 2025, hotels and tourism accounted for 21.3% of total estimated foreign direct investment capital flows into Dubai.
After airlines scheduled nearly 4.9 million seats, Dubai International Airport has retained its position as the world’s busiest international airport; the numbers were 2.0% higher than in 2024. The figure equates to 9.8 million seats in both directions. OAG, the global aviation analytics firm, confirmed that February figures extended a run of record-setting months for DXB, which has consistently increased capacity since last year. After December posting record monthly passengers in the airport’s sixty-five-year history, the first two months of 2026, there were 20.8 million seats in both directions. When international and domestic flights are combined, Dubai International again ranked first globally in February, followed by Hartsfield-Jackson Atlanta International, (about 4.6 million seats), Shanghai Pudong, (4.2 million), Tokyo Haneda, (4.18 million) Guangzhou Baiyun, (4.16 million).
Today, 13 February, DP World announced the appointment of Essa Kazim as chairman of its board of directors and Yuvraj Narayan as group CEO on Friday. Kazim currently holds several appointed government positions, including as governor of the Dubai International Financial Centre and chairman of Borse Dubai. Narayan has extensive professional experience in financial management, corporate finance, supply chains, and global trade, and joined DP World in 2004; since then, he has led a number of strategic and transformational initiatives that supported the company’s expansion across international markets and strengthened its role as an integrated global provider of end-to-end supply chain solutions. He has served as CFO of DP World since 2005. Meanwhile, HH Sheikh Mohammed bin Rashid issued a decree appointing Abdulla bin Damithan as chairman of the Ports, Customs and Free Zone Corporation.
WeRide announced that self-driving taxis are available in Umm Suqeim and Jumeirah, but during the trial period, a driver will still have to be present. The Guangzhou-based autonomous driving technology company commented that 1.2k Robotaxis will be deployed in the ME, (Abu Dhabi, Dubai, and Riyadh), with the rollout to be completed by 2027. WeRide currently has more than 200 Robotaxis in the region. The company added that “the fleet will be scaled up progressively, with Uber committed to adding more Robotaxis as key regulatory approvals and performance milestones are met, including the launch of fully driverless commercial operations covering the core areas of each city”. Three companies, pony.ai, Uber, and Baidu’s Apollo Go, are set to run a fleet of one hundred driverless taxis, as part of partnerships with Dubai’s RTA.
With the holy month of Ramadan fast approaching, the Ministry of Economy and Tourism confirmed a stricter oversight during a period of peak household spending. It has listed nine essential food categories that will not see any price increases during the holy month; they are cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread and wheat. The Ministry plans four hundred and twenty inspections to prevent unjustified price increases during Ramadan, with it confirming a stricter oversight during a period of peak household spending. It has listed nine essential food categories that will not see any price increases during the holy month; they are cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread and wheat. The Ministry plans four hundred and twenty inspections to prevent unjustified price increases during Ramadan.
EY’s Mena M&A Insights 2025 report confirmed that the UAE had enhanced its premier position as the ME and N Africa’s mergers and acquisitions hub – and that the total transactions climbed to their highest level in years. In 2025, the region registered eight hundred and eighty-four deals, (26.1% higher on the year), as deals rose 15.0% to US$ 106.1 billion. Not only did it attract Mena’s largest transactions but also led domestic dealmaking, with one hundred and thirty-one local agreements, as well as accounting for nearly half of all inbound investment volume and an extraordinary 92% of total inbound value. Cross-border M&A accounted for 54% of the region’s deal count and 61% of value, with sovereign wealth funds continuing to play a central role. The UAE also hosted the region’s biggest deals of the year, with the three largest being:
- OMV US$ 16.5 billion acquisition, alongside subsidiary Borealis, of a 64% stake in petrochemicals company Borouge
- L’IMAD Holding Company US$ 13.8 billion purchase of an 84.76% stake in Modon Holding
- Multiply Group US$ 7.7 billion acquisition of 42.2% of 2PointZero
Inbound dealmaking volumes surged 37% to two hundred and twenty-three deals, as volumes skyrocketed 123% to US$ 25.4 billion. Meanwhile, outbound transactions rose 29.0% to two hundred and fifty-six, worth US$ 39.2 billion. Tech and diversified industrial products contributed 38% of the overall deal volume, whilst real estate, including hospitality/leisure, accounted for more than half the disclosed value of domestic deals.
Since its 2020 establishment, the Ministry of Industry and Advanced Technology has seen the country’s industrial exports more than double to US$ 71.39 billion – and 25% higher on the year. Exports from medium- and high-tech industries surged 42% to US$ 25.07 billion and surpassed the 2031 target six years ahead of schedule – an indicator of the success of national industrial policies, aimed at boosting competitiveness and global reach. The Dubai Ruler, Sheikh Mohammed bin Rashid, noted that “the UAE is an industrial powerhouse, driven by strong integration between government legislation and the private sector, supported by exceptional digital infrastructure and a solid financial and banking system… Our figures in 2026 will be even stronger”.
Last year, Dubai Healthcare City Authority noted that the number of active facilities, operating across its jurisdiction, increased to four hundred and eighty-seven, with a 30% increase in the workforce to 12.94k. During the year, 27% of existing business partners expanded their operations, with nearly one in three choosing to upsize within the district – a sign that reflects confidence as a long-term destination for healthcare, wellness and related investment. There was also a 26.0% rise in new projects – another step in the authority’s target to support the emirate’s ambitions to become a world-class healthcare hub under the Dubai Economic Agenda, D33.
Ahead of Ramadan 2026, Beit Al Khair Society has launched a US$ 19.0 million humanitarian campaign, aimed at supporting low-income families and urgent humanitarian cases across the country. The initiative focuses on emergency assistance, food aid, free iftar meals for 1.6 million fasting individuals, and monthly family support. The following shows how the money will be spent:
| Ramadan Budget | US$m | ||
| Urgent Humanitarian Mission | 7.4 | ||
| Iftar Saem Project | 5.0 | ||
| Low-income Emirati Families | 2.1 | ||
| Meer Ramadan Food Parcel Programme | 1.9 | ||
| Gharimeen Programme – Debt Relief | 1.6 | ||
| Eidiya – Zakat Al Fidr | 0.7 | ||
| Eidya | 0.3 | ||
| 19.0 | |||
Emergency aid, taking the largest share, covers cases that cannot be delayed, including settling overdue rent to prevent eviction, paying electricity and water bills, covering medical treatment and essential medication, and supporting families affected by crises, such as the loss of a breadwinner or an income interruption. The Saem Project targets around 1.6 million free Iftar meals with distribution from ninety-seven fixed distribution points and eighteen Ramadan tents across the country. Furthermore, Beit Al Khair relies on a database of more than 65k eligible beneficiaries, and all applications are subject to social research and assessment to ensure transparency and fairness.
The Dubai Financial Services Authority has fined Ark Capital Management Limited (Dubai) US$ 504k for failing to maintain effective systems to detect and report market abuse. Although Ark had procedures in place, the regulator said it failed to maintain effective systems to detect and report market abuse, and had not properly reviewed or acted on alerts, leading to at least ten suspicious trades being missed or reported late. It also failed to advise about a proposed change, (that never materialised), in its ownership, involving an investor acquiring a 9.5% shareholding, with an agreement allowing that holding to rise to as much as 90%, once certain conditions were met. The regulator did not agree with the firm’s understanding that notification was not required because the initial stake was below the 10% approval threshold – a view the DFSA rejected.
Al Ramz Capital appealed a decision by Dubai Financial Servies Authority that fined it US$ 25k for failing to immediately report suspicious transactions executed on Nasdaq Dubai. On appeal, the original decision was upheld by The Financial Markets Tribunal. The penalty related to transactions carried out in April 2022 and the DFSA Decision Notice was dated in June 2024. Under DFSA rules, recognised members of Nasdaq Dubai are required to notify the regulator immediately if they reasonably suspect that a client’s order or transaction may constitute market abuse, including market manipulation. The firm had argued that it did not actually suspect market abuse in relation to the trades at the time they were executed. It has twenty-eight days to appeal the latest decision.
Emaar Properties reported record financial results for 2025, driven by strong demand across all its business interests – including property development, retail, hospitality, and international businesses. Emaar Properties posted growth figures across the board. Property sales, revenue, net profit before tax, EBITDA and revenue backlog all headed north by 16% to US$ 21.91 billion, 40% to US$ 13.51 billion, 36% to US$ 7.00 billion, 33% to US$ 6.98 billion and 39% to US$ 42.23 billion respectively.
Meanwhile, Emaar Development PJSC recorded growth in all financial indicators, including property sales, 9% higher, at US$ 19.37 billion, revenue from domestic projects US$ 9.92 billion, as net profit before tax surged 52% to US$ 4.22 billion. Over the year, it launched forty-eight new residential projects, including Grand Polo Club and Resort, The Valley, and Bristol at Emaar Beachfront. Its UAE backlog stood at US$ 36.6 billion.
International property sales surged 124% to US$ 2.53 billion, with revenue of US$ 0.71 billion across Egypt and India. Emaar’s malls and retail leasing revenue rose 13% to US$ 1.72 billion, with 98% occupancy.
Hospitality, leisure, and entertainment revenue increased 12% to US$ 1.14 billion, supported by higher tourism inflows and three new hotels. Recurring revenue from malls, hotels, and commercial leasing reached US$ 2.86 billion, up 13%.
Last year, Deyaar Development PJSC posted a 30.3% increase in revenue, to US$ 537 million, as profit before tax rose 26.0% to US$ 174 million. The real estate developer and service provider confirmed that its development pipeline stood at US$ 1.91 billion. The strength of its balance sheet is shown by a 17% surge in total assets to US$ 2.19 billion. The Board has proposed a 5.0% dividend to be approved at the upcoming General Assembly.
Emirates Integrated Telecommunications Company’s (du) posted an 8.7% hike, to US$ 4.33 billion, in revenue, with a record net, profit rising nearly 17.0%, on the year, to US$ 790 million in 2025, attributable to an increased subscriber base and better operational performance; its EBITDA grew 13.4% to US$ 2.0 billion, as the margin nudged 1.9% higher to 46.1%. Its capex stood at US$ 627 million last year. In Q4, net profit grew by 23.8% on the year to US$ 197 million, as revenue rose by 10.6% to US$ 1.17 billion. The Board proposed a US$ 0.109 per share H2 dividend making the total 2025 dividend US$ 0.174 per share. Over the year, the fixed customer base registered growth at 7.8%, to reach 735k, whilst its mobile customer base climbed 8.8% to 9.7 million, by the end of 2025; the postpaid subscriber base grew by 9.9%, on the year, to two million customers, and the prepaid customer base grew by 8.6% to 7.7 million. The growth was driven by a combination of population growth and new initiatives taken by the company to increase its market share.
Dubai Holding has sold its 24% share in Emirates Central Cooling Systems Corporation (Empower) to Dubai Electricity and Water Authority (DEWA) for US$ 1.41 billion, which will see DEWA’s shareholding rise to 80%. Amit Kaushal, Dubai Holding’s CEO, noted that “since 2005, Dubai Holding has supported Empower as it grew into the world’s largest district cooling provider with a market‑leading position in Dubai, and played a central role in key milestones, including Empower’s successful listing on the Dubai Financial Market in November 2022. We are proud to have supported Empower throughout this journey through active ownership and strategic partnership”. Empower is listed on the DFM, with a market cap of some US$ 4.88 billion.
Dubai Electricity and Water Authority PJSC posted record figures, across the board, last year, with increases in revenue, EBITDA, operating profit and profit after tax by 25.7% to US$ 2.48 billion, up 6.0% to US$ 8.95 billion, 10.5% to US$ 4.73 billion, 17.9% to US$ 2.99 billion and 25.7% to US$ 2.48 billion. The main drivers behind these impressive results was the increasing demand for electricity and water because of the rise in the population, (an estimated 6.0% last year), allied with new companies being set up across the emirate. Dewa generated a 5.10% rise to 62.21 TWh of electricity in 2025, with clean energy accounting for 10.10 TWh, 52.38% higher on the year. Clean energy represented 16.23% of total generation. Peak power demand rose 5.83% to 11.39 GW, reflecting the emirate’s rapid growth. Desalinated water consumption reached 161.51 billion imperial gallons, up 6.62% on the year, while daily peak demand jumped 7.7% to 487 million imperial gallons. Dewa added 56,90 new customer accounts, with the 2025 4.48% addition, bringing the total to 1,327 million. Last year, the utility invested US$ 3.19 billion to expand renewable capacity, desalination facilities and transmission networks. By year-end, total installed generation capacity reached 17.98k MW, including 3.86k MW from clean energy sources, with desalinated water production capacity at 495 MIGD.
DEWA’s MD, Saeed Mohammed Al Tayer, commented that “for the year 2025, Dewa delivered the strongest financial and operational performance in its history, supported by the highest levels of power generation, clean energy production, desalinated water output and peak demand ever achieved by the Group”. In H1, the company distributed US$ 845 million to shareholders, with a similar payout expected in April 2026, pending assembly approval.
Emirates Central Cooling Systems Corporation, (Empower) reported record 2025 financial results, with revenues, profit before tax, net profit and profit attributable to shareholders, up 4.9% to US$ 932 million, up 10.5% to US$ 301 million, up 10.5% to US$ 274 million and also up 10.5% to US$ 271 million; EBITDA increased by 6.2%. The main drivers included higher connected capacity, new contracts and customer growth. During 2025, Empower’s total connected capacity rose to about 1.7 million refrigeration tonnes, and contracted capacity increased by 11%, reaching approximately two million refrigeration tonnes after one hundred and eighty-six new contracts were signed last year. By the end of the year, its total customer base added up to 156k, as the number of buildings served by the company rose 7.0% to 1.75k and the number of newly registered customers increased by 26%.
The DFM opened the week on Monday 09 February on 6,691 points, and having shed forty-nine points, (0.8%), the previous week, gained thirty-nine points (0.6%), to close the week on 6,730 points, by 06 February 2026. Emaar Properties, US$ 0.08 higher the previous three weeks, was up US$ 0.15 to close on US$ 4.50 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 13 February at US$ 0.84, US$ 9.74, US$ 2.48 and US$ 0.46. On 13 February, trading was at four hundred and seventy-three million shares, with a value of US$ three hundred and sixty -two million dollars, compared to two hundred and thirty-nine million shares, with a value of US$ two hundred and thirty-nine million dollars, on 13 February.
By 13 February 2026, Brent, US$ 2.19 (3.1%) lower the previous week, shed US$ 0.55, (1.2%), to close on US$ 68.50. Gold, US$ 108 (2.0%) higher the previous week, gained US$ 57 (1.1%), to end the week’s trading at US$ 5,045 on 13 February. Silver was trading at US$ 76.99 – US$ 0.52 (0.7%) higher on the week.
In an era of heightened geopolitical and financial uncertainty, there has been an almost universal move by countries’ central banks to exercise caution and consider safer reserve assets. The Central Bank of the UAE is no exception and has sharply increased its gold holdings, which surged 64.93% higher, to US$ 10.33 billion, in 2025; on a monthly basis, UAE gold reserves rose 1.64% in December. This unprecedented surge by the UAE monetary authority points to a deliberate diversification strategy as global central banks continue to accumulate bullion at a record pace. The World Gold Council estimates that the global central banks added eight hundred and sixty-three tonnes of gold last year to their portfolio. Global gold demand reached an all-time high of 5.00k tonnes in 2025, while the total market value of annual gold demand surged to a record US$ 555 billion, as gold prices surged buy over 64% in 2025 – its strongest performance since 1979 — driven by falling interest rates, expectations of monetary easing by major central banks including the Federal Reserve, persistent geopolitical tensions and rising investor demand for safe-haven assets.
The Chinese government founded Comac, in May 2008, to design and build passenger jets that could compete with the Western duopoly of Airbus and Boeing. This week, its medium-range, narrow-body C919, which can carry up to one hundred and sixty-eight passengers, made its first trip outside Chinese territory, staging a fly-by at the Singapore Airshow. Its first commercial aircraft was the ARJ21 regional jet, (now known as the C909) launched in the early 2010s, which now flies not only in China but also in Indonesia and It has since been rebadged as the C909 model and is flying with airlines in Indonesia and SE Asia. However, it is the C919 that the Chinese hope to compete directly with the Airbus A320neo and Boeing 737 MAX family; its first flight was in 2017, and it entered commercial service in its home country in 2023. The plane has only been certified by domestic regulators and will need approval by top western authorities to be able to fly into Europe and the US; those certifications will probably take at least three years to process. The plane maker is also working on a bigger model – the C929. Since western countries supply about 40% of the C919’s supplies, including engines and avionics, Comac is vulnerable to export controls, geopolitical disputes and supply-chain hiccups. Currently, and for obvious reasons, most of its 1k plus orders are from Chinese airlines – but since the country accounts for 20% of global aircraft demand, current production is easily meeting demand. However, what is certain is that the global sector is in desperate need for a third, (and perhaps a fourth) manufacturer to break the dominance of Airbus and Boeing in the aviation industry.
Last Friday,Bithumb launched a minor campaign to credit customers’ accounts with a small cash token of 2k won (equating to US$ 1.37). However, a mistake was made at one of South Korea’s largest digital asset exchanges, when winners found that 2k bitcoins, (and not 2k won), had been credited to their accounts. For some time, the markets were spooked as the mistake cost Bithumb some US$ 44 billion – luckily for thirty-five minutes; however, during that time, bitcoin prices slumped as much as 17% in response to the sudden influx of sell orders tied to the distributed coins before recovering later. This episode once again questions the reliability of automated systems in crypto exchanges and highlights the risks in automated financial systems. Bithumb confirmed that it absorbed the costs and covered any losses from its own capital.
To cut its mounting debt pile, BP has decided that it will suspend share buybacks and will fully allocate excess cash to paying down debt, this policy switch has done away with its original plan to return between 30% and 40% of operating cashflow to shareholders. The energy giant registered a Q4 32.0%, on the year, underlying profit of US$ 1.5 billion.
AI is starting to bite bottoms, with the latest this week being Mony Group, (which owns MoneySuperMarket), and FutureShares (the media company behind Go Compare) – both major UK price comparison websites, seeing their market cap head south, by 10% and 5%, on Tuesday; this follows the release of an app by Insurify that uses ChatGPT to help customers find better car insurance deals. Furthermore, the app also enables users to access rates tailored to their location, driving history, age and credit, and also combines its database of nearly two hundred million car insurance quotes, with tens of thousands of customer reviews. Additionally, “drivers can ask questions in plain language, explore personalised quotes, and review real customer feedback, all in one place”. Last week, the biggest global tech and software companies lost more than US$ 1 trillion market cap because investors were showing their increasing concern over the scale of investments pledged by the likes of Amazon, Google, Meta and Microsoft.
With a view to expand its wealth management business, NatWest has won its battle to acquire Evelyn Partners, in a US$ 3.68 billion deal, from private equity firms Permira and Warburg Pincus. When combined, with its existing Coutts division, NatWest will have the UK’s largest private banking and wealth management business, that “transform the services our twenty million customers across the group can expect from us”. Initially known as Tilney Smith & Williamson, it offers a broad range of wealth management services to thousands of customers. NatWest outbid rivals Barclays and Royal Bank of Canada to seal the deal. It has also announced that it plans to buy back a further US$ 1.02 billion of its own shares.
Seventeen years after returning to full private ownership, NatWest Group has disclosed that 2025 staff bonuses will be around US$ 683 million. This year’s figure is about 10% higher than last year’s bonus pot
In order to regain ground lost to rivals, Sainsbury’s and Aldi, Morrisons is looking for finance and is exploring a US$ 1.31 billion deal to evaluate options for raising finance, secured against part of its large freehold store portfolio. Although discussions are still in early stages, if it were to go through, it will probably be a conventional sale-and-leaseback transaction.Morrisons owns the freeholds to roughly 80% of its store estate, among the highest levels in the sector. The UK’s fifth-largest supermarket chain, with around five hundred UK supermarkets, employing 95k, could decide on a medium- or long-term borrowing deal secured against a number of its supermarkets. In 2021, the retailer went private following its acquisition by Clayton Dubilier & Rice, the US-based buyout firm, in a deal worth close to US$ 13.62 billion, including debt. Since its takeover, it has struggled so much so that it lost its fourth position – to Aldi – to sink to become the UK’s fifth- biggest grocer by sales. Its performance since then has been patchy. Its supremo, Rami Baitieh, commented that “2024/25 was another year of renewal and modernisation for Morrisons. In a year when consumers were feeling the squeeze, we grew like-for-like sales for a twelfth consecutive quarter, maintained EBITDA and our market share”.
According to consumer watchdog Which?, Marks and Spencer has been crowned the nation’s favourite supermarket for the fifth consecutive year running – despite being “quite expensive” for the average shopper – with a customer score of 78%. Customers scored the retailer five stars for customer service, store appearance, product range and availability, along with thequality of its own-label and fresh food. On the flip side, it scored just two marks for value for money. Tesco was second in the ranking, with a customer score of 76%, but ranked first (with Waitrose) for online shopping. Aldi also scored 76% and achieved the highest rating for value for money. At the other end of the scale, Asda and Morrisons, with 68%, were joint last for in-store shopping, as Asda also came last for online shopping (71%).
The Office for National Statistics has reported UK December quarterly growth of 0.1% – exactly the same as the previous quarter’s results. December growth came in at O.1%, as activity slowed following the pre-November budget slowdown. It appears that the main driver behind any growth emanated from the manufacturing sector rather than the usual services sector which showed signs of stagnation, with construction posting its worst performance in more than four years. It does seem that these preliminary figures confirm that the economy remains in the doldrums. The ongoing message to the Chancellor is What You Gonna Do About It?
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