The Last Farewell!                                                                         01 May 2026

A new record for a single beachfront residential plot – and perhaps a future benchmark for similar purchases – located on Naïa Island Dubai has sold for US$ 103 million; it also demonstrates that there is demand for large private waterfront estates. The plot, encompassing 52.87k sq ft, is intended for just one residence when that area could easily fit six large villas. The deal values the land at about US$ 2.59k per sq ft of gross floor area, with some plots reaching US$ 3.00k per sq ft of GFA, placing Naïa Island above several established global trophy markets, including Palm Beach and Indian Creek in Florida.

Naïa Island Dubai has been planned as a low-density beachfront estate, with ninety-one land plots and a limited number of ultra-exclusive LVMH Cheval Blanc branded villas, each with private beach access. From the release date late last year, there have been sixty-three transactions, with Naïa Island having already accounted for 40% of Dubai’s ultra-prime seaside residential and plot transactions above US$ 41 million since January 2025. Recorded plot sizes range from about 19.5k sq ft to 53k sq ft, with previous sales registered up to US$ 48 million. These prices are only for plots of land, based on their size, the beachfront position and the ability to build a sizeable private residence. Since its launch, price increases have been up to 69%. Launched by Shamal Holding, the futuristic development, located between Umm Suqeim and Jumeirah 3, is slated for completion by 2029.

The 2026 Wealth Report by Knight Frank sees the UAE among the fastest-growing markets for HNWIs, (those with more than US$ 30 million in assets globally), attributable to many factors including it being a major business hub and the continuing strength of its real estate sector; the latter sees Dubai ranked second worldwide for growth in prime residential property prices. Over the next five years, the country will see this section of the population increase from 4.85k to 6.59k. The study also commented on Dubai’s luxury property market, with prices 25.1% higher last year, and up 193.9% since 2021, as the number of transactions, exceeding US$ 10 million, rose from 2021’s one hundred and thirteen to some five hundred last year. Over recent years, Dubai has become somewhat of a magnet for those investors, entrepreneurs and HNWIs looking for favourable business conditions, connectivity and stability in a progressive and well managed economic environment.

Meraas has awarded US$ 654 million in two main construction contracts for new phases of its flagship villa developments, The Acres and The Acres Estates, in Dubailand. United Engineering Construction has been appointed to deliver The Acres, comprising three hundred and seventy-one three- to five-bedroom villas, alongside key community infrastructure. GCC Contracting will lead construction at The Acres Estates, with this new phase covering the construction, testing, commissioning and handover of one hundred and eighty-six five- to seven-bedroom residences, designed on a larger, more exclusive scale. Khalid Al Malik, CEO of Dubai Holding Real Estate, of which Meraas is a member, noted “this award reflects the strength of demand for premium villa communities in Dubai”.

To make it possible, (and easier), for a certain sector of the property market to buy residential units, Dubai has announced new amendments to the conditions for granting a two-year property investor residency visa.  In a move aimed at enhancing the attractiveness of the real estate market and expanding the investor base, updates are being published on the official website of the Cube Centre, affiliated with the Dubai Land Department, which specialises in providing services to real estate investors. An earlier ruling, that required the minimum value requirement of a property to be US$ 204k, has been abolished but the applicant must be the sole owner of the property.  Regarding joint ownership cases, the amendments clarified that if ownership is shared equally at 50% between two investors, the value of each investor’s share must not be less than US$ 109k. It is expected that the new laws will expand the customer base for real estate purchases in the emirate.

On Wednesday Jerome Powell attended his last Fed meeting as its Chairman. Following the Federal Reserve’s divided decision to maintain the Base Rate applicable to the Overnight Deposit Facility at  3.50% – 3.75%, the Central Bank of the UAE followed suit; it announced that its Base Rate applicable to the Overnight Deposit Facility would stay at 3.65%. The CBUAE also decided to maintain the interest rate applicable to borrowing short-term liquidity from the CBUAE at fifty bp above the Base Rate for all standing credit facilities.

The UAE Fuel Price Committee reviews and adjusts retail petrol and diesel prices at the end of each month to reflect changes in global fuel markets. May retail prices came into force today, 01 May 2026.

	May				April			Rise		01 Jan
US$
Super 98		0.997			0.924			7.90%			0.689
Special 95		0.967			0.894			8.16%			0.659
EPlus		0.948			0.872			8.71%			0.638
Diesel		1.278			1.278			Flat			0.695

Today, 01 May, the Comprehensive Economic Partnership Agreement between the UAE and South Korea officially entered into force. This partnership marks South Korea’s first trade agreement with a country in the GCC and the wider MENA region, whilst the UAE is South Korea’s largest trading partner in the GCC, with a combined US$ 10 billion invested in each other’s markets; bilateral non-oil trade topped US$ 6.9 billion last year. The new deal will see the elimination or reduction of 91.2% of tariffs of traded goods and services.

The UAE has been ranked first globally for the fifth consecutive year in the latest Global Entrepreneurship Monitor report, as it rated the top position in eight major indicators, including physical infrastructure, government policies, government entrepreneurship programmes, R&D transfer, ease of market entry, and entrepreneurial education; it also ranked second globally in both entrepreneurial finance and ease of access to funding. It is also among only four countries globally that have achieved or exceeded the “sufficiency” level across all framework conditions of the entrepreneurship index. The latest edition covers fifty-three economies, representing around 43% of the global population and 57% of global GDP. Abdullah bin Touq Al Marri, Minister of Economy and Tourism, noted that its position “reflects the country’s commitment to strengthening its entrepreneurship ecosystem and cementing its position as the most supportive economy for entrepreneurs and the top destination for establishing businesses”.

In January 2021, the Circular Economy Council was established, with aims to oversee the drafting of a mechanism to implement the strategy in coordination with relevant authorities and approve performance indicators related to the strategy’s adoption. The Circular Economy Policy is a comprehensive framework for determining the country’s approach to achieving sustainable governance and the ideal use of natural resources, by adopting consumption and production methods that ensure the quality of life for current and future generations. This week, it had its first meeting of the year, discussing strengthening food security, expanding sustainable production, and increasing investment in circular economy sectors. Chaired by Abdulla bin Touq Al Marri, Minister of Economy and Tourism, it was attended by council members from government, the private sector and academic institutions. Discussions centred on national policies aimed at accelerating the UAE’s transition towards a circular economy model, with a focus on stronger governance, updated regulations and practical systems to ensure policies are effectively implemented.

On Wednesday, Jerome Powell attended his last Fed meeting as Chairman. Following the Federal Reserve’s divided decision to maintain the Base Rate applicable to the Overnight Deposit Facility at 3.65%, the Central Bank of the UAE followed suit; it announced that its Base Rate applicable to the Overnight Deposit Facility would stay at 3.65%. The CBUAE also decided to maintain the interest rate applicable to borrowing short-term liquidity from the CBUAE at fifty bp above the Base Rate for all standing credit facilities.

With EVs and premium SUVs gaining traction in the ME vehicle market, China’s GAC Group is considering setting up a R&D centre in Dubai by 2028, in a move that would bring the Chinese automaker closer to Gulf buyers. The rationale behind the decision is for GAC to better understand local drivers, climate conditions, road habits and premium-car expectations and would run in tandem with GAC’s existing Dubai operation centre which already covers sales, branding, service workshops and warehousing for the wider MENA region. It also sees Dubai as one of the region’s most premium and diverse car markets and is the ideal place to test how Chinese brands can move up the value chain; the UAE could become one of GAC’s key trial markets for premium brands in the Gulf over the next five years.

There were encouraging returns in the Emirates Integrated Telecommunications Company’s Q1 financials, despite the onset of the ME crisis starting from 29 February, and its impact on the economy. Nevertheless, du, posted growth in Q1 revenue, (up 6.9% to US$ 1.12 billion), net profit – 15.5% higher at US$ 218 million – and 11.7% growth in EBITDA to US$ 545 million. During the quarter, operating free cash flow climbed 14.2% to US$ 463 million. This month, it successfully refinanced a US$ 545 million revolving credit facility, securing improved terms and a seven-year tenor.

Good Q1 results from Dubai Islamic Bank, the largest Islamic bank in the UAE by assets, sees revenue coming in on US$ 3.00 billion and operating profit, up 12.0% to US$ 681 million, and pre-tax profit at US$ 572 million, while pre-tax return on tangible equity remained strong at 21.0%. Consumer banking segment continued to deliver steady growth, with financing assets rising 6.0% on the year to US$ 22.62 billion. Balance sheet items include financing asset and Sukuk investments, at US$ 99.18 billion, customer deposits of US$ 87.74 billion and total assets of US$ 114.44 billion. Asset quality also continued to improve, with the non-performing financing ratio declining to 2.5%, while cash coverage strengthened to 122%.

The DFM opened the week on Monday 27 April on 5,854 points, and having shed one hundred and thirty points (2.2%), the previous week, shed eighty-seven points (1.5%), to close the week on 5,767 points, by 01 May 2026. Emaar Properties, US$ 0.13 lower the previous week, shed US$ 0.15 to close on US$ 3.22 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.73 US$ 8.07 US$ 1.93 and US$ 0.40, and closed on 01 May at US$ 0.73, US$ 7.94, US$ 1.93 and US$ 0.38. On 01 May, trading was at two hundred and eight million shares, with a value of US$ eight hundred and sixty-seven million, compared to one hundred and ninety-eight million shares, with a value of US$ one hundred and ninety-three million, on 24 April.

The bourse had opened the year on 6,047 points and, having closed on 30 April at 5,766, was 281 points (4.6%) lower YTD. Emaar had started the year with a 01 January 2025 opening figure of US$ 3.83, and had shed US$ 0.61, to close on 30 April 2026, at US$ 3.22. Four other bellwether stocks, DEWA, Emirates NBD, DIB and DFM started 2026 on US$ 0.74, US$ 7.59, US$ 2.53 and US$ 0.45 and closed on 30 April 2026 at US$ 0.72, US$ 7.90, US$ 1.95 and US$ 0.39.

By 01 May 2026, Brent, US$ 43.09 (36.5%) lower the previous four weeks, gained US$ 14.00 (14.8%), to close on US$ 108.34. Gold, US$ 343 (7.7%) higher the previous three weeks, shed US$ 224 (4.6%), to end the week’s trading at US$ 4,621 on 01 May. Silver was trading at US$ 75.69 – US$ 0.41 (0.5%) lower on the week.

Brent started the year on US$ 60.91, and US$ 50.56 higher (83.0%), YTD, to close 30 April 2026 on US$ 111.47. Gold started the year trading at US$ 4,341, and by the end of April, the yellow metal had gained US$ 284 (6.5%) and was trading at US$ 4,625. Silver started 2026, trading at US$ 70.60 and closed US$ 3.69 (5.2%) higher on 30 April at US$ 74.29.

International Airlines Group, BA’s owner, has warned of elevated prices because of the higher cost of aviation fuel brought about by the closure of the Strait of Hormuz due to the Iran war.IAG said on Friday that the situation in the Middle East will increase the cost of flights to reflect higher jet fuel costs. The airline commented that despite its fuel hedges, it was “not ​immune” to the broader fallout from the conflict in the ME. However, IAG insisted that it was not yet seeing any disruption to its jet fuel supply, amid warnings of future shortages due to the conflict. It was also revealed that airports will make it easier for airlines to cancel flights without risking losing their allocated take-off and landing slots if fuel shortages stop them from flying. Airlines can now apply for an exemption from the ‘use it or lose it’ rule in these circumstances. The bearer of bad news on this topic comes from the EU Energy Commissioner, Dan Jorgensen, commented that it is “very likely that many people’s holidays will be affected, either by flight cancellations or very, very expensive tickets”. 

Talking of “very, very expensive tickets”, the World Cup Final in the US this summer sees four tickets on FIFA’s official “resale/exchange marketplace”, being priced at US$ 2.30  million each, equating to US$ 9.2 million for all four; it does seem a handful of other tickets in the same section, behind one of the goals, are also on sale for US$ 16.1k. These prices are dictated by FIFA, but the world body does get a 15% commission on every sale; resale tickets for previous World Cups were capped at face value. More than five million tickets have already been sold for this year’s event, with the final phase of ticket sales opening earlier this week.

A mixed verdict in an Oakland court saw a US District Judge dismiss Elon Musk’s fraud case against   OpenAI and co-founder Sam Altman of betraying OpenAI’s original mission; however, the trial of his breach-of-charitable-trust and unjust-enrichment claims was allowed to go ahead. On the news that his fraud claim was thrown out, Musk said that it would streamline the other case and keep jurors focused on his goal of ensuring that OpenAI benefits humanity rather than be a “wealth machine”. One report indicates that the world’s richest man is seeking US$ 150 billion in damages, with proceeds going to OpenAI’s charitable arm. Some may consider this an optimistically high claim amount but the fact that Open AI is reportedly considering a US$ 1.0 trillion IPO brings this a little more realistic. The case seems to hinge on his claims that OpenAI, Altman and Microsoft, one of OpenAI’s largest investors, conned him and the public by forming a for-profit entity in 2019, after he had left OpenAI’s board.

Samsung Electronics Co posted better than expected Q1 figures as sales, (69.2% higher at US$ 90.68 billion), operating profit, (up 580% to US$ 26.29 billion) and net profit, (by 584% to US$ 31.98 billion), all surged on the back of robust demand for high-end memory chips used in AI.

Last year, Astra Zeneca scrapped plans to build a US$ 612 million vaccine manufacturing plant in Liverpool, as well as pulling the pin on the expansion of its Cambridge Discovery Centre (Disc) site in September. At the time, Merck, the US drugs company, stopped plans to open a new US$ 1.36 billion HQ in London’s Knowledge Quarter, whilst Eli Lilly suspended part of a planned investment in a biotech innovation hub in London. The main reasons for the companies’ reluctance to invest was the high cost of an NHS sales scheme and government curbs on the reimbursement of innovative medicines. However, the Starmer administration has finally reached a deal with the US, under which the UK will spend more on new NHS medicines in exchange for a tariff exemption on UK pharma exports to the US.

NatWest posted Q1 pre-tax profits of US$ 2.76 billion – 12.0% higher on the year – driven by higher borrowing costs resulting from the fallout from the ME war.  Over the quarter, NatWest’s net interest margin – basically the difference between what it pays out to customers on their deposits versus the interest it charges for loans – rose by 8.8% to 2.47%, on the year. It did, however, take a hit from a US$ 385 million impairment charge, which included US$ 190 million to reflect downgrades to its economic forecasts in the wake of the ME war. In the current economic climate, the bank foresees that interest rates will remain higher for the rest of the year and accordingly has upped its income guidance for the year, which it expects to be at the top end of its US$ 23.41 billion to US$ 23.95 billion guidance range. The higher-than-expected profit level may interest the Chancellor to look at increased tax for banks who, like oil companies, are doing better because of the crisis.

In the UK, Whitbread owns not only the hotel chain, Premier Inn but also a range of food brands including Beefeater, Brewers Fayre, Bar and Block, Cookhouse and Pub, Thyme bar and grill and Table Table. This week, it intimated that 3.8k jobs, 12.6% of its 30k payroll, could be made redundant, with the main reason down to the higher costs of employing staff.. Whitbread posted that the move is part of a new five-year strategy to reduce costs and is being made in light of “significant cost increases in the form of business rates and National Insurance”. This latest review came about, in part, because of “unexpected changes” such as “higher than expected” inflation and “significant increases in UK business rates”.  It will also close its remaining one hundred and ninety-seven standalone restaurants, which it will integrate into existing hotels and sell and lease back US$ 2.04 billion worth of its hotels, and return US$ 2.72 billion to shareholders over the next five years.

Last year, WH Smith, divested all its retail outlets to TG Stones, owned by Modella Capital, and now the chain is struggling and is preparing for either a ‘cram down’ or bankruptcy; the former would inevitably involve both shops closing and staff redundancies, as well as landlords having to take painful haircuts on their rentals.

UK jewellery retailer, Claire’s, had collapsed into administration in January for the second time in a matter of months. After its first brush with insolvency, about 50% of the chain’s three hundred stores were bought by Modella Capital, the investor which also owns TG Jones, WH Smith’s former high street arm. A spokesperson for insolvency practitioners at Kroll said: “as of 27 April, all Claire’s standalone stores in UK and Ireland have ceased trading”. All one hundred and fifty-four stores have closed and 1.3k employees have been advised of redundancy. Although Claire’s standalone stores in the UK and Ireland have stopped trading, its three hundred and fifty concessions will remain open, as will its head office. At the same time, Julien Jarjoura, the owner of parts of the jewellery retailer’s European operations, is reportedly keen to acquire in the region of fifty UK stores, in a last-ditch rescue deal. The retail industry continues to face significant headwinds, with various chains, including Poundland, having closed significant numbers of shops, and TOFS, which was also briefly backed by Modella, has seen all of its stores permanently closed.

A frightening warning has come from Svein Tore Holsether, chief executive of Yara, a global leader in crop nutrition, ammonia and essential industrial solutions. The Norwegian, whose company is one of the world’s biggest fertiliser producers, claims that the current crisis in the ME could see the loss of ten billion meals a week because of the blocked Strait of Hormuz and the subsequent deficit of supplies of fertiliser and its key ingredients. It will impact poorest countries hardest and could well jeopardise global food production. He is worried that there will be reduced crop yields as a result of lower fertiliser and that this could lead to a bidding war for food; he noted that “we’re up to half a million tons of nitrogen fertiliser not being produced in the world right now because of the situation we are in”. He also estimated that not applying nitrogen fertiliser would reduce crop yields for some crops by as much as 50% in the first season. On top of surging fertiliser costs, and all that, he noted that farmers have been further hit by other higher expenditure factors such as diesel for farm vehicles, higher energy costs, rising operational costs etc, adding that crop prices have yet to be adjusted to cover the higher bills they are facing.

April UK house prices rose 3.0% on the year, and 0.4% on the month, to US$ 379k. Nationwide, the UK’s second largest mortgage lender, noted that the growth was “somewhat surprising given that indicators of consumer confidence have weakened noticeably”, but attributed the resilience to the “relative strength of household finances”.

Despite earlier having resisted calls for UK schools to ban smartphones Prime Minister, Keir Starmer has now changed his mind and has been forced to make yet another U-turn and has now been forced to ban smartphones; he had insisted that a statutory ban was unnecessary because most schools enforced their own rules. To date, most schools had been following one of four options – a complete ban from the premises, the handing in of devices on arrival, locking them away or adopting a “never used, seen or heard” approach. The current Schools Bill has to and froed between the Commons and Lords, with the Skills Minister, telling the senior house that a government amendment to the Schools Bill would “create a clear legal requirement that the guidance must be followed”. Meanwhile, the government is consulting on a social media ban for under-sixteens, and other measures, to address concerns about the impact of smartphones on children.

Yesterday, both the Bank of England, at 3.75%, and the ECB decided to hold rates steady, with the latter’s main refinancing rate at 2.15% and the deposit rate at 2.00%. The BoE’s nine-member rate-setting committee voted 8-1 in favour of holding the rate, with the Bank’s chief economist Huw Pill voting for a rise to 4%. It did indicate that further rises were likely and pointed to the possibility of “forceful” rises to come. Both central banks have the same dilemma of surging energy costs, higher inflation levels and weaker economic growth.

On Wednesday, UK long-term borrowing costs on thirty-year government bonds topped 5.7% – its highest level since 1998 – the higher the yield, the higher the cost to the UK taxpayer of servicing the government’s debt. At the same time, oil prices reached a new Iran war peak, with a barrel of Brent Crude for June delivery up by almost 8% to US$ 120.. The main drivers behind the oil hike seem to have been fears of extended disruption to energy flows from the ME and the continuing lack of results in peace efforts between the warring parties. Although other nations are facing the same problems, the UK still has the highest public borrowing among the G7 and is bedevilled by higher inflation levels which are set to rise in the coming months.

In a not too surprising announcement, the UAE has decided to leave Organisation of the Petroleum Exporting Countries (OPEC)), now with eleven members, and OPEC+, now with twenty-one member nations), effective today, 01 May 2026; it had joined the cartel almost sixty years ago in 1967. Prior to the UAE’s exit, the organisation, aiming for price stability by setting agreed production quotas for the membership, controlled about 41% of global supply, including 30% emanating from OPEC. In Q1, UAE was pumping between 2.9 million bpd to 3.5 million bpd, with capacity increasing toward a target of five million bpd by next year. In recent times, the cartel had been introducing quotas so as to not ‘flood’ the market which impacted the UAE’s aim to maximise production. With the UAE leaving, Opec loses about 15% of its capacity, and one of its most compliant members, and this will definitely impact on  its future direction. It does seem that the UAE suffered from OPEC’s disproportionate quotas in terms of lost revenues. Recent reports indicate a strategic shift with the UAE exiting OPEC+ to maximize production, focusing on boosting output to utilise its high-capacity reserves. The UAE holds approximately 113 billion barrels of proven oil reserves as of 2025, ranking sixth globally, which would last more than three hundred years at 2024 production levels.

A statement makes it fairly clear why this action has been taken – “the time has come to focus our efforts on what our national interest dictates and our commitment to our investors, customers, partners and global energy markets. This is what we will focus on going forward”. Obviously, the UAE would feel the benefit of its recent investments to boost supply by being a ‘sole trader’, rather than part of a cartel, with its inflexibility and other production constrains.  It will also result in the UAE helping to meet growing global energy demand in the long term. The UAE government also noted that “we reaffirm our appreciation for the efforts of both OPEC and the OPEC+ alliance and wish them success. During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all”. Following its exit, the UAE have promised to continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions. This could easily lead to the start of a domino effect in the sector but for the UAE, it is The Last Farewell!