Turn Out The Light!

Turn Out The Light! 15 May 2026

The fact that the Dubai property market has matured, from the days of flipping and speculation, can be seen from the results of a fäm Properties research study which analysed more than 1.1 million property transactions over the past sixteen years; the research examined 687.41k primary market transactions, between 2012 and 2025, and 425.08k resale transactions between 2009 and 2025. It concluded that Dubai homeowners are holding properties for as long as buyers in mature global markets such as London and New York, and that a growing majority of buyers are retaining homes for longer periods instead of rapidly reselling for short-term gains. Since 2012, it found that of the 740.22k residential properties, purchased since 2012, 480.60k, (or 69.9% of all primary market purchases), have never been resold, and the same for 259.62k, (accounting for 61.1% of resale market transactions), purchased in the secondary market. The study showed that among primary market buyers, 42% of those who bought in 2014 still retain their properties, with retention rates rising to 53% for buyers who entered the market in 2017, while 61% of buyers from 2022 still own their purchases; the same percentages in the secondary market are 38%, 53% and 65%. One take-out from these figures is that of market stability, with longer ownership periods generally reducing speculative volatility and limiting excessive supply.

A Moody’s Ratings’ report commented that UAE’s real estate market is entering a period of softer conditions, as geopolitical risks rise and post‑boom momentum fades. This is borne out by figures from the Dubai Land Department that shows transaction volumes for completed units fell by around 51%, in March and April, compared with average levels seen at the beginning of the year, whilst off‑plan sales have also moderated. One sure thing is that developers are in a stronger position than during previous periods and are not cutting new units’ price but are offering more flexible payment terms, a move that the ratings agency says helps sustain sales momentum without undermining asset values. Furthermore, it notes that the leading developers – including the likes of Emaar, Damac, Binghatti and Arada – are “better positioned than in prior cycles”, supported by strong revenue visibility, sizeable presale backlogs and conservative balance sheets. Many rated developers have several years of revenue, secured at their current operating scale, limiting near‑term exposure to market volatility. It added that “for most UAE developers, we rate, strong revenue visibility remains intact despite the shock of the last two months. Balance sheets generally reflect low to moderate leverage, high equity funding, and limited reliance on near-term capital market access”. It also mentioned that contractual protections, escrow account regulations and significant upfront customer payments reduce the risk of buyer defaults and provide developers with flexibility to resell units or adjust project timelines if needed.

In Q1, there were 44.2k residential transactions completed – 4.6% higher on the year – with sales value rising 21.5%, showing that buyers continued to commit larger sums to Dubai homes despite a slower – but still positive – start to the year. Off-plan numbers of 32.3k accounted for 73.1% of all transactions and sold for a combined US$ 28.75 billion – a mega 35.0% higher than Q1 in 2025. According to Cavendish Maxwell, almost 92% of off plan sales were made directly from developers who were able to capture most off-plan buyer activity, helped by payment plans, newer projects and lower entry prices in apartment-led communities; in March, that figure rose 2% to 94%. A further analysis sees apartments accounting for 80.5% of transactions in both the off-plan and ready segments, with townhouses making up 13% of off plan sales and villas 6.5%. In the ready market, townhouses represented 12.7% of sales, while villas took a 7.1% share. Ronan Arthur, at Cavendish Maxwell, that “while Dubai’s residential market started the year from a strong position, mixed conditions during Q1, including geopolitical tensions, a moderation in transactions, slowing price growth and a rising supply pipeline, have collectively signalled the beginning of a more balanced phase of the real estate cycle”. He said Q2 transaction data may reflect weaker activity because of regional uncertainty, the lag in registrations and fewer new project launches. He also concluded that “looking ahead, we are likely to see fewer transaction volumes in Q2, when the combined effects of regional uncertainty, the sixty to ninety-day lag in registrations and a reduction in new project launches will be reflected in market activity and transaction data”, and that, “Dubai’s structural fundamentals remain intact and all the factors that have always supported Dubai’s long-term market appeal hold strong”.

The five leading locations for off-plan apartment sales were Dubai South (again), Dubai Residence Complex, Jumeirah Village Circle, Dubai Islands and Majan with 2.34k transactions, 1.99k, 1.86k. 1.65k and 1.16k. The top two for ready apartments were Jumeiarh Village Circle and Business Bay, with 1.04k and 0.63k deals, followed by Majan, Dubai Marina and Downtown Dubai. When it comes to off-plan villa and townhouse sales, DAMAC Islands 2 led with 2.76k sales, followed by The Heights Country Club and Wellness, The Oasis, Grand Polo Club and Resort, and The Valley. DAMAC Hills 2 recorded the highest number of ready villa sales at 0.23k, followed by Dubai South, Al Furjan, The Valley and The Springs.

Average residential prices reached US$ 459 per sq ft in Q2, 9.6% higher, when compared to Q1 2025, and up 0.6% from Q4 2025; in 2024, the average price was US$ 407 per sq ft Rents rose 10.2% year on the year and 0.8% from the previous quarter, marking the slowest annual rental growth since 2022, partly attributable to increased supply in late 2025 and early 2026, giving tenants more choice and stronger negotiating power. Q1 saw around 149k rental contracts registered, of which renewals accounted for 66% of the total

About 22.9k units, across ninety projects, were launched in Q1 – 57% lower on the year and the lowest quarterly total in more than two years. Some 77.5k are projected for delivery in 2026, with 26.9k being handed over in Q2; Cavendish Maxwell expects this figure to be at least 50% lower. Over the ensuing two years 146k homes are in the pipeline for 2027 and 120.1k in 2028. It seems that delayed projects are more likely to push supply into later periods than remove it from the market.

Around 149k rental contracts were registered in Q1, (down some 2.2% compared to the same period in 2025, driven by a 13.6% decline in March), with renewals accounting for 66%. Apartment rental yields averaged 7.2%, with the likes of International City Phase 2, International City Phase 1 and Downtown Jebel Ali returning higher returns. Villa and townhouse yields averaged 5%, led by Al Barari, Dubai Industrial City and DAMAC Hills 2.

Luxury homes, (those in the US$ 5.45 million to US$ 13.62 million bracket), posted seven hundred and forty transactions, in Q1, valued at US$ 7.68 billion – 25% higher on the year. Ultra-luxury homes priced above US$ 13.62 million generated US$ 2.78 billion in sales across one hundred transactions – almost 79% higher on the year.

During the quarter, developers delivered 12.9k residential units – the highest quarterly total in three years – 23% above the 2025 figure – with apartments accounting for 8k of those handovers.

Last Friday, 08 May, reports from the Ministry of Defence indicated that UAE air defence systems engaged two ballistic missiles and three drones. Overnight, the US and Iran exchanged fire over the Strait of Hormuz, in a further test of the shaky, month-long ceasefire between the nations. Since Iran began attacking the UAE, on Saturday 28 February until 08 May, UAE’s air defences have engaged a total of five hundred and fifty-one ballistic missiles, twenty-nine cruise missiles, and two thousand two hundred and sixty-three UAV’s, (drones). Meanwhile, schools returned to some of normalcy on 11 May after another week of online tutoring.

Emirates has signed an agreement with GE Aerospace to cover technical and training consultancy for piece part component repair capabilities for GE90 and GP 7200 engines that power its Boeing 777 and Airbus A380 fleets. (Piece part repair is a specialised part of engine maintenance, involving the inspection, repair and restoration of individual engine components). The deal will see the airline strengthening its ability to self-maintain its own key engines. The deal will see a US$ 300 million investment aimed at scaling up infrastructure and in-house capabilities for engine maintenance, repair and overhaul. The US aircraft engine supplier will also assist in scaling up infrastructure and in-house capabilities for supporting knowledge transfer; this will help the airline to improve control over engine serviceability, repair timelines and long-term maintenance planning.

The Ministry of Human Resources and Emiratisation reported a 2.5% Q1 increase in workforce, (and 12.4% hike in 2025), alongside a 7.8% rise in the number of registered establishments. Both are indicators that the local business environment continues to expand and that the economy continues to show resilience. Data released by the Labour Market Observatory shows how the establishments are distributed with their percentage of the total:

wholesale and retail trade 30.22%
construction 17.44%
administrative and support services 11.86%
manufacturing activities 8.70%
accommodation and food services 5.88%
professional, scientific and technical 5.75%
other service activities 5.17% remaining sectors 5.13%
transport & storage 4.41%
Information/communications 2.99%
real estate 2.45%

MoHRE said ongoing reforms to labour and residency systems, combined with business-friendly legislation, advanced infrastructure, safety standards and quality of life, have strengthened the UAE’s position as one of the world’s leading destinations for living, working and investment.

The UAE’s Federal Authority for Government Human Resources has confirmed that the Eid Al Adha holiday will be observed form Monday 25 May until Friday 31 May; with the two weekends added, it would mean a nine-day break for most employees. Work will resume on Monday, 01 June.

Last week, HH Sheikh Mohammed bin Rashid Al Maktoum, reviewed progress on a recently announced project to transform 50% of UAE government services, within two years, through Agentic AI-powered autonomous execution and decision-making. He sees the federal government leading the move to integrate AI into government work and has made it a priority. He commented that “our teams are leading this national transformation. Their ability to work with future technologies is key to our success. Our ambitions are boundless, and the road ahead demands even greater determination worthy of the UAE’s name”. He was accompanied by Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed, and senior officials, who were briefed about the objectives of the new Agentic AI system in government work, which aims to improve efficiency and enhance service quality. The project will streamline procedures, speed up delivery, and improve the accuracy and efficiency of government decision-making through integrated federal data and advanced digital infrastructure.

The Comprehensive Economic Partnership Agreement between UAE and Türkiye came into force in September 2023 – and was one of the first agreements signed under the UAE’s broader strategy to expand foreign trade, strengthen supply chains and create new opportunities for the private sector. Last week, in a bid to consolidate their economic partnership, as trade and investment ties between the two countries continue to accelerate, the UAE Minister of Foreign Trade, Dr Thani Al Zeyoudi had been in Istanbul for a series of meetings and business events. He noted that non-oil trade between the UAE and Türkiye had nearly tripled, compared with 2022 levels, (before the CEPA agreement was signed and implemented), and that in 2025, it had grown 15.5%, on the year, to US$ 45.2 billion. Discussions focussed on expanding trade cooperation, boosting investment flows and maximising the benefits of the bilateral trade agreement.

Many businesses will be relieved to find that the Ministry of Finance has extended the deadline for businesses to appoint an Accredited Service Provider (ASP), under the country’s e-invoicing system, for a further three months to 30 October 2026. The amendment – via Ministerial Decision No. 244 of 2025 – applies to companies and entities with annual revenues exceeding US$ 13.6 million, (AED 50 million). The pilot phase of its new e-invoicing system will start on 01 July, followed by a phased mandatory rollout. The extension came into play following a comprehensive assessment of market readiness and feedback from the business community, which called for broader technical options and more competitive pricing for e-invoicing services. Currently there are only thirty-two approved service providers, with the Ministry agreeing that a further number of providers would help create a more integrated and competitive technical ecosystem.

The latest results of the Central Bank’s comprehensive proactive support package, aimed at strengthening the resilience of financial institutions and supporting customers affected by economic disruptions, posted that, as of 08 May, the total value of facilities benefiting from the package reached US$ 1.69 billion, covering loan instalment deferrals, interest reductions and fee exemptions. It is estimated that 65.38k customers have benefitted, split between 60.56k individuals, 4.34k SMEs and 0.48k large companies. The three major sectors to utilise this venture were transport, (0.36k companies), hospitality (0.17k) and entertainment (0.13k). The bank also noted that, in the two months to 01 May, total assets rose by 2.1%, loans by 3.2%, and deposits by 1.9%, while the monetary base coverage ratio reached 115.3%. The support package – including the suspension of interest and fees on affected facilities, and the deferment of loan repayments for up to six months without being classified as in default – is still on-going.

Despite the regional conflict, which started on 29 February, Spinneys’ Q1 revenue topped AED 1.0 billion (US$ 272k) – 11.9% higher on the year; gross profit increased 8.4% to US$ 111 million, with its margin down 1.2% to 40.1%, whilst adjusted EBITDA rose 1.2% to US$ 50 million. Profit before tax came in on US$ 28 million, and net profit, up 1.9%, was at US$ 24 million. Online sales continued to grow strongly, 3.2% higher on the quarter, at 18.8% of all revenue. According to the company, quarterly transaction volumes rose 8.5% on the year to 10.8 million, while average basket size increased by 3.3% to US$ 25.3. Its CEO, Sunil Kumar, noted that “our strong first-quarter performance, delivered against a backdrop of regional uncertainty, is a testament to the resilience of our business model and the commitment of our people across the region”. Despite the robust returns, food security and supply chain resilience remain major concerns across the Gulf. Spinneys said its sourcing and supply chain systems helped it maintain product availability despite freight complexities during the quarter. Over the past twelve months, the retail giant has opened thirteen new stores, across the UAE and Saudi Arabia, including three in Q1. The retailer also commented that it would be difficult to provide a firm outlook for the rest of the year but that it would be focusing on tighter cost controls, logistics efficiency and spending discipline to protect margins amid ongoing economic uncertainty.

Ansari Financial Services’ Q1 net profit declined by 29% to US$ 21 million, and EBITDA by 10% to US$ 34 million, attributable to lower-than-anticipated volumes in certain segments, as geopolitical developments impacted tourism, alongside a largely fixed operating cost base, pressure on margins from competition such as fintech firms, and higher finance costs linked to ongoing expansion. However, operating income was 9% higher at US$ 87 million. The group’s network stands at four hundred and forty-one branches across the UAE, Bahrain, Kuwait, and India at the end of Q1. Its subsidiaries include Al Ansari Exchange, cash management firm CashTrans, B2B-focused money transfer firm Blue Remit, and others.

Despite the ongoing regional problems, and driven by robust demand for domestic delivery, Aramex posted steady figures of a 2.0% rise in Q1 revenue, (which includes the first month of the troubles), to US$ 436 million, gross profit at US$ 93 million, EBIT of US$ 14 million – with normalised EBIT at US$ 17 million – and net profit of US$ 5 million, compared to US$ 7 million in Q1 2025. Aramex said Domestic Express Q1 revenues climbed 11.0%, Freight Forwarding – 7.0% – and Logistics by 9.0%; International Operations declined by 9.0%. Thefreight forwarding and logistics services posted that the GCC and the Indian subcontinent continue to be its company’s largest revenue contributor, accounting for 46.0% of total group revenues.

Deyaar’s Q1 revenue, profit before tax and total assets all posted double-digit growth – by 3.2% to US$ 122 million, by 23.3% to US$ 40 million and 12.1% to US$ 2.22 billion. Although its hospitality sector was impacted by the regional troubles, figures were enhanced by the performances of its property and facility management operations. During the quarter, the property developer handed over 1.43k new units across its three major projects – Furjan’s Talia Residences, Regakia in Business Bay and Janat in Midtown. Its CEO, Saeed Mohammed Al Qatami, noted that “the fundamentals of Dubai’s real estate market remain robust, supported by high demand and favourable economic conditions, allowing us to effectively capitalise on emerging opportunities”.

In Q1, Binghatti Holding posted its tenth consecutive record-breaking quarter, with net profit of US$ 390 million, and revenue rising by 52% to US$ 1.20 billion, as the demand for luxury and branded residences continues to show its resilience during these troubled times. The company also improved its profitability margins – net profit margin up 4% to 33%, and gross profit margin increased to 43%. Its total assets climbed to US$ 8.96 billion, while its cash reserves rose to US$ 2.70 billion. During the period, it sold more than four thousand residential units, generated US$ 1.60 billion in sales, and also launched five new projects – comprising 4.70k units – worth US$ 2.34 billion. The Dubai-based developer also posted that its total development backlog had now reached approximately US$ 14.17 billion, and sales backlog stood at US$ 4.36 billion, with revenue backlog reaching US$ 4.90 billion. In the quarter, Binghatti had a successful US$ 500 million Sukuk issuance, (4.4 times over-subscribed), with a 5.5-year maturity.

The three leading financial ratios point to double-digit growth in Emaar Properties’ Q1 revenue, net profit before tax and EBITDA, by 23% to US$ 3.38 billion, by 33% to US$ 1.96 billion and by 23% to US$ 1.96 billion. Driven by demand across established communities and new project launches, property sales climbed 16% to US$ 6.10 billion, whilst its revenue backlog rose 29% on the year to US$ 44.52 billion.

Meanwhile, double digit growth was also found in Emaar Developments, Emaar’s build to sell property business, saw revenue 36% higher at US$ 1.88 billion.

Emaar’s UAE build-to-sell property business, led by subsidiary Emaar Development, recorded a 22% surge in Q1 sales of US$ 5.48 billion, (up 22% from a year earlier), revenue by 36% to US$ 1.88 billion, and net profit before tax rose 46% to US$ 1.09 billion. During Q1, the company launched ten projects, including The Heights Country Club & Wellness, a master-planned residential development.

Revenue from Emaar’s malls, retail and commercial leasing business rose 15% to US$ 518 million, with average occupancy across the portfolio reaching 98%. Hospitality, leisure and entertainment revenue was flat at US$ 272 million, with the company citing a weaker performance in March because of the ME crisis. Recurring revenue from malls, hospitality and commercial leasing assets increased 7% to US$ 763 million and contributed around 30% of total EBITDA.

Emaar said it had recently distributed a dividend of US$ 2.18 billion, equivalent to 100% of its share capital, marking the second consecutive year of such a payout.

This week, and by acquiring a 22.27% stake from the Investment Corporation of Dubai, Dubai Holding has become Emaar Properties’ largest shareholder, holding 29.73% of its shares. This transaction shows Dubai Holding’s confidence in the company’s market position, asset quality, and long-term growth prospects, as well as in the enduring fundamentals of Dubai’s economy and real estate sector. Even before this massive deal, the state-owned company, (with over US$ 135.0 billion in assets, covering thirty countries, and a global workforce of some 20k) had a long-standing relationship, with Emaar, supported by multiple partnerships and continued collaboration across key joint ventures. Dubai Holding posted that the acquisition “reflects confidence in Emaar’s strong fundamentals, market-leading development expertise and long-term growth potential”, and that the move aligns with its strategy of “building a diversified global investment portfolio focused on creating long-term value”.

In a US$ 395 million deal, Dubai Taxi Company has acquired National Taxi, one of the UAE’s established taxi operators, established in 2000, with a fleet of some 2.7k vehicles and 2.5k licence plates, it operates across Dubai, Abu Dhabi and Al Ain. Over the past year, it posted revenues of US$ 111 million and completed over twenty-five million trips. The deal, that still needs regulatory approvals, will be funded via new bank financing and should be finalised in Q3. DTC expects that the merger will see its market share rise 12% to 59%.

Amlak Group reported a Q1 net profit after income tax, 85.7% higher on the year, at US$ 14 million, with total assets standing at US$ 943 million. Total revenue increased by 8.3% to US$ 18 million, as revenue from financing and investing activities increased to US$ 8 million, primarily driven by higher placement of wakala deposits, which generated income of US$ 7 million during the period. Cost of distribution to financiers reduced to zero in Q1 2026 compared to US$ 1 million incurred on investment deposits during the same period in Q1 2025, following the full settlement of the company’s financial obligations in July 2025. The recently approved dividend of US$ 200k highlights Amlak’s commitment to delivering value to its shareholders.

Down to higher electricity/water demand and expanded infrastructure capacity, Dubai Electricity and Water Authority posted record Q1 financial results. Consolidated revenue and net profit topped US$ 1.76 billion and US$ 229 million – 90% higher on the year. Under its dividend policy, DEWA expects to pay a minimum annual dividend of US$ 1.69 billion, (paid semi-annually in April and October), during the first five years beginning from October 2022.

DEWA generated a record Q1 11.09 terawatt-hours (TWh) of electricity – 5.65% higher on the year, with clean energy production nearing 2.06 TWh, accounting for 18.5% of total electricity generation. By the end of March, installed generation capacity reached 17.98 megawatts (MW), including 3.86k MW from clean energy sources, representing 21.5% of the overall energy mix. Desalinated water production also hit a quarterly record of 37.57 billion imperial gallons, up 5.51% from a year earlier. DEWA added 19.80k customer accounts during Q1, and over the fiscal year ended March, customer accounts increased 5.08% by 65.09k. The utility also commissioned two 132kV substations and four hundred substations operating at 11-6.6kV during Q1.

Dubai-listed Talabat announced its Q1 results, with net income 18.0% lower, on the year, at US$ 87 million, as revenues climbed 23.0% higher at US$ 1.0 billion; this represents a gross merchandise value-to-revenue conversion ratio of 39.0%. The food delivery company’s GMV grew 19.0% to US$ 2.7 billion, driven by robust order volume growth supported by strong customer acquisition; the GCC accounted for 78.8%, (US$ 2.1 billion), of the total – and 12.0% higher on the year – whilst the other markets, jumped 52% to US$ 0.563 million. It also expanded its investment programme, spending US$ 25 million on operating, capital and lease expenses across the key focus areas.

Orient Insurance registered an 8.9% hike in Q1 net profit after tax, of US$ 93 million, attributable to strong growth in insurance revenue, (which rose 20.0% to US$ 703 million), investments – up 22.2% to US$ 3.30 billion – and total assets. Its total equity was 16.0% higher at US$ 1.77 billion and total assets increased by 12.0% to US$ 4.99 billion.

The DFM opened the week on Monday 11 May on 5,902 points, and having gained forty-eight points (1.7%), the previous week, shed one hundred and ninety-three points (3.3%), to close the week on 5,709 points, by 15 May 2026. Emaar Properties, US$ 0.15 higher the previous week, shed US$ 0.16 to close on US$ 3.21 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.74 US$ 8.03 US$ 2.00 and US$ 0.40, and closed on 15 May at US$ 0.73, US$ 7.57, US$ 1.98 and US$ 0.39. On 15 May, trading was at one hundred and seventy million shares, with a value of US$ one hundred and forty-nine million, compared to two hundred and thirty-four million shares, with a value of US$ one hundred and sixty-two million, on 08 May.

By 15 May 2026, Brent, US$ 6.98 (6.4%) lower the previous week, gained US$ 0.73 (0.6%), to close on US$ 108.34. Gold, US$ 101 (2.2%) higher the previous week, shed US$ 213 (4.5%), to end the week’s trading at US$ 4,559 on 15 May. Silver was trading at US$ 77.11 – US$ 5.01 (1.9%) higher on the week.

Honda, Japan’s second largest carmaker made its first annual loss in seventy years as its investments in the market failed miserably, with demand falling lower than expected; its total operating loss for the year, ending 31 March, reached US$ 2.68 billion. It announced that it would be ditching some of its EV production targets and would source parts from China, where prices are lower, to keep costs down. Some of the blame for the losses were down to the US – with its increased tariffs and its withdrawal of US$ 7.5k tax incentives for US consumers purchasing EVs. Honda said it was now going to focus on growing its successful motorcycle business, its financial services and its hybrid vehicle manufacturing, having noted that its huge size and legacy nature make it difficult to adapt quickly to fast dips and rises in EV demand.

The previous week, South East Water’s chairman, Chris Train, quit following a scathing report by MPs, saying SEW was “devoid of proper leadership” and “riddled with cultural problems”; it also called for a reset of the company’s attitudes – and argued “change at this scale requires SEW’s leadership to change”. This week saw the end of its chief executive, Dave Hinton, as “he feels his position has become an increasing distraction from South East Water’s most important priority, which is to deliver a resilient water supply for its customers”. The utility has been facing increasing criticism and ridicule over a series of supply failures across Kent and Sussex. Environment Secretary, Emma Reynolds, welcomed his resignation, commenting that “this must mark the beginning of positive change at South East Water, where customers’ needs are prioritised and there is a stop to supply outages”.

On Monday, with his mind on more important personal matters, Keir Starmer said legislation would be brought forward this week to give the government powers to take “full ownership of British Steel”. In April 2025, the UK government seized control of British Steel’s Scunthorpe steelworks from its Chinese owners Jingye, in order to halt the potential closure of its blast furnaces. Both parties have been in discussions, with the Prime Minister saying that a “commercial sale has not been possible, and now a public test could be met”, and that “public ownership is in the public interest”. The industry body, UK Steel, commented that the news provided “vital certainty” for the 2.7k workforce and the company’s customers, and that “maintaining domestic production capability for British Steel’s products is essential not only for economic growth but also for our national security and resilience”. The public interest test, required for the government to take full ownership of British Steel, will consider factors such as national security, maintaining critical national infrastructure and supporting the economy. Prior to the government stepping in to take control of the plant, Jingye had claimed the Scunthorpe site was losing US$ 955k a day and was no longer financially sustainable; it is estimated that the government is spending about US$ 1.36 million a day to keep the loss-making company going. Last march, the National Audit Office revealed the current government supervision regime had cost some US$ 514 million in order to fund operations, workers and buying raw materials at Scunthorpe.

Despite all the problems facing the global economy, Knight Frank’s twentieth annual Wealth Report 2026 posted that every day, over the past five years, has seen the creation of eighty-nine new ultra-high-net-worth individuals. (UHNW individuals are defined as people with net assets of at least US$ 30 million). In the five years to December 2025, the number rose by 162.19k to 713.63k. It also confirmed that the global billionaire population stands at 3.11k. The two main regions accounting for 66% of the number of UHNWs are the US, (35%) and Asia-Pacific (31%) – with China remaining the world’s second-largest wealth hub. The ME also increased its share of global ultra-high-net-worth individuals, rising from 2.4% to 3.1% in the period. India recorded 63% growth in its ultra-high-net-worth population between 2021 and 2026, with a further 27% expansion forecast by 2031. Looking forward over the next five years, the study estimates that the big growth winners will be Indonesia, Saudi Arabia, Poland, Australia and Vietnam, with growth estimates of 82%, 63%, 63%, 60% and 59%.

Public Investment Fund has become the Official Tournament Supporter for the FIFA World Cup 2026, across North America and Asia. The agreement also brings together several PIF-backed entities, including Savvy Games Group – Saudi Arabia’s leading gaming and esports company – and Qiddiya City, the Kingdom’s upcoming destination for entertainment, sports, and culture. The 2026 edition of the FIFA World Cup is expected to be the largest in the tournament’s history, featuring forty-eight national teams and being hosted jointly across three countries.

Reports indicate that India has lifted import tariffs on gold and silver 150% from 6% to 15%, as the Modi government struggles to curb overseas purchases and to ease pressure on the country’s foreign exchange reserves. The country, the world’s second-largest consumer of precious metals, hopes that this action will not only narrow its trade deficit but also support the struggling rupee. On Tuesday, Indian currency slid to a record low against the US dollar, weakening to 95.80 against the dollar, as the economy continues to be battered by rising oil prices and sustained foreign investor outflows. There seems to be little chance of surging crude oil prices slowing in the near future which is the main driver pushing the country’s import bill higher. However, these higher import tariffs will certainly have a positive impact and will help narrow India’s trade deficit and support the rupee. But the questions remain – by how much and will it result in an increase in smuggling?

According to new data in Monthly Energy Review, total US energy production hit record levels for the fourth consecutive year; 2025 saw production at one hundred and seven quadrillion British thermal units (quads) – 3.4% higher on the year. A 2025 production analysis sees:

dry natural gas 4.0% higher a record high of thirty-nine cu ft

Natural gas has been the largest source of US domestic energy production since 2011, and the US has been the largest natural gas producer in the world since then

crude oil 3.0% higher a record 13.6 million bpd

Crude oil accounted for 26% of domestic energy production, and the US remained the largest crude oil producer in the world

NGPLs 7.0% higher a record 4 trillion cu ft

NGPLs accounted for 9% of domestic energy production. NGPL production has grown every year since 2005

Renewables 3.0% higher

Solar and wind both set records for energy production as new generators came online

Geothermal, hydroelectric, and wood and waste energy production remained steady

Coal 4.0% higher 533 million short tonnes

accounted for 10% of domestic energy production in 2025

April US prices rose at their fastest rate in two years, the impact of the war in Iran was gaining traction and being increasingly felt by consumers. A mini surge in the cost of energy, (accounting for 50% of the rise), and groceries were the main drivers for the consumer price index rising to 3.8%. At US$ 4.50 a gallon, unleaded was at its highest level since July 2022. Allied with the CPI at 3.3% in March probably indicates that the Federal Reserve will keep its foot off the pedal at the next few rates meeting. The latest inflation figure also marked the first time in three years that Americans’ pay packets, (at 3.6%), are no longer growing faster than prices are rising, at 3.8%.

As expected, the US Senate on Wednesday voted to confirm Kevin Warsh as the chair of the Federal Reserve, with Jerome Powell’s term as chair ending today. The fifty-six-year-old comes into the job at a difficult time when the global economy is struggling and inflation beginning to bite again; he also faces a US president seemingly hell bent on lowering interest rates, with the Fed’s current target range for short-term borrowing costs being 3.50% to 3.75%. Warsh says he plans “regime change” at the Fed, including tightening its coordination with the Treasury Department and the Trump administration on non-monetary policies and setting it on course for a smaller balance sheet, which he argues should allow for a lower policy rate. Interesting times ahead!

Despite the negative economic impact of the US-Israel war in Iran, the US economy created 115k jobs in April, as businesses kept hiring; the unemployment rate was unchanged at 4.3% – a possible indicator that the Fed will keep rates on hold. If the unemployment rate were to rise to say 4.8% by the end of 2026, it may force the Fed to drop rates by as much as 0.75%. The figures came following February posting a 156k job decline, followed by a 185k rise in March. The main contributors to the favourable April return were strong performances in the retail and transportation/warehousing sectors, offset by rising energy prices. The monthly report also noted slow wage growth and an overall contraction in the jobs market, with fewer working-age people seeking employment.

International Airlines Group, the owner of British Airways, (along with Aer Lingus, Iberia et alia), has confirmed that it does not expect its services across main markets to be affected by the threat of jet fuel shortages “throughout the summer”, as supplies are squeezed by the effects of the US-Iran war; it also mentioned that it was well placed to avert turbulence facing the industry. However, it did comment that “if the current conflict continues to restrict flows of both crude oil and jet fuel from the Middle East, there is the potential for supplies of jet fuel to be restricted on a global basis”. The company also posted that it was 70% hedged for the rest of 2026 – but also flight disruption arising from the Middle East conflict. Reports have also said that airlines are cutting thirteen thousand flights. IAG has estimated that its annual fuel will be 28.6% higher at US$ 10.64 billion.

Gordon Brown was the Chancellor of the Exchequer for a decade from 1997 to 2007, and he was the man to have authorised the sale of three hundred and ninety-five tonnes of UK’s gold, (almost half of the metal’s total reserves), which at the time fetched US$ 3.49 billion; this was then reinvested in interest-bearing foreign currency assets. This period was at the end of a twenty-year bear run and there has been widespread criticism of the decision, as the gold price has since risen rapidly for a sustained period. The BoE was never asked for its advice on whether Britain should sell the gold. At a secret meeting with senior gold traders, Bank of England officials were warned that the proposed auctions would achieve the worst price for taxpayers. The officials agreed but said they were powerless to influence the Treasury. A possible cover-up? Now this week, the embattled UK Prime Minister has appointed Mr Brown as “special envoy on global finance and cooperation”. Why?

Good news and bad news for Rachel Reeves. UK government borrowing costs have reached a new high, with the ten-year bond yield topping an eighteen year high at 5.14%, and the pound falling to US$ 1.3371 – 1.5% lower on the week. She can blame her accomplice, Keir Starmer, for this debacle as he stubbornly remains in office, as the battle for the Labour leadership took another twist with Andy Burnham’s decision to fight a by-election. Today Brent moved higher to US$ 109 a barrel. There is no doubt that the country’s economy is in a mess and there could be further trouble ahead for both the pound and the gilt market.

Despite March being the first month of the Iran war, the UK economy surprisingly posted a 0.3% growth hike; quarterly growth settled at 0.6%. The Office for National Statistics noted that there were signs that consumers and businesses brought forward spending in March due to fears over future price rises caused by the war. The Chancellor was spot on with her comment the growth figures showed the government had “the right economic plan” but warned a Labour leadership contest risked “plunging the country into chaos”. Despite the IMF warning that the UK would be the hardest hit from the war of the world’s advanced economies, its quarterly growth was the highest of all the G7 countries to have reported data so far.

As Keir Starmer has yet to realise that his days are over, and sits in No 10 unable to face reality, the country suffers, with both sterling and the stock markets heading south, along with the long-term borrowing costs hitting their highest levels this century. On Tuesday, the yield on the 30-year gilt rose by 0.13% to 5.81%, the highest since May 1998. Earlier in the month the ten-year bond rose to 5.10% – almost on par with rates during the 2008 GFC. The Prime Minister’s almost schoolboy defiance, in the face of such opposition, has seen the markets indicate that his stance is impacting the UK’s long-term debt sustainability and economic growth. His actions are undoubtedly going to end with rising public spending, increased taxes and major changes to its manifesto and current set of fiscal rules. It is a lot easier to lose foreign investors’ confidence but a lot more difficult – and more expensive – to regain. As he sits at No 10, the message to the Prime Minister is that his current stance is costing the UK taxpayer millions in increased interest payments and seeing the pound heading lower by the day – and when he does leave Turn OutThe Light!