Shrimp On The Barbie! 12 June 2026
New data from Bayut shows that some buyers, who entered the property market in post-pandemic 2021, have made a 153% gain on their purchase. Using its proprietary Price Index, the property portal compared average advertised sale prices per sq ft, in May 2021 and April 2026, and found that value gains ranged between 41% and 153%. Some of the leading gains, among well-established residential communities and based on sq ft increase, over that period were:
Jumeirah Islands 153% US$ 1,047 per sq ft
Jumeirah Golf Estates 119% US$ 699 JLT 114% US$ 551
The Meadows 110%
The Springs 109%
Jumeirah Park 106% US$ 603
Arabian Ranches 95%
Growth was also evident in newer and infrastructure-led destinations, with Dubai South, Dubai Hills Estate and Jumeirah Village Circle showing increases of 92%, 87% and 84%, reflecting continued investor confidence in future-oriented locations. The premium communities showed reasonable growth with Palm Jumeirah, Business Bay and Dubai Marina posting increases of 83%, 78% and 64%.
Emaar Properties is preparing to unveil a massive US$ 54.50 billion master-planned development, with a total built-up area exceeding 4.5 million sq mt, and future home to some 150k residents; the developer has yet to release further details including prices and actual location. The self-sustaining urban district will comprise a mix of residential towers, villas, mansions, offices, retail, hospitality, cultural spaces and civic amenities. Development will encompass the principles of the twenty-minute city, with proposed metro connectivity, smart mobility infrastructure, EV-friendly pathways, cycling routes and app-integrated community services. At the centre of the district, a high street and grand boulevard will bring together shops, restaurants, cafes and cultural experiences, giving the development a retail and lifestyle spine. The location will combine high-density urban living with resort-style residential pockets, including private gardens, water features, parks, community lagoons, lakes, shaded promenades and dedicated cycling paths. A central district park is planned as one of the main public spaces, with sports courts, event lawns, splash parks, beach areas and outdoor wellness zones. The masterplan will be divided into five character zones – a Business Hub, an Urban District, a Young Families Cluster, a Family Living Zone and an exclusive villa enclave.
An indicator that reflects growing investor appetite for prime assets along Sheikh Zayed Road was the US$ 300 million acquisition of the Shangri-La Dubai by AHS Properties, founded by the twenty-six-year-old billionaire Abbas Sajwani. The forty-two-storey property had been previously sold in 2020, via an online auction, for US$ 191 million, so this week’s sale shows a 57.1% gain over the ensuing six years. The new owner commented that there had been no final decision on its future but that the company plans to upgrade and enhance parts of the building to improve its long-term value. He also added that the company continues expanding its Sheikh Zayed Road presence, with AHS Tower under development and another major mixed-use project planned for launch later in the year – and “that will be the biggest project on Sheikh Zayed Road — it’s a twenty-five US$ 25 billion, (US$ 6.81 billion), project”.
Last month was the third consecutive month that Dubai South has ranked as the best-performing area in the emirate’s property sector, posting a monthly 15.9% increase in sales transactions to 1.36k, valued at US$ 435 million. Wadi Al Safa 3 and Wadi Al Safa 5 followed, in second and third places, with volumes and values of 0.98k/US$ 463 million and 0.63k/US$ 227 million.
fäm Properties report that Dubai South residential property sales transactions are 35.7% higher since the 29 February onset of the regional conflict. The main driver continues to be off-plan sales which have risen by 57.9% over the period, including 1.23k last month and 35.7% in April. Firas Al Msaddi, CEO of fäm Properties., noted that “growing transaction volumes reflect genuine end-user and investor confidence in the government’s long-term development vision for this dynamic aviation and logistics ecosystem, underpinned by the expansion of Dubai World Central into the world’s largest airport”.
DXBinteract’s data indicates that, in May, the Dubai real estate market recorded 10.28k sales transactions, worth US$ 7.87 billion, spread between apartments, villas and plot sales – 8.77k (worth US$ 3.97 billion), 1.04k (US$ 1.96 billion), and 0.13k (US$ 1.14 billion). The average property price per sq ft was 3.0% higher at US$ 450. The commercial sector, including offices and shops, registered 0.34k sales transactions valued at US$ 790 million. The average property price per sq ft was up by 3.0%, on the year, to US$ 450. Of the total sales in May, primary sales accounted for 7.60k transactions, valued at US$ 5.04 billion, with the 2.69k resales accounting for US$ 2.83 billion. Value-wise, the most expensive villa and most expensive apartment sold in May were a luxury property at Signature Villas on Palm Jumeriah, sold for US$ 40 million, and US$ 31 million for one sold at Solaya 5 at Jumeirah First. Other AED 100 million luxury apartments sold were at Solya 6, at La Mer, for US$ 29 million, and at One Casa at Al Wasl, on the Dubai Water Canal, for US$ 27.5 million. An analysis by the worth of the properties shows:
| AED | US$ | %age |
| 5 mil + | 1.36 mil + | 8.56 |
| 3 mil – 5 mil | 817k – 1.35 mil | 8.19 |
| 2 mil – 3 mil | 545k – 816k | 12.41 |
| 1 mil – 2 mil | 272k – 544k | 31.02 |
| Under 1 mil | Under 271k | 39.82 |
On Monday, BEYOND unveiled The Yards, a US$ 1.09 billion Mediterranean-inspired master-planned destination in Dubai’s City of Arabia, as well as Arancia, the project’s first residential cluster. The Yards spans 2.3 million sq ft of gross floor area and will be home to 1.56k residential units ranging from one- to three-bedroom apartments. The masterplan is designed around a one-km green spine, with 70% of its total area committed to open landscape. At the same time, the developer launched Arancia Yards, comprising two hundred and seventy-two residences, (comprising one-, two-and three-bedroom apartments), across three low-rise buildings. The cluster is arranged around a 4.2k sq mt landscaped sunken garden, complete with 3k sq mt of rooftop terraces and more than 2k sq mt of retail and food and beverage space.
Developed by Alta Real Estate Development and designed by VSHD Design, Villa Gaia, a beachfront villa on Dubai’s exclusive Jumeirah Bay Island, has been the subject of a US$ 76 million sale. Located within one of the city’s most tightly held residential enclaves, the six-bedroom waterfront mansion spans nearly 22k sq ft; the property was designed as a one-off residence rather than part of a larger villa collection. Spread across four levels, it includes formal reception areas, a private office, guest accommodation, entertainment spaces, an infinity pool and a rooftop wellness retreat complete with a gym, spa, sauna and outdoor lounge overlooking the sea. It also has a professional-grade catering kitchen that can serve up to fifty guests, while underground facilities include dedicated staff quarters and climate-controlled parking for six vehicles. This transaction points to the increasing resilience of Dubai’s luxury real estate market, (despite international economic turbulence), and that many global HNWIs see the emirate as the ideal location in which to live and work. There are many drivers involved including investor-friendly policies, lifestyle appeal, tax advantages and the increasing number of international entrepreneurs, family offices and wealthy individuals relocating to the emirate.
Dubai’s administration has expanded its First-Time Home Buyer Program, first introduced last July, which has already helped more than three thousand, two hundred residents purchase homes; to date, sales under this scheme have garnered US$ 1.36 billion. Nearly forty-five thousand people have registered for the scheme which is open to UAE residents aged eighteen and above who do not currently own a freehold residential property in Dubai. There are twenty-two developers included in the scheme including nine new developers – 4Direction Developments, Arada, Dubai World Trade Centre, IRTH Group, Manam, Qube Development, Reportage Properties, SAMANA Developers and Sky View Real Estate; they have joined the latest phase of the programme, which now has a wider pool of properties to choose from, so that first-time buyers have an expanded portfolio of properties across different locations, budgets and property types. Five banks are also supporting the scheme through home financing options for eligible residents. Residents who have not registered can apply through Dubai Land Department’s website or the Dubai REST app. DLD and DET both added that “the First-Time Home Buyer Program embodies Dubai’s foundational belief that home ownership should be within reach of everyone who calls this city home”.
Under a new initiative by the Federal Tax Authority, UAE nationals will be able to claim VAT refunds of up to US$ 7k on the costs of constructing new homes. It is estimated that this will yield about US$ 54 million in VAT savings for UAE nationals. Based on projected claims volume for this year, the total value of approved refund claims is expected to be 32.6% higher, than in 2025, at US$ 272 million. This initiative covers all VAT refund claims for Emirati home construction submitted on or after January 1, 2026, and will cover the construction of the new residence, including its fixtures and fittings, provided they are intended for the private use of the citizen or their family. Additionally, staff quarters for domestic workers, home gyms, security systems, swimming pools, fountains, landscaping and smart doors for main residence and garage, will also be eligible for claim. However, they must form an integral part of the new residential property, be constructed on the same plot, and directly serve the primary residence.
This week, King’s College Hospital London – Dubai announced a major multi-year expansion of its UAE healthcare footprint, scheduled for completion in 2028. This latest development will improve the scale and reach of its renowned services, introduce state-of-the-art technologies, and increase capacity to meet the evolving health needs of the local community. The focus will be on enhancing in-demand specialised services, including world-leading treatments in oncology and complex liver disease. Furthermore, new dedicated centres are planned for expanded critical care, precision medicine, and advanced surgical interventions, with additional operating theatres and integrated digital health solutions. Throughout the construction period, the hospital will remain fully operational, with all services continuing uninterrupted.
Building on a forty-seven-year legacy, DWTC Free Zone connects businesses and communities enhancing their potential for success. Last year, it managed to achieve a record US$ 6.82 billion, in economic output, 12.0% higher on the year. In 2025, it hosted some one hundred and eight major events that attracted some 2.18 million participants, 43.4% were international. These returns indicate Dubai’s role as a global meeting point, connecting economies whilst driving sustainable growth.
With the strategy of planning to work with both government and enterprise organisations as they scale digital transformation programmes, and invest in next-generation technology infrastructure, SCC has launched its new regional headquarters in the country. The main aim of Europe’s largest privately owned technology provider seems to be to capitalise on the growing demand for AI, cloud and digital infrastructure solutions across the region.
According to a new assessment by the InterRegional for Strategic Analysis, the UAE’s retail sector is on course to become a US$ 227 billion market by 2033 a 56.3% hike over the next eight years, equating to a CAGR of 5.2%. Over the period, the country’s smart retail market is expected to grow twelvefold to US$ 9.74 billion, at an annual rate of 32.2%, as AI, automation and data-driven customer experiences transform the shopping landscape. Several drivers are involved to account for the impressive figures, and the country’s move from being a regional shopping destination into a global retail powerhouse. They include strong consumer spending, record tourism inflows, rapid population growth, rising disposable incomes and sustained investments in world-class retail infrastructure. A recent report by Cushman & Wakefield described Dubai as one of the most resilient and diversified retail markets globally, with Fashion Avenue at Dubai Mall ranking a global eleventh in terms of luxury retail rents.
According to Mordor Intelligence, the UAE luxury goods market is projected to expand 39.5%, over the next six years, to US$ 11.86 billion by 2031, reflecting a 5.7% CAGR. Some of the attributes behind the growth are an increasing number of HNWIs, strong tourist arrivals, expanding premium retail space and the country’s reputation as a preferred destination for luxury shopping and lifestyle experiences. The report shows that fashion and apparel as the UAE’s largest retail category, accounting for 21.6% of the country’s e-commerce market. The grocery and supermarket segment has become one of the fastest-growing categories, at 13.0% annual growth, with electronics and smart devices being another major growth driver.
The Ministry of Finance has chosen DP World as a pre-approved service provider for the country’s upcoming mandatory e-invoicing framework. This announcement comes ahead of the UAE’s national e-invoicing pilot phase, which is scheduled to begin on 01 July 2026, before mandatory nationwide implementation starts in January 2027. Businesses with revenues exceeding US$ 136 million will be required to appoint an accredited service provider by 30 October 2026. The port operator noted that its platform will help businesses integrate e-invoicing compliance into their operational and financial workflows, reducing manual processes and improving speed, accuracy and traceability across transactions.
The UAE has moved two places higher to second, (behind Malaysia but ahead of Saudi Arabia, Indonesia and Bahrain), in its latest State of the Global Islamic Economy Report 2025/26 by DinarStandard. The Report indicates the country’s growing leadership across virtually every segment of the Islamic economy. The latest report shows the growing strength of the global Islamic economy, with Muslim consumer spending reaching US$ 2.6 trillion in 2024 and projected to surge 36.9% to US$ 3.56 trillion by 2029. Islamic finance assets have expanded to US$ 5.99 trillion and forecast to expand by 62.3% to US$ 9.72 trillion by 2030. The country ranked among the top three globally across all Islamic economy sectors and secured the top position in media and recreation. It was rated second in halal food, Muslim-friendly travel, modest fashion, halal pharmaceuticals and cosmetics, whilst placed third in Islamic finance. The country has been helped to reach this position for several reasons including years of investment in financial infrastructure, logistics networks, regulatory frameworks and digital platforms that have enabled the UAE to become a gateway linking Islamic markets across Asia, Africa and Europe.
By deal volume, the UAE has become the most active investment destination on a global scale, having recorded ninety-four venture capital, private equity and merger-and-acquisition transactions in Islamic economy-related sectors. It has attracted US$ 45.6 billion in foreign direct investment, equivalent to 5.24% of GDP, ranking second among Organisation of Islamic Cooperation nations. When it comes to trade, the UAE was the seventh-largest exporter to OIC markets, recording export growth of 7.83% between 2023 and 2024. It is no secret that the country wants to enhance its position to become a leading global centre for the halal economy, with government-backed initiatives, free zones and financial institutions have increasingly focused on Islamic finance, halal manufacturing, food security and technology-driven compliance systems. Muslim-friendly travel is emerging as the fastest-growing segment, with spending forecast to rise 70.3% to US$ 424 billion by 2029, supported by growing demand for faith-conscious tourism, digital travel services and dedicated hospitality infrastructure. In the 2024-25 year, there were three hundred and forty-six investment deals, with Islamic finance attracting the largest share of capital; Saudi Arabia, the UAE, Indonesia, Azerbaijan and Türkiye were the five leading countries for investment, reflecting growing confidence in both consumer-facing businesses and supporting infrastructure. As the global Islamic economy moves towards the US$ 10 trillion threshold, the country appears increasingly well-positioned to capture a disproportionate share of future investment, innovation and consumer spending.
Emirates’ President Tim Clark has indicated that the airline will continue to maintain flight schedules, despite rising costs, as well as rolling out incentives aimed at winning back customers worried about the protracted Iran war, focusing on safety and reliable travel connections. It will offer “all sorts of incentives other than price” to encourage passengers to return, and “that could be new means of ensuring their safety of operation, for instance”, adding that EK would also address concerns about cancelled flights and people getting stranded. He also noted that Emirates was in talks with governments and regulators to ease restrictions on ME airspace, as the European Union Aviation Safety Agency having issued conflict-zone warnings advising airlines against flying over parts of the Gulf and ME. However, he did relay disappointing news for passengers saying that the airline would not drop ticket prices for now to attract travellers back to its key hub in Dubai.
Having been a partner with Real Madrid since 2011, Emirates has renewed their sponsorship, with the Spanish team for a further five years up to 2031; the airline has been the club’s official jersey sponsor since 2013. The renewed partnership will see Emirates continuing as Official Main Sponsor and Official Airline Partner, (of both the men’s and women’s teams), with its iconic branding on player jerseys, training kits, and team staff apparel across all major competitions, including La Liga, the UEFA Champions League, Copa del Rey, and the Spanish Super Cup. Emirates is probably the biggest football sponsor in Europe, with its iconic branding displayed on jerseys of Arsenal FC, AC Milan, Real Madrid CF, SL Benfica, and Olympique Lyonnais; it is also the Platinum Partner to FC Bayern Munich’s first team, and has been the title sponsor of the Emirates FA Cup for nearly a decade, along with supporting the local Pro League, consisting of fourteen clubs competing for a national title.
The Dubai Integrated Economic Zones (DIEZ) recorded their strongest performance on record in 2025, with non-oil trade reaching US$ 138.79 billion, with Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed, noting that the bloc, which includes Dubai Airport Freezone, Dubai Silicon Oasis and Dubai CommerCity, delivered its best ever annual results. DIEZ’s contribution to the emirate’s non-oil trade rose to 16%, as non-oil trade grew by an impressive 46% on the year. He praised the efforts of the DIEZ team, expressing confidence in their ability to sustain growth and further strengthen the emirate’s position as a leading global centre for trade, investment and business.
The direct impact of the current ME crisis sees higher petrol pump prices for UAE residents and now they are facing higher indirect costs for grocery items because of the surge in energy prices which are now hitting major supermarkets and food distributors. This has resulted in several problems for the industry including their supply chains facing challenges from higher freight costs, longer shipping routes and rising fuel prices. The latest fuel price increases are feeding into nearly every stage of the food distribution network, from imports arriving at ports to refrigerated trucks delivering fresh produce to supermarket shelves. Some goods that are normally shipped in cannot reach Dubai because of the lockdown of the Strait of Hormuz – the only options are to fly them in, (usually at a much higher cost), find another longer, and more expensive, route or source an alternative supply source. Beyond transportation, retailers are also facing higher packaging, warehousing and distribution expenses which in turn will force retail prices higher. In the short term, products – such as fresh vegetables and fruits, dairy products and frozen foods – that rely heavily on transportation, cold-chain logistics and imports will be the first to see elevated prices.
Of the twelve Emirati companies included in Newsweek’s eight hundred and fifty global list of “Most Environmentally Sustainable Companies 2026”, four emanate from Dubai – Emirates NBD, Dubai Islamic Bank, Mashreq Bank and Emirates Islamic Bank. The evaluation is based on independent, publicly available research compiled until April 2026, in collaboration between the Just Impact Foundation and Plant-A Insights Group.
Late last week, the Minister of Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, held bilateral meetings in Belarus, with senior officials, including Prime Minister Alexander Turchin. The visit comes after last year’s signing of the Trade in Services and Investment Agreement, which enhanced further expanding economic collaboration and investment with Belarus. Dr Al Zeyoudi also led a high-level UAE business delegation to the UAE-Belarus Trade Day, featuring representatives from some of the largest private sector companies of both countries. In 2024, bilateral non-oil trade stood at US$ 3.90 billion.
Dubai’s Roads and Transport Authority has announced completion of 90% of a 1.5k mt bridge that will provide direct entry and exit points between Sheikh Zayed Road and Dubai Harbour, With two lanes in each direction, it will be initially opened this month for motorists travelling from Sheikh Zayed Road, from both Deira and Jebel Ali, towards Dubai Harbour. In July, the bridge from Dubai Harbour towards Al Naseem Street, alongside the bridge heading towards the intersection of King Salman bin Abdulaziz Al Saud Street and Al Naseem Street, will become operational. A total capacity of 6k vehicles per hour, in both directions, is expected, with the bridge, that has taken some 4.2 million work hours to build, cutting travel time by 75%, from twelve to three minutes.
Shares from Swiss-incorporated companies can now be traded on Dubai Financial Market, with it having been recognised by Switzerland’s Financial Market Supervisory Authority as a foreign trading venue. Swiss participants, supervised by FINMA, are now permitted to gain direct access to DFM’s trading venues; events such as this enhance the emirate’s standing as recognised regional stock market on the global stage. DFM has a base of more than 1.2 million investors from two hundred and twelve nationalities, with foreign investors representing approximately 85% of registered investors. 7.82 0.74 0.40 2.13
The DFM opened the week on Monday 08 June on 5,768 points, and having gained seventy-five points (1.3%), the previous week, gained one hundred and eighty-six points (3.4%), to close the week on 5,954 points, by 12 June 2026. Emaar Properties, US$ 0.60 lower the previous four weeks, gained US$ 0.10 to close on US$ 3.19 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.71 US$ 7.32, US$ 1.99 and US$ 0.39, and closed on 12 June at US$ 0.74, US$ 7.82, US$ 2.13 and US$ 0.40. On 12 June, trading was at three hundred and twenty-five million shares, with a value of US$ three hundred and eighty million, compared to two hundred and sixteen million shares, with a value of US$ one hundred and ninety-three million on 05 June.
By 12 June 2026, Brent, US$ 24.11 (21.3%) lower the previous three weeks, shed US$ 5.28 (5.9%), to close the week, on US$ 84.71. Gold, US$ 425 (9.9%) lower the previous four weeks, shed US$ 124 (2.8%), to end the week’s trading at US$ 4,242 on 12 June. Silver was trading at US$ 67.97 – US$ 7.55 (6.6%) lower on the week.
For the fourth consecutive month, OPEC+ has agreed to its fourth increase in output targets by the same June amount of 188k bpd after 206k bpd hikes in April and May. The ME crisis has cut oil flows from the Gulf countries and has prevented several of the group’s members, including Saudi Arabia, from pumping more. It is estimated that seven core members of OPEC+ have increased their output quotas from April to June by almost 600k bpd. Overall, the cartel has seen oil production slump – in February, it pumped some 42.77 million bpd but by April, this had been reduced by 22.4% to 33.19 million bpd. OPEC+ has twenty-one members but only seven – Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman – have been involved in the group’s output policy decisions.
Today, SpaceX began trading on the Nasdaq with the biggest ever initial public offering which will probably make Elon Musk the world’s first trillionaire. The IPO was priced at US$ 135 and raised a record US$ 75 billion, (compared to the previous best – Saudi Aramco’s US$ 25.6 billion in 2019), valuing the company at US$ 1.77 trillion, ranking SpaceX seventh among US-listed firms, ahead of the likes of JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta Platforms and Musk’s own Tesla; this is despite the firm posting losses last year. 30% of the offer has been set aside for retail buyers and Musk will hold 82% of SpaceX’s voting power after the IPO. Shares in the company were up 19.7%, five minutes after the stock went live in New York, at US$ 161.50.
Taiwan-based TSMC, the maker of the most advanced chips, designed by companies such as Nvidia, AMD and Apple, has indicated that it may have to raise prices, as inflation is pushing up its operational costs; this in turn would eventually see customers having to pay more for their electronic devices in the future. However, the firm’s CFO, Wendell Huang, said it would not introduce sudden “fourfold, fivefold” price rises. He also commented that the AI boom was not a bubble and that the firm’s global expansion was due to geopolitical pressure. Taiwan produces the majority of the world’s most advanced chips – the tiny processors that sit inside smartphones, laptops and AI data centres. Notwithstanding Taiwan itself, TSMC is expanding manufacturing in the US, Germany and Japan but the most cutting-edge production will remain in Taiwan. TSMC’s shares have surged and at 10 June were 42.3% higher YTD at US$ 71.33. The question for TSMC, and similar tech stocks, is whether the huge spending wave on AI infrastructure can be sustained.
In a US$ 10.6 billion deal, GlaxoSmithKline’s new chief executive, Luke Miels, (who took over from Dame Emma Walmsley in January 2026), acquired the US oncology-focused biopharmaceutical company, Nuvalent in the FTSE 100 company’s biggest deal in over a decade. GSK will pay US$ 124.00 a share – a 44.6% premium on the US$ 88.49 market value of the share the previous evening. Miels commented that “today’s acquisition is a multi-product deal, consistent with our approach to acquire assets that have clinically proven targets and meaningfully address an efficacy and/or tolerability gap”. Nuvalent is currently developing a number of lung cancer treatments including two targeted therapies – Neladalkib and Zidesamtinib that are seen to be potential best-in-class assets.
As it ponders a possible US$ 9.37 billion London IPO, Boots UK posted a 25.0% surge in annual profits before tax of US$ 451 million in the year, to the end of August, before its private equity takeover by Sycamore Partners; revenue came in 3.2% to the good at US$ 10.04 billion, (with comparable retail sales up 5.8%), driven by the launch of fifty new beauty brands during the year. Robust demand for weight-loss jabs and beauty products was a boosting revenue agent, with comparable sales in its pharmacy division, 5.0% higher, attributable to healthcare services. Over the year, it carried out 800k NHS Pharmacy First consultations in England, while vaccinations and weight-loss treatments were the paid-for services “especially popular with customers”. In recent years, and more so over the past two, Boots has benefitted from semaglutide, (sold as Ozempic and Wegovy), and tirzepatide (Mounjaro) which have surged in popularity for their weight-loss effects, as they suppress appetite, slow digestion and signal fullness to the brain. Around 1.5 million people in the UK are now estimated to be accessing GLP-1 treatments privately, while NHS England prescriptions for the injections have risen by around 900% since 2020.
Because of the double whammy of a slowdown in its US business and a hit from the US-Iran war, embattled retailer WH Smith has warned that its original guide for the current year’s headline profit of between US$ 121 million and US$ 140 million has been amended downwards to US$ 100 million to US$ 121 million. It is also planning to tap the market for an extra US$ 171 million by placing twenty-six million shares with institutional and retail shareholders, representing approximately 20.8% of the company’s existing share capital. The market was not well pleased with this announcement with its share value slumping 17.2% to US$ 5.46 in early Wednesday trading; this was the lowest it has been since September 2010 and 36.0% lower YTD. The retailer’s chairman, Leo Quinn, who took over the mantle from Carl Cowling in January, also warned shareholders that it will have to write down the value of a number of recent contracts and acquisitions. Quinn added that “we need much greater capital discipline and a laser focus on returns. In recent years, the outcomes from certain acquired businesses and contract obligations have been very disappointing”. However, it did post that in the fourteen weeks to 06 June, like-for-like revenue across the group rose 2.0%, although over the past seven weeks, its key US businesses in airports and casinos reported like-for-like sales down 4% and 11% respectively.
Already owning almost 30% of Hugo Boss, Mike Ashley’s Frasers Group is keen to become its 100% owner and has made a takeover offer for the German fashion brand, by buying the remaining stake for US$ 2.32 billion. The deal values Hugo Boss at US$ 43.95 – 4.1% higher than its share price at the close of Wednesday’s trading. Frasers, formerly known as Sports Direct, owns House of Fraser, Game, Jack Wills, Evans Cycles and many other brands, including being the largest shareholder in Boohoo.
Wizz Air has announced that operating profit fell by 16.6% to US$ 161 million for the twelve months to the end of March, with revenue rising 6.3% to US$ 6.46 billion. Like other European budget carriers, Wizz Air has been hit by the rise in jet fuel, (which it had warned earlier in the year would cost an extra US$ 58 million). However, because it is basically an East European carrier, it has suffered more than most from the impact of the war in the Ukraine and because it has 20% of its jets grounded because of problems with their Pratt & Whitney engines. The troubled airline withheld formal guidance for the current financial year, “given the lack of visibility across … trading seasons, uncertainty related to the ongoing conflict in Iran and the closure of the Strait of Hormuz”. Shares in Wizz Air have fallen almost 80% over the last five years, with the airline being among the UK’s most shorted stocks, with hedge funds and traders staking an estimated US$ 361 million on the share price falling further, based on the number of shares on loan — an indicator of short-selling.
Terra Firma is in the market to acquire hundreds of UK pubs, owned by Stonegate Group’s Platinum estate. The package of pubs, being marketed for sale, is understood to consist of about three hundred venues, and there has been interest shown by a number of prospective bidders and other private equity firms for the UK’s biggest operator. Terra Firma, founded by Guy Hands, has several investments including the music company EMI, the care homes’ operator Four Seasons Health Care and Annington Homes, the former owner of thousands of Ministry of Defence homes.
In a bold move, Prada has designed a body-hugging suit, created in collaboration with Houston-based space infrastructure developer Axiom Space, to be used by NASA astronauts heading to the moon. The Italian fashion house is keen to be the first major luxury player to make inroads in the space industry. The new product is expected to be used for NASA’s anticipated Artemis 4 moon landing in 2028.
The International Air Transport Association, which represents more than three hundred and seventy airlines, accounts for about 85% of global air traffic. Earlier in the week, it slashed its initial 2026 US$ 41.0 billion profit forecast, (which was 8.9% lower than posted in 2025), by 44.0% to US$ 23.0 billion. The main drivers behind this change included much elevated jet fuel costs and disrupted key air corridors, even though passenger demand remains resilient. However, the industry’s topline remains relatively buoyant, with revenue rising 9.4% to over US$ 1.16 trillion because planes are flying with more passengers.
IATA expects that this crisis will see some smaller airlines either going bankrupt or be taken over by bigger competitors, with the first casualty of the Iran war being US low-cost carrier Spirit Airlines which stopped operations last month. It also sees that many airlines will cut unprofitable routes to protect margins, while higher fares will continue. IATA expects airlines’ fuel bill to jump 38.9% to about $350 billion, with it accounting for nearly 33% of operating costs. Profitability per passenger will take a beating – halving to about US$ 4.50 per passenger. Furthermore, aircraft shortages do nothing to improve the situation, with both Airbus, (9.0k) and Boeing (6.81k) having long order backlogs – both equating to about ten years of production coverage.
For those who are planning to tour Europe this summer, IATA has issued a warning that the ‘Entry Exit System, Europe’s new border protocol, could trigger renewed chaos at airports across the bloc, with passengers potentially facing waiting times of up to six hours. It seems that delays and misconnections, linked to the system, are already happening across several European countries – including Portugal, Spain, Italy, Greece, Belgium – even before the peak holiday season begins. EES, which replaces manual passport stamping with digital border registration for non-EU travellers entering the Schengen zone for short stays, is now operational across twenty-nine participating European countries, and affects travellers from countries including the US, UK, UAE, India and other non-EU states. The process involves passengers having to have their biometric data and travel details registered electronically at border checkpoints.
There are a few other issues that need to be sorted including ensuring checkpoints are not understaffed, consistent coordination between airports, airlines and governments and that all kiosks and technology systems are fully utilised and 100% reliable. To make matters worse for holidaying passengers in Europe, rising aviation costs – fuel, airport and passenger taxes – have seen ticket prices burgeon.
As one of Spain’s prime tourism places draws, Benidorm, with a 77k population, swells to around five times that number at the height of summer. Covid had left the resort virtually deserted and the Spanish tourism industry at a standstill, but time has changed with a remarkable recovery. Since the pandemic, foreign arrival numbers into the country have broken records each year and totalled ninety-seven million in 2025. This has helped Spain become the world’s second-biggest tourist destination, just behind France. Industry experts had originally expected this to see more modest growth but the outbreak of the US-Israeli conflict with Iran has made Spain an attractive alternative compared to ME holiday destinations such as Dubai, borne out by the fact that Spain received 9.1 million international visitors in April, a new high for the month – 5.2% higher, or an extra 450k people, compared to a year earlier. With tourism directly contributing 13% of Spain’s GDP, the industry has been a crucial component in the country’s growth of recent years, which has outstripped that of France, Germany, Italy and the UK.
The FAO’s latest 2026/27 Cereal Supply and Demand Brief World cereal production in the 2026/27 season is forecast to dip by 2.0% to 2.982 million tonnes, attributable to declining wheat harvests; this comes after last year’s record 6.1% hike to 3.043 million tonnes which led to an estimated 9.5% increase in global cereals stocks. Following a 2.7% increase last year, global cereal utilisation is forecast to increase by 0.6% this year. Current forecasts indicate that world cereal stocks will contract slightly, by 0.3%, because of lower anticipated rice inventories. Cereal trade is expected to decline by 0.3% to 507.2 million compared to a 4.8% growth a year earlier. As expected, lower wheat and barley traded volumes more than offset foreseen increases in maize and rice shipments.
With the twin aims of bolstering state-owned exporting companies and including transitional measures to help businesses adapt ahead of its full implementation, Indonesia’s Trade Ministry has introduced a new palm oil export regulation, known as Permendag 16/2026. The phased transition timeline has been designed to give private businesses time to adapt before full enforcement takes effect at the start of next year. The Ministry clarified that while the five types of regulated commodities – crude palm oil (CPO), refined bleached deodorized palm oil (RBDPO), refined bleached deodorized palm olein (RBDPL), used cooking oil (UCO) and palm residue – remain unchanged, the distribution channel is being tightly reined in. Commencing 01 January 2027, outbound shipments of palm oil derivatives can only be executed by designated exporting SOEs that hold a valid Export Permit. The new regulations indicate that state enterprises will secure export rights through either fulfilling the domestic market obligation or the formal transfer of export rights from private business actors to the state-owned enterprise.
In the nine-month period, to March 2026, Egypt registered 5.2% growth, as its net foreign currency reserves nudged 0.2% higher, on the month, to US$ 53.134 billion in May.
Although still maintaining a stable outlook, Morningstar DBRS has downgraded Austria’s highest credit rating from AAA to AA (high), meaning that the country has lost its top credit rating with the last of the five major credit rating agencies used by the ECB to assess collateral;
the main causes have been declining debt metrics and persistently high budget deficits, which have been higher than before the pandemic due to persistently elevated expenditure levels. Despite the government’s fiscal consolidation efforts, the country’s debt-to-GDP ratio is expected to remain on a slow upward trend. Austria first lost its AAA credit rating in 2014. The Austrian government aims to cut its fiscal deficit to below 3% of GDP by 2028 in order to conform to EU rules and exit its regime of fiscal scrutiny.
India’s Q1 economy grew at a faster pace than expected, rising a credible 7.8%, on the year, driven by a robust services sector, along with solid performances in the industry and construction sectors; although 0.3% lower than the 8.0% growth noted in Q4 25, it still beat the 7.3% market expectation. Growth for the twelve months to March 2025 was at 7.7%, 0.6% higher than the 7.1% in the previous period. These latest figures reaffirm the country as the world’s fastest growing major economy. Q2 will obviously be impacted by the double whammy of the ME conflict and the latest threat of additional US tariffs. If there is no early solution, continuing high oil prices will not only result in more severe import costs, which will affect its current account deficit, to a fourteen-yar high, but will reduce foreign direct investment, lower annual growth, further devalue the rupee, lift input costs and stoke inflation. To exacerbate its economic problems, the arrival of a possible powerful El Nino could have a damaging impact on its agriculture industry.
Russia’s IT Q1 sector revenue, (including both services and products), topped US$ 38.94 billion – 8.0% higher compared to the same period in 2025.The figures were compiled from statistics of IT companies, accredited by the Russian Digital Development Ministry. Revenue from sales of companies’ own products and services surged 21.0% to US$ 30.77 billion, with its share in the overall revenue structure, up 8.7% on the year to 79.2%.
In the first four months of 2026, China’s services trade expanded 4.9% on the year, with exports of travel and knowledge-intensive services reporting particularly robust growth, The total value of service imports and exports reached US$ 368.03 billion, as travel service exports grew at the fastest rate of any service export sector, rising 30.4% to US$ 21.75 billion. Accounting for 44.4% of all service trade, knowledge-intensive services trade rose 5.1% to US$ 162.59 billion, including exports of cultural and entertainment services and the charges for the use of intellectual property surged 39.5% and 20.8%, respectively.
The fallout from the scandal involving an Australian Big 4 audit firm, KPMG, that had seen confidential client information, being used between different divisions within the firm is widening; in this case, tax details of a client had been shared with the firm’s audit department – in other words, it misused confidential client data to win lucrative audit contracts. Chief executive Andrew Yates, head of audit Julian McPherson and COO, Eileen Hoggett, have all resigned, over a whistleblower scandal that had started in 2024. Late last week, the country’s corporate regulator confirmed it had launched a formal investigation into three KPMG Australia partners linked to whistleblower allegations the accounting firm misused confidential client data to win lucrative audit contracts.
It was only three years ago that rival PwC Australia was found guilty of sharing confidential government information with prospective clients. At the time, the firm agreed not to bid for new government contracts from April 2024 to July 2025, with PwC divesting its government advisory business, which had accounted for a fifth of its revenue, for AUD 1, to Allegro Funds, in August 2024. The renamed Scyne Advisory was then allowed to bid for new government contracts.
Now reports indicate that some blue-chip clients and government agencies say they are re-examining their association with KPMG and probably other accounting firms. Greens Senator Barbara Pocock has asked ASIC’s chief executive Scott Gregson whether the corporate watchdog will follow the example of the RBA and ATO and retender contracts; earlier, he had been asked why ASIC had entered contracts with KPMG after it had commenced proceedings against the firm, responding, “we currently have eight active contracts, six of those for services contracts, two consultancy contracts and the total of those is approximately US$ 3 million”. He also added that “we have also approached KPMG this week seeking assurances of the absence of involvement of those persons involved in the matters that are public”.
Majid Jafar, CEO of Crescent Petroleum, estimates that the ME crisis has already cost Gulf countries US$ 150 billion in revenues and trade, and continues to lose US$ 1 billion every day; he added that war damage to energy infrastructure in the Gulf region exceeds US$ 60 billion. At the beginning of the troubles, Brent was trading at US$ 74.84 on 01 March and reached US$ 106.50 on 19 May and ended the week on US$ fff.
With the Iranian closure of the Strait of Hormuz, the world has lost some 20% of total global oil output, with UN estimates that this has impacted one billion people in least developed and island nations around the world. On top of that, the waterway carries up to a third of the world’s traded fertiliser, 40% of its helium, (which is vital to the world’s semiconductors), and much of the feedstock on which modern industry depends. According to the 2026 Global Peace Index, the ME war is costing the global economy up to an annual US$ 3.5 trillion and threatening food supplies across South Asia and East Africa.
A report released this week by the Institute for Economics and Peace said that the ongoing military conflict in the Middle East could strip nine of the region’s economies – Iran, Israel, Iraq and the six GCC countries – of nearly US$ 493 billion in output within the first year alone, equivalent to 6.2% of their combined GDP; it also projected that losses could more than double should hostilities resume.
Other ‘casualties’ include foreign investment flows and global food security. One of IEP’s scenarios, which assumes an extended ceasefire with the Strait of Hormuz only partially reopened, sees:
- Iran standing to lose between 15% and 25% of its GDP, (depending on how the conflict unfolds)
- Qatar facing losses of up to 15%, given that all of its LNG exports transit the Strait
- infrastructure damage across directly affected countries estimated at between US$ 183 billion and US$ 291 billion under the current ceasefire – a figure that could balloon to US$ 625 billion if fighting resumes
- neighbouring economies, including Egypt, Jordan, Lebanon, Syria and Türkiye, facing an additional US$ 136 billion in first-year losses through disrupted tourism, reduced trade and falling remittances – a figure that doubles under a renewed war scenario
- the war and the closure of the Strait cutting world output by 0.6% in the first year, equating to roughly US$ 1.3 trillion in purchasing power parity terms
- should the war resume and the Strait remain shut for six months or longer, the first-year loss rising to around US$ 3.5 trillion, (1.6% of global GDP), surpassing the economic shock caused by the Ukraine war in its first year
He also warned that the world’s combined emergency oil reserves of more than two billion barrels would cover only two to three months if the Strait were fully closed again, with more than thirteen million bpd currently cut off. Economic modelling points to if prices were to top US$ 140 per barrel, for two months, that would be enough to push the EU, the UK, Japan and much of the global economy into recession. With global public debt currently standing at 93% of the world’s GDP, (a record peacetime high), there is not much leeway to save the global economy. The current debt level is a record peacetime high, leaving far less capacity for stimulus than during the 2008 GFC or the 2020 pandemic. On top of that, there are early indicators that foreign direct investment into the region is slumping, with Q1 inflows down by an estimated 60% to 70%. There are reports that US investment funds have paused new commitments to Saudi Arabia and that parts of the kingdom’s US$ 840 billion Vision 2030 project pipeline are now described as being “in limbo”.
Driven by the impact of the ME crisis, US annual consumer prices rose 0.4%, on the month, and 2.0% over the previous three months, to 4.2% – its highest level since April 2023 – and more than double that of Federal Reserve’s 2.0% target. The main contributors to the increased rate are higher energy prices, (accounting for 67% of the May rise and surging by 23.5% over the last twelve months), and food price inflation rising 3.1%. Looking at core inflation, which strips out energy and food costs, it nudged up by 01%, to 2.9% but on the month slowed 0.2% to 0.2%. If these figures are anything to go by, Kevin Warsh, overseeing his first rates meeting as chairman, will keep rates static at 3.5% – 3.75%, next week.
Another victim from the downturn in the UK economy comes with news that the British Heart Foundation has announced that it has had to close one hundred and fifty shops, over the next two financial years, because some of its stores are “no longer financially sustainable”. 60% of the stores will be closed by the end of March 2027, with the balance, sixty shops, will close during the following year. At the same time, there will also be a reduction in the charity’s central team supporting the retail operation, mainly down to rising operating costs and changing customer habits. Its chief executive, Dr Charmaine Griffiths, said its shops were facing an “exceptionally challenging trading environment” and the changes were designed to ensure its shop network “remains commercially sustainable”.
The Office for National Statistics posted that, in April, the UK economy contracted by 0.1%, as the impact of the ME crisis, having raised costs and affected turnover, saw a marked economic slowdown, after a 0.3% expansion a month earlier. The services sector, which accounts for some 75% of the economy, dipped 0.2%, with construction registering a 0.1% rise. In the quarter to April, the ONS said the economy grew by 0.7% compared with the previous three-month period. Surprisingly, April’s contraction was the first monthly fall since August 2025, with little hope of any improvement in the coming months as the conflict has yet to find a peaceful solution. It seems highly likely that the BoE will keep interest rates unchanged when it meets next week.
Another nail in the UK Prime Minister’s coffin came when the public accounts select committee warned him that his government had “no robust plan” to achieve a promised sweeping reduction in bureaucracy and its growth ambitions lacked any real substance. This is despite Keir Starmer, (along with Chancellor Rachel Reeves), making the economy the Labour government’s No 1 priority. The committee also concluded that his government was unable to define what type of growth it hoped to achieve and by when, making it “impossible to measure” if any target had been met.
Yesterday was a bad day for the embattled Prime Minister with the resignations of his Defence Minister, John Nealey, and Armed Forces Minister, Al Carns, with both accusing him of failing to keep the country safe and leaving the country unprepared for future conflicts. The main crux of the difference, between the two, concerned finances, with Healey claiming that there was a US$ 37.58 billion hole in the defence investment plan, and the Chancellor saying that only US$ 16.11 billion was affordable, without raising taxes or taking away from public services. Healey thought he had struck a US$ 24.16 billion compromise, before being told this week the real figure was US$ 18.12 billion. Healey’s resignation letter to Starmer read “you have been unable, and the Treasury has been unwilling, to commit the resources that the nation needs to defend the country at this time of rising threats”. Meanwhile, Carns added a further nail in the PM’s coffin, by writing “we are still purchasing capability suitable for the last war while our adversaries arm for the next one” and “a serious country funds its defence to meet the threat it actually faces, not the threat it wishes it faced”.
Sad news for Australians came with Barbeques Galore announcing a wind up in coming weeks, after entering into voluntary administration last February. Since then, it has been unable to complete a recapitalisation or find a buyer after failing to successfully negotiate a rescue deal. It still has sixty-two company-owned stores and twenty-seven franchise outlets, with five hundred employees facing redundancy. The receivers confirmed that staff will continue to be employed “during the receivership process”, or made redundant as the winding up occurs, whilst “all employees will be paid their full accrued redundancies and termination payments in the ordinary course of separation”. The fifty-year old company had not been helped by the ME crisis, with the Australian economy slowing, inflation rising, retail spending buckling as well as overseas supply issues.
Barbecues Galore was an Australian icon and a specialist barbecue and outdoor furniture retailer, specialising in barbecue grills, accessories and consumables. Brands included Ziegler and Brown, Kamado Joe, Prosmoke, Traeger, Beefeater and Saxon, with the retailer offering a wide range of gas and solid fuel barbeques, fuels and consumables, accessories, heating, and outdoor furniture. Australians will lament there will be no Shrimp On The Barbie!
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