Out Of My Depth!                                                      17 July 2026

Dubai’s waterfront property market has become a real estate success story, as the widening gap between demand and supply continues to push prices higher.The Future of Seafront Being report, produced by White Paper Media Consulting, estimates that, even in 2021, the emirate’s waterfront homes commanded a 90% premium over inland properties; this has since climbed to 128% by Q1 2026, also noting that such properties have posted price increases of in excess of 140% over the five-year period.

Because of the obvious scarcity of waterfront locations, there will always be an imbalance between supply and demand. Estimates indicate that this year, there were 4.26k premium waterfront homes under construction, with this figure set to sink by 80.1% to just 0.85k by 2031. Demand is expected to tighten even further, attributable, to continuing population growth, the influx of HNWIs and the emirate’s drag factor for wealth and investment. 2025 sales data also highlight the strength of this sector on the Dubai market:

• a record sixty-eight homes valued at more than US$ 25 million changed hands
• total transaction value reached US$ 9.05 billion, up 27.7% on the year
• four of the city’s five best-performing neighbourhoods in Q4, accounting for seventy-nine transactions, were waterfront communities
• 55.6% of all Dubai homes sold above US$ 10 million were located in seafront communities

The sixth and final phase of the world’s first football-branded residential project, Chelsea Residences by DAMAC, has been launched, after the first five towers had already sold out, amid robust demand. The project, developed in partnership with Chelsea Football Club, FIFA’s World Club Champions, has proved to be popular, attributable to factors such as its prime location, branded lifestyle concept and sea-facing homes. The final release, Tower C, offers a limited collection of one-, two- and three-bedroom apartments, with prices starting from US$ 698k and unit sizes beginning at eight hundred and twenty-seven sq ft. Amenities include the UAE’s only rooftop football pitch, a blue-sand beach inspired by Chelsea FC’s colours, a beach club and an Athlete Training Centre. The developer has delivered more than fifty thousand homes to date and expects to hand over another eight thousand, eight hundred this year.

Almost two years ago, in August 2024, Majid Developments had its first launch – Mayfair Gardens in Jumeirah Garden City – that sold out within weeks; its scheduled handover is for Q3 2026. It has an ambitious development pipeline, with US$ 191 million in projects already delivered and under execution, and a further US$ 272 million investment portfolio for various other luxurious projects poised to shape the next phase of growth across 2026-27. Since then, the developer has launched Arlington Park 1, in Dubai Land Residence Complex, which was sold out within just four weeks. Its latest entrée to the Dubai property market is Arlington Park 2 – one hundred and twenty-nine residences, including studio, one-, two- and three-bedroom apartments – strategically connected to Arlington Park 1, also in Dubai Land Residence Complex.

A US$ 4.63 million one-year leasing agreement sees a seven-bedroom palatial place in Emirates Hills become the most expensive property ever leased in Dubai. Nicknamed ‘The Palace’, it is located on Billionaire Row in the luxurious Dubai residential community. This latest agreement surpasses the previous highest rental – in 2024, a stunning waterfront mansion on Jumeriah Bay Island was leased for US$ 4.22 million.

Even though the number of Q2 property launches slid by some 90% on the quarter, (from 45.00k to 5.34k units), Dubai’s residential market recorded its highest quarterly delivery of new homes in recent years, of 27.3k, including around 17.4k apartments and 9.9k villas and townhouses. Savills see this as a new strategy to spread future supply over a longer period and reduce near-term absorption pressure, with an apparent extension of delivery times from three to four years. The global property advisor notes that Dubai’s residential market is transitioning into a more measured stage, after several years of exceptionally strong growth. One interesting fact, from the Q2 report, was that refinancing activity now accounts for some 70%, compared to historic 30% levels – an indicator that many homeowners remain confident in Dubai’s long-term property market and are choosing to refinance rather than sell.

It also found that prices for apartment and villa/townhouses eased, on the quarter, by 4.0%, (to US$ 534 per sq ft) and by 0.8%, (to US$ 449 per sq ft). Its analysis of comparable transactions suggests underlying price adjustments of 5% to 7% in many communities, although prices remain above year-earlier levels.

Findings from eXp’s latest market insight indicate that Jumeirah Village Circle accounts for 9.7% of homes currently listed for sale across the emirate. Making up the top five locations are Business Bay (5.7%) Dubai Land Residence Complex (4.7%), Dubai South (3.5%) and Downtown (3.1%) which account for 26.7% of all homes currently listed for sale across Dubai.

The other five locations that make the top ten list, with figures of between 2.5% to 3.0%, are Dubai Marina, Majan, Arjan, Dubai Hills Estate and Dubai Islands. These ten locations account for 40.5% of all homes currently listed for sale across Dubai, underlining how housing choice is concentrated within a relatively small number of the emirate’s most established and fastest-growing communities.

 According to insights by real estate investment platform Stake, there will be no downturn in the local property market, with investors expecting prices to skyrocket! A survey of five thousand indicated that 69% of those investors remained optimistic, expecting property prices to rise, with 49% believing that Q2 transactions will be higher on the quarter, which set one of the highest benchmarks for market performance. Perhaps this could be on the high side for the overall sector, but the general outlook is in line with this blog, except prices will rise but not as speedily as a rocket. However, the Stake survey may be more in line when one considers the luxury market.

There are several mega-projects ongoing in Dubai that will bring great benefit and big changes to the emirate. The first is the Dubai Loop – the underground transport network being developed by Elon Musk’s Boring Company, in association with Dubai’s RTA – which has finally entered its foundation-laying stage. An initial US$ 154 million investment, of an estimated total of US$ 545 million, will see the first phase of a 6.4 km stretch, including four stations, (Burj Khalifa, DIFC 2, Zabeel Dubai Mall Parking and ICD Brookfield Place), that will expand to a 22.2 km network with nineteen stations. It is estimated that twenty-five thousand pieces of precast concrete are to be used in the initial stage of the Dubai Loop – reaching a total weight of forty-five thousand tonnes – with tunnels measuring 3.6 mt in diameter.  The route, using a fleet of autonomous Tesla vehicles, will connect Dubai World Trade Centre and the financial district with Business Bay, with passengers in EVs through dedicated underground tunnels. The pilot route, which is expected to carry up to thirteen thousand passengers daily, will connect Dubai International Financial Centre with Dubai Mall, reducing a journey that can take about twenty minutes to around three minutes. Passengers will book journeys from designated stations, with vehicles travelling directly between stops.

The second noteworthy project for Dubai, (as well as for the country), is the Etihad Rail Network, with a nine hundred km national railway network, connecting all seven emirates, with links to the wider GCC network. The huge transport project will prove beneficial on two counts. Not only will it improve logistics and reduce transport costs but also support industrial growth. On the environmental side, it is expected that each train can replace about three hundred trucks, helping cut emissions by up to 80%. An extra bonus is that it will also run passenger services – both cutting travel time to other emirates and, at the same time, reducing congestion on the highways. Eleven mainline stations have been announced, with the Dubai Station, Jumeirah Golf Estates due to open on 30 September; more Dubai stations are expected. Etihad Rail will utilise thirteen trains – carrying up to four hundred passengers, running at speeds of up to two hundred kph; official journey times from Dubai to Abu Dhabi will be fifty-seven minutes, with ticket prices starting at US$ 15 up to US$ 33. Ridership by 2030 is expected to top thirty-six and a half million. Last year, the fright network transported more than 6.5 million tonnes of sulphur, over ten million tonnes of aggregates and one hundred and forty-eight containers; at the same time, there were 500k less truck journeys in Al Dhafra.

The network will also be welcomed by developers and residents alike as transport hubs prove a magnet for many who prefer to live in and around stations so as to reduce their dependence on car traffic and the daily ‘slog’ to work and back. The Etihad network will create new economic corridors and support property demand around stations; many surveys have indicated that such properties come at a premium because of their position with a transport hub.

Meanwhile, the new Gold Metro Line will complement Dubai’s public transport system by connecting existing metro lines with the Etihad Rail network. The US$ 9.2 billion project could mean better connectivity across key districts, and a godsend for developers and investors, as it could support demand around future station areas and transit-linked communities. The project, with a 2032 timeline, will enhance Dubai’s economic growth prospects and will be a boost for connectivity across key districts.

The fourth project relates to the DIFC Zabeel District, with the recent expansion announcement of doubling the size of the current DIFC; development, that will include commercial, residential and hospitality components, along with an AI and innovation ecosystem, will be in phases for the next fourteen years. DIFC 2.0 will be one of the main drivers for growth – not only in the finance sector but also for the wider real estate sector and economy. This development will boost the emirate’s global standing in the fintech and capital markets, while attracting talent, institutional capital and international companies to Dubai.

There was a 25% increase in the number of courts cases, to eight hundred and ten, being held in DIFC courts to resolve commercial disputes; over 30% of the cases, (two hundred and forty-three), were brought under the courts’ opt-in jurisdiction, which allows parties to select the DIFC Courts, even when they are not otherwise required to use them. 8.9% of claims, (.07k), were filed at the Court of First Instance – 18% higher on the year. The combined value of claims rose 48.0% to a record US$ 2.72 billion, (AED 10.02 billion), equating to an average of almost US$ 15 million per claim. The Arbitration Division registered thirty-seven claims during the period, up 61% from a year earlier, with a combined value of US$ 864 million. The Small Claims Tribunal received four hundred and seventy-nine claims, (5% higher on the year), with a combined value of US$ 12.18 million and an average claim value of US$ 25.6k. Enforcement activity rose by 107%, to two hundred and twenty filings. 99.2% of the eight hundred and twenty-four digital hearings were conducted online, with only six requiring an in-person appearance. The DIFC Courts also issued one thousand seven hundred and sixty-six digital orders and judgments during the first six months of the year. Its Wills Service registered one thousand, nine hundred and twenty-five wills, taking the total recorded since the service began to more than fourteen thousand, three hundred. Justice Omar Al Mheiri, Director of the DIFC Court, added “in the first half-year since the launch of our five-year strategy, these results show the direction clearly: greater international trust, stronger digital access, and a court system aligned with the scale of Dubai’s economic ambition.”

A meeting between the Dubai Ports Authority and shipping companies, cargo operators and key partners has been held to enhance the efficiency of container movement and goods through Dubai’s ports. It focused on strengthening cooperation, reviewing operations and identifying ways to speed up cargo handling, while keeping supply chains running smoothly. Captain Ibrahim Al Blooshi, Executive Director of the Dubai Ports, noted that it had been working closely with industry partners to monitor operations, respond quickly to challenges and ensure the uninterrupted flow of trade. He added that regular coordination meetings will continue to support business continuity and reinforce Dubai’s position as a leading global trade and logistics hub.

The United Arab Emirates government has condemned and denounced, in the strongest terms, the Iranian hostile attacks that targeted two of its national oil tankers, Mombasa and Al Bahiyah, with cruise missiles. The two tankers were transiting the southern shipping lane of the Strait of Hormuz, within Omani territorial waters. The Ministry of Foreign Affairs, which  confirmed that the Iranian hostile attack resulted in the death of one Indian national and the injury of eight others, noted that attack constituted a flagrant violation of UN Security Council Resolution 2817, which affirmed the importance of freedom of navigation, and rejected the targeting of commercial vessels or the obstruction of international maritime routes. It further stressed the need for Iran to halt these unprovoked attacks, ensure its full commitment to an immediate cessation of all hostilities, and the complete and unconditional reopening of the Strait of Hormuz in order to safeguard regional security, and maintain the stability of the global economy and trade.

Last Sunday morning, 12 July, the Ministry of Defence alerted residents at 6.37am that sounds heard across the country were due to ongoing interception operations and urged the public to remain calm and follow safety instructions. Later in the morning, it confirmed that the missile threats were outside the country’s borders, and assured residents that the situation was stable. It added that relevant authorities are monitoring developments and will share updates through official channels.

2025 saw twin records broken with the DMCC-operated Dubai Diamond Exchange diamond trade reaching new peaks of handling 359.5 million carats, (42.5% higher on the year), with a value of US$ 41.6 billion – 16.2% higher on the year but 1.7% higher than the previous record set, fifteen years ago, in 2011. It is estimated that since 2020, the diamond trade through Dubai has increased 139% in value and doubled in volume – and by 63% and 44% over the past decade. 95.8% of total trade value, at US$ 39.9 billion, was generated by natural diamonds, with Dubai trading 205.2 million carats of natural rough diamonds, the second-highest annual volume on record and about 34% more than in 2024; natural polished diamond trade increased by 25.0%, on the year, to  US$18.7 billion, rising nearly 25% from the previous year – and 246% since 2020; the average value per carat has risen by almost nine times.

The emirate’s wider precious stones market also expanded during the year, with coloured gemstone trade reaching a record US$ 1.1 billion, 48.0% higher on the year, with imports 68.8% higher and re-exports up by 33.5%. Synthetic and industrial diamonds accounted for about 39% of the total volume of diamond carats traded.

The US government has decided to elevate the UAE to an ‘A5’ export control designation, which allows the country, and approved commercial entities, with “licence-free exports, reexports, and in-country transfers”. It will also allow licence-free transfers and access to “certain commercial satellites and spacecraft and dual-use items useful in oil and gas production, desalination, and civil nuclear power generation”.  The decision comes after decades of bilateral cooperation in technology, security, trade and investment, with the Minister of State and UAE Ambassador to the US, Yousef Al Otaiba, commenting that the bilateral relationship had extended across six presidential administrations.  He also noted that, in 2024, the US designated the UAE as a major defence partner, a status which is held by only one other nation, reflecting the deep-rooted ties between the two countries, adding that the UAE is America’s largest trading partner and export destination in the MENA region, with the US, recording a US$ 23.8 billion trade surplus with the UAE, considered its fourth largest globally.  He also stated that the US had entrusted the country and its companies to acquire its “civilian nuclear energy technologies and to deploy the most advanced US defence systems”. 

Emirates NBD becomes the first regional financial institution to launch the Partior multi-currency blockchain network, a real-time cross-border US dollar payments for corporate and institutional clients. It is expected to slash settlement times and give businesses greater visibility over transactions. Clients can currently use the service to make real-time USD payments when the beneficiary holds an account with JP Morgan. The global bank acted as both the settlement bank and beneficiary bank during the first successful live transaction. The service is expected to support businesses managing international payments and treasury operations by reducing processing delays and providing clearer information on the status of transactions. In the past, cross-border payments could pass through several banks before reaching the beneficiary, which can increase settlement times and could leave the payer with a liquidity problem; Partior allows eligible USD transactions to be cleared and settled in real time within a regulated banking framework. Since such transactions only apply to JP Morgan beneficiaries, there will still be many UAE businesses clamouring for such a procedure to be expanded to other banks. However, Emirates NBD noted that the US$ service represents the first phase of a wider expansion plan covering additional currencies, payment corridors and participating banks.

Salik Company has signed an agreement with Dubai Integrated Economic Zones Authority to roll out access control and parking management systems across three of Dubai’s free zones – Dubai Airport Freezone, Dubai Silicon Oasis and Dubai CommerCity, covering more than twenty-one thousand parking spaces. This MoU will tackle two persistent pain points – traffic bottlenecks along key corridors and the misuse of designated parking areas – which will ease congestion and improve space utilisation across DIEZ’s economic zones.

Earlier in the week, Salik’s agreement, with Dubai Harbour’s new multi-storey Harbour West Car Park, took effect that will see Salik provide its digital payment solution at the new facility in collaboration with Parkonic, as the toll operator continues expanding its services beyond road toll collection. This allows motorists to pay parking fees directly through their Salik accounts without the need for tickets, cash or traditional payment methods. Salik, listed as a public joint stock company since June 2022, currently runs ten toll gates across Dubai, and holds exclusive rights to operate the emirate’s toll infrastructure under a forty-nine-year RTA concession running to 2071.

As part of Parkin’s expansion into developer-led communities, while enhancing parking convenience and availability for residents and visitors, DFM-listed Parkin has expanded its smart paid parking services to Sharjah’s Aljada. Starting today, 17 July 2026, a five-year partnership deal between the two parties comes into effect. The rollout covers designated on-street, off-street and selected retail parking locations, with parking tariffs and seasonal subscription options available for eligible areas. On-street parking along Aljada’s East Boulevard will be priced at US$ 1.72, (AED 6.30) per hour, operating twenty-four hours a day., whilst designated off-street parking areas and parking lots will be available at US$ 1.14, (AED 4.20) per hour between 8:00 am and 12:00 am. Visitors to the retail parking facilities at The Boulevard, Tiraz and Misk will enjoy the first two hours free, after which a tariff of US$ 2.72, (AED 10),  per hour will apply.

H1 proved to be a fruitful half year for the country’s largest Islamic bank by assets, Dubai Islamic Bank, with all financial indicators heading north. Gross revenue, operating profit, pre-tax profit and net financing all rose by 10.0% to US$ 3.38 billion, (backed by growth across both funded and non-funded income streams), 6.0% to US$ 1.31 billion and 1.0% to US$ 1.17 billion. On the balance sheet, net financing assets & sukuk investments, customer deposits and total assets were 4.0% higher at US$ 99.73 billion, 2.0% to US$ 89.10 billion and 2.0% to US$ 115.26 billion. Asset quality was typified by DIB’s non-performing ratio declining thirty bp to 2.4% and the cost of risk remaining low, at twenty-eight bp, whilst it continued to maintain strong capital and liquidity buffers, with a CET1 ratio of 13.0% – up 0.70% -and a liquidity coverage ratio of 140%. During the half year, there was a successful issuance of the bank’s US$ 1 billion Additional Tier 1 Perpetual Non-Call 6-Year Sukuk.

UAE-listed education provider, Taaleem, posted record operating revenue of US$ 319 million, for the nine months to 30 June 2026. The main drivers behind the impressive result were rising enrolment, (premium enrolment 11.5% higher at 18.59k and capacity by 10.5% to 23.85k seats, following the opening of both DBS Mira and DBS Islands), higher tuition fees, up 3.5%, and expansion of its premium school network. There was a 9.0% rise in net profit after tax, at US$ 77 million, while EBITDA jumped 16.0% to US$ 120 million. Taaleem currently manages fourteen premium schools across the UAE, while its government partnerships portfolio comprises twenty-threes schools, serving 23.58k students. Its CEO, Alan Williamson, noted that registration activity for the next academic year remained on track, with Harrow International School Dubai scheduled to open on 31 August, having already secured three hundred and seventy-four confirmed registrations. It expects the opening of Harrow Abu Dhabi and DBS Ghaf Woods will add around five thousand, four hundred premium seats over the next two years. The Group also operates Kids First Group’s thirty-six nurseries, with 4.71k children, in UAE and Qatar.

The DFM opened the week on Monday 13 July on 6,043 points, and having shed sixteen points (0.3%), the previous week, lost two hundred and twenty-nine points (3.8%), to close the week on 5,814 points. Emaar Properties, US$ 0.07 lower the previous week, shed US$ 0.19 to close on US$ 3.04 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.76 US$ 8.53, US$ 2.12 and US$ 0.41, and closed on 17 July at US$ 0.72, US$ 7.98, US$ 2.00 and US$ 0.39. On 17 July, trading was at one hundred and forty million shares, with a value of US$ one hundred and fifty-seven million dollars, compared to two hundred and twenty-eight million shares, with a value of US$ one hundred and fifty-five million dollars on 10 July.

By 17 July 2026, Brent, US$ 4.21 (15.3%) higher the previous week, gained US$ 10.88 (14.3%), to close the week on US$ 86.88. Gold, US$ 64 (1.6%) lower the previous week, shed US$ 121 (2.9%), to end the week’s trading at US$ 4,000 on 17 July. Silver was trading at US$ 59.85 on 10 July – and closed today, 17 July, US$ 3.97 (6.4%) lower on the week at US$ 55.88.

By the end of Monday, oil prices had surged by more than 9.0% to a one-month high rate of US$ 83.30, after news ​that a US naval blockade due to begin on Tuesday will cover Iran’s entire coastline, ports and oil terminals, as well as all vessels regardless ‌of flag, reigniting concerns over energy shipments through the Strait of Hormuz.

Because of their vulnerability to rising energy prices, which rose 4.0% over the weekend, following retaliatory action by Iran on Gulf locations, with US bases, the Nikkei 225 closed 1.9% lower in early Monday morning trading, with the benchmark Kospi index sliding more than 15.0% – its worst day on record; shares in SK Hynix fell 5.8% to US$ 158.43.The uplift in oil prices resulted in US two-year Treasury yields rising to 4.24% – their highest since early 2025, with the greenback trading 0.1% higher against the ICE basket of major foreign currencies. On the opening day of this week’s trading, the S&P 500 and Nasdaq Composite were lower while the Dow Jones was marginally higher. Investors are becoming increasingly concerned not only from the renewed tensions in the ME, but also over a possible stock market bubble in AI-related stocks. By Tuesday, oil prices had risen sharply after Trump vowed to reinstate a naval blockade against Iran, following renewed fighting in the Gulf.

Today, Nvidia lost its world’s most valuable publicly traded company listing as its share value declined by 4.0% due to the latest selloff in semiconductor shares, as concerns about the valuation of AI equities continue to worry the market. This is the first time that Apple, with its value touching US$ 4.88 trillion, has trumped Nvidia’s market cap this year. A combination of worries that US rates will remain on the high side and growing doubts that tech valuations – especially those of AI-linked companies – can be maintained without clearer evidence of earnings acceleration catching up with huge capex.

Last Wednesday, 15 July, Elon Musk’s Space X’s shares dipped below its IPO share of US$ 135 a share to US$ 132.15 – 33% lower from its record close in the immediate days after the public sale raised a record US$ 75 billion on 11 June 2026. Despite this mega decline, it still remains one of Wall Street’s most valuable companies with a US$ 1.8 trillion market capitalisation. The stock is valued at forty-nine times expected revenue following the selloff, still one of Wall Street’s priciest stocks by that measure; by comparison, Tesla recently traded at a revenue multiple of fifteen. Space X posted a net loss of nearly US$ 5 billion last year.

Volkswagen Group’s chief executive, Oliver Blume, confirmed that the German car heavyweight was looking to cut up to one hundred thousand jobs – twice as many as previously stated, when it had earlier posted that it would axe fifty thousand jobs in Germany. Driven by the double whammy of increasing competition from Chinese brands and diminishing sales in key markets, it posted a steep decline in 2025 profits – a 53.4% slump to US$ 10.14 billion, following a 15.5% fall to US$ 21.76 billion in 2024, on the back of a 2023 operating profit of US$ 25.75 billion.  H1 sales to China, once seen as one of its most lucrative markets, are already 26% lower on the year, whilst US sales have fallen more than 7%, in part due to the impact of Trump’s tariffs on car imports. Chinese brands have not only introduced new technologies, while benefitting from lower production costs than VW and other European rivals, they have moved aggressively introducing lower margins onto international markets, adding increased pressure on its European rivals.

Blume told employees that the Group, (which includes iconic brands such as VW, Porsche, Audi, Seat and Skoda), that costs were 20% higher, compared to rival competitors and it would need to reduce its outgoings even further which would mean a further fifty thousand job losses worldwide. He added that “we need to become more efficient, more robust and simpler. We must reduce our costs”, and that the company had been “unable to confirm” alternative uses for four factories in Germany, that are seen as too expensive to run, which have previously been threatened with closure.

As with many other airlines, who have to be dealing with surging energy prices, including jet fuel, and a volatile global economy, Aer Lingus has warned that it may have to slash five hundred jobs as part of a reorganisation; it had already cut senior management role by 25%, and is looking at doing the same percentage with wider employee costs.  It also plans to remove lower margin flying, (by changes to its network of over one hundred, covering between Europe and the US) by lowering overall flying by 6% – including some long-haul and short-haul routes – adding that it was also focused on reducing supplier costs. Last year, its operating margin was at a rather low 11.1%, compared to over 15.0%, posted by Its parent company IAG-owned airlines British Airways and Iberia. London-listed IAG, issued a profit warning in May, cautioning that high jet fuel costs and supply disruptions due to the war would weigh more heavily on earnings than previously expected.

Realty Income Corporation is in discussions with Morrisons about an US$ 805 million, (GBP 600 million) real estate deal, with the UK supermarket looking for extra finance to fund its turnaround. The prolific US investor is one of a small number of parties in discussions with advisers to Morrisons about a transaction that could involve financing, tied to a portfolio of the grocery chain’s stores, (rather than a conventional sale-and-leaseback deal). Realty Inc has become a major investor in UK retailers’ real estate, striking billions of pounds-worth of deals for sites occupied by Asda, Sainsbury’s, Tesco and Waitrose. Meanwhile, Morrisons has slipped to sixth place, in the ranks of UK food retailers, being overtaken by Lidl.

Another UK US$ 850 million event – this time involving Birmingham’s NEC. Last year, the group recorded revenues of just under US$ 282 million, 8% higher on the year. The deal, which involves issuing a commercial mortgage-backed security, would be one of the UK’s biggest events spaces for a sale. This comes eight years after Blackstone bought NEC Group, from its previous private equity backers, in a US$ 1.07 billion, (GBP 800 million) deal. This real estate deal sees Blackstone refinancing a debt deal for the US$ I.34 billion, (GBP 1 billion) NEC exhibition centre as a sale looms. The NEC, employing some four hundred and seventy, is the UK’s largest exhibition venue with seven million visitors for about eight hundred and fifty events; it accounts on its own for 30% of total exhibition space in the country.

Despite objections by a numberof prestige brand-owners, Harvey Nichols has decided to allow Mike Ashley’s Frasers Group to bid in the auction for the iconic store. It is reported that Harvey Nichols wrote to brand-owners, which supply Harvey Nichols, to inform them that it had been “obliged to allow Frasers Group to participate in the process alongside the other interested parties”, and that “this forms part of ensuring a robust and competitive process as we seek the right partner to support Harvey Nichols’ next phase of growth”. It is not clear why a privately held company had to accede to Frasers’ request.

Unlucky Norway not only lost its World Cup quester final tie with England, but its airline also was defeated in a light-hearted wager with British Airways. Ahead of the game, Norwegian challenged British Airways, on Instagram, writing: “If Norway wins, you have to switch to our logo on Instagram on Sunday (one day). And vice versa. Deal?” British Airways responded with a confident: “Don’t make bets you can’t win”. The day after the match, (Sunday 12 July), Norwegian showed BA’s Instagram profile logo.

So far, this fiscal year, ending in October 2026, the US government has returned over US$ 80.0 billion, raised through tariffs after they were ruled illegal by the Supreme Court in February; about US$ 166.0 billion is subject to refund, with US$ 71.0 billion being returned over the last two months. For the year ended October 2025, the payout was only US$ 5.0 billion – when the US Treasury reported net custom collections of US$ 26.6 billion.

For the first time since 2019, the share of UK homes bought by landlords exceeded that of homes being sold by them – despite industry warnings that more rights for tenants would squeeze landlords out. Estimates by Connells noted that homes rented in the past five years made up 9.2% of all properties listed for sale in June, with landlords accounting for 10.2% of all purchases.

Previously owned by the Chinese company Jingye, and to protect “the future of steel production” in the UK, the Starmer government has brought the troubled steelmaker under public ownership. The Chinese company bought British Steel in 2020 for US$ 94 million, (GBP 70 million). The Department for Business and Trade said the move was essential to maintain steel production at British Steel’s site in Scunthorpe, Lincolnshire, as well as to protect both the company’s future and UK supply chains. It also added that taking the loss-making firm into public hands would protect jobs and safeguard a “vital national capability”. Today, 17 July, China has come back fighting saying it “firmly opposes and is strongly dissatisfied with the British government’s decision”, adding that the moves “seriously infringed upon Jingye’s legitimate rights and interests and severely undermined the confidence of Chinese companies investing in the UK”.: China’s commerce ministry  posted today that the UK government had “forcibly” taken over the company and “disregarded” the contributions of Chinese steelmaker Jingye — the previous owners — to the British economy.

 Only about one in six UK small businesses expects to grow over the next twelve months. This was the conclusion of a quarterly report, issued by the Federation of Small Businesses; this was the lowest proportion recorded by the group’s quarterly research since it began in late 2014.

BDO’s June index, that measures economic output, slid 3.37, on the month, to 91.53 – its weakest reading since the Covid lockdown days of February 2021. The fact that economic growth had fallen to a five-year low has prompted many businesses to freeze, hiring as they shifted into “survival mode”.

Three of the UK’s largest stakeholders in the housing sector housebuilders, Crest Nicholson,  estate agents, Foxtons, and homeware retailers, DFS, have posted that they are in danger of losing millions in lost profits because of the ongoing impact of the ME crisis. It has badly hit consumer confidence that has resulted in the housing market having slowed down since the onset of the Iran war, as have reinflated mortgage rates. Crest, which expects its annual underlying profit to be “at the lower end” of the range of £5 million (US$ 6.73) to £15 million, (US$ 20.19 million) had noted that “since April, pricing has generally remained resilient, but customer inquiries, visitor levels and land market sentiment have softened”. Foxtons cited the ME crisis and the UK’s volatile political climate as the prime drivers for the slump in consumer confidence keeping mortgage rates on the high side. This has resulted in a “prolonged downturn in the sales market”, and its latest profit forecast being some US$ 6.73 million lower than earlier estimates.

Following an 0.1% April dip in UK economic growth, its GDP moved into positive territory, with a marginal 0.1% increase in May, in line with City forecasts. In the May quarter, GDP rose by 0.7%, compared with a revised 0.8% in the April quarter. There was no surprise to see the main driver to be once again the services sector, which accounts for about 75% of GDP, and rose by 0.3% after a slight 0.1% April contraction. Despite output in the other parts of the economy – production and construction – contracting in May, the warm spring weather provided a welcome boost to businesses, with stronger consumer spending helping to drive growth in consumer-facing services. There should be more of the same when June figures are released. 

Two years ago, the Starmer government had made growth its number one priority but soon had sown the seeds of an economic disaster. Within weeks, it had warned of a tough budget to come and claims of a massive fissure in the public finances. The Chancellor’s mantra of fiscal credibility, along with her incompetence and inexperience, has finally led to her undoing; she was unable to stimulate economic growth. Indeed, her first budget saw employers’ national insurance contributions rise by 1.2% to 15.0%, with an extra tax burden of US$ 30.0 billion placed on the very sector that could have helped with growth. In the same year, she was forced into a major U-turn, with her policy misstep of imposing inheritance tax on family farms. Along with Keir Starmer, she became more famous for policy U-turns, which by the end of their tenures, had numbered in excess of one for every month of their stay in power.

On Monday, Andy Burnham will meet King Charles lll who will rectify his appointment as the UK’s new Prime Minister; following the meeting, the new leader will get down to business and, inter alia, will announce his Cabinet appointments. Last week saw the final set of economic data before this transfer of power and it could well be the last bit of disappointing news that Rachel Reeves will have to defend and try to convince the UK public that all is still well on the economic front. Now she will not have to worry about fiscal credibility, stagnant GDP metrics, high tax, lower consumer confidence, flatlining growth and all the rigmarole around being the Chancellor of the Exchequer. She will have to admit that she was Out Of My Depth!