It’s Hard To Be Humble!                                                          31 July 2026

Binghatti Holding registered very robust H1 figures, including revenue 50.0% higher, at US$ 2.59 billion, gross profit by 66.0% to US$ 1.17 billion, EBITDA by75% to US$ 1.04 billion and net profit, up 64.0%, to US$ 817 million. The three main drivers were strong project deliveries, new launches and sustained demand for residential property. During the first half year of 2026 the Dubai-based developer launched eight projects and delivered around one thousand, seven hundred residential units, including Mercedes-Benz Places – Binghatti City, its first master-planned community, and Tilal Binghatti, its first villa development. Binghatti has a development backlog and a revenue backlog of US$ 12.04 billion and US$ 4.71 billion – both potential future revenue streams

In H1, Binghatti completed a five year US$ 500 million sukuk, maturing in 2031, which was 4.3 times oversubscribed, with Moody’s also reaffirming the company’s Ba3 corporate credit rating. Looking ahead, Binghatti said Dubai’s residential market continues to benefit from population growth, long-term residency initiatives and economic diversification, with demand increasingly driven by end-users and long-term residents, rather than speculative investors.

Over the next three years, the Dubai skyline will see a further four more buildings, with heights above five hundred mt:

• Burj Azizi. 725 mt         SZR             2028       Azizi Developments
• Burj Binghatti Jacob & Co Residences595 mt      Business Bay  2027       Binghatti Development
• Tiger Sky Tower. 532 mt      Business Bay  2029       Tiger Properties
• Six Senses Residences       517 mt      Business Bay  2028       Select Group

Union Properties has plans for a new US$ 545k residential community of one hundred and sixty-seven townhouses, villas and bungalows as it progresses with a US$ 1.09 billion project pipeline, following a 67.2% increase in H1 revenue to US$ 144 million. Gross profit rose 41.5%, to US$ 29 million, attributable to higher revenue, operating efficiencies and continued project execution. Q2 revenue increased 69.2%, on the year, to US$ 70 million, with gross profit touching US$ 13 million. The planned master development also posted that the US$ 1.05 billion in potential development revenue remains to be recognised through the end of 2028, with it posting US$ 28 million in development revenue during H1. Construction is continuing at its Takaya and Mirdad developments, while its in-house contracting business, Tetra Edge, is being used to manage execution and project margins.

Following the noteworthy success of its first Dubai offering – the US$ 545 million original RAW District – Imtiaz Developments has already sold out its US$ 409 million RAW District 2 on the day of its official launch. Like its predecessor, RAW District 2 will introduce Imtiaz Developments’ growing ecosystem of proprietary lifestyle brands, including Raw Stay, Raw Theory, Distrikt Table, 6AM Coffee Club, The Design Lab, The Studio, and Raw Station. The mixed-use development will have two towers – Tower and residences and Tower B offices, with over twenty curated amenity zones across the podium and rooftop. Together, these concepts create an integrated destination where hospitality, wellness, fitness, creativity, dining, work, and social interaction become part of everyday life.

GRID has broken ground on Enchante by GRID – its first signature development in Dubai.  The US$ 82 million premium residential development, in Arjan, comprises studio, one- and two-bedroom residences, alongside retail space. The development will feature five hundred sq mt of open green space and one hundred trees across eight species, alongside ten types of shrubs and groundcovers on the podium alone. Other amenities include access to a swimming lagoon pool and sun deck, a fully equipped gym and wellness spaces, dedicated children’s play areas, and landscaped courtyards and shaded seating throughout the community. Starting prices begin at US$ 180k, with completion slated for Q4 2028. The Dubai-based holistic realty developer has already sold 60% of units, no doubt helped by the developer’s attractive payment plan. Tushar Bhatt, GRID’s CMO, noted that, “Enchanté is no longer just an idea, it is now becoming a tangible community. It reflects our commitment to delivering thoughtfully designed developments on schedule, while reinforcing our reputation as a developer that turns ambitious concepts into lasting destinations”.

Over the next twelve months, Danube Properties is set to hand over eleven projects including Elitz 1 & 3 by Danube in Jumeirah Village Circle, Sportz by Danube in Dubai Sports City, Viewz 1 & 2 by Danube in Jumeirah Lakes Towers, Oceanz 1, 2 & 3 by Danube in Dubai Maritime City, Fashionz by Danube in Jumeirah Village Triangle, and Oasiz 1 & 2 by Danube in Dubai Silicon Oasis. Its Founder and Chairman, Rizwan Sajan, noting that despite recent geopolitical developments in the GCC, which doubled the building material costs, that Danube Properties remained committed to delivering every project as promised, adding “We absorbed the increased cost of procuring construction materials because keeping our promise to customers has always come first”.

Another week and another record for the Dubai property market, with a six-bedroom Jumeirah Golf Estates villa selling for US$ 30 million – almost double the previous highest price for a completed ready property in this burgeoning location. The property, with a built-up area of 21.71k sq ft on a 15.87k sq ft plot, features nine bathrooms, four lounges, a home office, private cinema, rooftop terrace and dedicated wellness facilities including a gym, sauna and treatment suite. The deal is a continuation of the strength in Dubai’s luxury property sector, which has continued to attract wealthy global investors, despite geopolitical and economic uncertainty, in a sector with a limited supply of trophy homes.

CBRE Middle East’s latest UAE Real Estate Market Review posted that Dubai Q2 average residential rents dipped 6.2%, on the quarter and 2.6% down on the year. Home sales prices slowed but still came in 1.9% higher on the year – a possible sign that the mega annual rises seen in the previous five years may have come to an end, to be replaced by more moderate upticks in future prices. In H1, it estimates that eighteen thousand residential were built whilst home sales were 29% lower, at around thirty-seven thousand, compared to figures posted in 2025; the value of transactions was 42.9% lower at US$ 23.98 billion. CBRE also linked the H1 slowdown to softer demand, fewer new project launches and increased housing supply.

According to Cavendish Maxwell’s latest Dubai Residential Market Performance report, Dubai added 24.8k new residential units in H1 – 37.6% higher compared to the previous year and up 12.1% compared to H2 2025. Of that total, 18.9k (76.2%) were apartments – up 43% on the year – and 5.9k, (23.8%) were villas/townhouses, 22.6% higher. As what normally happens, only 41.3% of units scheduled for delivery in H1 were actually handed over. Sales transactions generated US$ 60.33 billion in value with the number of deals totalling 79.3k, (59.3k for off plan and 20k for ready homes)

Average sales prices, at 1.9% higher, reached US$ 447 per sq. ft by June 2026, with rental rates climbing 7.8% to US$ 21 per sq. ft annually. Rental yields continue to climb and are in the top echelon on a global comparison – apartments and villas generating yields of 6.9% and 5.0%. The top two apartment communities in this field were Dubai Investments Park, and International City, posting yields of 9.7% and 8.9%, with Dubai Industrial City topping the league for villas.  Mortgage activity also witnessed 17.4% expansion, with 22.5k transactions, valued at US$ 13.98 billion, reflecting continued confidence among buyers financing their purchases. Villa mortgage values rose the fastest, up 35.6% annually to US$ 5.40 billion.

Dubai’s high-end market continues to grow, with the ultra-luxury segment, (homes priced at US$ 13.62 million and above), posting one hundred and sixty transactions in H1 2026, up 12.7%, as off-plan ultra-luxury sales climbed 25.6 %. The broader luxury segment (US$ 5.45 million-plus) logged 1.09k deals – 6.2% higher than H2 2025

Dubai South’s 7.31k off-plan transactions, was again the leader in the ready homes segment followed by Jumeirah Village Circle, with 1.07k sales. For villas and townhouses, DAMAC Islands 2 topped off-plan demand with 3.19k transactions, while DAMAC Hills 2 led the ready segment.

H1 saw one hundred and twenty-four launches comprising 28k units –  a welcome slowdown from the frothy 2025 record-setting four hundred and ten project launches. At the beginning of H2, the development pipeline remains in rude health – with 47k scheduled for delivery this year, (of which 82.5% will be apartments), 162.5k in 2027 and 128.2k a year later.  Jumeirah Village Circle, Dubai South, Dubai Science Park and Business Bay will bear the brunt of these developments.

Meanwhile, the office market continued its upward tractile, especially noted in the high-quality space in major commercial districts and free zones, with Q2 prime office rents rising by 16%, on the year, and by 13% for average office rents.

.Occupancy remained at approximately 94%. It was noted that demand remained concentrated in DIFC, TECOM and DMCC, where companies continued to lease space in future developments before construction was completed. Retail properties continued to record high occupancy despite softer tourist spending and changes in consumer demand, with occupancy as high as 99%. Dubai retail rents increased by around 3%, with new retail developments in the pipeline including Al Khail Avenue. Industrial and logistics property remained one of the strongest parts of the UAE real estate market, supported by manufacturing investment, supply chain localisation and foreign direct investment. Rental growth continued across Dubai Industrial City, Dubai Investments Park and National Industries Park.

CBRE expects the 2026 UAE economy to post a marginal contraction of 0.4% following the impact of the ME crisis that has disrupted, inter alia, Dubai’s three ‘Ts’ – trade, tourism and travel. The world’s largest commercial real estate services and investment firm added that “although near-term conditions are likely to remain challenging, the country’s long-term growth trajectory remains supported by structural reforms, strategic investment and its position as a leading hub for trade, capital and talent”.

A study by Smart Bricks, that surveyed some eight thousand, five hundred global investors, found that 52% of that total saw Dubai as “significantly” more attractive than other global property markets, with 32% viewing it as “somewhat” more attractive. It appears that the emirate is no longer considered as a speculative but more of an investment destination on par with the likes of London and Singapore. The findings come at a time when H1 Dubai property figures posted eighty-seven, eight hundred transactions, valued at US$ 79.48 billion, with off-plan properties accounting for 71% of all deals. The study also estimated that in the first six months of the year, one hundred and twenty-one thousand moved to the emirate – all of whom require housing. Further analysis pointed to the fact that 61% of those surveyed ranked capital appreciation the primary attraction for investors, followed by developer payment plans, (54%), Dubai’s tax environment, (47%), population/economic growth, (42%), and strong rental demand, (36%).

There was a 9.0% hike in Dubai’s H2 average property prices whilst it was noted that prices in the luxury market, (homes valued at over US$ 10 million), jumped 16% for transactions and 14% in sales value; strong demand saw two hundred and ninety-six home sales, garnering US$ 5.1 billion. The growth in off-plan activity is also being fed by a growing development pipeline, with more than thirty-one thousand branded residence units, (equating to 8% of total future housing supply) scheduled for delivery by 2030. Dubai is the global leader in branded residences, with sixty-four completed developments and a further eighty-seven projects in the pipeline.  It has been estimated that branded properties come with an average 64% premium over non-branded homes.

Other information includes an analysis of seventy thousand off plan units, bought directly from developers and resold before handover between 2009 and 2026. After a nineteen-month holding period, a 9.1% gain was noted and when say 5% transactions costs are deducted, the investor had made a 4.1% profit. The study also compared off-plan properties sold more than eighteen months before handover and properties sold at or after handover; the former posted median gains of 5.3% with the latter achieving 18.7% median gains. Villas showed a different pattern, with returns peaking at 27.5% in the final three months before completion but then dropping sharply after handover.

There was a surprising conclusion when location was brought into the equation. The top three locations Tilal Al Ghaf, La Mer and City Walk registered median gains of 24%, 22% and 22% respectively, whilst Dubai Marina and Sobha Harland only posted 5% and 2%. This seems to indicate that the strongest returns were often generated in master-planned lifestyle communities rather than in the city’s most established residential districts.

PRYPCO MINT has halved its minimum investment requirement, to US$ 272k, making it easier for investors seeking exposure to Dubai’s digital property market. The Dubai Virtual Assets Regulatory Authority-licensed platform, for tokenised real estate, hopes that the change will give investors greater flexibility to build and diversify their portfolios. Investors can spread their capital across multiple properties in Dubai, helping diversify their risk and gain exposure to a broader range of real estate assets and to give them the potential to generate rental income and capital appreciation. Launched in May 2025, it has had ten tokenised properties, all of which were fully funded within record times, in some cases in less than two minutes, underscoring strong investor demand for digital real estate products.

The number of Dubai hotels receiving the Dubai Sustainable Tourism stamp, for their commitment to responsible hospitality practices, has risen 54.9%, to two hundred and thirty-seven, from its second cycle and more than triple the seventy number awarded in its first phase in 2023. The 2023 split was 22:92:123 for Gold, Silver and Bronze respectively. The stamps, which are valid for a year, provides travellers with a trusted, independently verified benchmark for responsible hospitality while strengthening the competitiveness of Dubai’s tourism sector.

It seems that Dubai population figures have been amended higher; on 13 November 2025, the population clock indicated a figure of 4.044 million. According to Digital Dubai, via the Dubai Data and Statistics Establishment, the emirate was home to 4.580 million at the end of 2025. It estimated that the population had grown by 7.56%, from 4.258 million at the beginning of the year. Authorities have unveiled a ground-breaking AI-powered real time population monitoring system and this has been approved by the Crown Prince, Sheikh Hamdan bin Mohammed. The ‘Dubai Population Now’ initiative replaces the traditional census with a continuously updated digital system, enabling authorities to track demographic changes in real time and make faster, data-driven decisions. Younus Al Nasser, CEO of the Dubai Data and Statistics Establishment Al Nasser noted that Dubai attracts large numbers of workers and visitors, (totalling around 1.8 million), every day from within and outside the country;

Dubai International Airport has topped global rankings for scheduled international seat capacity, at 4.35 million, in July 2026, reinforcing its position at the centre of long-haul travel demand, as traffic continues to recover across key corridors. According to the UK-based aviation analytics firm OAG, it has topped global rankings, ahead of London Heathrow Airport, Amsterdam Airport Schiphol, Incheon International Airport and Charles de Gaulle Airport, with 4.23 million seats, (down 1.0%), 3.82 million seats, up 1.0%, 3.75 million seats, and 3.70 million, respectively. The airport had already led global rankings earlier in 2026, surpassing Hartsfield–Jackson Atlanta International Airport, in January, with 5.5 million scheduled seats, and maintaining its lead in February with 4.9 million, as its capacity rose 18% on the year. It also retained its position in 2025 as the world’s busiest airport for international passenger traffic by seat capacity, with 62.4 million seats – 4.0% higher on the year.

Six years ago, Blackstone left Dubai to move its regional base up the road to Abu Dhabi. This week, it appears that the world’s largest alternative asset manager, (which manages US$ 1.35 trillion in assets), is to open an office in the Dubai International Financial Centre – a move that will surely consolidate its regional position and its ability to attract global investors, HNWIs and financial institutions. It will also retain its presence in the capital.

DP World announced that it had completed – thirteen months ahead of schedule – major dredging work at Senegal’s Port of Ndayane; 95% of the material removed was solid rock. The early finish allows construction of the quay and other marine infrastructure to begin sooner than anticipated so that the US$ 1.2 billion project could be handed over in 2028. It is set to become Senegal’s main deep-water container gateway, expanding the country’s trade capacity and strengthening its position in West African logistics. The project, employing over one thousand people, encompasses a five km navigation channel, a six hundred mt turning basin and an eight hundred and seventy-five mt berth pocket, designed to receive the world’s largest container ships. The berth will be capable of handling two Triple E-class container vessels at the same time. The Dubai port operator has operated the Port of Dakar terminal since 2008 – with container volumes 320% higher in the ensuing seventeen years to 2025 – and has invested about US$ 340 million in enhancing the facility; since 2008, vessel waiting times also fell from thirty-five hours to almost zero

This week saw Emirates launching crypto.com pay that will allow passengers to book their flights using cryptocurrency. All transactions will be priced and settled in AED, but passengers will require a Crypto.com account to complete the booking on the airline’s official website or app. The integration is powered by Crypto.com’s Dubai entity, the first Virtual Asset Service Provider (VASP) to be granted a Stored Value Facilities (SVF) licence by the Central Bank of the UAE and operates within the scope of the SVF framework. This launch is in alignment with the Dubai Cashless Strategy, under the D33 Economic Agenda, which aims to make 90% of all financial transactions across government and private sectors digital by the end of 2026. It also builds on Emirates’ partnership, signed with Dubai Finance last year, to advance digital payments and follows Crypto.com’s partnership with Dubai Finance to accept digital payments for government services.

In order to meet the growing demand for air services between the two nations, the UAE and Egypt have agreed to establish a phased framework for its gradual expansion which will create new opportunities for airlines and further boost economic ties. The announcement comes on the sidelines of the eleventh edition of ICAO AFI Week in Cairo. Abdulla Bin Touq Al Marri, UAE Minister of Economy and Tourism, noted that “the phased expansion of air traffic rights will support the aviation sector, promote tourism, the economy, and investment, and further advance the distinguished economic partnership between our two countries to even greater levels of growth and prosperity”.

An agreement between the Dubai Department of Economy and Tourism and Swiss wealth manager Julius Baer plans to help international investors, business owners and family offices establish or expand their presence in the emirate. The alliance will also support the objectives of the Dubai Economic Agenda, D33, as well as helping the emirate convert international interest in Dubai into business establishment and investment activity. The Swiss wealth manager, (with assets under management of US$ 667.75 billion), has a network spanning more than twenty-five countries and sixty locations and will connect clients with investment and business opportunities in Dubai. Recent years have seen Dubai’s private wealth sector expanding, with the 2025 number of family-related entities, (in the DIFC), at 1.29k – an annual 61.0% surge – whilst families based in the free zone have also established 1.12k foundations, 66.0% higher on the year.

The UAE and Canada have announced the successful conclusion of negotiations for a Comprehensive Economic Partnership Agreement which will further enhance bilateral trade, which had topped US$ 4.2 billion last year – a significant 21% higher on the year. When ratified by both parties, this agreement will cut tariffs, eliminate bureaucratic hurdles, and expand market access for businesses in both countries. Interestingly, this agreement was done in record time and was the fastest achievement within the UAE’s Cepa programme, since its September 2021 launch date. It is projected that this deal will facilitate billions of dollars in trade flows into major projects, including ports, mines, LNG facilities, data centres, and critical minerals in many key sectors such as, aerospace, agri-food, and seafood. The Cepa complements the existing UAE-Canada Foreign Investment Promotion and Protection Agreement (Fipa), which has already facilitated long-term partnerships between Canadian and UAE industries, attracting capital to major projects and creating jobs.

With Dubai Aerospace Enterprise (DAE) finalising its US$ 9 billion, 100% acquisition of Macquarie AirFinance, (and its consolidated subsidiaries) its fleet has expanded to about one thousand owned, managed and committed aircraft. If nothing else, this deal enhances and strengthens the Dubai company’s position among the world’s largest aircraft leasing firms. It also increases the number of DAE’s owned and managed aircraft to more than one hundred and seventy-five airlines across over seventy-five countries. The Group also has commitments to acquire around one hundred and fifty aircraft from Boeing, Airbus, ATR and other trading counterparties. Firoz Tarapore, DAEs CEO, added that “our current fleet size makes us the third-largest lessor globally, both by fleet value and by the number of owned and managed aircraft”.

As part of DEWA International’s strategy to strengthen global partnerships and expand cooperation with major companies in the energy and water sectors, a high-level delegation, headed by its Chairman, Saeed Mohammed Al Tayer, visited the French capital, Paris, and met the management of EDF, TotalEnergies and Engie. This new subsidiary of DEWA aims to develop international energy and water projects, export utility infrastructure expertise and scale sustainable operational models by partnering with governments, developers and financial institutions to co-develop and co-invest in global infrastructure projects. The Dubai company’s expertise spans the entire energy value chain, including power and water production, transmission, distribution and advanced clean energy technologies such as solar photovoltaic, concentrated solar power, green hydrogen, hydroelectric power and green data centres.

After Paris, the next port of call, for the DEWA International delegation was London to meet with senior leadership from ING and Actis, as it plans to develop, finance, deliver, and operate power and water infrastructure projects around the world. In the meeting, Chairman Al Tayer noted that DEWA continues to work toward the goals of the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Strategy 2050, by expanding its reliance on renewable and clean energy and improving production and consumption efficiency. He also discussed the Mohammed bin Rashid Al Maktoum Solar Park, the world’s largest single-site solar park developed under the Independent Power Producer (IPP) model, which combines photovoltaic and concentrated solar power technologies with energy storage and green hydrogen production. He added that clean energy currently makes up more than 21.5% of Dubai’s energy mix, a share expected to rise to 36% by 2030 — up from an original target of 25%.

The third leg of the European tour saw the delegation in Athens where it held high-level talks with several Greek companies, including leaders of the Public Power Corporation (PPC) Group and METLEN Energy & Metals. as part of plans to expand their global outreach. The discussions involved ways to enhance cooperation and emerging opportunities related to energy demand in data centres and infrastructure linked to power grids, and the potential for DEWA International to offer its expertise in operations, maintenance and facility governance to support Greek energy projecAfter four months of energy price rises, last month saw a reduction in petrol retail prices. However, as global oil prices had rocketed in July, the UAE has announced increases across the board.

		Aug	July	Increases	01 Jan
	US$
	Super 98	0.981	0.926	5.94%	0.689
	Special 95	0.951	0.896	6.14%	0.659
	EPlus	0.929	0.875	6.17%	0.638
	Diesel	1.035	0.981	5.50%	0.695

The Central Bank of the UAE posted its May financial figures showing:

• gross assets                             up to      US$ 1.53 trillion                     1.1% on the month
• gross credit                             up to      US$ 743.87 billion     0.55%                                                                  (driven by a US$ 376.02 billion rise in domestic credit)
• private sector lending          up by US$ 1.25 billion

(for both corporates and individuals)

• credit to GREs                         up by US$ 954 million                           1.0% on the month
• banks’ deposits                       up to US$ 942.78 billion
• non-resident deposits         up to US$ 868 million                            3.68% on the month
• financial corp deposits        up to US$ 18.31 billion                        2.4% on the month
• M1 Money Supply                                   US$ 286.10 billion

(monetary deposits – US$ 241.39 billion; currency – US$ 45.67 billion)

• M2 Money Supply                                   US$ 776.57 billion
• M3 Money Supply                                   US$ 923.71 billion                                 

(includes government deposits)

(the monetary base totalled US$ 241.39 billion)

(banks’ reserve balances held at the CBUAE rising 49.4% to US$ 80.49 billion)

e& reported double-digit H1 revenue growth, 11.6% higher at US$ 10.38 billion, as its subscriber base expanded sharply across domestic and international markets; EBITDA rose 13.1% to US$ 4.82 billion, equating to a 46.5% margin. Consolidated net profit rose 2.4% to US$ 1.63 billion, after excluding one-off gains from the sale of Khazna and the Maroc Telecom settlement recorded in H1 2025. In Q2, revenue rose 8.7% to US$ 5.23 billion, with EBITDA 9.8% higher, at US$ 2.45 billion, and net profit of US$ 845 million, broadly in line with the same period last year, after adjustments. Q2 revenue rose 8.7%, to US$ 5.23 billion. The US$ 0.129 per share dividend was up 10.5% on the year. Its total subscriber base grew 30.4% year on year, to 251.5 million, while its UAE customer base increased 6.4%to 16.5 million subscribers.

Dubai Financial Market posted its H1 financials which showed a net profit before tax of US$ 121 million, driven by strong trading activity and increased investor participation. DFM’s consolidated revenue, at US$ 152 million, was 37.3% lower compared to year earlier, with the fall mainly down to a one-time US$ 126 income from the sale of an investment property; the revenue spilt was US$ 105 million from operations and US$ 47 million from investment returns and other income. Expenses, excluding tax, were 1.7% higher at US$ 31 million. Net profit before tax stood at US$ 121 million, 43.0% lower compared to June 2025. Average daily traded value jumped 45.1% on the year to US$ 273.57 million, while the average number of daily trades rose 35.4% to 18,76k, with traded value increasing 40.4% to US$ 32.56 billion. This improvement came about despite DFM’s market capitalisation, on 30 June, being 1.4% lower on the year, at US$ 267.47 billion.

Of the 42.86k new investors in H1, 71.4% were foreign investors. During the period., institutional investors accounted for 71.2% of total traded value, with foreign investors contributing 51% of overall trading activity, while foreign ownership accounted for 20.1% of market cap.

‘A Legacy of Growth’ has been published by Dubai Holding, listing the Group’s impact on the emirate’s economic and social development, over the past two decades. The global investment company, which manages assets valued at US$ 136.24 billion, notes that not only did it contribute 13.5% of Dubai’s 2025 GDP, but it also supported economic activity equivalent to around 30% of the emirate’s GDP through its broader ecosystem of businesses, destinations and master-planned communities. It operates across ten sectors, including investment, tourism, real estate, hospitality, retail and other strategic industries.

The Central Bank support package, introduced earlier this year, has seen banks in the UAE deferring US$ 3.68 billion worth of repayments on loans for more than 135.03kk customers. The initiative was set up to aid businesses and individuals affected by regional disruptions while the country’s banking sector continued to strengthen. The three main beneficiaries were:

• US$ 2.48 billion was for 1.08k large corporates
• US$ 0.65 billion was for 6.20k SMEs
• US$ 0.54billion was for 127.75k individual borrowers

Mashreq reported a record H1 profit before tax, of US$ 1.31 billion, (18% higher on the year), as strong growth in lending, customer deposits and fee income helped the UAE lender navigate a challenging regional environment. Operating income rose 10% to US$ 1.85 billion; net profit after tax surged 17% to US$ 1.10 billion, including US$ 689 million in Q1. Net interest income rose 7% to US$ 1.14 billion, while non-interest income increased 17% to US$ 708 million, accounting for 38% of total operating income. Operating expenses increased 15% to US$ 583 million as Mashreq continued investing in AI initiatives, digital onboarding and technology infrastructure. Even so, the bank maintained a cost-to-income ratio of 31%.

Continued balance sheet expansion and higher customer activity helped the return on equity touch 21%, as the balance sheet strengthened, with customer deposits jumping 28% to US$ 61.91 billion and customer lending by 26% to US$ 46.08 billion. Total assets grew 25% to a record US$ 99.65 billion, while shareholders’ equity grew 19% to US$ 11.66 billion, attributable to continued business growth. The capital adequacy ratio rose to 16.9%, supported by a US$ 1.93 billion increase in the bank’s capital base to US$ 12..00 billion.

Sukoon Insurance’s main H1 economic indicators showed double digit growth with gross written premiums 12.0% higher at US$ 1.04 billion, profit before tax up 39% to US$ 83 million, (supported by improved underwriting performance and stable investment returns), insurance services, 68% to the good at US$ 66 million, and investment income growing 11% to US$ 44 million. Total equity rose by 5.0% to US$ 962 million, with the company registering a solvency ratio of 260%, compared with the minimum requirement of 100%.

With seeing its recurring H1 net profit increase by 9.0% to US$ 219 million, the TECOM Group will distribute an interim cash dividend of US$ 120 million, expected to be paid in August. There was a 12.0% hike in funds from operations, to US$ 300 million, supported by higher occupancy, improved rental rates and contributions from the group’s expanded property portfolio. Both revenue and EBITDA returned double-digit growth – by 11.0% to US$ 409 million and by 10.0% to US$ 327 million, (with a 79% margin). Over the six-month period, occupancy was at a very credible 97%, backed by continued demand for offices, manufacturing space, logistics facilities and land leases. (Q2 EBITDA rose 8% to US$ 167 million, with the margin reaching 78%, on the back of recurring net profit increasing 7% to US$ 109 million). Furthermore,

• commercial portfolio revenue increased 11% to US$ 213 million, supported by demand for Grade-A offices with a 96% occupancy rate and a customer retention rate of 94%
• industrial asset revenue rose 15% to US$ 65 million, with occupancy reaching 98% and customer retention standing at 99%, with the main driver being demand from manufacturing and logistics customers
• land lease revenue climbed 22.0% higher at US$ 98 million, helped by demand and the leasing of land acquired during 2025

Dubai’s taxi and limousine market began to recover in June after a difficult Q2, with the year-on-year decline in trips narrowing to 11.2% from 36.7% in April. The improvement came after weaker airport and tourism-related demand weighed on Dubai Taxi Company’s core businesses during April and May, cutting quarterly revenue and profit despite continued growth in its delivery bike fleet and an expansion of its operating fleet.

DTC completed 10.3 million taxi and limousine trips during Q2, 24.3% lower than Q2 2025. Trip volumes increased by about 31% between April and June, while the annual decline eased from 36.7% in April to 24.4% in May and 11.2% in June. Both Q2 and H1 revenue slowed, declining by 22.5% to US$ 132 million and by 16.7% to US$ 272 million. (Both taxi and limousine revenues went south – down by 26.5% to US$ 108 million and by 19.7% to US$ 7 million). Q2 EBITDA tanked by 57.2% to US$ 21 million, with the margin falling to 15.9% from 28.9% a year earlier. Net profit went down the toilet – by 90.1% to US$ 3 million, with cash and cash equivalents at US$ 111 million by the end of June. Other sectors fared better. Bus revenue increased by 2.3% on the year to US$ 9 million, supported by long-term government contracts, whilst delivery bike revenue surged by 53.1% to US$ 8 million, driven by continued demand across the UAE’s on-demand delivery market.

By 30 June DTC’s total operating fleet had reached 11.93k vehicles, with a 6.52k taxi fleet, including 0.67k fully electric vehicles. In April, DTC picked up a further six hundred taxi licence plates, via an RTA auction in April, increasing its Dubai market share to 46% before the inclusion of National Taxi, which it acquired after the reporting period.

The DFM opened the week on Monday 27 July on 5,787 points, and having shed two hundred and seventy-two points (4.5%), the previous fortnight, gained nine points (0.1%), to close the week on 5,796 points. Emaar Properties, US$ 0.28 lower the previous three weeks, shed US$ 0.02 to close on US$ 3.00 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.72, US$ 8.23, US$ 2.00 and US$ 0.38, and closed on 31 July at US$ 0.75, US$ 8.23, US$ 1.98 and US$ 0.38. On 31 July, trading was at one hundred and twenty-seven million shares, with a value of US$ one hundred and sixty million dollars, compared to one hundred and sixty million shares, with a value of US$ one hundred and twenty-one million dollars on 24 July.

The bourse had opened the year on 6,047 points and, having closed on 31 July at 5,796, was two hundred and fifty-one points (1.1%) lower YTD. Emaar had started the year with a 01 January 2025 opening figure of US$ 3.83, and had shed US$ 0.83, to close on 31 July 2026, at US$ 3.00. Four other bellwether stocks, DEWA, Emirates NBD, DIB and DFM started 2026 on US$ 0.74, US$ 7.59, US$ 2.53 and US$ 0.45 and closed on US$ 0.75, US$ 8.23, US$ 1.98 and US$ 0.38.  

By 31 July 2026, Brent, US$ 26.59 (37.0%) higher the previous three weeks, shed US$ 10.28 (10.4%), to close the week on US$ 88.10. Gold, US$ 52 (1.3%) higher the previous week, shed US$ 3 (0.1%), to end the week’s trading at US$ 4,049 on 31 July. Silver was trading at US$ 57.98 on 24 July – and closed today, 31 July, US$ 0.18 (0.3%) lower on the week at US$ 57.80.

Brent started the year on US$ 60.91, and was US$ 27.19 higher (44.6%), YTD, to close 31 July 2026 on US$ 88.10. Gold started the year trading at US$ 4,341, and by the end of July, the yellow metal had shed US$ 292 (6.7%) and was trading at US$ 4,049. Silver started 2026, trading at US$ 70.60 and closed US$ 12.80 (18.1%) lower on 31 July at US$ 57.80

In early Monday morning trading, Brent crude was trading 6.0% lower, at US$ 90.81 a barrel, after a temporary pause in US and Iranian strikes that had been ongoing over the previous nine days. It was reported that Donald Trump had decided to pause US strikes to allow the opportunity for talks between the warring sides. The week started with renewed hopes thata longer-term solution could be found to end the disruption to shipping through the Strait of Hormuz and bring some sort of peace agreement.

With Q2 profits more than doubling, from US$ 4.26 billion in 2025, to US$ 9.84 billion, Shell’s H1 profit came in on US$ 16.76 billion – 70% higher on the year – attributable to higher energy prices because of the ME crisis which, in turn, has led to major disruptions to global supplies of oil and LNG. The petro giant’s chief executive, Wael Sawan, commented the company’s “operational performance enabled very strong results during another quarter of severe disruption in global energy markets”. Before the conflict began, the price of Brent crude, was trading around US$ 73 a barrel and since then it has touched US$ 120, before falling back to hover around the US$ 100 level. It was not all good news for Shell, with its Qatar LNG facility having been shut down since March, along with its Pearl gas-to-liquids facility having suffered “extensive damage” when it was hit by a missile attack in March  – repairs are expected to take twelve months. Overall, Q1 gas production fell by 30.6% to 631k barrels of oil equivalent per day in Q2.

May saw Argentina’s oil production rise to an all-time high of 887.23k bpd, (0.6% higher on the month and 19.0% higher on the year), as the country’s oil industry continues to gather momentum. Natural gas production also rose to 5.5 billion cu ft pd, an indicator of the ongoing continued growth in unconventional drilling, in the country. The recent surge has been a godsend for embattled Argentina and could benefit the economy by additional export revenue. At the centre of this energy well, is Vaca Muerta, an 8.6-million-acre shale formation, widely regarded as one of the world’s largest unconventional hydrocarbon resources. The basin, that supplied 70.6% of Argentina’s crude oil productionin May, is estimated to contain sixteen billion barrels of technically recoverable oilas well asthree hundred and eight trillion cu ft of recoverable natural gas. Fresh investment appears to be no problem with the company earmarking:

• capex of US$ 35.7 billion over the next five years
• state-controlled YPF plans to capex spend over US$ 4.0 billion on unconventional operations in Vaca Muerta,
• private investors Vista Energy, Pluspetrol and Pan American Energy are to spend combined US$ 2.9 billion

Breakeven costs are estimated at US$ 36 – 45 per barrel, with projections that Argentina could produce up to 1.5 million bpd by 2030 Combined upstream investment in the basin is expected to exceed US 10 billion this year

Following its Monday IPO on the Shanghai STAR bourse, ChangXin Memory Technologies (CXMT) saw its shares surging a mega 530%, taking its market cap to US$ 540 billion on its debut to become mainland China’s most valuable listed company, overtaking Industrial and Commercial Bank of China.

Following similar news from Volkswagen and Mercedes Benz, last week, BMW has confirmed that it will cut some eight thousand jobs, (equating to 5% of its current 180k workforce), by the end of next year, under a voluntary redundancy programme. Citing squeezed profits and weak demand, BMW’s severance programme, will exclude production operations, focussing on the administration and development divisions. There is no doubt that the German motor industry is being impacted by the costly move to EVs, intense Chinese competition and US Trump tariffs. Last month, the carmaker had cut its profit outlook, noting that sales of BMW vehicles in China had been weaker than expected.

In order to clamp down on the fast-rising numbers of data centre projects across the UK, Ofgem has proposed charging a fee of between US$ 316k to US$ 948k per MW for projects that want to connect to the grid. In addition, the energy regulator will require data centre projects to hit milestones during their development to keep their place in the queue to connect to the grid. There are growing concerns about the wave of proposals to build data centres, (said to be total three hundred and fifteen), to power the AI revolution and how much energy they will demand from the electricity grid. Over the past twelve months, applications to connect to the grid had risen from 41 GW to 125 GW; with the highest peak power demand, in the year, at 45 GW, this means that the potential demand to connect to the grid, (125 GW), far outstrips current levels of usage, (45 GW). The aim of this new initiative is to stop “speculative projects from securing scarce network capacity without any firm intention to connect”.

At the end of last week, Donald Trump warned that, following the EU that its ‘illegal’ decision to fine Google US$ 1.0 billion for flouting the bloc’s rules aimed at reining in the power of Big Tech, Washington would launch a probe into their “robbing” of American companies. The US President commented that it does seem that, “we will immediately initiate a 301 Investigation into the practice of “ROBBING” American companies”. With this fine, the EU is determined to prevent Big Tech companies from thwarting rivals, defying US criticism and retaliatory tariff threats. However, the US tech giant is likely to avoid fresh fines as EU regulators lauded good progress in its ongoing efforts to comply with the landmark legislation, even though Trump added that “the European Union will pay a very big price for this illegal and highly unethical conduct”.

In May, Wise had switched its primary listing from the London Stock Exchange to New York’s Nasdaq to take advantage of a larger stock market and bring in new investors. Two months later, it has found out that it has been denied a US banking licence, because of historical issues with its original application, including in relation to the prevention of financial crime. The payments firm already operates in the US, but a licence would have helped by giving it direct access to payment systems through the Federal Reserve and would allow it to offer some financial services to US customers. Shares in New York traded 5.0% lower at US$ 11.47, on the news.

In its June quarter, AstraZeneca posted better than anticipated financial results, made more welcome after, earlier in the month it had announced that its new drug Wainua had failed to meet its primary target of reducing cardiovascular deaths and recurring heart problems; this raised concerned that it may be unable to attain its 2030 annual sales target of annual sales of US$80 billion. The Swedish-UK multinational pharmaceutical and biotechnology companyposted revenues of US$ 15.4 billion – 6.0% higher on the year – with its core earnings per share, up 21%, to US$ 2.63. Its chief executive, Pascal Soriot, noted “in the first half, we saw strong performance and continued pipeline delivery, including six key positive Phase III programmes and eight first approvals in major markets, including in the US for Baxfendy, our first-in-class medicine for hypertension”. By early Monday morning, its shares had climbed 1.5% – but still some 7% lower YTD.

Unilever has come out with some credible Q2 results, with underlying sales up 5.8% on the year, (well up on City forecasts of 4.3%), and a 5.5% volume growth – its strongest quarter since 2010. Underlying sales had dipped by 0.9% in Europe, but this decline was offset by growth rates of 2.7%, 7.0%, 8.0% 7.0% and 7.6% in North America, India, Indonesia, and Latin America. Product-wise, the best performing were homecare, beauty/wellbeing and personal care – rising 7.6%, 5.9% and 4.8% respectively, with Dove, Sunsilk, Vaseline, and Cif performing strongly. Following these figures, the consumer goods giant has upgraded its 2026 annual forecast on the back of a strong performance in emerging markets. Previously it had posted underlying sales to be at the bottom of the range of 4% – 6%, (now changed to be “within” that range), with a 2% volume growth – now amended to 3%. It also expects a “modest improvement” in its underlying operating margin.

Although Johnson & Johnson stopped selling its baby powder in the US and Canada in 2020, it has always denied claims that its talc-based products caused cancer, with its Litigation VP saying the claims to the contrary “lack scientific merit”. Now the US pharmaceutical giant has offered US$ 5.5 billion to settle tens of thousands of lawsuits claiming that its talcum powder products caused ovarian cancer, hoping to end a long-standing legal battle that has gone on for years, and that “this resolution allows the company to put this matter behind it and remain focused on its mission to develop medicines and devices that save lives”. J&J had previously settled most of the cases alleging that its talcum powder contained traces of asbestos blamed for causing cancer. Last year, a similar lawsuit was filed in the UK, representing about three thousand complainants, claiming around US$ 1.3 billion.

By Tuesday, shares in major chip firms declined markedly, and the sell-off of AI stocks deepened, in the US and Asia, as concerns about the viability of returning a profit on some AI stocks, with the questions being when will it start making actual profits that can become bigger than their capex, and when is it going to earn a proper return in the future? South Korea’s benchmark Kospi index was paused temporarily on Tuesday morning for twenty minutes before opening and then closing the day 10.8% lower. The main players in the slump were Samsung Electronics and SK Hynix, both ditching 13% in their market caps, which followed Nvidia’s 5% fall and SK Hynix’s 7.5% dip a day earlier on the New York bourse.  The Kopsi had more than doubled from the start of the year to mid-June but has since shed over 33% of its value. Japan’s Nikkei 225, which is also dominated by tech companies, closed almost 4% lower.

A year after Cracker Barrel faced a widespread backlash over its controversial rebrand, its chief executive, Julie Masino, has quit but will leave with a US$ 4.6 million departure package. A year ago it was decided to change the classic logo and to revamp/modernise stores’ interiors. The iconic restaurant, with nearly six hundred and sixty country-themed store and restaurants sites across forty-four US states, decided to simplify the classic logo and modernise store interiors there was an immediate backlash from many of the Cracker Barrel’s customer base who argued the changes stripped away the brand’s nostalgic Southern charm. Its rebrand sparked a national controversy, with critics including President Trump, who urged the chain to restore its original logo after critics accused it of abandoning its heritage. Shares of the Tennessee-based chain fell by more than 2% after Monday’s announcement and are still around a 20% lower than this time last year, as the company struggled because of dwindling sales and rising costs, along with intense competition from chains like Denny’s and IHOP.

Now based in Singapore, after being founded in China, fast-fashion giant Shein posted a Q1 US$ 99 million loss, (Q1 25 – US$ 395 million profit), noting that the deficit was down to sales slowing, after Trump removed an import duty exemption on small packages, as well as from the uncertainty around the US-China bilateral tit for tat.  One other factor was the impact from the US-Iran crisis which has hit demand, increased costs and caused delays of deliveries in some markets. The so-called de minimis exemption had allowed goods valued at US$ 800 or less to enter the US without paying any tariffs, with US consumers relying on the exemption to buy cheap goods from online commerce sites like Shein and Temu. The former noted that “the removal of the US de minimis exemption has had an adverse impact on our sales in the US and the overall growth of our net revenues”.

On 10 July, the China Securities Regulatory Commission (CSRC) gave Shein approval for a Hong Kong share sale after failed attempts to list in New York and London, with the listing expected later in the year.

In what could be considered as a backward move, it seems that Australian Prime Minister is considering building the country’s first new oil refinery in more than sixty years. There will be a US$ 2.8 million feasibility study and if the green light is given, the new large-scale oil refinery will be built, by industrial chemical producer Perdaman, in Western Australia. About 80% of the country’s fuel needs are from imports, with an Australian Treasury report warning that the global oil market has become more vulnerable “with weaker buffers against supply shocks”. It also added that the US-Iran crisis has caused global oil inventory levels to dip while refined fuel markets are now at risk of tightening further. Most of the Australian refineries were built during the 1950s and 1960s era but by 2000, there were only eight operational.  With WA’s only refinery shutting down in 2021, after BP BP.L decided to convert its 146k bpd Kwinana plant into a fuel import terminal, the country was left with only two – Ampol’s ALD.AX Queensland refinery and the Viva Energy VEA.AX facility in Victoria, Many of the Australian closures were attributable to high operating costs and the emergence of large refineries across Asia.

Australia is in the midst of a housing crisis despite home ownership rates increasing, in most states and territories, including in Queensland and Western Australia. The one exception is Greater Sydney where the rate has slumped to levels not seen since the 1950s. A study by KPMG shows the city’s home ownership rate dipped by 1.2% to 59.9% since the last nationwide census in 2021. The accounting firm’s urban economist, Terry Rawnsley, commented that “Sydney has gone backwards on home ownership by more than half a century”. It is an obvious indicator that affordability has really moved against those trying to buy where they live – and there are signs that the gap will just get wider.

Since the last census five years ago, the proportion of owner-occupier households has dipped 0.4% to 65.9%, driven mainly by Sydney and Regional New South Wales, with many younger Australians being locked out of the housing market, with home ownership flat in other locations. Queensland saw the biggest improvement with a 1.0% rise to 64.9%, followed by Western Australia up 0.7% to 69.9%, with Victoria remaining flat at 68.7%. KPMG also found that ultra-low interest rates and the rise of remote working, have allowed people outside New South Wales to access a wider range of housing options.

According to the REA Group, June national house prices fell by 0.3% but are still higher, on the year. Last month, Sydney and Perth posted the largest monthly declines, followed closely by Melbourne and Canberra., with Darwin being the only city to see prices up over the month. The declines were put down to amendments to the CGT regime, and cumulative interest rate hikes, resulting in prices in every capital city, except Melbourne, remaining higher on the year, with national prices up 5.8% over the twelve months. The number of dwellings under construction nationally reached a record 243.9k in the March quarter, 10.7% higher on the year. Notwithstanding higher interest rates, the number of loans issued to first-home buyers increased by 2.8% to 120.50k. KPMG noted that “Australians are adapting, relocating and working hard to get into the market, and the combination of more housing supply and targeted support is creating a pathway to home ownership for more households”. Meanwhile, Cotality’s Gerard Burg argued that affordability remained an enormous challenge for gen-Zers in Australia’s largest city, and that “Sydney really does stand out as the least affordable”. He added that Sydney’s median dwelling value, at US$ 842k., was more than eleven times the median household income of those in Greater Sydney which, is US$ 75k.

Donald Trump’s Science and Technology adviser Michael Kratsios has claimed that China’s Moonshot AI had gained access to restricted cutting-edge Nvidia servers to train its models as well as carrying out a distillation campaign, (when a weaker AI model extracts answers from a stronger one). The adviser reckons that Moonshot AI “distilled” capabilities from Anthropic’s Fable AI for the development of its Kimi K3 model. (Last month, Anthropic accused China’s Alibaba of illicitly extracting the capabilities of its Clause AI models  using distillation attacks.). Only last week, Kimi K3 was unveiled on the world, with a consensus that the previously wide gap between Western and Chinese AI models, had narrowed, with Moonshot saying its K3 model was able to rival top US technology. Moonshot AI will release Kimi K3 as an open-source model on 27 July, making it the first of its scale that can be freely downloaded and customised by developers and members of the public.

Claiming that they had failed to prevent forced labour, the Trump administration has imposed tariffs on sixty countries including the UK, Canada, China, Mexico and the EU. The tax, of between 10.0% – 12.5%, will come into immediate effect and is meant to replace the original 10% global February 2025 tariff, following a Supreme Court ruling that declared his previous levies illegal. The Office of the US Trade Representative noted that the impacted economies had failed to “impose and effectively enforce a prohibition on the importation of goods produced with forced labour”.

On 29 July, The Federal Reserve voted 9-3 to hold its key interest rate steady in a range between 3.5% and 3.75%, as three regional presidents dissented, expressing concern over inflation and wanted to raise the bar by 0.25%. All three had been most explicit about the need for higher rates to address inflation that has been above the Fed’s 2% target for more than five years.  Fed Chair, Kevin Warsh, celebrated the ‘real family fight’ that took place over the two day meeting but vowed he would bring inflation down; he noted that economic activity was “expanding at a solid pace,” reiterating that job gains “have kept pace with the workforce, and the unemployment rate has changed little.” One person left unhappy was Donald Trump who, since he took office last year, has been advocating for rate cuts.

Yesterday, the BoE has held the base rate at 3.75% for the fifth consecutive month. Of the nine-member Monetary Policy Committee, six opted for no change whilst three went for a 0.25% rise to 4.0%; the last meeting was 7:2). Inflation has fallen quicker than expected, but the BoE is still preaching that it will rise to a 3.7% peak early in 2027, at a time when there are growing concerns over the unstable inflation environment and its impact on the cost of living. Meanwhile, unemployment is set to head north and could be at 5.1% by the end of the year. Although the UK economy has surprised by many by rising 0.6%, the Bank feels that it will head in the other direction, as the year progresses.

As noted in last week’s blog, ‘Drill Baby Drill’, Andy Burnham’s tight agaenda includes the need to cut the number of young people, (aged between sixteen and twenty-four), not in education, employment or training – Neets – which now stands at over one million. The new prime minister sees this as a major problem and could be considering a push for further technical education to reduce this number. He did comment last week that he would “help more young people into work by changing the education system and giving them more support, more mental health support”.  An independent interim report, by ex-Cabinet Minister, Alan Milburn, carries warnings that:

• of the one million Neets, 60% of whom have never had a job and are classed as economically inactive rather than unemployed
• the number of people classed as “economically inactive” – not looking or available to work – rose to about 613k
• the number of young people classed as unemployed – not in work but seeking a job – was estimated to be 400k
• entry-level jobs have sharply declined, with the number of mid- and lower-skilled jobs in the economy falling by around 1.6 million over the past twenty years
• vacancies in hospitality have halved in the last four years alone
• the cumulative impact on the country’s economy is estimated at US$ 166.7 billion annually in lost potential and economic scarring
• health -related benefit claims are surging
• the current GP “fit note” and welfare structures are part of a catastrophic systems failure rather than a support mechanism
• severe regional disparities exist, with northern and midland local authorities suffering disproportionately high NEET rates compared to regions like London
• job and career opportunities for young people are “not growing, they’re shrinking”, with one in six set to be out of work, education or training in five years unless action is taken
• the education, health and welfare systems are no longer fit for purpose in preparing young people for adult life

A good start to his premiership sees Andy Burnham wanting to overhaul the higher education system, with him wanting to introduce a mega change that will “value the hard hat as well as the graduation cap”. Basically, he wants to put practical education on the same standing as academia. Those who are choosing their GCSEs will be encouraged to take up a practical education under the new plans. It is patently obvious that for the past twenty years, there has been far too much emphasis on attaining a university degree at the expense of devaluing practical skills. His new policy will combine the core subjects, English, maths and sciences, with high-quality technical subjects, linked to jobs available in their local area. Pupils who choose this path would then go on to study for technical qualifications such as T-levels or apprenticeships all while building connections and work experience. This change will overturn Tony Blair’s 2008ambition to get as many young people into universities as possible; his target of 50% was reached in 2019.

Whether you think that Gina Infantino has an ego problem or not, there is no doubt that he has become a highly polarised FIFA president – and hopefully for not much longer.  All two hundred and eleven member associations hold a single vote, to select its president, no matter how small the country is. That means the president can be voted in with just one hundred and six votes, and be in a position to buy votes because he has turned FIFA into what appears to be his own financial monolith. Until this week, it does seem that the only discontent was from certain European associations, with UEFA itself raising concerns about Infantino hogging the spotlight, centralising power within the FIFA administration, and making grand political statements, as he continues in his self-promotional exercise. Trust between UEFA and FIFA appears to be strained, (to say the least), marked by policy clashes, political disagreements, executive overreach, friction over major tournament decisions and strong disapproval of FIFA’s governance and handling of the tournament. Last month, Infantino held his first press conference in three years, with his last being in New Zealand in 2023.

There is no doubt that Infantino has changed from starting as a legal and commercial employee with the UEFA in 2000 and advancing to become Deputy General Secretary in 2007 and General Secretary two years later, before taking over the FIFA mantle from the disgraced Sepp Blatter. Many see him as a Machiavellian character, as he seemingly goes about his business of consolidating his personal power, making global alliances with world leaders and ‘managing’ FIFA’s voting blocs to ensure that they are looked after financially, in return for their votes to ensure his shoo-in, for the fourth time, (which is against current FIFA rules, if that matters), at the next election. Infantino had offered FIFA’s two hundred and eleven member associations US$ 40 million if they backed a proposal for private investment in its tournaments, including the men’s and women’s World Cups.

It was only last month that FIFA was accused by UEFA during the World Cup of damaging the integrity of football by lifting the immediate suspension of USA striker Folarin Balogun following direct pleas from US President Donald Trump. The previous year saw UEFA accusing Infantino of prioritising “private political interests” when he turned up late for his own FIFA Congress to join Trump’s Gulf tour. Sky News reported in February how Infantino pushed plans for a FIFA crypto coin during a trip to a private event run by the Trump family’s venture, World Liberty Financial.

Then this week, UEFA went public with concerns about plans it was hearing that FIFA had confirmed that Infantino wanted to launch a subsidiary, worth US$ 20 billion, and sell off more than 20% of the new FIFA Forward Enterprise, (FFE), by raising US$ 4.2 billion. FIFA confirmed that the lead investor group was proposed to be Thrive Eternal. Its CEO is Josh Kushner, whose brother, Jared, is Trump’s son-in-law. It is understood the English Football Association was completely unaware of the plans before Tuesday’s rushed announcement by FIFA, with the body being displeased with the plans and the way they have emerged and at how Infantino is running FIFA. Indeed, nothing had been discussed during New York meetings with football associations on the eve of the World Cup. Infantino responded to UEFA’s criticism on Tuesday by framing the sell-off around raising more cash for member associations to invest in football.

It took UEFA, the Asian Football Confederation and Concacaf, (that governs football in North, Central America and the Caribbean) to reject his proposals – an obvious indicator that the deluded administrator had lost the plot and that they had lost whatever faith they had in Giani Infantino.  The man had probably forgotten that governance, ethics, transparency and honesty are important factors in running any business.

On finding out what trickery Infantino was up to, UEFA issued a statement noting that “this crosses a line that football’s governing institutions should never cross. UEFA takes it extremely seriously. So should every National Football Association. So should every stakeholder: leagues, clubs, players, supporters, governments and everyone who cares about the future of the game. The soul and governance of football are not assets to trade – especially with zero transparency as to who gains financially. None of us are the owners of football. It is not FIFA’s to sell.”

This is the man who attended as many World Cup  matches as he could and was seen sitting with the high and mighty in the sporting, political and entertainment world in his ivory tower. Cameras could only film him with his guests, once in each half, with the proviso that he was not on the phone, and he was actually seen ensconced in the match. It was a pity that he could not hear the boos that erupted very time his face was seen on the big screens outside his ivory tower. Football will be a safer place on the departure of the man who seemingly found It’s Hard To Be Humble!