Get Ready For This!                              04 September 2026

H1 transaction activity witnessed Dubai recording US$ 78.04 billion in property sales – the second strongest first-half performance on record, with off-plan sales continuing to dominate; it also backs up claims of the emirate’s resilience in face of adverse circumstances. This follows on the record-breaking US$ 187.14 billion, across two hundred and fifteen thousand, seven hundred transactions registered in 2025. In Q1, average prices of residential property were still up 8.9% annually in Q1– with villa prices continuing to outperform apartments, amid limited supply and strong end-user demand. This shows an understandable drop in the pace of price growth – but this comes after almost five years of extraordinary price rises that were forecast to slow even before the crisis hit the Dubai market.

Recent weeks have seen an apparent surge in the ultra-luxury property market, with the latest being a six-bedroom Palm Jumeirah villa, selling for US$ 71 million. Spanning 26.55k sq ft, equating to US$ 2.67k per sq ft, the villa is located in the ultra-luxury Ayumi project. An adjacent villa was mortgaged for over US$ 35 million.

Last Friday, two villas were sold in the Burj Khalifa area – one for US$ 198 million, (equating to US$ 522 per sq ft), and the other mortgaged for US$ 128 million, (equating to US$ 339 per sq ft) – with a combined area of 379k sq ft. Dubai property sales reached Dh1.3 billion across one hundred and eighty-five transactions in early morning trading, while mortgages totalled US$ 186 million across forty-four deals. 

Dubai Land Department’s data indicated that August transactions totalled US$ 12.58 billion, including US$ 7.59 billion of property sales. There was a total of 11.60k sales transactions – 10.12k residential units, 0.69k buildings and 0.79k land plots – while mortgages and gifts pushed overall activity across the three categories to 15.61k deals. One of the largest recorded sales was for nearly US$ 22 million at Orla Infinity by Omniyat on Palm Jumeirah. Other transactions included:

• Jumeirah Residences Asora Bay                 Jumeirah First            725 sq mt            US$ 17.7m
• Bugatti Residences by Binghatti                 Business Bay                                         US$ 17.2m
• Aman Residences – Tower 1                      Jumeirah Second                                    US$ 15.7m
• Lumena by Omniyat (Office)                     Business Bay               837 sq mt           US$ 15.6m
• Aman Residences – Tower 2                      Jumeirah Second                                    US$ 14.9m
• Lumena by Omniyat (Office)                      Business Bay                                         US$ 13.3m
• Solaya 6  Meraas                                         La Mer                                                   US$ 12.5m
• Bugatti Residences by Binghatti                 Business Bay                                          US$ 12.3m
• Rosewood Residences                                 Jumeirah Second                                    US$ 12.1m

Mortgage activity accounted for another US $3.91 billon during the month from three thousand, three hundred and ninety transactions. During the month, there were some six hundred and twenty gift transactions, valued at US$ 1.08 billion.

In H1, Dubai’s property portfolio rose by twenty-five thousand residential units – 36% higher on the year – with thirteen thousand, two hundred completed in Q2, and a further thirty-two thousand expected in H2.

 Damac Properties, with a pipeline of over fifty-five thousand units, has three major current projects on the go and over one hundred million square feet of project area in planning and development. It has  handed over more than fifty thousand homes and is targeting the delivery of over eight thousand, eight hundred additional residential units in 2026. In H1, the company awarded more than US$ 2.72 billion worth of construction contracts across Damac Lagoons, Damac Hills, Damac Hills 2, Chic Tower and Elegance Tower.

Damac Lagoons         80% complete, with six thousand, three hundred units forecast to be handed over this year, (compared to five hundred and thirteen in 2025)

Damac Hills                85% complete, and handed over, with approximately US$ 817 million worth of active projects remaining across villas and towers  

Damac Hills 2             expected to see more than one thousand, five hundred villas handed over during 2026. The fifty-five-million-square-foot community currently has around eleven thousand completed homes

Chic Tower                 Business Bay.              Progressing with handovers

Elegance Tower         Downtown Dubai        Progressing with handovers

Overall infrastructure, landscaping and related works at the community have passed 80% completion. The development also includes around 177k sq mt of water bodies, equivalent to approximately one hundred and forty-one Olympic-sized swimming pools.

A survey by Bayut, from 01 June to 25 August, noted that Dubai residents’ rental searches – ranging from the gamut of sectors, more affordable communities to premium neighbourhoods – surged 44% on the year, as tenants looked at everything from more affordable communities to premium neighbourhoods. One conclusion is that affordability still remains an important factor along with location, space and lifestyle. Of those surveyed, some were looking to relocate whilst others were searching for larger homes or properties that better suited their changing lifestyles. The figures below indicate that tenants are increasingly weighing how much they are prepared to pay for proximity to business districts, established neighbourhoods and lifestyle amenities. A breakdown of some of the more popular locations shows:

• Jumeirah Village Circle                      a median asking annual rent of US$ 19.1k
• Business Bay                                      a median asking annual rent of US$ 27.0k
• Dubai Marina                                     a median asking annual rent of US$ 32.7k

For villas:

• Dubai Hills Estate                                a median asking annual rent of US$ 104.9k
• Damac Hills 2                                      a median asking annual rent of US$ 30.0k
• Mirdiff                                                 a median asking annual rent of US$ 40.9k
• Damac Lagoons                                  a median asking annual rent of US$ 46.3k

It also sees a similar trend when it comes to buying villas, with the leading two locations for buyer interest being Jumeirah Village Circle, with prices around US$ 308k and Business Bay’s US$ 518k. They were followed by Dubai Marina, Downtown Dubai and Arjan. For villas and townhouses, Damac Lagoons ranked first for buyer interest, followed by Damac Hills 2, (with prices around the US$ 545k mark), The Valley by Emaar, Dubai South and Dubai Hills Estate, with prices touching US$ 4.0 million.

Grovy Developers recently started the main construction of Ramada Residences at Dubai Islands – its  first boutique branded residences in Dubai, being developed in partnership with Wyndham Hotels & Resorts and USquare Luxe Properties, the landowner and development partner. Jaseera Building Contracting LLC has been appointed the main contractor.

This week, South India’s Casagrand posted its plans to develop more than six million sq ft of premium residential and mixed-use space in Dubai over the next three years. Now in its second year in the Dubai market its debut development, Casagrand HERMINA at Dubai Islands, is now 60% sold, with two more projects in the process of being signed before the end of the year. Casagrand is currently evaluating land parcels across major masterplans and emerging growth corridors across the emirate.

Infinity Developments has acquired a 20k sq ft Grade A office space in Dubai’s Business Bay for US$ 16 million in a bid to strengthen its presence in the UAE. This marks a significant step in the company’s international expansion strategy to make Dubai a global centre for business, investment, tourism and real estate. This investment comes as the luxury real estate and hospitality developer continues to expand beyond its established operations in Zanzibar and Tanzania. According to its Chairman and CEO, Samuel Saba, Dubai provides an important platform from which the company can strengthen international partnerships, engage with global investors and pursue new opportunities across the ME and beyond. Interestingly, he added that “we believe Dubai’s office market remains significantly undervalued, with strong positive momentum building around commercial real estate. With a US$ 600 million development portfolio, the company is building an increasingly international platform that combines opportunities in emerging African destinations, with a presence in established global markets. Its portfolio includes Anantara Zanzibar Resort & Residences, Infinity Hills and the upcoming NH Collection Pemba Wellness Resort, as well as hospitality and heritage projects in Stone Town.

Some reports indicate that landlords have held firm on rents in Q2, in a tight office market environment, where space is limited. JLL noted that some tenants have held back because of the ongoing ME crisis but that downsizing activity has remained minimal. Furthermore, because demand has continued – albeit at a slower pace – available space, particularly at the top end of the market, does not remain vacant for long; such demand is on the side of the landlord holding most of the cards in any negotiation with tenants.

While some tenants temporarily paused expansion plans amid prevailing uncertainties, downsizing activity remained minimal, and sustained demand from both new and incumbent occupiers meant available space was quickly absorbed by other occupiers – preserving rental stability and keeping negotiating leverage firmly with landlords in the UAE office market. In its UAE Market Dynamics Q2 2026, the US real estate services company noted that companies have continued to proceed with their long-term real estate strategies – as seen by the fact that Dubai’s Q2 total registrations jumped 24.6% on the year and 15.1% on the quarter. Such statistics point to Dubai’s resilience in the face of a crisis and strong business confidence in the government’s   progressive regulations and initiatives.

.

Average citywide vacancy rate fell 1.6% to 6.1% on the year, with limited premium office supply pushing occupiers toward Grade B, (where vacancy rates fell 2.9% to 8.0%) and Grade C (by 1.8% to 10.9%). Prime space availability remained flat at 0.7% on the quarter, whilst Grade A vacancy edged up marginally to 4.2%. When it comes to rental growth, Grade B led the field posting 31.5% and 8.7% quarterly increases, with Grade B posting growth of 26.2% and 8.8%. Prime rents rose 13.6% on the year. Total office stock remained steady at 101.4 million sq ft, in the absence of any major completions in the quarter. In H2, it is expected that nine hundred and forty sq ft of office space will be handed over. To meet the rising demand for premium office space, JLL noted that several previously operational buildings have also been temporarily taken offline for refurbishment. With numerous projects already secured through pre-lease commitments, landlords have been pulling out all stops to ensure timely delivery of new stock. There has been a surge in the demand for flexible workspace, seen as cheaper, (reduced capex) and a lower risk, (shorter lease requirements), alternatives.

After a six-month lull, Dubai is gearing up for an exciting month, with fourteen major exhibitions and conferences taking place across DWTC and Dubai Exhibition Centre in September. They include Middle East Energy, The International Property Show, AIM Congress, Dubai Derma, Crypto Expo, Arabian Travel Market, GISEC Global, Forex Expo, Seamless Middle East, MEIDAM, Ru’ya – Careers UAE, Middle East Coatings, GOTECH and Amazon Web Services Regional Summit.

At Wednesday’s UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi, HH Sheikh Mohammed bin Rshid, Vice President of the UAE, sent out three messages to the federal teams:

“the UAE does not stop, and it will not stop”

“we do not wait for the perfect conditions to continue delivering”

“our projects are moving, our economy is growing, our markets are operating at full capacity, and our events are welcoming the world”

Despite the regional war entering its seventh month, the UAE has detected or engaged at least five hundred and eighty-two Iranian ballistic and cruise missiles and two thousand, two hundred and sixty-five drones/UAVs. Despite this firepower, the impact of the war has been confined to only a limited number of economic activities and has not hindered overall economic growth. Sheikh Mohammed added that “the trust the UAE has built over decades is the currency we rely on. It was built by developing systems and policies, by investing heavily in the finest infrastructure in the world, by a reputation earned and by international relationships carefully formed”, and “that trust is what guarantees the continuity of our journey today, and it is the duty of every one of us to strengthen it, protect it and build on it”.

Under the circumstances, there is no doubting the resilience of the UAE economy, with the non-oil sector, growing by 4.8%, contributing 79.4% of the national economy in Q1. Its real GDP was 3.0% higher at US$ 132.15 billion. Earlier, Sheikh Mohammed announced that the country’s non-oil exports reached a record US$ 123.38 billion in H1 – a 23.4% rise year-on-year.

Better news for the local economy sees its August non-oil private sector posting its fastest improvement in business conditions since December 2024, on the back of easing cost pressures, stronger new orders and rising output. The latest seasonally adjusted S&P Global UAE Purchasing Managers’ Index climbed 2.6 on the month to 55.3 – the second consecutive month that this has occurred. Some of the factors involved include:

• new business                                       increased at the joint-fastest pace in more than two years
• export demand                                   increased for a second consecutive month after declining throughout Q2
• business activity                                 strengthened, with output expanding at the fastest rate in six months
• inventories                                          accumulated at the fastest rate in three years – indicating increased confidence in future demand and to protect   against possible supply disruptions
• input cost inflation                             eased to its lowest level in seven months, backed by improved supply conditions
• supply chains                                      strengthened because businesses using domestic suppliers which also reduces exposure to geopolitical disruptions and shortens deliver times
• business expectations                        improved to their highest level since April, supported by stronger sales trends, construction projects and hopes for an easing of regional tensions

The Index points to the UAE’s non-oil economy having “shifted decisively into a higher gear”, with stronger demand accompanied by faster deliveries and softer cost pressures. It added that this has helped shorten delivery times and supported stronger purchasing activity, despite higher reported costs for energy, fuel, cement, steel and chemicals.

The Dubai PMI jumped 2.7 to 54.1 on the month, as businesses reported stronger client spending and improved export trade. Output and new-order growth reached six-month highs.

Fuel prices in the country were liberalised in 2015, with local rates being aligned with global oil prices. The new higher September prices were decided on by the federal Fuel Price Committee, (as it has for the past decade), and took effect from Tuesday, 01 October; the committee decides next month’s fuel prices on the last day of the preceding month to come into effect on the first day of the following month. Over the first six months of the year, there had been larger monthly price shifts than usual. Petrol reached their highest H1 level in June, when Super 98 reached US$ 1.076 per litre, Special 95 – US$ 1.044 – and E-Plus 91- US$ 1.025. Diesel’s peak was seen in May when it was retailing at US$ 1.278. March carried the lowest petrol rates within the six-month comparison period.

		Aug	Sep	Rise	01 Jan
	US$
	Super 98	0.981	1.035	5.55%	0.689
	Special 95	0.951	1.005	5.68%	0.659
	EPlus	0.929	0.984	5.92%	0.638
	Diesel	1.035	1.172	13.24%	0.695

Last year, the UAE posted its highest-ever lab-grown diamond volumes, surging 91.5% on the year, with 76.9 million carats traded and the value of trade 7.5% higher at US$ 1.3 billion; values have more than doubled since 2022’s total of 36.8 million carats, as imports and reexports expanded almost at the same rate. In a move that has established an explicit separation from DMCC’s natural diamond and coloured stone activities, the free zone has set up its Lab-Grown Diamond Vertical, a dedicated platform for the industry. The nation’s total diamond trade reached a record US$ 41.7 billion in 2025, alongside sharp growth in synthetic and industrial diamond volumes.

In 2012, Taco Bell left the UAE but now Americana Restaurants, chaired by Mohamed Alabbar, has signed an exclusive development agreement with Taco Bell UK and Europe Ltd, a subsidiary of Yum! Brands, to relaunch and develop the brand in the UAE, with further future regional expansion plans. The Mexican-inspired fast-food chain commented that the UAE was a natural starting point because of its diverse customer base, vibrant food culture and appetite for new dining concepts. No further details, such as location and start date, have been released. Americana Restaurants already have a diverse range of international restaurant brands within the MENA and Kazakhstan in their portfolio, including KFC, Pizza Hut, Hardee’s, Krispy Kreme, Costa Coffee and Baskin Robbins. Taco Bell, founded in 1962 by Glen Bell, has some nine thousand restaurants globally, including more than one thousand, two hundred restaurants across forty markets outside the US.

In-principle approval from the Central Bank of the UAE has been granted to Alaan for its Stored Value Facilities and Retail Payment Services category-II licences. Subject to final regulatory approvals, Alaan will be able to hold customer funds, run cross-border payments, and issue corporate cards, all under CBUAE regulation. Since its 2022 launch, Alaan has posted triple-digit year on year growth.

All UAE companies and taxpayers have been warned by the Federal Tax Aurthority to prepare their records immediately or risk administrative penalties. Under the tax law, corporate tax returns must be filed and settled within nine months of the close of the financial year. In this country, December is the most popular month for a company’s year-end audit and, in that case, tax returns have to be submitted by 30 September, with this also applying to exempt persons required to register, who must also submit their annual declarations, within the same nine-month timeframe. Failure to do so will result in strict administrative penalties. To avoid last-minute disruptions and potential fines, the FTA urged companies to initiate filings early through the EmaraTax digital platform, which operates twenty-four hours a day.

The UAE Ministry of Economy and Tourism has outlined new regulations aimed at strengthening the fight against commercial fraud, protecting consumers and improving market oversight. Under the Executive Regulations of the Anti-Commercial Fraud Law, suppliers must immediately stop selling or displaying adulterated, spoiled or counterfeit goods and withdraw them from markets and warehouses within twenty-four hours of being notified by the Ministry or the relevant authority.

The UAE and Egyptian central banks are coordinating regarding Banque Misr, (Egypt’s second largest bank), after the US Treasury said it was cutting off all the bank’s UAE branches from dollar transactions over its dealings with Iran. In a joint statement, both banks said that Banque Misr will take all necessary measures to conduct its business as usual. Following the US announcement, the UAE Central Bank said  it would like to emphasise:

• branches of Banque Misr operating in the UAE are subject to the laws and regulations in force in the UAE
• it expects banks licensed in the UAE not to expose the UAE’s financial system to reputational risks, to respect the laws and regulations of the countries whose financial institutions are used in conducting transactions, and not to misuse the advanced financial infrastructure of the UAE
• the Central Bank periodically examines the procedures for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) at banks operating in the UAE, verifies the effectiveness of the sanctions screening and other systems, and requires banks to enhance these procedures and systems in accordance with the requirements of the applicable laws and regulations
• for Banque Misr branches in the UAE, the Central Bank has decided to conduct a special and urgent examination that includes a forensic/in-depth lookback covering the period referred to in the statement issued by the U.S. authorities, with a focus on banking transactions of the companies mentioned in the statement
• the Central Bank is currently studying the available options regarding the status of the bank in the event it is decided to impose the special measure against it after completing the procedures in accordance with U.S. laws. The appropriate decision in this regard will be taken in due course, taking into consideration the obligations of the bank towards its customers in the UAE

According to the Altrata’s Billionaire Census 2026, the UAE has fifty-nine billionaires, with a combined fortune of US$ 201 billion, pushing the country into fourteenth slot of the global billionaire markets; this number declined 1.9% on the year. (The top fifteen countries accounted for 83.0% of global billionaire wealth). This accounted for about 1.4% of the global total of 3.80k billionaires, and 1.3% of the global billionaire fortune of US$ 15.1 trillion. The UAE’s position follows as the wider ME had posted a 5.5% growth last year to include two hundred and fifty-four individuals, whilst total billionaire wealth declined by 4.0% to US$ 700 billion, attributable to weaker energy prices and underperforming regional equity markets. Dubai, with forty-five billionaires in 2025, (two higher on the year), ranked joint eighth among the world’s cities by billionaire population, tying with Shenzhen, but behind New York, Hong Kong, San Francisco, London, Singapore, Los Angeles and Beijing. An interesting fact saw the leading twenty-nine billionaires with fortunes above US$ 50 billion held a combined US$ 4.1 trillion in 2025, equating to 27.0% of all billionaire wealth, compared to just 7.2% in 2017.

Last month Moody’s Ratings reportedly placed Binghatti Holding’s ratings on a review for downgrade, and the developer has come out fighting. The agency had based its rating on a deterioration in its liquidity profile and the uncertainty surrounding the timing and generation of cash flows over the next twelve to eighteen months. Muhammad BinGhatti, chairman of Binghatti Holding, noted that rating agencies only provide a “snapshot” of a company’s financial position at a given point in time, and that real estate remained a “cash volatile business”, given the timing of project handovers and land acquisitions. He added that “since June, since our figures were published, we’ve handed over three projects worth Dh1.8 billion (US$ 490 million). These projects were more than 90% sold and 90% collected”, adding that the company holds US$ 2.89 billion in cash in its escrow accounts. The developer has indicated that it remains “very committed” to completing ten projects, (94% sold and 80% collected on average), within the next four to five months, and that “I can confidently say that we’re in a very good position to pay back all our dues”.

As an aside, the chairman also thinks that the local market has gone through three stages in 2026:

January/February                 an “exceptional” performance, registering around US$ 19.07 billion in value and seventeen thousand transactions in each of the two months

March – May                          geopolitical shock, with monthly transactions falling from around fourteen thousand in March to ten thousand in May, as buyers paused and reassessed

June – August                       recovery phase, with monthly transactions climbing back to fourteen thousand, with June and July values of US$ 8.99 billion and US$ 9.54 billion

Having been appointed as chief executive of Union Properties in December 2021, Amer Khansaheb has resigned, to focus on his own family business activities and projects, effective 24 August. During his tenure, he led a turnaround of the Dubai-listed developer and oversaw a restructuring that included repaying US$ 400 million of legacy debt, approving its first shareholder dividend in about eleven years this April and restarting project launches in Dubai Motor City, (including the US$ 545 million Takaya and Mirdad developments). Its former chairman and several board members were removed following a UAE prosecutor’s probe into alleged financial irregularities. Reports indicate that the Board has formed a transitional management committee to run the company until it appoints a successor, with Sheikh Nasser Almoalla, who chairs the board, leading the committee. Union Properties said accepting Mr Khansaheb’s resignation does not affect any rights or claims that may arise from issues identified during the handover.

Dubai Islamic Bank’s first foray into syndicated Islamic Financing was successful, with the US$ 750 million three-year Senior Unsecured Commodity Murabaha Term Facility being subscribed at around 1.6 times. The aim of the exercise was primarily to further diversify the bank’s sources of institutional funding, with bank being highly satisfied with the strong demand, despite turbulence in the global economy and continued geopolitical uncertainty in the region. With this funding, its group assets now exceed US$ 115 billion, with market capitalisation of more than US$ 18 billion. With more than twelve thousand employees, and more than five hundred and forty branches, DIB serves more than eleven million customers across the group.

The DFM opened the week on Monday 31 August on 5,896 points, and having gained three hundred and thirty-nine points (5.4%), the previous five weeks, shed eleven points, (0.1%), to close the week, 04 September, on 5,885 points. Emaar Properties, US$ 0.01 higher the previous week, was flat to close on US$ 3.00 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.74, US$ 8.45, US$ 1.99 and US$ 0.38 and closed on 04 September at US$ 0.74, US$ 8.26, US$ 1.99 and US$ 0.38. On 04 September, trading was at five hundred and thirty-one million shares, with a value of US$ one hundred and thirty-five million dollars, compared to one hundred and fifty-five million shares, with a value of US$ one hundred and thirty million dollars, on 28 August. 

The bourse had opened the year on 6,047 points and, having closed on 31 July at 5,836, was two hundred and eleven points (2.5%) lower YTD. Emaar had started the year with a 01 January 2025 opening figure of US$ 3.83, and had shed US$ 0.89, to close on 31 July 2026, at US$ 2.94. 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$ 0.74, US$ 8.25, US$ 2.96 and US$ 0.38.  

By 4pm GMT 04 September 2026, Brent, US$ 5.01 (5.3%) lower the previous week, gained US$ 5.92 (5.3%), to close the week on US$ 95.30. Gold, US$ 558 (13.8%) higher the previous three weeks, shed US$ 186 (4.0%), to end the week’s trading at US$ 4,440 on 04 September. Silver was trading at US$ 69.72 on 28 August – and closed today, 04 September, US$ 3.54 (5.1%) lower on the week at US$ 66.18.

Brent started the year on US$ 60.91, and was US$ 27.19 higher (44.6%), YTD, to close 31 August 2026 on US$ 88.10. Gold started the year trading at US$ 4,341, and by the end of August, 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 August at US$ 57.80.

The US and Venezuela have agreed terms on a huge deaL that could see Washington take control of more than sixty-five billion barrels Venezuela’s oil reserves – no wonder that Donald Trump said this was the “biggest oil deal in world history”, adding that “this Historic Transaction more than doubles American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas prices for all Americans”. Delcy Rodríguez, the acting president of Venezuela – which has the world’s largest proven oil reserves – later confirmed the “historic” deal in a statement posted to social media; he confirmed that the agreement “calls for the development of seventeen strategic fields” and could see investment of “more than US$ 100 billion, and more than US$ 209 billion in taxes for the state”.

Following the abrupt May exit of its chairman, Albert Manifold, in a bitter boardroom bust-up battle, BP has appointed Ian Tyler as his replacement. Having joined the Board in April 2025, the former Balfour Beatty executive, had been the acting interim chairman. Furthermore, BP announced that senior independent director, Dame Amanda Blanc will also leave BP’s Board after the upcoming 2027 AGM. These changes come after, the energy giant has changed strategy to focus on oil and gas, along with financial discipline, with its shares having risen 25% YTD.

Hugging Face is a repository of AI models that enables users to select more than three million options, dependent on the task; it is claimed that over two hundred thousand companies have utilised the platform to “discover, evaluate, customise and deploy AI”. No wonder then when it was reported that Nvidia had spent US$ 12.90 billion for the developer platform – its highest-ever purchase. It will enhance the tech giant’s position as a software player and is a quick fix for it to establish itself as a vertically integrated AI platform. It also comes at a time when other tech giants are considering making their own chips, with this deal assisting Nvidia defend the risk of its hardware becoming standardised.

In its largest staff reduction exercise since the pandemic, Uber Technologies is set to lay off 10% of its payroll, (three thousand three hundred employees), in its largest cut since the Covid-19 pandemic. The strategy seems to be to flatten management layers and to make Uber’s complex organisational structure simpler so that it is in a better position to navigate the rise of robotaxis encroaching on its ride-hailing business. CEO Dara Khosrowshahi commented that “a leaner organisation will mean clearer ownership, faster decisions, and more time spent building rather than coordinating. It will also generate savings that we intend to reinvest in growth, innovation, and the capabilities that will matter most over the coming years”. There are concerns that tensions have been growing between the tech giant and Waymo, the biggest US robotaxi operator, which runs its cars through Uber’s app in Austin and Atlanta; it seems that autonomous driving technology company has been expanding into new markets without Uber. Potentially, Uber is worried that it may erode its lucrative role as the middleman between vehicles and riders so this has resulted in it investing more than US$ 10 billion into robotaxis in the coming years, backing the companies developing autonomous-driving systems and positioning itself as a go-to marketplace for driverless rides.

Amazon has been brought to task by the US Federal Trade Commission, and a bipartisan group of twenty-two states for allegedly secretly overcharging more than a million advertising customers by manipulating online auctions it used to set ad prices. It is estimated that it had taken more than US$ 20 billion from advertising customers since 2019. The complaint noted that “Amazon overrides and replaces the actual auction results with higher prices set by Amazon to increase its profits”. Furthermore, the consumer watch dog also indicated that Amazon customers have also been harmed, with extra costs bing passed onto shoppers. The complaint accuses Amazon of secretly charging advertisers more in so-called “second price” auctions, whereby prospective advertisers expect to pay US$ 0.01 more than the next highest bidder for each bid they win; however, it seems that the tech giant levies its Sponsored Products advertisers their own winning bid close to 80% of the time. Amazon’s shares fell following the announcement of the lawsuit, closing 2.5% lower on Monday. It is not the first time that the company has ruffled the watchdog’s feathers – last year it spent US$ 2.50 billion in settling a case with the FTC that alleged that it enrolled millions of consumers in its Prime subscription offering without their consent and knowingly made it difficult for consumers to cancel.

Apple is facing a US$ 2.71 billion claim by app developers over its app tracking rules; they have accused the tech giant of abusing its power to unfairly impose greater restrictions on third parties. The argument for the prosecution points to the feature imposed stricter requirements on them than on Apple’s own services, resulting in an unfair competitive advantage in the market. The other side of the argument is that Apple’s App Tracking Transparency feature was introduced to allow users to control whether to grant apps permission to track their activity across other companies’ apps and websites. Ann Pope, who is leading the lawsuit, said Apple’s policy “resulted in very significant harm to businesses that depend on Apple as a gatekeeper”, and that “this action is important to protect the rights of British businesses that depend on Apple, to ensure that the rules that Apple applies are fair, and to compensate the losses that British companies have suffered”. Other European nations, including France, Germany, Italy and Poland, have investigated this apparent abuse of Apple’s marketing power.

Volkswagen’s Board has approved an unpopular transformation plan, that includes fifty thousand redundancies as the German car company tries to reduce operating costs in the wake of Trump tariffs, unrelenting, (and some say unfair) Chinese competition and over capacity; the latter could see four plants in Emden, Zwickau, Neckarsulm and Hannover – having to close within the decade. This agreement comes after weeks of strained relations between the stakeholders – the Board/majority owner Porsche against unions/Lower Saxony. CEO Oliver Blume commented that “this is a strong signal for the future of the Volkswagen Group. We are taking responsibility for our entire workforce, for our partners and for industrial jobs worldwide. The market seemed to agree, with Frankfurt-listed Volkswagen shares closing 7.9% higher on the news., as it averted what could have been a damaging clash with the unions.

The German insurance company Allianz, with a market capitalisation of over US$ 195.72 billion, is reportedly in discussions to acquire the AA in a possible US$ 6.66 billion deal. The AA, based in Birmingham, is the biggest vehicle and recovery service in the UK, with three and a half million members. There is at least another interested party as well as several private equity firms. The owners – a trio of private equity firms – have looked at various methods to divest including a direct sale and a possible public listing on the London Stock Exchange. The AA had left the LSE in 2020, after struggling with a US$ 3.38 billion debt, after being bought by TowerBrook and Warburg Pincus for US$ 296 million; in 2024, Stonepeak invested US$ 609 million, in a combination of common and preferred equity. The AA owns Petplan, one of Britain’s biggest pet insurers, and last month acquired HSBC’s insurance business in Singapore in a US$ 2.10 billion deal. Two years ago, it became the title sponsor of Twickenham, the home of English rugby. In 2025, it reported adjusted earnings before EBITDA of US$ 651 million on revenue of US$ 2.04 billion.

There are rumours that European Pizza Group, which is owned by Nestle and PAI Partners, is hopeful of securing exclusive talks to buy Crosta Mollica for well over US$ 400 million, as soon as next week. EPG, only formed three years ago, as the home of Nestle’s frozen pizza business in Europe. Crosta Mollica, the premium pizza brand, is owned by the private investment firm Perwyn and has several interested suiters, including London-listed Premier Foods.

There has been a lot of recent activity in the food industry including mergers and takeovers. It is understood that Unilever is as keen as mustard to sell Colman’s. Founded in Norwich in 1814, by Jeremiah Colman, the firm merged with Reckitt & Sons to form Reckitt and Colman until 1995 when it sold off its food division to Unilever. Its historic Carrow Works factory finally closed in 2020. Unilever now want to divest itself of Colman’s mustard to prevent competition and monopoly issues during its large merger with the US food company McCormick which already owns French’s, one of the biggest mustard brands in the world.

The country’s largest package holiday company, Jet2, has posted that summer passenger numbers were 8.8% higher on the year with both sectors – package holiday and flight-only – performing well. On the share market, it has seen its market value, currently at US$ 3.70 billion, surge 220% in the past decade, compared to easyJet’s 30%. The company is the second largest company listed on Aim and at Wednesday’s AGM, it announced that “over the past decade, the group has established itself as the UK’s leading tour operator and third largest airline.  .  .  To reflect this track record of growth, the Board of Jet2 has agreed that now is the right time to move to the main market”.

For a company that was once valued at nearly US$ 100 billion, Shein’s US$ 26.2 billion’s valuation on 31 October, its first day of trading, came as no surprise to the market. In early trading shares were 10% lower but recovered by the end of the day to be just 0.12% lower on the day. Over recent years, the ultra-fast fashion brand had been battered by global concerns over its vast network factories’ working conditions, ethics in its supply chain, intense competition, increased regulatory scrutiny, higher operating costs and Trump tariffs. Despite all these obstacles, it claims to still have two hundred and seventy-three million active customers.

Ikea is set to spend US$ 1.35 billion on price cuts, with reductions, of up to 28% on specified items, across hundreds of products in a bid to arrest its revenue decline over the past two years; the main driver behind this decline is the rising cost of living that is biting into consumer spending on new furniture and home renovations.. It also expects to be able to cut costs throughout the supply chain, such as packaging costs, but the benefit to accrue from such measures will not offset the price cuts; in short, it is inevitable that profits will continue to head south at least in the short run.

Netflix has increased its subscription prices in the UK:

• ad-supported tier                   by US$ 2.70                33.4% to US$ 10.80
• standard tier                          by US$ 1.35                  7.7%  to US$ 19.01
• premium                                by US$ 2.70                10.5% to US$ 28.37

It is reported that Netflix said the price increases “reflect improvements” to its product. It also posted, “our approach remains the same: we continue offering a range of prices and plans to meet a variety of needs, and as we deliver more value to our members, we reinvest in quality entertainment and improve their experience by updating our prices”.

In a potential bid in the offing, Blastr Green Steel has arranged new backing to prepare to get its “oven-ready” offer, to acquire SSUK, over the line. The Norwegian steel group is using Aptior Capital, a ‘special situations’ credit fund, to help it finance its bid to take over SSUK – formerly part of tycoon Sanjeev Gupta’s Liberty Steel empire. The country’s third-biggest producer of the metal, which employs over one thousand people at sites in Rotherham and Sheffield, supplies steel companies in the automotive and aerospace industries. An important factor is that the Blastr proposal no longer requires government financial assistance, including grants. Blastr had faced competition to buy the asset from Abu Dhabi’s Arabian Gulf Steel Industries and 7 Steel UK, which last year bought the Allied Steel and Wire site in Cardiff from Spanish firm Celsa. SSUK had been in financial trouble for years before it went into compulsory liquidation in August 2025, when a High Court judge declared that it was “hopelessly insolvent”. The latest development comes after the August formal nationalisation of British Steel in place of the former owners, China’s Jingye Group, which is currently pursuing compensation.

July was a disappointing month for ME airlines posting the steepest decline – 9.5% – of any global region, according to latest figures from IATA. However, they are a welcome improvement after monthly double-digit following the start of the ME crisis. Capacity fell 5.8% on the year, whilst the load factor slipped 3.3% to 80.9%. A ray of light was cargo, with ME carriers registering a 1.7% hike in demand, despite capacity increasing by 4.0%. If the ME returns were taken out, the adjusted global total passenger demand was 1.2% higher – only 0.2 % including the ME. Total capacity, measured in available seat kilometres (ASK), rose 0.3%, while the global load factor eased slightly to 85.2%. International demand fell 0.1% on the year but would have been 1.5% positive excluding ME carriers, with domestic demand growing 0.6%, as capacity nudged 0.2% higher and load factor improved by 85.3% A regional list for July international growth, on the year, shows:

Passenger                                                                  Cargo 

Europe                        +3.1%                                     +4.4%

Latin America             +7.1%

Africa                           +6.4%                                    +1.1%

Asia-Pacific                  – 0.7%                                    +4.1%

North America              -2.3%                                    +4.8%

Middle East                   -9.5%                                    +1.7%

Global trade rose 7.5% year-on-year, while jet fuel prices climbed 12.2% month-on-month and were 56.9% higher than a year earlier. The Global Manufacturing Output Purchasing Managers’ Index eased 0.3 points to 52.7, while the New Export Orders Index rose to 50.0 – indicators, which IATA noted, remained broadly supportive of cargo demand.

By the end of 2026, Taiwan expects annual revenue, from its semiconductor chip sector, to have soared 40%, topping US$ 300 billion, with the main driver being surging demand for AI technology. It is estimated that nearly all of the advanced chips, that are used in everything from smartphones to EVs, are manufactured on the island. Wu Chih-i, president of the Taiwan Semiconductor Industry Association, noted that “we are in a new era of the semiconductor industry from a technology point of view”, being pushed by AI. He also added that energy supply, talent and cyber security were “becoming more critical” for the industry and “no single country” could dominate the chip supply chain and that “continuous progress will require even closer semiconductor collaboration between many countries”. Billions of dollars have already been spent, with even more being expensed in the future, to build data centres that can train and run AI tools such as chatbots, image generators and agents that can execute tasks. One of the main questions is when are most of these companies going to pay back to their investors and banks?

For the week ending 21 August, India’s foreign exchange reserves surged to a record high of US$ 729.3 billion, 1.73% higher on the week; the main driver behind the increased figures seems to have been robust foreign currency inflows, following measures introduced by the central bank in June to attract overseas capital which included a special deposit programme aimed at overseas Indians and other non-resident customers; this has been responsible for enticing almost US$ 72.8 billion in inflows through  21 August , and also helped to strengthen India’s external position and to reduce the risk of a third consecutive year of a deficit in the country’s broadest measure of capital flows. Although the currency has recovered 1.7% since its May low, it still remains under pressure, not helped higher-priced energy imports. However, it has to be noted that the programme because of the central bank is bearing the hedging costs incurred by banks, allowing lenders to offer more attractive interest rates to overseas customers; a figure of US$ 5.7 billion has been bandied around for the annual cost of this arrangement, so little wonder that the RBI unexpectedly advanced the closure of the special diaspora deposit programme, with Governor Sanjay Malhotra saying that inflows had been stronger than anticipated.

In Australia, the Parliamentary Joint Committee’s investigation into Ethics and Professional Accountability has been investigating KPMG Australia over major whistleblower allegations involving confidential client data leaks, audit failures, and the mishandling of complaints. This follows confidential Lendlease board papers being used by KPMG staff to help bid for audit work with Westpac and Dexus. The internal whistleblower, who reported the incident, was badly treated and her claims were not properly handled. The audit firm twice dismissed the case and when it was taken further, it initially withheld relevant files from regulators and parliament. The fall out was dramatic – former CEO Andrew Yates, former Chair Martin Sheppard, and audit head Julian McPherson all resigned, with the firm also losing several big clients including the Macquarie Group and having to restructure which led to the loss of twenty-seven partners and three hundred and sixty staff. Because of the furore following this case, the enquiry is looking into older cases – mainly to ascertain whether this sort of behaviour is systemic which unfortunately it seems to be.

A letter, from a whistle-blower, dated 30 August 2023, was tabled in federal parliament alleging that a former KPMG partner Philip Henry allegedly treated “female members of staff and clients inappropriately”, including making “unwanted sexual advances”.  The whistleblower alleges that he “whilst a partner of KPMG, conducted himself in an unacceptable and reprehensible manner towards female members of staff and clients”. His behaviour also included “bullying and intimidating” a whistleblower to “act outside the scope of her employment contract”. It seems that he had worked at the firm until his publicly reported departure in 2004 and is also accused in the document of allegedly receiving “secret commissions” that were paid “in cash” by a client after he devised tax schemes for them, and that he received personal gifts from some clients, instead of being paid in fees, or to reduce the fees. These allegations have surfaced as part of a parliamentary inquiry looking at the KPMG audit leaks scandal engulfing the firm. The document alleges Mr Henry and several others named in the letter that have been redacted “used significant KPMG firm resources for personal matters and the affairs of associates for no financial benefit to the firm”.

There are also other allegations floating around, with probably the most worrying involving Chris Jordan, a former KPMG partner who went on to lead the Australian Taxation Office for more than a decade. A 2021 document from a whistleblower alleged that Mr Jordan avoided paying tax during his time at the firm  and that it was “corruption at the highest level” that he was appointed to lead the ATO. Today, 04 September, the inquiry continued its work with a public hearing in Sydney.

The US economy added a massive one hundred and sixty thousand extra jobs last month – almost triple the market expectation – attributable to a boost in hospitality and education employment. Wages also appear to be increasing. In August, with average hourly earnings for all employees at US$ 37.75, having increased 3.1%. Figures like these will probably prompt the Federal Reserve to bump up interest rates later this month. However, the US President is singing from the other hymn sheet praying that the US should have the “LOWEST RATE of any country in the World”, and that “”The Fed Board, with its great new leader, must get smart – BE PATRIOTS for a change. High interest rates put the U.S.A. at a very unfair disadvantage, and I won’t allow that to happen!” In contrast, the Fed’s supremo, Kevin Warsh signalled that rates could be hiked if policymakers were not confident price rises wre easing for Americans. Rates have not changed in the prior five months and remain fixed at between 3.50% – 3.75%. Latest data sees inflation at 3.4% – still above the Fed’s 2.0% target – and at a time when US diesel prices hit an all-time high of US$ 5.85 a gallon – 57.7% higher on the year; this does not bode well for Donald Trump with US-Midterm primaries next month

In sync with US energy prices, UK petrol prices have risen to their highest level since the beginning of the Iran war, with the average cost of petrol at US$ 2.20 and warnings from the RAC that prices could still head higher. Analysts say every US 10 per barrel increase in the oil price pushes up pump prices by roughly US$ 0.95 a litre. Currently, it seems whenever there are reports of slowdown in activities, prices will fall but when action is ramped up, the opposite occurs. Volatility is the name of the oil game.

The Burnham government is to spend US$ 149 million in a prison-building programme – claimed to be the largest since the Victorian era – to add some fourteen thousand new prison places over the next five years. To speed up the process, existing space within prisons will be converted into cells, including unused office space, laundry rooms and storage areas. It was also confirmed that money will be spent on purchasing new land to secure potential sites for future prisons and build a “credible pipeline” to enable more prison building in the future. This week, the government signed a contract for work to start on a new 1.7k-place prison in Lancashire. Justice Secretary Alex Norris said: “This government is serious about fixing the broken prison system we inherited, which is why we’ve already delivered more than three thousand, two hundred prison places in just two years”. There are currently one hundred and twenty-three prisons in England and Wales, housing nearly one hundred thousand inmates. August 2026 figures indicate that there are 86.48k imprisoned and that the Usable Operational Capacity is 88.94, pointing to the jails being 97.2% full. However, The Certified Normal Accommodation, (the standard for safe and decent living conditions), stands at 79.51k – an indicator that prisons are overcrowded.

In his new position as Chancellor of the Exchequer, the former Defence Secretary, John Healey, who resigned from the Starmer government, because it was unable to meet the Nato pledge of spending 3.0% by 2030 and 3.5% of UK’s GDP on defence by 2035. The Office for Budget Responsibility estimated that it would cost the UK an additional US$ 23.33 billion to meet the 2030 deadline. Now he is facing criticism that he will be unable to meet that target and for delaying the government’s commitments for the extra cash. Although he warned that finding the extra US$ 6.74 billion to fill the shortfall would mean “difficult decisions” at next month’s budget, he would set a “clear path” in the budget.

This week, there was even worse news for Andy Burnham as the yields on a thirty-year gilt and a ten-year gilt – hit their highest levels in twenty-eight years when, in 1998, they reached 5.89% and 5.22%; these percentages reflect the cost of long-term borrowing for the UK government and the higher these rates go, the less the money available to spend in next month’s budget. Higher borrowing costs will reduce the amount of headroom the government has against its self-imposed fiscal rules, restricting Chancellor John Healey’s spend on consumer-friendly measures to ease the cost of living. However, the Prime Minister is confident that he can bring about “more substantial change” to ease living costs. The rate hike is due to many factors including inflation, state borrowing levels and spending levels by large tech companies on AI. On top of this, it seems that the US$ 32.36 billion fiscal headroom is believed to have halved because of the ME crisis. (Borrowing costs in the US, Japan and Europe have hit similar highs).

Andrew Bailey has warned the G20 finance ministers that AI could cause a global economic downturn and pose a significant cyber security risk to financial systems, adding that global companies should be prepared for security breaches “involving simultaneous disruption across multiple firms”. This follows last month’s alert by a group of one hundred firms, including The Magnificent Seven, advising countries and groups to beef up their cyber defences before AI grows powerful enough to override them. He reiterated the possibility of a stock market correction that could occur because of a combination of highly priced stock markets, increased borrowing by investors, and the growing concentration of money into a small number of major technology companies could amplify any future market correction, (vide Damned If I Do, Damned If I Don’t – 29 August).

“However, with around 40% of the US stock market concentrated in ten companies heavily invested in AI Nvidia’s fortunes matter far beyond Silicon Valley. Such an extreme situation on the ten companies owning 40% of the index, and operating mainly in the same sector, does not bode well. The contagion of one of these companies performing badly will have a knock-on effect, not only on the other nine but would surely confirm such market concentration is a danger to the long-term viability of the whole exchange – and perhaps the global economy.”

He added that “the issue is not simply that investors are borrowing more, but that leverage is interacting with high valuations and market concentration, in particular the increasing cross-investment between AI companies and hyper scalers, in a way that could amplify a future market correction”. The writing is on the wall that AI companies have, or will have, the ability to develop models that can easily override the safeguarding systems of banks and financial centres. He was also worried about the knock-on effect on energy supply, brought on by the US Iran war, and the ensuing market volatility.

According to a report by the Centre for Economic and Business Research, the reintroduction of tax-free shopping for overseas visitors would generate up to US$ 15.51 billion in additional economic output. In addition, it estimates that it would create one hundred and fifty-three thousand new jobs and give the Treasury a US$ 3.51 billion welcome boost; it would also attract some 2.35 million more visitors. This seems to be a no brainer for the October budget.

The UK Environment Secretary, Dame Angela Eagle, has commented that, “we’re about to experience probably the largest El Nino that has ever been seen, and that will lead to drier summers, wetter winters, with more extreme storms in this country”.  She has advised households to stock up on food to prepare for the expected extreme weather conditions. The National Audit Office has warned that the country’s food supply chain was at risk, given the growing threat of cyber-attacks and the climate crisis, adding that the government was too reliant on the private sector to deal with food supply disruption. It also commented that the Department for Food, the Environment and Rural Affairs was too reliant on private companies to handle disruptions to food supply and had not done enough in recent years to improve supply chain resilience. The NAO also commented that UK households were less prepared for emergencies than those in several other countries such as Finland, Sweden and European Union nations. It is about time that the UK wakes up to Get Ready For This!