Wealthy Collectors Reveal Signs of Strength in the Art Market—Outside of the Auction Houses
5 min
Sky-high pricey artworks may not be flying off the auction block right now, but the art market is actually doing just fine.
That’s a key takeaway from a 190-plus page report written by Art Economics founder Clare McAndrew and published Thursday morning by Art Basel and UBS. The results were based on a survey of more than 3,600 collectors with US$1 million in investable assets located in 14 markets around the world.
That the art market is doing relatively well is backed by several data points from the survey that show collectors are buying plenty of art—just at lower prices—and that they are making more purchases through galleries and art fairs versus auction houses.
It’s also backed by the perception of a “robust art market feeling,” which was evident at Art Basel Paris last week, says Matthew Newton, art advisory specialist with UBS Family Office Solutions in New York.
“It was busy and the galleries were doing well,” Newton says, noting that several dealers offered top-tier works—“the kind of stuff you only bring out to share if you have a decent amount of confidence.”
That optimism is reflected in the survey results, which found 91% of respondents were optimistic about the global art market in the next six months. That’s up from the 77% who expressed optimism at the end of last year.
Moreover, the median expenditure on fine art, decorative art and antiques, and other collectibles in the first half by those surveyed was US$25,555. If that level is maintained for the second half, it would “reflect a stable annual level of spending,” the report said. It would also exceed meet or exceed the median level of spending for the past two years.
The changes in collector behaviour noted in the report—including a decline in average spending, and buying through more diverse channels—“are likely to contribute to the ongoing shift in focus away from the narrow high-end of sales that has dominated in previous years, potentially expanding the market’s base and encouraging growth in more affordable art segments, which could provide greater stability in future,” McAndrew said in a statement.
One reason the art market may appear from the outside to be teetering is the performance of the major auction houses has been pretty dismal since last year. Aggregate sales for the first half of the year at Christie’s, Sotheby’s, Phillips, and Bonhams, reached only US$4.7 billion in the first half, down from US$6.3 billion in the first half a year ago and US$7.4 billion in the same period in 2022, the report said.
Meanwhile, the number of “fully published” sales in the first half reached 951 at the four auction houses, up from 896 in the same period last year and 811 in 2022. Considering the lower overall results in sales value, the figures imply an increase in transactions of lower-priced works.
“They’re basically just working harder for less,” Newton says.
One reason the auction houses are having difficulties is many sellers have been unwilling to part with high-value works out of concern they won’t get the kind of prices they would have at the art market’s recent highs coming out of the pandemic in 2021 and 2022. “You really only get one chance to sell it,” he says.
Also, counterintuitively, art collectors who have benefited from strength in the stock market and the greater economy may be “feeling a positive wealth effect right now,” so they don’t need to sell, Newton says. “They can wait until those ‘animal spirits’ pick back up,” referring to human emotions that can drive the market.
That collectors are focusing on art at more modest price points right now is also evident in data from the Association of Professional Art Advisors that was included in the report. According to APAA survey data of its advisors, if sales they facilitated in the first half continue at the same pace, the total number of works sold this year will be 23% more than 2023.
Most of the works purchased so far were bought for less than US$100,000, with the most common price point between US$25,000 and US$50,000.
The advisors surveyed also said that 80% of the US$500 million in transactions they conducted in the first half of this year involved buying art rather than selling it. If this pattern holds, the proportion of art bought vs. sold will be 17% more than last year and the value of those transactions will be 10% more.
“This suggests that these advisors are much more active in building collections than editing or dismantling them,” the report said.
The collectors surveyed spend most of their art dollars with dealers. Although the percentage of their spending through this channel dipped to 49% in the first half from 52% in all of last year, spending at art fairs (made largely through gallery booths) increased to 11% in the first half from 9% last year.
Collectors also bought slightly more art directly from artists (9% in the first half vs. 7% last year), and they bought more art privately (7% vs. 6%). The percentage spent at auction houses declined to 20% from 23%.
The data also showed a shift in buying trends, as 88% of those polled said they bought art from a new gallery in the past two years, and 52% bought works by new and emerging artists in 2023 and this year.
The latter data point is interesting, since works by many of these artists fall into the ultra contemporary category, where art soared to multiples of original purchase prices in a speculative frenzy from 2021-22. That bubble has burst, but the best of those artists are showing staying power, Newton says.
“You’re seeing that kind of diversion between what’s most interesting and will maintain its value over time, versus maybe what’s a little bit less interesting
and might have had speculative buying behind it,” he says.
Collectors appear better prepared to uncover the best artists, as more of those surveyed are doing background research or are seeking advice before they buy. Less than 1% of those surveyed said they buy on impulse, down from 10% a year earlier, the report said.
Not all collectors are alike so the Art Basel-UBS report goes into considerable detail breaking down preferences and actions by individuals according to the regions where they live and their age range, for instance. The lion’s share of spending on art today is by Gen X, for instance—those who are roughly 45-60 years old.
Despite a predominately optimistic view of the market, of those surveyed only 43% plan to buy more art in the next 12 months, down from more than 50% in the previous two years, the report said. Buyers in mainland China were an exception, with 70% saying they plan to buy.
Overall, more than half of all collectors surveyed across age groups and regions plan to sell, a reversal from past years. That data point could foretell a coming buyer’s market, the report said, or it “could be indicative of more hopeful forecasts on pricing or the perception that there could be better opportunities for sales in some segments in the near future than there are at present.”
In the U.S., where 48% of collectors plan to buy, Newton says he’s seeing a lot of interest in art from wealth management clients.
“They’re looking for ideas. They’re looking for names of artists that can be compelling and have staying power,” Newton says. “That’s definitely happening from an optimistic standpoint.”
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Kuwait has raised $3.25 billion through a dual-tranche bond issuance, attracting combined investor orders of $7.8 billion. The offering comprised $2.25 billion in three-year notes and $1 billion in 10-year notes, with yields of 5.619% and 6.198%, respectively.
Gulf stock markets traded cautiously as escalating Middle East tensions. Saudi Arabia’s index fell 0.3%, Abu Dhabi slipped 0.2%, and Qatar’s benchmark dropped 0.5% to its lowest level in more than six years, while Dubai’s market remained broadly flat. Meanwhile, Brent crude fell 2.08% to $107.57 a barrel.
Jordan will repurchase all bonds tendered under its offer for part of its outstanding $1 billion 5.75% notes due in 2027, after investors submitted $396.2 million in bonds for buyback. Settlement was scheduled for October 16, 2026, with Citigroup Global Markets acting as dealer manager.
Egypt is moving closer to launching short selling as the Financial Regulatory Authority introduces a model agreement governing securities borrowing, collateral requirements and risk management. The centralized lending system operated by MCDR is undergoing live testing ahead of its anticipated launch, with the framework designed to protect market participants and standardize transactions.
4 min
The Financial Regulatory Authority (FRA), chaired by Islam Azzam, has issued a model agreement governing the relationship between brokerage firms and clients borrowing securities for sale, marking another step towards the anticipated official launch of short selling in Egypt.
The move follows the introduction of a new regulatory framework under FRA Board Decision No. 155 of 2026.
The agreement establishes a clear contractual framework for clients seeking to borrow securities for sale through the centralised securities lending system operated by Misr for Central Clearing, Depository and Registry (MCDR), and brokerage firms licensed to execute such transactions on their behalf.
Short selling involves a lending client making securities they own available to borrow and a borrowing client borrowing those securities, selling them and subsequently repurchasing and returning them to the lender.
If the borrower expects the share price to decline, they can profit from the difference between the selling and repurchase prices, depending on market movements and changes in the security’s price. Transactions are conducted through a brokerage firm licensed to undertake such activities.
The model agreement was issued under FRA Chairperson Decision No. 3350 of 2026 following consultations with market participants to draw on the experience of companies operating in the sector and identify practical implementation requirements.
The move reflects the FRA’s approach of maintaining constructive dialogue with stakeholders to develop enforceable regulations that facilitate the mechanism’s operation while managing its risks and protecting market participants’ rights.
Agreement sets rules for collateral, fees and risk management
The model agreement defines the rights and obligations of brokerage firms and borrowing clients, their respective procedural responsibilities, and the arrangements governing expenses, commissions, returns generated from investing cash collateral margins and the distribution of those returns.
These provisions are intended to support effective implementation, improve participants’ understanding of the mechanism and its associated risks, facilitate the monitoring of collateral margins, and establish procedures for closing positions when circumstances specified in the contract or regulations arise.
The agreement also establishes risk management requirements, particularly regarding collateral provided by borrowing clients.
Borrowers must provide collateral margins at the rates specified in the agreement’s annex before executing a borrowing transaction, subject to the minimum ratios stipulated in the FRA’s decision.
Brokerage firms must deposit cash collateral into a separate account designated for securities borrowing for the purpose of selling.
To mitigate transaction-related risks and protect market participants’ rights, the model agreement requires brokerage firms to revalue borrowed securities using the latest closing price during the trading session.
Firms must also monitor the ratio of total collateral to the value of borrowed securities in accordance with the ratios specified in the agreement’s annex, subject to regulatory minimums.
The agreement also governs cases in which borrowed securities are not returned by the specified deadline. In such circumstances, the brokerage firm must purchase the securities required to fulfil the return obligation, taking the relevant settlement dates into account.
It also addresses circumstances requiring positions to be closed, including the removal of a security from the list of securities eligible for short selling and the issuance of regulatory decisions or approvals relating to acquisitions, mergers, tender offers, demergers, liquidations or other transactions specified by the FRA.
Brokerage firms must also provide clients with a detailed guide explaining securities borrowing for the purpose of selling, including its fundamental rules, procedures, benefits and associated risks.
The guide must be updated whenever amendments are made to the governing regulations and provided to clients at least once a year and whenever it is revised.
The agreement stipulates that cash collateral margins must be invested in instruments specified by the FRA throughout the lending period.
Brokerage firms are required to inform clients of the investment instruments used and the actual returns generated, and to credit those returns to clients’ accounts immediately upon receipt or in accordance with the agreed terms.
Regarding borrowing costs, the model agreement requires brokerage firms to disclose all expenses, commissions and other monetary amounts deducted from clients, specifying the basis on which each is calculated.
Any subsequent amendment to commissions or expenses is prohibited without the client’s explicit consent.
The agreement guarantees clients the right to issue orders to sell and purchase borrowed securities and to close their open positions, either fully or partially, during the borrowing period, in accordance with the contractual terms.
MCDR system undergoes live testing ahead of launch
Azzam said the model agreement represents another step towards launching the short-selling mechanism, as the FRA works to finalise the regulatory provisions and practical guidelines for all parties involved.
At the same time, final adjustments are being made to the centralised securities lending system developed and operated by MCDR through live testing.
The aim is to ensure full real-time connectivity between the system and brokerage firms while documenting all stages and procedures of the process.
The system will enable borrowing clients to view all available securities lending offers submitted by lending clients and select those that match their investment objectives. It will also allow lending clients to view other lending offers registered through the system.
Azzam added that the model agreement is intended to facilitate transactions for brokerage firms and borrowing clients, regulate their relationship and establish a standard contractual basis consistent with the mechanism’s regulatory framework.
It also defines responsibilities for managing collateral, monitoring open positions and handling cases involving declines in collateral value or delays in returning borrowed securities, thereby safeguarding the rights of all parties.
He noted that the agreement must include a declaration from the borrowing client confirming that they are the original owner and sole beneficiary of the account being opened and that their funds originate from legitimate sources.
Borrowing clients must also provide the relevant information in accordance with Anti-Money Laundering Law No. 80 of 2002 and the regulatory decisions governing anti-money laundering and counter-terrorist financing measures in non-banking financial activities.
Azzam explained that brokerage firms licensed to conduct these transactions are required to maintain the confidentiality of clients’ data and the privacy of their information and documents.
They are prohibited from disclosing information about clients or their transactions to third parties without prior written consent, and then only within the scope of that consent. Exceptions apply where firms are required to notify the FRA of specified data or information, or where disclosure is required under a judicial order in accordance with relevant legislation.
Short selling offers gains, but…
Under the short-selling mechanism, a borrowing client makes a profit if their expectation of a decline in the price of borrowed securities proves correct. The client repurchases the securities at the lower price, realises a gain and returns them to the lender, with borrowing costs deducted from the profit.
Conversely, if the price of the securities rises and the borrower decides to limit their losses, they must repurchase the securities at the higher price, incur a loss and return them to the lender, with borrowing costs adding to that loss.
In both cases, the lending client receives a return for lending their securities, comprising a return approximating the risk-free rate plus an additional lending premium, while retaining the other benefits associated with share ownership.
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Saudi Awwal Bank (SAB) reported a 3% year-on-year increase in net profit to SAR 6.58 billion for the first nine months of 2026, while net loans and advances grew 11% to SAR 325 billion. The bank also recorded improved quarterly operating performance, reflecting continued strategic execution and disciplined risk management.
3 min
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced today the Bank’s financial results for the nine months ended 30 September 2026.
SAB recorded a net profit after Zakat and Income Tax of SAR 6,582 million for the period, representing an increase of 3% compared with the corresponding period in 2025. Total operating income increased by 1% year-on-year to SAR 11,116 million, while third-quarter revenue rose by 5% to SAR 3,841 million compared with the previous quarter, reflecting improved sequential momentum.
Against a backdrop of evolving market dynamics and regional developments, SAB continued to deliver against its strategic priorities, maintaining balanced growth across its businesses. This performance was supported by disciplined capital deployment, prudent risk management and a continued focus on solid returns. Net loans and advances increased by 11% year-on-year to SAR 325 billion, broadly in line with the Bank’s plans and guidance.
Lubna S. Olayan, Chair of the Board of Directors, commented: “Our performance over the first nine months of 2026 reflects the resilience of SAB’s diversified business model and the strength of our long-term strategy.
We have continued to grow our business, deepen customer relationships and deliver solid returns while navigating an evolving external environment. Our commitment to responsible growth and sound financial management remains central to creating lasting value for our shareholders and supporting the Kingdom’s economic ambitions.”
The Bank’s margin performance improved during the third quarter, supported by disciplined asset repricing and stable funding costs. Quarterly operating income and pre-provision profit also increased compared with the previous quarter, demonstrating positive sequential momentum and the Bank’s continued focus on operating performance. This led to SAB reporting a return on tangible equity of 14.2% for the first nine months of the year, almost double the levels of returns the bank generated at the start of its strategy in 2021.
SAB’s trade business remained firm, underpinned by its strong corporate banking business and longstanding position in trade and cross-border banking. These capabilities continue to reinforce the Bank’s role in facilitating business activity and supporting the Kingdom’s growing international economic connectivity.
Asset quality remained resilient, with credit costs increasing during the nine-month period, as a reflection of heightened pressures. SAB continued to apply its established prudent forward-looking approach to provisioning, considering the evolving regional environment, supported by disciplined risk management and a continued focus on balance sheet strength.
Olayan added: “Our priorities remain clear: to pursue growth responsibly, deploy capital selectively and maintain a strong and resilient balance sheet. The improvement in margins and quarterly operating performance is encouraging and demonstrates the effectiveness of our strategic execution. We remain well positioned to respond to changing market conditions and pursue opportunities that support sustainable growth.
During the third quarter, SAB continued to advance its customer proposition through strategic partnerships and targeted innovation. The Bank introduced the Kingdom’s first Qatar Airways Privilege Club co-branded credit card, launched a dedicated e-commerce credit card in partnership with noon, and enhanced international transfer capabilities through its collaboration with Swift. Together, these initiatives reflect SAB’s commitment to delivering differentiated banking experiences, strengthening its competitive position and responding to the evolving needs of its customers.
SAB also continued to support its customers and employees amid the evolving operating environment, maintaining service continuity, prioritizing the wellbeing of its people and ensuring reliable access to banking services.
Olayan concluded: “As we mark 100 years of banking heritage in the Kingdom, we remain firmly focused on the future and the role SAB will continue to play supporting Saudi Arabia’s economic development. On behalf of the Board, I extend my sincere appreciation to our customers for their continued trust and to our colleagues for their dedication and professionalism. We also thank the Saudi Central Bank, the Capital Market Authority and our strategic partner, HSBC, for their continued support.”
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Two coming 2027 models – the first of the “Neue Klasse” cars coming to the U.S. early next year – have been revealed.
Doha Bank has raised $500 million through a five-year bond issuance, attracting over $1.5 billion in investor orders. The issuance marks the bank’s first debt deal of 2026, with proceeds supporting its funding strategy amid continued activity in the Gulf debt markets.
< 1 min
Doha Bank, rated A (Negative) / Baa1 (Stable) (Fitch / Moody’s), has raised $500 million through its latest debt raise, with the five-year Regulation S senior unsecured notes carrying a fixed rate coupon of 6.250%, payable semi-annual in arrears.
The notes carry a yield of 6.313%, at a re-offer price of 99.733 and a spread set at 140 basis points over US Treasuries. IPTs for the offering in the +170 bps area.
At launch, the orderbook was in excess of $1.5 billion, excluding JLM interest.
Doha Finance Limited is issuing the debt, with the Qatar-listed lender named as guarantor. The expected issue rating is A / Baa1 (Fitch / Moody’s).
Bank ABC, Barclays, BBVA, Deutsche Bank, Emirates NBD Capital, Goldman Sachs International, HSBC, Kamco Invest, KGI Asia, Mashreq, QNB Capital and Standard Chartered Bank are the mandated joint lead managers and bookrunners. Standard Chartered Bank is the billing and delivery bank.
The issuance will come under Doha Bank’s $4.25 billion Euro Medium Term Note Programme, with the notes maturing on October 28, 2031.
A listing will follow on the London Stock Exchange – International Securities Market.
This is Doha Bank’s first debt outing of the year, with the lender last accessing the market in December 2025 when it raised $150 million from a digital bond, with a two-year tenor, along a raise of QAR 500 million through a sustainable bond with a 4.50% coupon.
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Kuwait has raised $3.25 billion through a dual-tranche bond issuance, attracting combined investor orders of $7.8 billion. The offering comprised $2.25 billion in three-year notes and $1 billion in 10-year notes, with yields of 5.619% and 6.198%, respectively.
< 1 minKuwait has raised $3.25 billion in its latest debt issuance, a dual-tranche offering with three-year and 10-year tenors that saw a collective orderbook of $7.8 billion.
The three-year offering raised $2.25 billion, priced at par, with a semi-annual coupon of 5.619%. The yield was also set at 5.619%, with the spread tightened to 75 basis points over US Treasuries.
IPTs for this tranche were in the T+105bps area.
The 10-year tenor raised $1 billion, priced at par, with a coupon and yield of 6.198%. The spread was set at T+105bps from IPTs in the T+130bps area.
The final orderbook for the shorter tenor was in excess of $4.6 billion, excluding JLM interest, with the 10-year drawing an orderbook of $3.2 billion, excluding JLM.
The settlement date is October 26.
Kuwait has issued the senior unsecured notes through the Ministry of Finance, with an expected rating of AA- (S&P), AA- (Fitch) (all stable), in line with Kuwait’s own.
Citi, Goldman Sachs International, HSBC, JP Morgan, and SMBC are the joint global coordinators, while Barclays, Citi, Goldman Sachs International, HSBC, ICBC, JP Morgan, Morgan Stanley, and SMBC are the mandated joint lead managers and bookrunners.
HSBC is the billing and delivery bank on the three-year tenor, while JP Morgan has been mandated on the 10-year.
The notes will be listed on the London Stock Exchange’s Main Market.
In July, Kuwait raised $6 billion in debt through a three-tranche bond offering with investor demand driving the combined orderbook to more than $14.75 billion. While the $3 billion three-year issuance drew a marginally tightened spread of T+70bps compared to the October offering, the $1.5 billion 10-year raise drew a much tighter spread at T+85bps from IPTs in the T+110bps area.
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Gulf stock markets traded cautiously as escalating Middle East tensions. Saudi Arabia’s index fell 0.3%, Abu Dhabi slipped 0.2%, and Qatar’s benchmark dropped 0.5% to its lowest level in more than six years, while Dubai’s market remained broadly flat. Meanwhile, Brent crude fell 2.08% to $107.57 a barrel.
< 1 minMajor Gulf stock markets were subdued in early trade on Monday as tensions in the Middle East kept investors on edge, with a tanker blast in the Strait of Hormuz and uncertainty over the waterway’s reopening adding to the caution.
An oil tanker caught fire and exploded after striking a naval mine in the southern part of the strait, Iran’s Islamic Revolutionary Guard Corps navy said on Sunday, according to Iranian media.
Separately, Foreign Minister Abbas Araqchi told Iranian media that Tehran’s offer to the United States to reopen the strait within seven days was still on the table.
Brent crude futures fell 2.08% to $107.57 a barrel by 0619 GMT after settling at their highest since May 19 on Friday, as investors took profits after US President Donald Trump waived sanctions and tariffs on Russia, a move that may lead to more Russian fuel exports.
Saudi Arabia’s benchmark index fell 0.3%, hit by a 1.7% drop in Saudi Arabian Mining Co and a 0.8% decline in the country’s biggest lender by assets, Saudi National Bank.
Among other losers, oil behemoth Saudi Aramco was down 0.3%.
Dubai’s main share index was flat, though Dubai Investments advanced 2.4%. The group plans to float a 20% stake in subsidiary DIP Holding, owner of the Dubai Investments Park real estate business, in the UAE’s first initial public offering this year and one of only a few in the Gulf amid the Iran war.
In Abu Dhabi, the index eased 0.2%, while the Qatari index lost 0.5% to trade at its lowest in more than six years.
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
Many of the most-important events have slipped from our collective memories. But their impacts live on.
Jordan will repurchase all bonds tendered under its offer for part of its outstanding $1 billion 5.75% notes due in 2027, after investors submitted $396.2 million in bonds for buyback. Settlement was scheduled for October 16, 2026, with Citigroup Global Markets acting as dealer manager.
< 1 minJordan will buy back all bonds submitted under its tender offer for part of its outstanding $1 billion 5.75% notes due in 2027, after investors tendered $396.2 million of the debt.
Citigroup Global Markets acted as dealer manager for the transaction, while Citibank N.A., London Branch served as information and tender agent.
The sovereign said holders submitted $396.235 million in principal amount of the bonds for repurchase.
Settlement is scheduled for October 16, 2026.
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Egypt’s net international reserves rose by $5.9bn in the first nine months of 2026, reaching $57.35bn in September, supported by stronger foreign currency inflows and banking sector assets.
3 min
The Central Bank of Egypt (CBE) has revealed that its net international reserves increased by $5.896bn during the first nine months of 2026, reaching $57.348bn in September, compared with $51.452bn in December 2025.
According to renowned banking expert Mohamed Abdel Aal, Egypt’s foreign exchange reserves comprise a diversified basket of major international currencies, including the US dollar, euro, pound sterling, Japanese yen, and Chinese yuan. These currencies are allocated in line with the CBE’s strategy for managing liquidity and maintaining a balance between exchange rates and stability in global markets.
He noted that net reserves continued their upward trajectory for the 49th consecutive month, reaching $57.350bn in September 2026, compared with approximately $57.214bn in August, an increase of $136m and monthly growth of around 0.24%.
Although this monthly increase may appear modest in numerical terms, Abdel Aal said a closer examination reveals implications that extend beyond the size of reserves to their quality.
He stressed that the strength of the Egyptian economy’s external position no longer depends solely on the level of reserves, but is increasingly supported by an integrated set of positive indicators.
He explained that improvements in funding sources reflect a structural development in the Egyptian economy’s external position, which international institutions and credit rating agencies monitor as a more accurate measure of economic resilience and the ability to absorb shocks.
Mohamed Abdel Aal
In August 2026, the banking sector’s net foreign assets rose to $31.2bn, their highest level since January 2020, supported by an increase in commercial banks’ net foreign assets to $12.4bn, alongside a rise in the CBE’s net foreign assets to $18.8bn.
According to Abdel Aal, these divs carry significant implications, indicating that the improvement in international reserves is no longer confined to the CBE’s balance sheet, but is also supported by the banking system as a whole, with foreign assets exceeding external liabilities, making the improvement more sustainable.
He added that the recovery was not limited to banking assets, but extended to actual sources of foreign currency.
Remittances from Egyptians working abroad recorded notable growth of 28.1% during the first seven months of 2026, reaching $29.7bn, compared with $23.2bn during the same period last year.
At the same time, the tourism sector maintained its performance, generating revenues of $12bn during the first eight months of the year, an increase of approximately 1.7%.
In foreign trade, Egyptian exports continued to grow, reaching $31.9bn during the first seven months of 2026, exceeding the $29.9bn recorded during the corresponding period last year.
Suez Canal revenues also recorded a noticeable improvement in the second quarter of the year, reaching $1.26bn, compared with around $1.1bn in the first quarter, representing growth of 13%.
Abdel Aal said the continued accumulation of reserves over 49 consecutive months represents more than a financial div. It constitutes a cumulative line of defence that strengthens the economy’s ability to withstand financial and geopolitical shocks and fluctuations in energy markets, gives monetary policymakers greater flexibility, and reinforces the confidence of international institutions.
He noted that a particularly striking development was the growth in reserves despite a decline in the dollar value of their gold component, which stood at $17.46bn in September 2026, down by $1.6bn as global gold prices fell by more than $270 per ounce.
However, the increase in the liquid foreign-currency component fully offset this decline, highlighting the flexibility of the reserve composition as an additional strength in managing the reserve portfolio.
Addressing recurring questions about the adequacy of reserves, Abdel Aal said the modern professional approach goes beyond identifying a safe level of reserves to determining the optimal level, assessed according to import coverage, short-term external debt, and the nature of capital flows.
He noted that the real challenge is not to maximise reserves without limit, but to strike a careful balance between security, liquidity, and investment returns.
Looking ahead to the final quarter of 2026, Abdel Aal said that, with foreign currency inflows continuing and the foreign exchange market remaining stable, there appeared to be scope for reserves to maintain their upward trend, although the pace of growth would remain dependent on geopolitical developments and global energy prices.
Abdel Aal stressed that foreign exchange reserves are more than divs recorded on the Central Bank’s books. They serve as a safety valve that is reshaping market confidence in the Egyptian economy.
He said the continued upward trend was undoubtedly the result of carefully considered monetary and fiscal policies that strengthen the country’s economic security.
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Strong family financial planning can help reduce taxes and support younger generations. From intrafamily loans and asset gifts to inheritance disclaimers, strategic cooperation can create meaningful financial benefits—when families have the trust and structure to make it work.
4 min
Happy is the family whose members—parents, grandparents and grown children—trust each other enough to cooperate on shared goals, especially financial ones. When that is truly the case, Uncle Sam’s tax rules can help as well.
This matters especially now that mortgage rates are above 7%, and many families are looking for ways to help younger members. If the elders have resources and are confident younger ones can cooperate, a family loan could make homeownership possible while providing the elders with a useful income stream.
Other strategies can actually lower taxes, such as when funding 529 plans or Roth IRAs, or when someone inherits a traditional IRA with required withdrawals larger than they will need.
Here are three strategies useful for functional families.
Intrafamily loans
It is perfectly legal for families to lend money to a relative for a down payment or even a private mortgage.
But it is important not to cut corners, says Ryan McKeown, a CPA with Modern Wealth Enhancement in Minnesota. If the loan is for a down payment, be honest with the mortgage provider and have a formal agreement. The lender owes tax on the interest payments received.
If the loan is for a private mortgage, both sides should have legal representation with a formal written agreement, including payment terms. The lender owes tax on the interest, and the borrower often can deduct it if he or she itemizes.
To avoid IRS trouble, the interest rate shouldn’t be lower than the agency’s Applicable Federal Rate at the time of the loan. Currently that is about 5% for loans longer than nine years; about 4.5% for loans three to nine years; and about 4% for loans three years or less. Currently, traditional mortgage rates are generally above 7%.
In addition, the lender could use the $19,000 annual gift-tax exemption (described below) to forgive some or all of the interest or principal annually. If both lenders and borrowers are married, that is up to $76,000 a year. There is no tax for the borrower on such forgiveness, because it is from a gift.
If you’re going this route, McKeown advises against having a fixed plan to forgive the debt. Instead, do it in one-off letters specifying the amount—and keep careful records. Otherwise the IRS might try to treat the loan as a taxable gift.
Asset gifts
Powerful tax-saving moves for families often use gift-tax provisions. Under current law, anyone can give anyone else up to $19,000 of assets annually, free of gift tax. That means a married couple with three grandchildren could give them a total of $114,000 in 2026.
The gifts can be cash or other assets, like stock. For noncash gifts, the cost basis—which is the starting point for measuring taxable gain after a sale—“carries over” to the recipient. So if someone buys $1,000 of stock and gives it away when it is worth $5,000, the recipient’s cost basis is $1,000. If the recipient later sells the shares for $8,000, the taxable gain is $7,000.
Here’s an example showing how gifts could save a family taxes. Grandma is a widow of modest means, while her child and spouse have prospered. The couple has two children, and they want to contribute $5,000 to a 529 college-savings plan for each—but they need to sell stock to do it. Their tax rate on the sale would be 18.8%, and they would need to sell about $11,000 of stock.
However, Grandma’s federal tax rate on the stock sale is 0%. If the couple gives $10,000 of shares to Grandma, she could sell them, pay no tax, and fund the grandchildren’s 529 plans. This saves about $1,000 of tax.
These moves are legal, and they could be used in other ways, such as to help a young person fund a Roth IRA.
But trust among family members is essential: Under the law, givers can’t put conditions on a gift. Grandma could use her stock proceeds to take a cruise, but she makes 529 contributions instead.
Mark Sellner, a retired tax attorney and CPA living in Sarasota, Fla., uses this strategy. His children sell stock he gives them and fund 529 plans for his grandchildren.
The family’s tax savings aren’t huge, but he likes other benefits. The sales by his children don’t boost his adjusted gross income, which in turn could raise his Medicare Irmaa premiums or his 3.8% surtax on net investment income.
Sellner doesn’t worry about his children using the funds for another purpose.
“There can’t be any strings attached to gifts. Of course, it is up to us to decide whether to make them in the future,” he says.
Two caveats: The “kiddie tax” applies to most children under age 24, and it is levied at the parents’ rate on investment income above $2,700 in 2026. Consider this before making gifts to a young person.
Investors who give away stock also forgo the step-up, an important provision that exempts assets held at death from capital-gains tax.
Sellner knows he’s losing a step-up, but says, “The children could use a little more now. Why should they wait 20 years to get it?”
Disclaimers
A disclaimer is a highly useful strategy in which one heir renounces an inheritance in favor of another heir. Assuming family members cooperate, this can save taxes.
Here’s one example. Dad died and had a large traditional IRA that he left to Mom. She has enough assets and income to cover her expenses, and she lives in a state with a stiff estate tax. The inherited IRA would put her estate over the threshold.
Also surviving are three young-adult children. If Mom disclaims all or part of Dad’s IRA within nine months of his death, that amount could go directly to the children. They will have 10 years to empty the account, and the family as a whole will likely save estate and income taxes.
Disclaimers have many key details, especially regarding beneficiary documents. Although heirs have great freedom in choosing what assets to disclaim, the rules about who gets disclaimed property are rigid. It is best if the original owner names tiers of heirs so that if one disclaims, the next recipient is clear.
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
QatarEnergy has secured a $3 billion five-year syndicated loan from four major Chinese banks, while exploring an additional $5 billion+ facility to support its LNG shipping operations.
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The state-owned QatarEnergy has secured a $3 billion syndicated five-year loan financed by four major Chinese financial institutions, according to Loan Connector. The petroleum and natural gas producer is also in talks with several banks for an additional $5 billion or more to finance its LNG shipping operations.
Agricultural Bank of China, Bank of China, China Construction Bank and Industrial and Commercial Bank of China are the underwriters on the $3 billion facility, the report stated, with funds to be used as QatarEnergy’s working capital.
Meanwhile, the LNG financing has drawn interest from both international and regional banks, LPC added, with a maturity in 2044.
QatarEnergy’s financial push comes at a time when the firm has also bagged seven offshore exploration licenses in Brazil, as part of a consortium with Petrobras. QatarEnergy said the deal will expand its upstream position in the South American state and is expected to be signed in the first half of 2027.
The LNG giant earlier extended its force majeure on liquefied natural gas deliveries through early December 2026, driven by ongoing regional conflict and the closure of the Strait of Hormuz.
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Saudi Aramco CEO Amin Nasser warned that satellite imagery and ship-tracking data are increasingly being used to target infrastructure and oil tankers, highlighting growing security risks linked to technology.
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Saudi Aramco CEO Amin Nasser said on Monday that satellite imagery and detailed ship tracking data is increasingly being used to attack infrastructure and oil tankers.
“Satellite imaging and shipping logs are increasingly being weaponised against infrastructure and tankers. Tools of transparency should not become ammunition for aggression,” Nasser told the Energy Intelligence Forum
“Technology offers immense benefit, but also poses serious risks,” Nasser said
Oil markets follow headlines on the US-Israeli war on Iran, including those based on satellite imagery and ship tracking data
The UN shipping agency IMO estimates there have been around 91 incidents involving ships that have been hit and 24 seafarers killed in the Middle East Gulf since the start of the Iran war on February 28.
More and more vessels in the region are switching off their transponders, or AIS systems, to avoid detection or identification to mitigate the threat of missile and drone attacks
Previously, this practice of “going dark” was usually employed by vessels in the so-called shadow fleet used to transport sanctioned Russian, Iranian and Venezuelan crude outside of Western markets and services
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
Interior designer Thomas Hamel on where it goes wrong in so many homes.
The UAE’s outward FDI reached $63.353 billion in 2025, strengthening its position as a major global investor. UAE capital now spans six continents, covering sectors from energy and infrastructure to technology, AI, logistics, real estate and healthcare.
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The UAE has consolidated its position as a major international investor, building a broad and diversified portfolio spanning six continents and strategic sectors including energy, infrastructure, ports and logistics, technology, artificial intelligence, industry, real estate, financial services and healthcare.
According to the latest data from UN Trade and Development (UNCTAD), outward foreign direct investment (FDI) flows from the UAE reached US$63.353 billion in 2025, while the country’s outward FDI stock stood at US$402.729 billion at the end of the year, compared with US$55.560 billion in 2010.
Global FDI flows, meanwhile, reached US$1.6 trillion in 2025, according to UNCTAD’s World Investment Report 2026.
UAE investments span both advanced and emerging economies across six continents.
In North America, UAE investments cover technology, energy, industry and other sectors. The region accounts for 44% of Mubadala Investment Company’s portfolio, with more than 80 direct investments and US$170 billion in assets under management.
Across Europe and Asia, UAE investments extend to renewable energy, infrastructure, logistics, technology, industry, real estate, life sciences and healthcare. Europe accounts for 15% of Mubadala’s portfolio and Asia-Pacific for 13%, while Latin America and the Caribbean represent 1%.
The Abu Dhabi Investment Authority’s (ADIA) strategy similarly reflects broad geographic diversification. Its long-term strategic portfolio allocation ranges from 45% to 60% for North America, 15% to 30% for Europe, 10% to 20% for emerging markets and 5% to 10% for developed Asia.
In Africa, UAE investments span sectors including logistics, ports, energy and infrastructure, while investments in Australia and the Pacific include logistics and energy, further demonstrating the global reach of UAE capital.
Ports and logistics provide a prominent example of the international expansion of UAE companies. DP World operates in more than 80 countries through a network of more than 590 business units.
AD Ports Group has also significantly expanded its international footprint. By the end of 2025, the Group operated its own offices in more than 50 countries and had a commercial presence in 158 countries, either directly or through representatives, with 34 ports and terminals in the UAE and internationally.
Officials and experts told the Emirates News Agency (WAM) that the geographic spread of UAE investments, including across Southeast Asia and South and Central America, reflects the country’s growing international investment presence, alongside its continued ability to attract capital from around the world.
Fahad Al Gergawi, Undersecretary of the Ministry of Foreign Trade, said the UAE had built a broad and geographically diversified international investment presence, supported by a clear approach to strengthening cooperation with other countries and developing economic and trade partnerships that open new markets and opportunities for national investments.
He said the UAE’s approach is based on economic openness and creating an enabling environment that allows investors to capitalize on opportunities across different markets.
Al Gergawi noted that UAE investments now extend across South and Central America, Africa and other regions offering favorable investment environments. At the same time, the UAE continues to attract investment from around the world.
He highlighted the strength of UAE investment in Africa, noting that the country had become the largest investor in the continent over the past four years.
Al Gergawi said the UAE’s expanding overseas investment footprint is supported by its network of international economic relationships and Comprehensive Economic Partnership Agreements (CEPAs).
He added that CEPAs support two-way investment flows, both into the UAE and from the UAE into partner economies, as the country continues to conclude further agreements.
The UAE, he said, takes a responsible approach to international investment, seeking not only financial returns but also a positive impact on host economies and mutually beneficial outcomes.
Dawood Al Shezawi, Chairman of AIM Global Foundation, said UAE capital had become increasingly sophisticated, diversified and globally distributed, with sovereign wealth funds and family offices establishing long-term strategic positions in markets including Africa, Southeast Asia and Latin America.
He said UAE investors were increasingly acting as partnership builders rather than simply providers of capital, drawing on governance expertise, regulatory knowledge and institutional networks to support cross-border initiatives.
This role, he added, strengthens the UAE’s position as a global investment hub and its growing role in connecting international capital with high-potential markets and opportunities.
Dr. Khaled Hanafy, Secretary-General of the Union of Arab Chambers, said the UAE represents a leading investment model, supported by its ability to develop systems that attract investment from around the world while successfully directing its own capital into Arab and international markets.
He said the UAE had achieved diversification both within its domestic economy and through the geographic spread of its overseas investments, including in distant markets such as South America, making its investment experience a strong model in the sector.
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
RISE Summit 2026 returns to Dubai on 14 October at the Dubai World Trade Centre, under the theme “Recharging Momentum in Global Economies.” Bringing together 300+ investors, government leaders and developers, the summit will explore global capital, real estate, infrastructure, technology and the future of cities.
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RISE Summit 2026 takes place on 14 October 2026 at Dubai World Trade Centre (Hall 5), under the theme “Recharging Momentum in Global Economies”. It is the strategic platform for a top-down view of the global capital and investment landscape, translating shifts in markets, trade and technology into opportunities across infrastructure, cities and real estate, and the future experience economy, from hospitality and education to wellness, longevity and how the world lives. The inaugural one-day event will host 300+ international institutional investors, sovereign funds, government leaders and major developers.
Rather than a conventional real estate event, RISE Summit starts from the macro picture: where global capital is moving, why, and what it means on the ground. Its purpose is to bring decision-makers into one room to align on the forces shaping investment, and to turn those conversations into partnerships, mandates and deals. Every session sits within one of four pillars: Capital, Markets and the Global Order; Trade, Connectivity and Infrastructure; Cities and Real Estate; and Longevity, Living and Experience.
The day opens with an invitation-only breakfast briefing, followed by a Morning Plenary. A series of fireside chats and panels covers where global investment goes next, infrastructure as the true test of a city’s resilience, building intelligent cities at scale, and the new blueprint of luxury living that integrates world-class hospitality into ultra-prime real estate. The plenary also looks at Dubai’s longevity ambition, Abu Dhabi’s next economic horizon, how institutions are navigating a three-speed global economy, geopolitics and energy security, crypto wealth entering real assets, and how Dubai’s regulatory transparency and Strategy 2033 attract institutional capital.
After a networking luncheon, the Afternoon Forum, “Real Estate and the Next Investment Cycle”, goes deeper into where global real estate capital is being redeployed as higher rates, repriced assets and structural change reshape how the world invests in the built environment. Sessions include sovereign wealth fund strategies in premium Class A residential, India’s $1 trillion real estate vision, and the race for data centre, energy and AI capacity. The forum also covers funding the cities of 2040 through infrastructure-led transformation, Asia’s next growth frontier in logistics, data and life sciences, and investment strategies in commercial and industrial real estate. It closes with the next era of destination management across hospitality and entertainment, and a session on how tokenization is rewriting property ownership.
Throughout the day, dedicated networking breaks, a luncheon and a closing evening reception give delegates the opportunity to build relationships and progress discussions directly with the investors, developers and government decision-makers in the room.
Register now.
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
Sharjah recorded a 45% increase in foreign direct investment (FDI) projects in 2025, reflecting the emirate’s growing investment appeal and the UAE’s economic competitiveness. Ahead of the ninth Sharjah Investment Forum, Invest in Sharjah CEO Mohamed Juma Al Musharrkh highlighted the UAE’s economic diversification, investor-friendly regulations, talent ecosystem and early positioning in emerging sectors as key drivers of sustainable growth.
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Mohamed Juma Al Musharrkh, CEO of the Sharjah FDI Office (Invest in Sharjah), said the 45% growth in foreign direct investment (FDI) projects in the emirate in 2025 reflects the competitiveness of the UAE economy.
Al Musharrkh made the remarks in an interview with the Emirates News Agency (WAM) on key shifts in the global economy and Sharjah’s economic readiness, as the emirate prepares to host the ninth Sharjah Investment Forum, organised in collaboration with the Ministry of Investment on 14th and 15th October at Al Jawaher Reception and Convention Centre.
Held under the theme “Building Adaptive Economies”, the forum will bring together more than 80 speakers, including ministers, investors, entrepreneurs, experts and decision-makers from around the world, to discuss the transformations reshaping the business and investment landscape and ways to build businesses and economies that are better able to adapt to change and achieve sustainable growth.
Al Musharrkh said global changes have made investors more selective about where they invest, with capital increasingly concentrated in fewer countries and sectors. Investors are looking for countries that offer a clear outlook, stability and flexible legislative and regulatory frameworks, he said, noting that these advantages place the UAE among the leading investment destinations.
The CEO of Invest in Sharjah said the UAE economy’s attractiveness rests on four main pillars. The first is economic diversification and the distribution of growth drivers, with non-oil activities accounting for 79.4% of the economy in the first quarter of 2026, led by financial services, construction, healthcare and telecommunications, providing investors with an economy capable of sustaining growth across different cycles.
He added that the second pillar is a legislative ecosystem that keeps pace with the market. The UAE ranks first globally in both Adaptability of Government Policy and Bureaucracy, and fourth in Legal and Regulatory Framework, he said, noting that these rankings reflect investors’ actual experience in setting up, operating and expanding their businesses.
Al Musharrkh identified people as the third pillar, explaining that talent is the foundation of a knowledge economy and that the UAE has made attracting and empowering talent an official policy.
He noted that the country ranks first globally in employment and international experience and second in the creation of firms. The UAE was also the first country in the world to appoint a Minister of State for Artificial Intelligence in 2017, while more than 70% of its working-age population now uses AI, underscoring the role of talent and technology in advancing the entrepreneurship and investment ecosystem.
He said the fourth pillar is early positioning in emerging sectors, with manufacturing and telecommunications leading greenfield investment into the UAE, placing the country in an advanced position as the investment landscape for the coming years takes shape.
Al Musharrkh stressed that, within the UAE model, Sharjah represents an economy with a clear identity built on production and knowledge, guided by the vision of H.H. Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, which places people at the heart of development and provides investors with a stable environment with clear priorities.
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
Saudi Arabia projects a SAR 191 billion ($50.9 billion) budget deficit in 2027, equal to 3.6% of GDP, with spending estimated at SAR 1.39 trillion and revenues at SAR 1.20 trillion. The Kingdom also expects real GDP growth to rebound to 12.8% in 2027 after a projected 3.6% contraction in 2026.
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Saudi Arabia has projected a fiscal deficit equivalent to 191 billion riyals ($50.87 billion) or 3.6% of gross domestic product in 2027, the finance ministry said in a pre-budget statement on Wednesday.
Total expenditure was estimated at 1.39 trillion riyals ($370.21 billion) and revenue projected at 1.20 trillion riyals ($319.61 billion) in 2027, the finance ministry said.
* The ministry estimated the 2026 deficit at 245 billion riyals, exceeding the 165 billion riyals projected in the budget published last year.
* Saudi Arabia forecast real GDP growth of 12.8% in 2027, following an expected decline of 3.6% in 2026.
* The ministry said the expected decline in real GDP in 2026 was due to a projected 21.8% drop in oil activities amid geopolitical developments in the region.
* The Iran war has led to heavy disruptions to energy shipments from the Gulf and in recent weeks Saudi Arabia has faced increasing pressure from the Iran-backed Houthis, who have fired salvos of missiles and drones at the kingdom.
* The ministry said that the 2027 deficit “will be funded through borrowing in accordance with a medium-term debt strategy framework”, with the borrowing plan for the 2027 “disclosed in detail by the end of this year”.
* Saudi Arabia is undertaking a massive economic overhaul known as Vision 2030, aimed at reducing reliance on oil, which requires hundreds of billions of dollars in investment.
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
Citi expands its Token Services into the UAE and Japan, enabling 24/7 near-instant liquidity movement and cross-border payments. The UAE will support USD and EUR transactions, while Japan will support USD transactions.
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Citi today announced the expansion of Citi Token Services into UAE and Japan, advancing our strategy to build a more connected, always-on financial ecosystem for corporate and financial institutional clients. The expansion is the latest milestone in Citi Services’ broader digital assets strategy, which is focused on solving real-world client needs by building bank-grade capabilities that connect traditional financial infrastructure with emerging digital networks.
As global commerce and investment strategies increasingly moves toward a 24/7 real-time environment, Citi continues investing in digital asset solutions designed to reduce fragmentation and enable clients to move liquidity more efficiently across geographies, currencies and networks. Citi Token Services is a core part of this strategy, using tokenized deposits and blockchain technology to enable programmable, near-instantaneous movement of liquidity while leveraging the robust security, resilience and global reach of Citi.
The expansion into UAE and Japan further extends these capabilities across Citi’s global network, with Japan supporting USD transactions and UAE supporting both USD and Euro transactions. Citi Token Services continues to process billions of dollars in transactions.
Leveraging a private-permissioned blockchain, the solution enables clients to move funds near instantly across Citi’s global network, supporting more efficient liquidity and collateral management and cross-border payments. By expanding additional regions and currencies, Citi continues to provide clients with always-on liquidity and payment capabilities that help overcome banking cut-off times and time zone limitations. Citi Token Services is live in the United States, Ireland, Hong Kong, Singapore, the United Kingdom, UAE, and Japan.
“Expanding Citi Token Services into the UAE and Japan is an important milestone in scaling the network and bringing 24/7 liquidity solutions to more of the markets where our clients operate,” said Stephen Randall, Global Head of Liquidity Management Services. “These are significant financial centers with substantial cross-border flows and connecting them to Citi Token Services gives clients greater optionality to move and manage liquidity across regions and currencies in real-time.”
Together with Citi’s broader investments in 24/7 USD Clearing and connectivity with emerging multi-bank tokenized networks, the expansions advance the ambition of Citi to deliver increasingly interoperable, multi-currency solutions across liquidity management and payments.
The Middle East is one of the world’s fastest growing real-time payments economies, making the UAE a strategic market for the expansion of Citi Token Services. As a major financial hub and gateway for trade and investment across the Middle East, Africa and South Asia, UAE supports significant cross-border flows and a growing base of multinational treasury operations.
“Expanding Citi Token Services into the UAE with USD and Euro capabilities enables clients to manage cross-currency liquidity 24/7, which is key to connecting the local ambitions of our corporate and financial institutional clients with their global expansion,” said Rizwan Shaikh, Head Services for Middle East & Africa. “This positions Citi to deepen relationships and optimize liquidity in and out of the region.”
As the world’s fourth largest economy, and a significant global liquidity center, Japan is a strategically important market for Citi, with substantial cross-border flows driven by multinational corporations and financial institutions.
“The expansion of Citi Token Services into Japan connects clients in the market to Citi’s growing 24/7 payments, collateral and liquidity solutions, enabling USD transactions to move in and out of Japan in real time and helping corporate and financial institutional treasurers put capital to work more efficiently,” said Kanika Thakur, Head of Services for Japan, Asia North and Australia.
BNW Developments has established a Sydney presence, joining Arada and Sobha Realty among the growing number of UAE developers pursuing Australian buyers and development opportunities.
