Market Insights

Commentary from the ground. Analysis from the desk.

Our view on the UAE and MENA investment landscape — written by the team underwriting the market, not by a research department abstracted from it.

Featured·Q2 2026·UAE Real Estate

Dubai residential: the case for discipline in a hot market.

Dubai's residential market has delivered another strong year, but the signals beneath the headline numbers are more nuanced than they appear. Record transaction volumes mask widening dispersion between districts, and average price growth obscures a meaningful divergence between genuine demand and speculative inventory churn. This quarter, we examine what we're still buying, what we're declining, and where we think the market is misreading its own data.

— Jacques Le Roux

Commentary·Q2 2026·SPV Structuring

Why SPV structuring matters more than ever in 2026.

The UAE's corporate tax regime, expanding AML requirements, and the maturation of the local private-capital ecosystem have changed what "good structuring" means for private investors. We walk through the three structural decisions that we see costing investors the most — and the frameworks we use when underwriting new vehicles for our own mandates.

— Mogammad Junaid Kader

Outlook·Q2 2026·Construction & Build-to-Sell

The build-to-sell villa thesis: where it still works, where it doesn't.

Villa build-to-sell was one of the defining Dubai trades of the past cycle. Margins have compressed as land costs rose and the pool of qualified contractors tightened, but the thesis is not dead — it has just narrowed. We look at what separates a project worth pursuing from one that merely looks like one on a one-page teaser.

— Bojan Veljkovic

Brief·Q1 2026·Macro

UAE macro backdrop: the quiet divergence from global trends.

While developed-market rates remain elevated and growth forecasts soften, the UAE is running a distinctly different macro story — demographic tailwinds, sovereign balance-sheet strength, and infrastructure investment that outpaces most peer economies. We examine how this environment shapes our sector allocation and our view on cycle timing.

— Claudia

Sources

Research sources.

Dubai Land Department

Transaction data, rental indexes, and registered broker / developer records — the primary source for most Dubai market conclusions.

Central Bank of the UAE

Monetary policy, banking sector data, and macro indicators essential to understanding the financing environment.

DIFC & ADGM

Regulatory frameworks and case law that increasingly shape how private capital is structured and deployed in the region.

Investor Communication

Quarterly letter to investors.

Each quarter we publish a private letter to our investor base covering market commentary, portfolio updates, and the deals we said yes — and no — to, with reasoning. Available to qualified investors and introduced contacts.