Global Markets Shift Focus to Energy Security The global economic outlook for July 2026 is being shaped less by traditional growth data and more by geopolitical risk, energy security and trade-route stability. The Strait of Hormuz remains the most important risk point for the global economy, with about 20% of global oil flowsand nearly 20% of global LNG trade passing through this waterway. Any major disruption could quickly lift energy prices, revive inflation pressure and challenge the current disinflation trend. Global trade is also highly dependent on several other strategic chokepoints, including the Malacca Strait, Gibraltar Strait, Suez Canal and Panama Canal. Together, these corridors support a large share of global commerce and supply chains. Recent disruptions in the Red Sea, Middle East tensions, Panama Canal restrictions and uncertainty around Taiwan have pushed markets to price in greater geopolitical risk. As a result, shipping costs, insurance premiums and supply-chain vulnerability remain elevated. Market Implications Financial markets are moving from a growth-and-interest-rate narrative toward a geopolitics-and-energy-security narrative. As long as energy flows through the Strait of Hormuz remain uninterrupted, the global economy can still expand despite uncertainty. However, a prolonged disruption could push oil above US$100 per barrel, delay monetary easing by major central banks and increase volatility across global financial markets. This environment may support energy, precious metals, defence and commodity-linked sectors. At the same time, higher oil prices could pressure transportation, manufacturing and consumer-sensitive industries. Outlook The next major market move may not be driven by economic data alone. In the second half of 2026, investors will need to watch the security of global energy supply, the resilience of major trade routes and how quickly markets can absorb geopolitical shocks. Energy stability will be central to the global growth and inflation outlook. Download to see insights from other country marketsDownload

Dubai’s DIFC Foundations Gain Relevance for Global Wealth Planning As international families build wealth across multiple countries, asset protection and succession planning are becoming more complex. Many families now hold real estate, investment portfolios, private company shares and business interests across several jurisdictions. Without a proper structure, transferring these assets between generations can become costly, fragmented and difficult to manage. This is where DIFC Foundations are becoming increasingly relevant. A DIFC Foundation is a separate legal entityestablished within the Dubai International Financial Centre. Unlike a traditional trust, the Foundation can own assets directly in its own name, offering families clearer governance, better transparency and a structure that is easier to administer. For globally mobile families, this structure can help consolidate ownership of international real estate portfolios, private company shares, investment assets, intellectual property and other family assets under one vehicle. Why Families Use DIFC Foundations The main appeal lies in succession planning, asset protection and long-term family governance. By using a DIFC Foundation, families can reduce probate and inheritance complications while creating a clearer framework for preserving wealth across generations. For Muslim families, DIFC Foundations can also support Sharia-sensitive succession and governance objectives. The Foundation Charter and By-Laws can be tailored to reflect the family’s values, wishes and inheritance philosophy, while still benefiting from DIFC’s internationally recognised legal framework. Typical setup costs may range from USD 8,000 to USD 20,000, with annual administration and maintenance costs often ranging between USD 3,000 and USD 10,000. These structures are generally most suitable for families with investable assets of at least USD 1 million, with stronger value for portfolios above USD 3 million to USD 5 million. Outlook In 2026, wealth preservation is no longer only about investment returns. For global families, the priority is structure, continuity and control. DIFC Foundations are likely to remain an important planning tool for families seeking long-term certainty across multiple markets and generations. Download to see insights from other country marketsDownload

Canada Housing Market Shows Improving Stability Canada’s housing market continued to stabilise in May 2026, with buyer activity gradually strengthening across many regions. Lower borrowing costs, improving affordability and stronger homebuyer confidence supported greater market participation during the spring season. Nationally, conditions remained relatively balanced. Inventory levels continued to give buyers ample choice, while home prices generally stayed below year-ago levels. This helped keep affordability in focus and prevented competition from rising too quickly. However, tightening supply in selected markets and improving sales activity suggest that Canada’s housing market may be moving closer to equilibrium. Toronto Gains Momentum, Vancouver Remains Balanced The Greater Toronto Area showed stronger momentum in May. Home sales increased 6.3% year-on-year to 6,583 transactions, while new listings fell 18.9% compared with May 2025. Even as market conditions tightened, buyers still benefited from softer pricing. The MLS® HPI Composite benchmarkwas down 6.7% year-on-year, while the average selling price reached $1,069,700, down 4.6% from a year earlier. In Metro Vancouver, the market remained more balanced. Residential sales totalled 2,150 transactions, down 3.5% year-on-year, while new listings declined 7.6%. Inventory remained elevated, with active listings more than 34% above the region’s 10-year average. The benchmark price for all residential properties stood at $1,100,700, down 6.2% year-on-year, giving buyers more selection and keeping price growth contained. Outlook Canada’s housing market is expected to move toward steadier conditions in the coming months. If buyer demand continues to recover and supply tightens further in key cities, price declines may moderate. For buyers, the current market still offers choice and negotiating room. For sellers, improving activity is positive, but realistic pricing remains essential. Download to see insights from other country marketsDownload