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Oil pinch hurt growing in the UAE as Uber, Sharjah Taxi take cues
Kumar Shyam
The pinch on the pockets of the UAE residents is starting to hurt badly by the day with rising oil prices and its knockon effects.
As soon as the petrol and diesel prices went up by at least 50 fils for the month of July, ride-hailing company Uber has followed suit.
The company sent out an email on Friday to inform about the fare hike. Uber would charge as much as 11 per cent extra for some trips, the American company added.
The hike is Uber’s second this year in the UAE, after a hike in March but the UAE’s market-linked price for the black gold has continued unabated. The country opted for a dynamic pricing with global trends in 2015. But Russia’s attack on Ukraine has messed all economies around the world.
Yet, petrol in UAE is three times more expensive than in Kuwait and almost double the average cost per litre in the six-member Gulf Cooperation Council, according to a Bloomberg report.
Dynamic pricing
Uber is not alone with Sharjah Taxi also deciding to base their fares with the rise or fall of fuel prices with this month.
The Sharjah Roads and Transport Authority (SRTA) said the meter flag down rate will be increased or decreased every month in direct co-relation with the prices. Petrol prices in the UAE have jumped over 56 per cent since January 2022.
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Also read: UAE ranks first regionally and twelfth globally in growth potential
UAE petrol price to get costlier by 50 fils in July 2022
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Early last month, Suhail Al Mazrouei, Minister of Energy and Infrastructure, had admitted that prices could go higher as Chinese demand is likely to recover significantly while efforts by Opec+ to raise production were not yielding results fast enough.
The latest data showed Opec+ was running 2.6 million barrels a day short of its production target, Mr Al Mazrouei said at the Middle East and North Africa-Europe Future Energy Dialogue in Jordan.
He expects China, the world’s biggest importer and second largest economy, which has been easing its coronavirus lockdowns, to “come with more consumption”.
“With the pace of consumption we have, we are nowhere near the peak because China is not back yet,” Mr Al Mazrouei said. “The situation is not very encouraging when it comes to the quantities that we can bring. We’re lagging by almost 2.6 million barrels a day and that’s a lot.”
Dubai most expensive city in the Gulf
Meanwhile, Dubai has been ranked among the world’s most expensive cities to live and work in for expatriates this year, according to the Cost of Living survey by Mercer.
The study, which looks at how the rising cost of living has impacted workers’ financial wellbeing in 227 cities worldwide, placed Dubai in the 31st position.
The emirate, which has been seeing a growing influx of millionaires and demand for property recently, emerged as the costliest city in the Gulf Cooperation Council (GCC) region, beating out the neighbouring cities of Riyadh, which landed in the 103rd position, Jeddah (111th place), Manama (117), Muscat (119), Kuwait City (131) and Doha (133).
From convincing phone calls by fake bank officials to bogus shopping websites designed to steal credit card details, financial scams are growing increasingly sophisticated across the UAE.
In response, federal authorities, the Central Bank, and police forces are rolling out a multi-layered defence strategy designed to intercept fraud before it reaches consumers.
The approach focuses on three core pillars: making scams harder to execute, speeding up real-time detection, and providing direct avenues for victims to report crimes and recover losses.
Central Bank mandates
The Central Bank of the UAE (CBUAE) has significantly increased compliance requirements for all licensed financial institutions, shifting the burden of fraud detection directly onto banks.
- Phasing Out SMS OTPs: The CBUAE is pushing institutions away from single-factor, SMS-based one-time passwords, favouring biometric verification and dynamic app-based authentications to combat SIM-swap and phishing attacks.
- Anti-Fraud Hub: The regulator established the Central Bank Anti-Fraud Operations Centre (CAFOC) to enable real-time threat monitoring, rapid incident response, and instant data sharing across UAE financial entities.
- Strict monitoring: Banks are legally required to maintain continuous monitoring systems to flag suspicious transactions, combat social engineering, and immediately report unauthorised activities.
Safety for online shoppers
With cybercriminals increasingly targeting online shoppers, the UAE’s consumer protection framework now treats digital storefronts with the same legal scrutiny as physical retail.
- E-Commerce Regulations: Federal Decree-Law No. 14 of 2023 sets clear technical standards, legal liabilities, and data protection rules for digital trading platforms operating in the country.
- Tougher Anti-Counterfeit Penalties: Federal Decree-Law No. 42 of 2023 on Combating Commercial Fraud equips authorities to crack down on fraudulent sellers, corrupt goods, and misleading online commercial practices.
- Statutory Rights: Federal Law No. 15 of 2020 guarantees data privacy, fair dispute settlement, and monetary compensation for consumers facing fraudulent domestic transactions.
Where residents can report scams
Authorities urge residents never to absorb financial losses quietly. Several official channels provide dispute resolution and criminal reporting:
- Ministry of Economy and Tourism: Handles formal consumer disputes, misleading sales complaints, and requests for product recalls, facilitating amicable settlements or judicial referrals.
- Dubai Police e-Crime Platform: Provides a dedicated portal for reporting cybercrime, identity theft, and electronic banking fraud.
- Local Consumer Protection Departments: Each emirate maintains direct channels to investigate deceptive trade practices and unauthorised merchant activity.
Scam warning: Dubai Police recently warned against fraudulent Consumer Protection websites that lure users into downloading remote-access apps, allowing criminals to hijack devices and drain linked bank accounts.
Do’s and Don’ts to keep your accounts safe
While state-level defences continue to tighten, personal vigilance remains essential:
- Don’t share details: No bank or government entity will ever ask for your password, PIN, or multi-factor authentication code via phone, email, or WhatsApp.
- Don’t give remote access: Never download third-party software (such as AnyDesk or TeamViewer) at the request of an unsolicited caller.
- Do URL check: Check domain spellings carefully and ensure e-commerce platforms use verified, secure payment gateways before entering card numbers.
- Don’t wait, act immediately: If you suspect compromised details or notice an unauthorised charge, freeze your card via your banking app and notify your bank’s fraud unit without delay.
Drivers heading towards Sharjah University City have been given some relief with the partial reopening of a busy route, but motorists using the Industrial Area 17, Maliha Road corridor should prepare for a new traffic diversion from Wednesday, August 26.
Sharjah’s Roads and Transport Authority has reopened two lanes in each direction along a stretch connecting Industrial Area 17, University Bridge and University City.
The reopening restores part of a key route between University City and the Institutes Land area, which had been affected by ongoing roadworks.
New diversion starts August 26
The reopening comes as another section of the road network is partially closed as part of the Etihad Rail Station Access Roads Project.
From Wednesday, motorists travelling from Industrial Area 17 towards Maliha Road will be diverted onto an alternative route.
Drivers heading to Sharjah English School, Nesto Hypermarket and nearby businesses should therefore allow extra time and follow the signed diversion rather than attempting to use their usual approach.
How long will the diversion last?
The temporary diversion is expected to remain in place for just over five weeks, from August 26 until October 5.
The works are part of the wider infrastructure programme supporting the development of the Etihad Rail network in Sharjah.
While the project is expected to improve connectivity in the long term, drivers can expect changes to traffic movements while the access roads are being constructed.
What drivers should know
- University City route: Two lanes in each direction are now open along the reopened section.
- New closure: The Industrial Area 17-to-Maliha Road route will be partially closed from August 26.
- Affected destinations: Drivers heading towards Sharjah English School, Nesto Hypermarket and nearby businesses should use the designated alternative routes.
- End date: The diversion is scheduled to remain until October 5, 2026.
- Drive carefully: Follow directional signs and safety instructions around the work zones.
- Allow extra time: Traffic conditions may change during peak periods as motorists adjust to the diversion.
The Roads and Transport Authority has published a map showing the approved alternative routes. Drivers are advised to check the diversion before setting off and follow the road signs once they reach the affected area.
Bank fraud in UAE: New measures in place to protect residents from money scams
What UAE drivers heading towards Sharjah University Road need to know
