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Oil pinch hurt growing in the UAE as Uber, Sharjah Taxi take cues

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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.

Dubai-expensive 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).

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Flying during FIFA World Cup? This Dubai airline will show every match live 

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Football fans travelling with Emirates this summer won’t have to worry about missing any FIFA World Cup 2026 action. Dubai’s flagship airline Emirates, has announced that it will broadcast every match of the tournament live onboard its flights through Sport24, its dedicated live sports channel available on the award-winning ice entertainment system.

Passengers will be able to follow every moment of the world’s biggest football tournament while flying at 40,000 feet. The move ensures customers can stay connected to the action no matter where they are travelling, with live coverage available throughout the competition.

Emirates said the complete FIFA World Cup 2026 broadcast schedule is featured its ice magazine, allowing passengers to plan their journeys around key fixtures and follow their favourite teams during the tournament.

The live coverage will be available on most Emirates aircraft equipped with Sport24 and Sport24 Extra, although availability may vary depending on aircraft type and route. Selected FIFA World Cup matches will also be shown in Emirates Lounges across Dubai, giving travellers additional opportunities to catch the action before departure.

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Dubai’s RTA to build one of its largest pedestrian and cycling bridges in city

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Dubai is set to strengthen its position as a global leader in smart urban mobility by constructing one of the emirate’s largest pedestrian and cycling bridges.

Stretching 730 metres across Dubai–Al Ain Road, the landmark structure will connect the rapidly growing communities of Liwan and Dubai Silicon Oasis, offering residents a safer and more convenient way to travel. The project forms part of the Roads and Transport Authority’s wider plan to build 31 new pedestrian bridges and tunnels across the city by 2030, enhancing connectivity, road safety and sustainable transportation.

The Roads and Transport Authority (RTA) has approved a five-year plan that will introduce new pedestrian crossings at key locations across the emirate. The projects will be developed along major roads, including Sheikh Zayed Road, King Salman bin Abdulaziz Al Saud Street, Al Ittihad Road, and Omar bin Al Khattab Street, helping residents and visitors move more safely and efficiently throughout the city.

Enhancing safety and connectivity

The expansion aims to improve accessibility, strengthen links between residential communities and public transportation networks, and provide safer crossing options for pedestrians. Authorities selected project locations following detailed studies that assessed population growth, pedestrian movement patterns, public transport access, and proximity to commercial and tourist destinations.

Landmark bridge

One of the standout projects currently under development is a 730-metre pedestrian and cycling bridge that will cross Dubai–Al Ain Road. The structure will serve as a critical connection between Liwan and Dubai Silicon Oasis, two rapidly developing communities that continue to attract residents and businesses.

Once completed, the bridge will become one of the largest pedestrian and cycling crossings in Dubai, offering a safer and more convenient route for commuters, cyclists, and residents.

Advanced safety features

The upcoming bridges and tunnels will incorporate modern safety technologies, including firefighting systems, emergency alarms, remote monitoring capabilities, and dedicated cycling lanes. These enhancements are designed to improve user safety while supporting Dubai’s ambition to achieve zero traffic fatalities.

As the city continues to expand, the new pedestrian infrastructure projects are expected to play a key role in promoting sustainable mobility, reducing road risks, and strengthening Dubai’s reputation as a global leader in smart urban development.

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Kuwait launches 15-year residency visa: How it compares to UAE Golden Visa

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Kuwait has unveiled a new long-term residency programme that will allow eligible foreign investors and business leaders to live in the country for up to 15 years, marking one of the region’s latest efforts to attract international capital and strengthen economic growth.

The residency scheme is designed to provide greater stability for investors looking to establish, operate and expand businesses in Kuwait, while supporting the country’s broader plans to diversify its economy and enhance its competitiveness as an investment destination.

Who can apply?

Under the new framework, residency permits of up to 15 years will be available to:

  • Foreign investors meeting approved investment criteria
  • Immediate family members of eligible investors
  • Senior executives accredited by approved investment entities
  • Recognised business partners linked to qualifying investment projects

Authorities say the programme aims to encourage long-term commitments from investors while creating a more attractive business environment.

Investment requirements

To qualify, applicants must satisfy a number of conditions set by Kuwaiti authorities.

Eligible investors must own or be associated with investment entities licensed by the Kuwait Direct Investment Promotion Authority (KDIPA). Businesses must also maintain active operations within Kuwait and comply with national workforce requirements, including quotas related to the employment of Kuwaiti citizens.

The framework requires a minimum investment capital of KD1 million in approved business activities. In addition, licensed investment entities must maintain a total investment value of at least KD5 million.

Officials believe these requirements will help attract high-quality investments that contribute to economic development and job creation.

How it compares with UAE Golden Visa

One of the most prominent examples is the UAE’s Golden Visa programme, which was launched in 2019 and offers eligible individuals residency of up to 10 years.

The scheme is available to investors, entrepreneurs, skilled professionals, scientists, exceptional students, creatives and humanitarian contributors. It allows holders to live, work and study in the UAE without requiring a national sponsor, while also enabling them to sponsor family members.

The programme has become a key pillar of the UAE’s strategy to attract talent, innovation and long-term investment, helping cement its reputation as one of the region’s leading destinations for business and residency.

Kuwaiti authorities said the programme builds on existing investment legislation and forms part of ongoing efforts to modernise Kuwait’s business and regulatory environment.

Kuwait’s latest move reflects a growing trend across the Gulf, where governments are introducing long-term residency options to attract investors, entrepreneurs and highly skilled professionals.

Countries across the region have increasingly adopted residency programmes designed to encourage foreign investment, support economic diversification and attract global talent.

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