Connect with us

News

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

Published

on

Spread the love

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.

_______________

Also read: UAE ranks first regionally and twelfth globally in growth potential
UAE petrol price to get costlier by 50 fils in July 2022
_______________

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).

News

UN OCHA UAE head Sajeda Shawa joins global peace call

Published

on

Spread the love

Sajeda Shawa, Head of the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) in the UAE, has joined an international appeal urging world leaders to prioritise dialogue, diplomacy and humanitarian values amid escalating global conflicts.

The appeal was coordinated by the International Spiritual Council for Transforming Humanity (ISCTH) and brings together humanitarian leaders, parliamentarians and religious figures calling for peaceful solutions to ongoing crises.

Call for dialogue over conflict

In her message, Shawa stressed the importance of placing human dignity at the centre of decision-making during a period marked by armed conflicts and humanitarian emergencies.

“I hope leaders choose dialogue over division, compassion over indifference, and place human dignity at the heart of every decision,” she said.

The appeal comes as conflicts in several regions continue to displace millions of people and increase pressure on humanitarian relief efforts.

International leaders back the initiative

Among those supporting the appeal are:

  • Dr H.C. Nik Gugger, a member of the Swiss Parliament, who called for dialogue instead of escalation.
  • Jan Figel, President of FOREF Europe and former European Union Special Envoy for Freedom of Religion or Belief, who highlighted the importance of protecting human rights to achieve lasting peace.
  • Dalai Lama, who reiterated that lasting peace begins with compassion.
  • Cardinal Pietro Parolin, Secretary of State of the Holy See, who called for greater support for peace and vulnerable communities affected by conflict.

The appeal also referenced comments by Belarusian President Alexander Lukashenko, who urged compromise to achieve long-term peace agreements.

Focus on diplomacy

The initiative is led by Maitreya Dadashreeji, founder of ISCTH, who called on governments to resolve disputes through diplomacy rather than confrontation.

He also appealed for a peaceful resolution to the Russia-Ukraine conflict, saying dialogue and cooperation offer the most sustainable path to long-term stability.

Promoting humanitarian values

ISCTH said the initiative aims to encourage governments, institutions and communities to prioritise human life, dignity and peaceful engagement as humanitarian crises continue to affect millions of people worldwide.

Continue Reading

Business

UAE Central Bank fines foreign bank Dh1.82mn over consumer protection breach

Published

on

Spread the love

The Central Bank of the UAE (CBUAE) has imposed a Dh1.82 million financial penalty on a branch of a foreign bank operating in the country for violating consumer protection rules.

The regulator did not identify the bank involved.

Why was the bank fined?

According to the CBUAE, inspections found that the bank failed to issue a liability letter within the mandatory seven-day timeframe, breaching the central bank’s Market Conduct and Consumer Protection Regulations and Standards.

The penalty was imposed under Federal Decree-Law No. 6 of 2025, which governs the Central Bank, financial institutions and insurance activities.

What is a liability letter?

A liability letter is issued when a customer wants to transfer an existing loan or other financial obligations to another bank or apply for new financing elsewhere.

Banks are required to provide the document within seven days to ensure customers can switch lenders or complete financing arrangements without unnecessary delays.

CBUAE reinforces consumer protection

The central bank said the enforcement action reflects its commitment to ensuring banks comply with UAE laws and consumer protection regulations.

The regulator added that it will continue to monitor financial institutions to uphold transparency, integrity and high standards across the UAE’s banking sector.

Continue Reading

News

Burj Khalifa/Dubai Mall Metro Station service road closed until end of year

Published

on

Spread the love

Commuters using Burj Khalifa/Dubai Mall Metro Station should expect temporary traffic changes after Dubai’s Roads and Transport Authority (RTA) closed the station’s bus and taxi service road until the end of 2026.

The closure is part of a major expansion project aimed at increasing the station’s capacity to meet growing passenger demand.

Why is the road closed?

According to the RTA, the service road has been closed to allow construction work for the station’s expansion.

The road will remain accessible only to construction vehicles during the project.

What should commuters know?

To minimise disruption, the RTA has introduced a traffic management plan and advises passengers to:

  • Follow directional signs around the station.
  • Observe the posted speed limits.
  • Start their journeys earlier to allow extra travel time.
  • Use the designated alternative parking areas.

Public transport services will continue to operate, with measures in place to ensure passengers can safely access the station.

Why is the station being expanded?

Burj Khalifa/Dubai Mall Metro Station is one of the busiest stations on the Dubai Metro network, serving thousands of commuters and visitors heading to:

  • Dubai Mall.
  • Burj Khalifa.
  • Downtown Dubai.

Once completed, the expansion will:

  • Increase hourly passenger capacity by 65%, from 7,250 to 12,320 passengers.
  • Raise daily capacity to up to 220,000 passengers.
  • Help reduce congestion during major events, public holidays and New Year’s Eve celebrations.

The upgrade is part of Dubai’s ongoing efforts to improve public transport infrastructure and accommodate the city’s growing number of residents and visitors.

Continue Reading

Popular

© Copyright 2025 HEADLINE. All rights reserved

https://headline.ae/