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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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Norway Chess 2026 opens with chaos, comebacks and surprise results

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The opening round of Norway Chess 2026 delivered high drama, surprise results and intense Armageddon battles as some of the world’s biggest chess stars clashed in Oslo.

The biggest shock of the day came when Alireza Firouzja defeated World No 1 Magnus Carlsen in classical play, handing the hometown hero a painful opening-round loss.

Carlsen appeared in control for much of the encounter, but severe time pressure proved costly. A late mistake allowed Firouzja to seize the initiative and convert his advantage with precision, giving the French grandmaster the only classical win in the men’s tournament and the early lead in the standings.

Indian star Praggnanandhaa Rameshbabu battled Wesley So to a balanced classical draw before dominating the Armageddon tiebreak with aggressive attacking play to secure extra points.

Meanwhile, reigning World Champion Gukesh Dommaraju survived a difficult endgame against German grandmaster Vincent Keymer. Keymer held a near-winning position for large parts of the game, but Gukesh produced stubborn defensive resistance to force a draw before bouncing back to win the decider.

The women’s tournament also opened with a major upset as Bibisara Assaubayeva defeated Indian No. 1 Humpy Koneru in classical chess. Assaubayeva handled the middlegame complications confidently and converted her advantage smoothly to emerge as the early tournament leader.

Anna Muzychuk and Zhu Jiner played out a tense classical draw before Zhu claimed victory in Armageddon.

In another closely watched matchup, Women’s World Champion Ju Wenjun pressed hard for victory against rising Indian talent Divya Deshmukh, but the classical game ended level. Divya then impressed in the Armageddon playoff, securing a memorable tiebreak victory.

Held from May 25 to June 5 in Oslo, Norway Chess 2026 features two elite six-player tournaments running simultaneously, Norway Chess and Norway Chess Women, both using a double round-robin format with equal prize funds.

One of the tournament’s unique features remains its Armageddon system, where drawn classical games are immediately followed by a tiebreak game to ensure every round produces a winner.

After an explosive first day filled with upsets, comebacks and fighting chess, the tournament has already set the stage for a thrilling edition in Oslo.

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UAE waives Dh834 million in debt interest for low-income retirees

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In a major humanitarian initiative announced ahead of Eid Al Adha, the UAE has approved the cancellation of accumulated interest and profit charges on loans owed by low-income retirees across the country.

The financial relief package, launched under the directives of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and closely followed by Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, is being implemented by the Defaulted Debts Settlement Fund in partnership with several UAE banks. 

Valued at more than Dh834 million, the initiative is designed to ease financial pressures on 2,339 senior citizens while strengthening social stability and supporting family wellbeing across the country.

The initiative specifically targets Emirati retirees aged 50 and above who fall within limited-income categories.

Under the mechanism announced, participating banks will waive future interest and profit charges on outstanding loans while beneficiaries continue repaying only the original loan amount through flexible payment schedules.

Among the banks contributing to the initiative, Abu Dhabi Commercial Bank Group accounted for the largest share at Dh655 million, followed by First Abu Dhabi Bank with Dh150 million. Abu Dhabi Islamic Bank contributed Dh18.5 million, while Emirates NBD Group and Emirates Islamic Bank jointly provided Dh6.7 million.

Other participating institutions included Dubai Islamic Bank with Dh2.3 million, Commercial Bank of Dubai with Dh792,000, Sharjah Islamic Bank with Dh716,000 and the National Bank of Ras Al Khaimah with Dh566,000.

Officials confirmed that beneficiaries will be contacted directly by participating banks and financial institutions regarding the implementation process and revised repayment arrangements.

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Here’s when Eid Al Adha prayers will begin across the UAE

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Mosques and Eid prayer grounds across the UAE are preparing to welcome thousands of worshippers as expected. Eid Al Adha prayer timings have been revealed across the country.

According to preliminary astronomical calculations, Eid prayers are likely to begin between 5:39am and 5:50am on the first morning of Eid Al Adha, following the traditional Islamic practice of holding prayers shortly after sunrise.

Abu Dhabi is expected to hold Eid prayers at around 5:50am, while worshippers in Dubai and Al Ain are anticipated to gather at 5:45am. Prayer timings in Sharjah and Umm Al Quwain are expected at 5:43am, Fujairah at 5:41am, Ras Al Khaimah at 5:40am and Ajman at approximately 5:39am.

Authorities have completed preparations at hundreds of mosques and open-air prayer grounds across the Emirates to accommodate the large crowds expected during the holiday.

Abu Dhabi timings

In Abu Dhabi, some of the main Eid prayer venues include Musalla Al Mushrif, Bani Yas Musalla, Mohammed bin Zayed City Musalla and the iconic Sheikh Zayed Grand Mosque.

Dubai will also host large congregations at several designated prayer grounds, including Nad Al Hamar Musalla, Al Warqa Musalla, Jumeirah Musalla and Sheikh Rashid bin Saeed Mosque in Zabeel.

Meanwhile, Sharjah authorities have identified major Eid prayer locations such as Al Badee Musalla, Al Gharb district Musalla and Al Khan Musalla, along with prayer sites on Abu Musa Island.

Worshippers observe several Sunnah traditions before attending the Eid prayers. These include bathing, wearing clean or new clothes, reciting takbeer while travelling to prayer grounds and delaying meals until after prayers and sacrificial rituals are completed.

Authorities across the UAE have stepped up preparations for the festive period, increasing services at mosques, public parks, shopping areas and recreational facilities ahead of the holiday rush.

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