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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).

Business

Sheikh Mohammed announces new UAE Ministry of Foreign Trade and renames Ministry of Economy

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In a major UAE government move, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has announced the creation of a new Ministry of Foreign Trade and renamed the Ministry of Economy to the Ministry of Economy and Tourism.

Taking to the social media platform X, Sheikh Mohammed said the decisions were made in consultation with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE.

“Brothers and sisters, after consultation with my brother, the President of the State, may God protect him, and with his approval, we announce today several changes in the UAE government as follows: The Ministry of Foreign Trade was established in the UAE government and the name of the Ministry of Economy is changed to Ministry of Economy and Tourism,” the Dubai Ruler wrote in his post.  

Key announcements include:

  • The establishment of a new Ministry of Foreign Trade, with Dr. Thani Al Zeyoudi appointed as the minister.
  • The Ministry of Economy is now renamed the Ministry of Economy and Tourism, to reflect its broader scope. Abdullah Bin Touq Al Marri will continue to lead it.
  • The National Artificial Intelligence System will become an advisory member of the Cabinet, starting January 2026. It will also join the Ministerial Council for Development and the boards of all federal entities and government-owned companies.

The integration of AI into key decision-making bodies aims to enhance policy efficiency, provide real-time technical advice, and support future-focused governance across sectors.

Sheikh Mohammed emphasised that the move aligns with the UAE’s ongoing commitment to innovation, agility, and strategic leadership at all levels of government.

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Dubai-India Travel: Several flights cancelled as Air India cuts services amid safety concerns

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Planning to fly from Dubai to India soon? Check your flight status before heading to the airport. 

Air India has advised travellers to confirm in advance following the cancellation of several flights, including those from Dubai. 

The move is part of a broader cutback in international operations, as the airline conducts safety inspections across its Boeing 787 Dreamliner fleet. The inspections follow a recent tragic crash involving one of the aircraft.

Among the cancelled international routes are:

  • AI906 (Dubai–Chennai)
  • AI2204 (Dubai–Hyderabad)

Passengers flying on other airlines and looking to connect to their hometowns via Air India should be aware of the suspension of domestic and other international routes, such as:

  • AI308 (Delhi–Melbourne)
  • AI874 (Pune–Delhi)
  • AI456 (Ahmedabad–Delhi)
  • AI2872 (Hyderabad–Mumbai)
  • AI571 (Chennai–Mumbai)

The cancellations come after Air India announced a 15 per cent cut to international flights operated by its widebody aircraft, effective until at least mid-July. The airline said this temporary reduction is necessary due to ongoing safety inspections following the tragic crash of flight AI171 last week.

Flight AI171, a Boeing 787 Dreamliner heading from Ahmedabad to London Gatwick, crashed shortly after takeoff, killing 241 people on board and approximately 30 people on the ground. Only one person on the aircraft survived. Authorities continue to investigate the incident.

In a statement, Tata Group-owned Air India said that 26 of its 33 Boeing 787-8 and 787-9 aircraft have passed inspections and have returned to service. The airline said the cuts are meant to ensure stable operations, improve efficiency, and minimise passenger inconvenience.

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Middle East

DP World ILT20 strikes deal with Kuwait Cricket Board to develop T20 game in region 

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In a major boost for regional cricket, the DP World International League T20 (ILT20) has signed a strategic partnership with the Kuwait Cricket Board to develop the sport in Kuwait and beyond.

The collaboration, formalised at a high-profile ceremony at Dubai International Stadium, will see Kuwait host ILT20 development tournaments, offer exposure to local players, and eventually aim to stage official ILT20 matches on Kuwaiti soil.

This marks the first official partnership of its kind between the Emirates Cricket Board and any other national board under the ILT20 framework, placing Kuwait on the global cricket map.

What This Means for Cricket in the Gulf

  • Annual ILT20 Development Tournaments in Kuwait to identify and nurture local talent
  • Opportunity for Kuwaiti players to be scouted by ILT20 franchises
  • Future possibility of ILT20 matches hosted in Kuwait, expanding the league’s GCC footprint
  • Greater involvement of local sponsors and Kuwaiti brands in regional cricket
  • Enhanced pathway for Kuwaiti nationals to pursue full-time cricket careers

Voices from the Partnership

Khalid Al Zarooni, Chairman of ILT20 and Vice-Chairman of the Emirates Cricket Board, said: “We are proud to announce this strategic collaboration with the Kuwait Cricket Board as they officially join the DP World ILT20 family. This partnership underscores our commitment to expanding the game’s footprint across the Gulf region. Kuwait is a valued partner, an ambitious country with a clear vision for promoting and developing cricket.


“With strong cricket-playing communities across the region, the DP World ILT20 aims to create opportunities for players and fans alike. Our goal is to elevate the sport and make the league a truly regional platform for cricket excellence.”

Haider Farman, President of Kuwait Cricket, stated: “It is an honour to formalise this landmark agreement between Kuwait Cricket and the Emirates Cricket Board to promote the DP World ILT20, both in our two countries and across the wider region. This partnership is a cornerstone in our shared vision to grow and globalise the sport of cricket.


“We take great pride in Kuwait being recognised as the first strategic partner of the DP World ILT20. Cricket is rapidly gaining momentum in Kuwait, and this collaboration will play a pivotal role in integrating more Kuwaiti nationals into the sport as players, officials, and professionals.

“With the upcoming Asian Games in Qatar (2030) and Saudi Arabia (2034), the timing is ideal. We believe this partnership will inspire the next generation across the GCC and lay the foundation for long-term cricketing success.”

David White, CEO of DP World ILT20, commented: “We congratulate Kuwait Cricket for their strategic foresight and leadership, which have made this exciting partnership possible. The DP World ILT20’s long-term vision extends beyond the UAE; it is to serve as a catalyst for cricket development across the Gulf.

“This agreement opens up incredible opportunities for young talent in Kuwait to grow, compete, and ultimately be scouted for the main league. We’ve already seen how UAE players have benefitted from exposure to high-level competition and coaching, with recent wins like the T20I series against Bangladesh highlighting that impact. We are confident Kuwait will see similar progress.”

Sajid Ashraf, Director General of Kuwait Cricket, added: “This collaboration marks a historic moment for Kuwait Cricket and the broader sporting community. Partnering with the Emirates Cricket Board and the world-class DP World ILT20 opens new doors for our players to pursue full-time careers in professional cricket.


“Beyond the field, this alliance provides a powerful platform for Kuwaiti corporations to connect with the region’s vibrant cricket-loving population. With more than two million expatriates in Kuwait and a population of five million, the potential for commercial engagement is significant.


“We look forward to the launch of the ILT20 Development Tournament in Kuwait and the many opportunities it will bring for players, fans, and businesses. This is a defining step towards building a stronger cricket ecosystem and ensuring lasting impact for generations to come.”

What’s Next?

The first DP World ILT20 Development Tournament in Kuwait is set to be announced soon. Meanwhile, ILT20 Season 4 kicks off in the UAE on December 2, 2025 (UAE National Day), with six teams competing across 34 matches, culminating in the final on January 4, 2026.

As cricket cements its popularity across the GCC, this collaboration signals a shared ambition: to create an inclusive cricket ecosystem, from Dubai to Kuwait and beyond.

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