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UAE fuel prices dip further with global trend

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The UAE fuel price committee has announced petrol and diesel prices for the month of July 2023. The new rates will apply from July 1 and are as follows:

  • Super 98 petrol will cost Dh3 a litre, compared to Dh2.95 in June.
  • Special 95 petrol will cost Dh2.89 per litre, compared to Dh2.84 last month.
  • E-Plus 91 petrol will cost Dh2.81 a litre, compared to Dh2.76 a litre in June.
  • Diesel will be charged at Dh2.76 a litre compared to Dh2.68 last month.

Last month, the fuel price committee had reduced the rates by 21 fils per litre. These were the lowest rates in 4 months.

The price cut is on the expected lines as neither Brent futures nor the price per barrel of US West Texas Intermediate crude has changed significantly over the past month.

The impact is exacerbated by worries over an economic slowdown, slowing but still high inflation and declining fuel demand.

Benchmark Brent Crude futures for September were up 82 cents or 1.1% at $75.33 a barrel, according to Reuters on Friday. The less-traded front-month contract expiring Friday was up 52 cents at $74.86 a barrel.

The contract was on its way to a 6% decline in three months until the end of June, when prices saw a fourth straight quarterly dip. The shift is due to a combined effect of rising interest rates in major economies, inflationary impacts and the slower-than-expected recovery of Chinese manufacturing and consumption in recent months.

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UAE Central Bank fines local bank Dh3 million over anti-money laundering failures

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The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh3 million on a local bank for failing to comply with anti-money laundering (AML) regulations.

The fine was issued under Article 14 of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism and Illegal Organisations, as well as Article 137 of the Decretal Federal Law No. (14) of 2018 concerning the Central Bank and regulation of financial institutions.

The CBUAE said the penalty followed an investigation which found that the bank had not met regulatory requirements outlined in UAE legislation to combat financial crime.

In a statement, the Central Bank reaffirmed its commitment to maintaining the transparency and integrity of the country’s financial system. “We continue to supervise and regulate all licensed financial institutions to ensure full compliance with UAE laws, regulations, and standards,” the authority said.

The name of the bank was not disclosed.

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Dubai’s RTA steps up inspections of buses to ensure safety

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Dubai’s Roads and Transport Authority (RTA) has urged transport operators to strictly follow regulations covering all modes of passenger transport, including chartered buses, tourist services, and international bus trips.

This comes after RTA completed over 15,500 inspections targeting operators in these sectors, as part of ongoing efforts to raise service standards and ensure safety.

“The inspections weren’t just about issuing violations,” said Saeed Al Balooshi, Director of Passenger Transport Activities Monitoring at RTA. “They’re designed to improve service quality and ensure operators meet the rules that keep Dubai’s transport sector running smoothly.”

Checks included verifying safety measures onboard and ensuring all required licences were in place. The RTA also teamed up with other authorities, including Dubai Police and the General Directorate of Residency and Foreigners Affairs at Hatta Border Post, to tackle misuse and irregularities in cross-border transport services.

Al Balooshi added that the authority is using new technologies to make inspections more effective by analysing violations and measuring the impact of enforcement campaigns. “Our goal is to ensure a reliable and high-quality experience for residents, visitors, and tourists, and to protect the reputation of Dubai’s public transport sector,” he said.

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New paid parking zones announced in Abu Dhabi

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Residents and motorists in Abu Dhabi should take note: new Mawaqif paid parking zones have been activated in several areas across the city, Q Mobility announced on Thursday, July 10.

The newly introduced paid zones include:

  • Eastern Mangroves
  • Dolphin Park
  • Al Khaleej Al Arabi Street sectors – specifically at Al Khaleej Al Arabi Park 1, 2, 4, and 5
  • Al Qurm Plaza

The rollout of the Mawaqif system in these areas is now officially in effect, aligning with Abu Dhabi’s parking regulations.

  • Standard Parking – black and blue curbs:
    • Dh2 an hour
    • Dh15 for 24-hour parking
  • Premium Parking Abu Dhabi – white and blue curbs: AED 3 an hour

According to Q Mobility, this move is part of ongoing efforts to better regulate vehicle movement, ease congestion, and improve the overall efficiency of public parking across the emirate. The changes follow the completion of infrastructure upgrades such as curb painting, installation of directional and awareness signage, and public notifications.

The company has also encouraged drivers to make use of the Darb app for digital payment and to carefully follow posted instructions to avoid fines.

The expansion of Mawaqif is part of a broader strategy aimed at improving traffic flow and providing smarter, more streamlined parking solutions within Abu Dhabi Island and beyond.

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