Uber Technologies is ramping up its investment and growth plans in the UAE by accelerating its strategy of electrifying its fleet in line with sustainability goals, a senior global executive has said.
The ride-sharing pioneer plans to double the rides taken on its electric vehicle or hybrid fleet in the Emirates to make up 20 per cent of all trips by the end of 2023, Andrew Macdonald, senior vice president for mobility at Uber, told The National.
The UAE and Middle East are regions that are "leading on a number of the key priorities for the business, including our efforts on sustainability, which includes electrifying our platform. They are places where we're investing in expanding our product portfolio," Mr Macdonald said.
"Putting money behind driving consumer adoption [for EVs] ... and that investment pool flow and Uber Green in the UAE is a big priority for us."
The UAE is also a key part of San Francisco-based Uber's global $800 million Green Future programme to help subsidise the consumer switch to EVs, he said.
"We haven't split that amount by region or by country, but it's safe to say that the Middle East and the UAE will benefit from that level of support," Mr Macdonald said.
At the time of the investment's announcement in 2020, Uber said it would operate as a zero-emission mobility platform in the US, Canada and European cities by 2030. By 2040, Uber's services – which include its delivery arm – will run on zero-emission vehicles.
"The types of uses for those dollars are helping subsidise the upfront cost of electric vehicles, which today, for the most part, are still more expensive than ICE [Internal Combustion Engine] vehicles," he said, referring to internal combustion vehicles, or those that are powered by petrol.
The EV market continues to grow amid a global shift towards energy conservation and adherence to sustainability and climate change goals.
Manufacturers of EVs are expected to deliver about 15 million units globally in 2023, a year-on-year surge of nearly 35 per cent, as regulations meant to curb emissions further tighten, a September study from Gartner had shown.
Smart mobility has been a key theme in the UAE, with the government rolling out initiatives promoting its use and adoption. Dubai had put a heavy emphasis on this during the six-month-long Expo 2020.
Abu Dhabi, on the other hand, earlier this month launched the new Smart and Autonomous Vehicles Industry cluster at Masdar City, aimed at establishing the emirate as a major centre for the development of high-tech and next-generation vehicles.
Uber has been active in the UAE, both through its own platform and Careem, the Dubai-based start-up it acquired for $3.1 billion in 2020 whose services span ride-hailing, food and grocery deliveries, and other essential services.
The company has also struck partnerships to expand its footprint. In May, Uber signed an initial agreement with Etihad Rail, the developer and operator of the UAE National Rail Network, to collaborate on expanding passenger transport options in the country and share mobility data to better serve the market.
"We have a tonne of confidence in our ability to electrify our platform in this region, and in the UAE specifically because of that energy and that speed around solving this problem," Mr Macdonald said.
Uber is also encouraging governments to incentivise the purchase of EVs among consumers, similar to those being implemented in the US and Europe, in order for a more seamless transition to a carbon-free future, he said.
"The upfront cost of electric vehicles is too expensive; there's still a significant premium on average versus ICE vehicles," Mr Macdonald said.
The other challenges, he said, is that a "meaningful" second-hand market for EVs has yet to be developed, which would help bring more consumers into the sector without compelling them to spend too much, and the availability of more charging stations.
"Governments have a significant role to play in deferring some of those [EV] costs. They can design a variety of incentive programmes to do so," he said.
In August, Uber reported its first-ever operating profit in the second quarter, underpinned by a growth in deliveries and bookings. The company is scheduled to report third-quarter earnings on November 7.
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Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
Results
Catchweight 60kg: Mohammed Al Katheeri (UAE) beat Mostafa El Hamy (EGY) TKO round 3
Light Heavyweight: Ibrahim El Sawi (EGY) no contest Kevin Oumar (COM) Unintentional knee by Oumer
Catchweight 73kg: Yazid Chouchane (ALG) beat Ahmad Al Boussairy (KUW) Unanimous decision
Featherweight: Faris Khaleel Asha (JOR) beat Yousef Al Housani (UAE) TKO in round 2 through foot injury
Welterweight: Omar Hussein (JOR) beat Yassin Najid (MAR); Split decision
Middleweight: Yousri Belgaroui (TUN) beat Sallah Eddine Dekhissi (MAR); Round-1 TKO
Lightweight: Abdullah Mohammed Ali Musalim (UAE) beat Medhat Hussein (EGY); Triangle choke submission
Welterweight: Abdulla Al Bousheiri (KUW) beat Sofiane Oudina (ALG); Triangle choke Round-1
Lightweight: Mohammad Yahya (UAE) beat Saleem Al Bakri (JOR); Unanimous decision
Bantamweight: Ali Taleb (IRQ) beat Nawras Abzakh (JOR); TKO round-2
Catchweight 63kg: Rany Saadeh (PAL) beat Abdel Ali Hariri (MAR); Unanimous decision
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company%20Profile
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EGrowdash%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJuly%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESean%20Trevaskis%20and%20Enver%20Sorkun%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ERestaurant%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%20so%20far%3A%3C%2Fstrong%3E%20%24750%2C000%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Plus%20VC%2C%20Judah%20VC%2C%20TPN%20Investments%20and%20angel%20investors%2C%20including%20former%20Talabat%20chief%20executive%20Abdulhamid%20Alomar%2C%20and%20entrepreneur%20Zeid%20Husban%3C%2Fp%3E%0A
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Yuki Means Happiness
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THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
