The final day before prices at petrol pumps increased across the UAE passed off without any excessive bulk buying.
Although bigger queues were reported at some forecourts, for most motorists in Dubai and Abu Dhabi the wait was no longer than a typical weekend.
As of Saturday, petrol prices have increased from Dh1.72 per litre for Special 95 to Dh2.14, a rise of 23.6 per cent.
The revised price for Super 98 has been set at Dh2.25 and E Plus at Dh2.07.
The price of diesel is set at Dh2.05, which is a 29 per cent drop from Dh2.90.
Hanz Jose, a supervisor at Enoc on Hessa Street, Dubai, said Friday had been noticeably busier.
“We are always busy but more people have been coming here to fill up before the prices rise tomorrow. Our customers know how much cheaper it will be for them today.
“The increases are good news for the Government but not necessarily for us.”
Koyesh, an attendant at Enoc in The Meadows, Dubai, agreed that trade had been busier.
“Friday is usually quieter as it is the holy day, but I have seen more cars than is normal today,” he said. “A few people have joked about fillinag up before the prices go up but most don’t seem that bothered.”
In the capital, Amr Salam, 38, said he would like to fill his car at the cheaper price “one last time”.
“I am lucky to have an empty tank now,” said the Egyptian with a laugh. “But I am not sure how I will manage in the next days.”
Abdullah Al Suwaidi, 29, who owns a Chevrolet Silverado pickup and lives in Abu Dhabi, said rushing to fill up was pointless.
“What does it matter if I fill today and how much I pay? In three days it will be empty and I will have to fill it with almost Dh250,” said the Emirati student.
“This is something we cannot change and must embrace for the time being, but it will be hard to comprehend and get accustomed to for a while.”
He said he might consider switching to a smaller car if fuel costs became too great.
Mark Heitz, 33, lives in Dubai Marina and drives an Audi RS4.
“I bought this 4.2-litre V8 the day before the Government announced that prices would be going up. I used to rent a Toyota Camry but thought I would invest in this, so it was bad timing on my part,” said the American engineer.
“I don’t regret buying it as it’s a nice car and fuel here is still cheaper than most other places around the world, so it is not a problem.”
Another Marina resident, Marcus Schmidt, 32, is head of service at MTU Middle East, a company supplying engines for yachts. He drives a supercharged Range Rover Sport.
“I fill up my tank once a week and it costs about Dh160. It will be an extra Dh60 from tomorrow so I thought I would get in now before it gets too busy,” said the German.
“It will cost businesses more than it will cost individuals, although it may have a knock-on effect to the cost of living in the long-term here. It could be a problem for taxis but I guess they will pass the cost on to customers.”
J S, a 38-year-old American teacher in Abu Dhabi, said: “I wanted to fill up my tank before the price rise tomorrow. We are making the same amount of money that we have made for three years but it seems like everything is going up. Any chance we can to save a little bit of money we will do.”
Indian F A, who works for a courier company, said he was instructed by his bosses “to fill up the tanks” in the company’s four cars. “I am going back and forth for each car.”
One pump attendant in the capital said he had not noticed more customers. “It is usually [calm] on the weekends, not many cars came all morning. Mostly they come late at night, maybe it will be busy at 8 or 9pm,” he said.
Emirati Salem Al Baloushi, 37, said: “If we look at European countries, such as Germany for instance, our new prices are cheaper than theirs by almost 200 per cent. We are extremely lucky and blessed.”
New prices will be fixed every month and the next change will be announced on August 28.
* Additional reporting by Elham Al Dhaheri
TOUR DE FRANCE INFO
Dates: July 1-23
Distance: 3,540km
Stages: 21
Number of teams: 22
Number of riders: 198
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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
COMPANY%20PROFILE
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Cologne v Hoffenheim (11.30pm)
Saturday
Hertha Berlin v RB Leipzig (6.30pm)
Schalke v Fortuna Dusseldof (6.30pm)
Mainz v Union Berlin (6.30pm)
Paderborn v Augsburg (6.30pm)
Bayern Munich v Borussia Dortmund (9.30pm)
Sunday
Borussia Monchengladbach v Werder Bremen (4.30pm)
Wolfsburg v Bayer Leverkusen (6.30pm)
SC Freiburg v Eintracht Frankfurt (9on)
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
