This week we take a look at fuel prices, market drama both at home and abroad, and hospitality in the Emirates.
Monthly meeting will keep us guessing
The end of the month is usually associated with pay day, and, for some, that nagging wish for the funds to hurry along and drop into a bank account that has run dry ahead of schedule. Now, however, there's a new reason to keep an eye on the calendar - for those of whom own cars at least. For the 27th of this month saw the first fuel price announcement since the Minstry of Energy brought in its changes at the start of August. Commuters, who felt particularly hard done by when the new prices came into force, will be pleased with the prices for September - a fall of more than 8 per cent. The Fuel Price Committee said it will next meet on September 28, so, for those of you that are heavily affected by petrol and diesel prices, locate a calendar, get hold of a marker pen and make a note of the date - saving it on your smartphone just isn't the same. Ian Oxborrow
Giddy times at the market
Like rollercoasters? A competitor to Yas Island's Ferrari World emerged this week in Dubai. It's name? The Dubai Financial Market General Index. After drifting lower over the past month, the emirate's headline index, together with most global stock markets, went into full on stomach churning mode this week, hit by the one-two punch of ever lower oil prices and freefalling Chinese stocks. Dubai's index plunged 6.96 per cent on Sunday, its worst one day fall of 2015, slipping to its lowest close of the year the following day. Then on Tuesday, the highest gain in over a year as investors sensed a bargain, followed by another drop as they cashed out. Shares are back up again on Thursday morning, but still down for the week. The one thing traders agree on is that the fun isn't over yet, so keep on holding tight for next week. John Everington
Rate rise delayed by rout?
As we sift through the debris of the market carnage of the past week, thoughts start to look forward rather than back. And there in front of us, sometimes appearing close, and at others more distant, lies a rise in interest rates. The US Federal Reserve has indicated on a number of occasions that a rate rise will come this year, possibly next month. "I expect the normalisation of monetary policy — that is, interest rates — to begin sometime this year," said Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, on Monday. Many economists agree with Mr Lockhart, despite the drama playing out on stock markets around the world. In the UK, meanwhile, Bank of England governor Mark Carney has said that global uncertainty "is not justification for permanent stasis", with rates still at a record low of 0.5 per cent. Will rate-setters perceive the "Black Monday" experience as just a wobble? Or have they been spooked? Ian Oxborrow
Oppa Langham style
Bling shines like a beacon. This is why hotels in the UAE are blingy and bright, so that tourists from continents far away can navigate here by their light. But sometimes visitors want the lights to go low. And this is where they turn to chains like Langham Hospitality Group, which on Monday announced plans for a property at Dubai's Business Bay, to open in 2018. The Langham properties hew to a subtle style, contemporary and elegant; a style that has to seem effortless in order to work. It's about trying, but not too hard. Sixteen months ago while staying at the Langham in Chicago, I mentioned at the reception that I would be taking my daughter to a place called Lou Malnati's for pizza. Minutes later, an envelope containing directions to the pizza-pie paradise had silently been slid beneath my door. That's Langham style, and it looms as a welcome addition to this country's hotel mix. Rob McKenzie
Stay in a home from home in Dubai
The Emirates are home to some glorious hotels and resorts, with pristine sandy beaches meeting clear, blue waters, swimming pools here there and everywhere and rooftop terraces with views of enviable skylines. But what if you are looking for a location that is more home-from-home? Dubai Tourism said this week that about 800 units have registered as holiday homes. A look on airbnb, the rental website which offers short-term accommodation, reveals rooms in areas such as Dubai Marina for about $70 a night, while a room on the Palm Jumeirah in a development containing a gym, pool etc can be booked for $95 a night. Dubai has about 65,000 hotel rooms and plans to ramp this figure up to about 100,000 by the time Expo 2020 arrives. So, 800 holiday homes doesn't sound a huge amount, but, should it continue to rise it will put more pressure on a sector which is being challenged by declining occupancy rates amid low oil prices and falling visitor numbers from Russia. A word of warning, however: anyone thinking of subleasing their apartment or villa needs permission from their landlord first. Ian Oxborrow
