Taxi fares in Dubai have gone up, an update from the Dubai Taxi Company has revealed.
According to the company’s official website, the charge is now Dh2.09 a kilometre – up 12 fils from the previous Dh1.97 a kilometre.
The new rate reflects fuel use only. The minimum fare, or flag fall rate, of Dh12 remains unchanged.
The announcement is in line with Dubai's Roads and Transport Authority’s policy on “dynamic” prices.
“Any change in taxi fares is a dynamic change based on the fluctuating fuel prices in the local market and is calculated based on fuel usage per kilometre,” it said.
The rise in price comes after petrol prices rose in February, March and April, after dropping in November, December and January, reflecting the trends in the global oil market. Super 98 cost Dh2.82 a litre in January and increased to Dh3.34 a litre in May.
Special 95 petrol costs Dh3.22 a litre, up from Dh3.03, while E-Plus 91 petrol is charged at Dh3.15 a litre, having cost Dh2.96 a litre previously.
The Dubai Taxi Company reported an increase in revenue and profits in the first quarter this year.
Profit after tax came in at Dh108 million, up from Dh94 million in 2023, as its taxi and limousine fleet completed 12 million trips.
“We maintained strong momentum into the first quarter of 2024, delivering revenue growth of 15 per cent year on year, which drove a 40 per cent increase in ebitda [earnings before interest, taxes, depreciation and armotisation],” said chief executive Mansoor Alfalasi.
“During the quarter, we announced the doubling of our fleet of airport taxis and acquired 94 new taxi licences at the latest RTA auction, further cementing our position as the largest taxi operator in Dubai.
“We are committed to supporting Dubai’s mobility landscape as the emirate’s urban areas continue to expand, by offering solutions that meet the diverse needs of Dubai’s residents and through adopting technologies that enable efficient operations and enhance utilisation.”
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
A cryptocurrency primer for beginners
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