As global inflation pushes up the price we pay for goods at the tills, UAE residents are adjusting their shopping habits to keep pace with change.
Countless factors affect the value of the dirhams in our wallets, and trends are often cyclical.
After a rocky 2021, during which widespread vaccines enabled much of the world’s population to slowly emerge from the Covid-19 pandemic, climate events and the war in Ukraine have placed pressure on prices for everyday items.
Agriculture and shipping is being disrupted in 2022, with most goods and services affected ― from the amount paid at the petrol pump, to the price of a weekly shop, transport, rent and how much the banks now charge to borrow.
The price of a five-litre bottle of cooking oil was Dh47.99 in one store, Dh37 in a second one and Dh17 in a third
Jumana Yousef,
savvy shopper
Last month, Dubai lender Emirates NBD revised its UAE inflation estimate for 2022 to between 4 per cent and 4.5 per cent, from 2 per cent to 2.5 per cent.
That is significantly lower than the 8 per cent to 9 per cent the United States and United Kingdom recorded in April, but higher than the percentage by which most UAE workers' wages will rise.
Shopping
A few savvy shoppers shared their tips and advice on how to manage these tricky financial times.
Nora Ahmad, 36, from Egypt uses the Savi ME app to find better deals when doing her family’s weekly shop in Ajman.
The app tells you which supermarket has the best price for a particular product, and lists 2,000 items from about 40 retailers.
“Friends shared it with me few months ago,” said Ms Ahmad, a mother of three.
“We have all been using it because we need to cut costs with the recent price increases.
“I use the app regularly to hunt for bargains in Emirates Markets, Viva, Middle East Discount Centre, Nesto and LuLu hypermarkets.”
Jordanian Jumana Yousef in Ajman follows helpful money-saving tips on social media.
“I follow a Jordanian man who has been announcing major discounts at different stores for almost a year now,” she said.
“He promotes all types of items ― food, furniture, appliances, clothes ― and I save good money shopping at these discounted stores.”
Ms Jumana earns about Dh10,000 a month, and with no increase in salary to compensate for inflation to provide for her family of four, she is always mindful about her spending.
“With the recent hike in prices across all items, I needed to be more careful,” she said.
“I know it means I have to shop from different stores, which is not easy, but I soon noticed the difference in prices from one to another.
“Items like milk, rice, cooking oil, and tea were costing from Dh10 to Dh20 more in some hypermarkets.
“For example, the price of a five-litre bottle of cooking oil was Dh47.99 in one store, Dh37 in a second one and Dh17 in a third.”
Bargain hunting
As budget-conscious consumers tighten their belts, retailers are offering discounts and firming up sourcing chains for uninterrupted supply of essential commodities.
The UAE’s Ministry of Economy in April said it would regularly monitor 300 frequently bought basic food items and products that people use daily.
The ministry also approved a policy to rein in the prices of basic consumer such as eggs, bread, salt and flour.
“The global food industry is going through many challenges especially in product categories like frozen poultry, wheat, flour and edible oil,” said Shabu Abdul Majeed, Lulu Group’s director retail operations and procurements.
“We have established our own sourcing and logistic hubs across major markets in USA, UK, Spain, Turkey, Egypt, India, Far Eastern countries and China, which has helped us to not only ensure uninterrupted supply but also keep the prices stable.”
He said his team has been working closely with local suppliers to come up with value offers particularly in food and essential products to help shoppers save more.
During the coronavirus pandemic, the group focussed on strengthening stocks and the supply chain.
Retailers in the UAE have been reaching out to consumers on social media with updates on offers and promotions.
The UAE ministry has said more than 40 outlets and co-operative societies in the country are being regularly monitored to keep prices of essential commodities in check.
Transport
Transport can be one of the costliest expenses in an era of rising fuel prices, and while Dubai has an excellent public transport network ― those living farther out often have little choice but to call a taxi.
The choice of ride and time of day can have a significant bearing on cost.
A Dubai taxi operated by the Roads and Transport Authority from Damac Hills to Dubai Marina would typically cost between Dh40 and Dh50 depending on the time of day.
If ordering a care through Careem, the price can be significantly greater ― up to Dh30 more at peak times, an increase of about 60 per cent.
Bassel Al Nahlaoui, managing director of mobility at Careem, said rising costs were largely a result of increased demand.
"Careem operates as a marketplace that matches demand for ride-hailing services with a supply of captains,” he said.
“When demand is higher than supply in a certain area, a peak is levied on trips to incentivise captains to accept bookings and to attract more to that area so that everyone can get a ride.
“We’ve seen a massive increase in demand for ride-hailing in recent months caused by the growth of the economy and an increase in tourism.
“While we’ve been working on addressing this, recent supply chain challenges have made car availability a challenge.
“We’ve been doing everything we can to increase supply to meet this demand, including working with limo companies and the government to increase the overall supply in the city.”
The alternatives to taxis are provided by a widespread and affordable public transport network in Dubai that connects trams, water taxis, a monorail, Metro and buses to most city districts.
The RTA Wojhati mobile app helps commuters navigate the most efficient, and affordable route around Dubai.
It offers route planning and information on real-time delays to identify the fastest route available.
Another is the RTA public transport app that allows users to accumulate reward points as they travel across the network to access bonus travel features and discounts.
It also has a secure payment system to top up a traveller’s Nol card.
Rent
Rents have soared in most parts of Dubai, Abu Dhabi and elsewhere in the UAE over the past six to eight months.
The average price demanded for an apartment or villa in Dubai rose more than 40 per cent annually in some areas during the first three months of 2022, according to property consultants Asteco.
Villas are particularly in demand, mainly driven by government initiatives such as residency permits for retirees and remote workers, as well as the UAE’s success in managing Covid-19.
Rents for villas in Abu Dhabi rose by 2 per cent on average in the first quarter of 2022, and 5 per cent annually although apartments were renting slightly cheaper than this time in 2021.
Renters should be aware of their rights before deciding to move, because Rera in Dubai has strict laws on how much landlords can increase rents by each year.
Mortgages
A rise in interest rates has created a boom in the cost of mortgages to buy a new home, and a rush on new applications as people aim to lock in rates before another increase.
For example, an interest rise from 2.69 per cent at the start of the year to 4 per cent in May, increased monthly repayments on a loan of Dh1 million by Dh600.
“Since the start of the year we have all witnessed an increase in mortgage interest rates, but in recent months the interest rates have had a drastic spike from just over 2.5 per cent to over 4 per cent,” said Rosie Patterson, mortgage channel manager at BetterHomes LLC.
“This has had a direct impact on the cost of mortgages.
“Although the interest rates have increased, we must be aware they are only just levelling back to the rates offered pre-Covid.
“This shows the market has recovered and highlights the strength in the economy, as interest rates tend to rise along with economic growth.
“This growth has been reflected in May, with the number of mortgage applications hitting an all-time high compared with the past two years.”
A 30 per cent increase in monthly mortgage applications compared with the start of the year, is a sure sign of an urgency to buy, Ms Patterson said.
“Banks are trying to recoup any losses they may have incurred in interest charges during the pandemic,” she said.
“For those who already have a mortgage, it would be wise to review your options before the rates increase further, as you could possibly get a better rate by switching your bank.”
Interest rate increases will also mean credit card bills will rise in the months ahead, as borrowing in general becomes more expensive.
But it will also be good news for savers, because banks gradually increase profit rates on savings accounts and certificates of deposit.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
In%20the%20Land%20of%20Saints%20and%20Sinners
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERobert%20Lorenz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Liam%20Neeson%2C%20Kerry%20Condon%2C%20Jack%20Gleeson%2C%20Ciaran%20Hinds%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
UAE currency: the story behind the money in your pockets
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
Mohammed bin Zayed Majlis
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3Eamana%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2010%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Karim%20Farra%20and%20Ziad%20Aboujeb%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3ERegulator%3A%20%3C%2Fstrong%3EDFSA%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinancial%20services%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E85%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESelf-funded%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
TYPES%20OF%20ONLINE%20GIG%20WORK
%3Cp%3E%3Cstrong%3EDesign%2C%20multimedia%20and%20creative%20work%3A%20%3C%2Fstrong%3ELogo%20design%2C%20website%20design%2C%20visualisations%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBusiness%20and%20professional%20management%3A%20%3C%2Fstrong%3ELegal%20or%20management%20consulting%2C%20architecture%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBusiness%20and%20professional%20support%3A%20%3C%2Fstrong%3EResearch%20support%2C%20proofreading%2C%20bookkeeping%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESales%20and%20marketing%20support%3A%20%3C%2Fstrong%3ESearch%20engine%20optimisation%2C%20social%20media%20marketing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EData%20entry%2C%20administrative%2C%20and%20clerical%3A%20%3C%2Fstrong%3EData%20entry%20tasks%2C%20virtual%20assistants%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIT%2C%20software%20development%20and%20tech%3A%20%3C%2Fstrong%3EData%20analyst%2C%20back-end%20or%20front-end%20developers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWriting%20and%20translation%3A%20%3C%2Fstrong%3EContent%20writing%2C%20ghost%20writing%2C%20translation%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOnline%20microtasks%3A%20%3C%2Fstrong%3EImage%20tagging%2C%20surveys%3C%2Fp%3E%0A%3Cp%3E%3Cem%3ESource%3A%20World%20Bank%3C%2Fem%3E%3C%2Fp%3E%0A
Super%20Mario%20Bros%20Wonder
%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3ENintendo%20EPD%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ENintendo%3Cbr%3E%3Cstrong%3EConsole%3A%20%3C%2Fstrong%3ENintendo%20Switch%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
Quick%20facts
%3Cul%3E%0A%3Cli%3EStorstockholms%20Lokaltrafik%20(SL)%20offers%20free%20guided%20tours%20of%20art%20in%20the%20metro%20and%20at%20the%20stations%3C%2Fli%3E%0A%3Cli%3EThe%20tours%20are%20free%20of%20charge%3B%20all%20you%20need%20is%20a%20valid%20SL%20ticket%2C%20for%20which%20a%20single%20journey%20(valid%20for%2075%20minutes)%20costs%2039%20Swedish%20krone%20(%243.75)%3C%2Fli%3E%0A%3Cli%3ETravel%20cards%20for%20unlimited%20journeys%20are%20priced%20at%20165%20Swedish%20krone%20for%2024%20hours%3C%2Fli%3E%0A%3Cli%3EAvoid%20rush%20hour%20%E2%80%93%20between%209.30%20am%20and%204.30%20pm%20%E2%80%93%20to%20explore%20the%20artwork%20at%20leisure%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
Film: In Syria
Dir: Philippe Van Leeuw
Starring: Hiam Abbass, Diamand Bo Abboud, Mohsen Abbas and Juliette Navis
Verdict: Four stars
ARGYLLE
%3Cp%3EDirector%3A%20Matthew%20Vaughn%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Bryce%20Dallas%20Howard%2C%20Sam%20Rockwell%2C%20John%20Cena%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The%20specs
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ASSASSIN'S%20CREED%20MIRAGE
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RESULTS
Light Flyweight (48kg): Alua Balkibekova (KAZ) beat Gulasal Sultonalieva (UZB) by points 4-1.
Flyweight (51kg): Nazym Kyzaibay (KAZ) beat Mary Kom (IND) 3-2.
Bantamweight (54kg): Dina Zholaman (KAZ) beat Sitora Shogdarova (UZB) 3-2.
Featherweight (57kg): Sitora Turdibekova (UZB) beat Vladislava Kukhta (KAZ) 5-0.
Lightweight (60kg): Rimma Volossenko (KAZ) beat Huswatun Hasanah (INA) KO round-1.
Light Welterweight (64kg): Milana Safronova (KAZ) beat Lalbuatsaihi (IND) 3-2.
Welterweight (69kg): Valentina Khalzova (KAZ) beat Navbakhor Khamidova (UZB) 5-0
Middleweight (75kg): Pooja Rani (IND) beat Mavluda Movlonova (UZB) 5-0.
Light Heavyweight (81kg): Farida Sholtay (KAZ) beat Ruzmetova Sokhiba (UZB) 5-0.
Heavyweight (81 kg): Lazzat Kungeibayeva (KAZ) beat Anupama (IND) 3-2.
More coverage from the Future Forum
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SPECS
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
