Related: PCR test wait-times 'to shorten soon' as UAE laboratories increase capacity
Private healthcare centres are capitalising on heavy demand for PCR tests by charging up to Dh1,800 for rapid results, more than seven times the average cost of a usual home visit.
The most expensive package available in the UAE − an "elite" PCR test for Dh1,800 with results in six hours − is offered by Rizek.
The company said it is facing unprecedented demand because of the festive season and international requirements for tests before travel.
Rizek said its standard test was still available for Dh155 but the time it took to get that result had increased.
Government-run centres cap the cost of PCR tests at Dh50 - but most have experienced long queues and enormous demand since the year started.
“It is for an urgent situation. The elite test is Dh1800 and can be done according to your availability and requirements. A standard test for Dh155 would usually take 24 hours
Rizek representative
“This elite service has only recently been added to the app,” a Rizek representative said.
“It is for urgent situations. A standard test for Dh155 would usually take 24 hours and a Dh290 express test is done in 12 hours.
“The elite test is Dh1,800 and can be done according to your availability and requirements.
“We cannot provide the other services due to overload, so we are only offering standard and elite tests at the moment.”
Some cleaning companies have expanded services to take advantage of demand for rapid results, with companies like Just Mop, now called Just Life, also offering home PCR tests. They act as middlemen and take bookings for certified hospital groups, which send nurses to the client's home.
On Wednesday, the Medilife healthcare group was offering 'super express' PCR tests for Dh550, with results returned within five hours and an express PCR test for Dh400 in nine hours, although neither could be booked due to high demand.
Meanwhile, PCRtest.ae advertised six hour rapid tests for Dh850.
Another firm, Aqua Medical Centre in Al Qusais, offered its VIP services as DHA-approved on its website. The centre, near Dubai airport, offered an express PCR test for Dh499, with results in 6-7 hours.
Price cap
In August, the Ministry of Health and Prevention capped the cost of PCR tests at Dh50 − but the rule did not take effect in Dubai, which has its own crisis and emergency authority.
The rise of Omicron around the world has since placed huge strain on testing and analysis centres.
Before the ruling on August 31, clinics in Abu Dhabi could charge up to Dh65 for a test, while those in Dubai were allowed to charge Dh150.
Most private clinics in Dubai offer a basic PCR test for Dh150, although it is taking up to 48 hours for results.
Two-hour queues have been reported at some drive-through testing centres in Dubai, with results taking several days to return in some cases as laboratories face high demand for sample analysis.
While government walk-in PCR testing centres are charging lower rates, fees for many private providers are considerably more.
The fees that healthcare centres are allowed to charge for PCR tests vary.
In Dubai, prices are capped at Dh150 for in-clinic RT-PCR tests and Dh250 for home collection, while the maximum cost for tests in Abu Dhabi is Dh50.
The fees charged to patients also depend on the kind of test they require.
VPS Healthcare is one centre offering rapid PCR tests in Abu Dhabi for Dh350 at Burjeel Medical City, with results in less than three hours.
From December 26, Abu Dhabi government employees have been required to take weekly PCR tests to screen for Covid-19.
Federal government and semi-government department employees have been offered free PCR tests in the capital. Other private businesses have also asked employees to be tested before returning to the workplace.
Returning teachers and school pupils in the UAE have since been required to provide negative tests at some schools, applying further pressure to testing centres.
SPECS
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
COMPANY%20PROFILE
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet