FNC members have voted to recommend that the Cabinet looks at ways to ensure all Emiratis pay the same for water and power.
FNC members have voted to recommend that the Cabinet looks at ways to ensure all Emiratis pay the same for water and power.

Utility rates should be the same for all, says FNC



ABU DHABI // FNC members have called on the Government to look at ways of ensuring all Emiratis pay the same for water and electricity.

Some families pay as little as Dh100 a month but others face bills of up to Dh5,000, despite using the same amount of water.

Ahmed Al Shamsi (Ajman), who raised the issue with the Minister of Energy, Mohammed Al Hamli, said prices varied even within the same emirate.

"There are varied prices for electricity across the country," Mr Al Shamsi said. "It costs some Emiratis more than others. This goes against the constitution, which requires social equality."

The minister explained federal and local authorities charge different rates. The federal price for electricity was 7.5 fils a kilowatt, but authorities such as Sharjah Electricity and Water Authority charge 5.5 fils.

Water prices also vary greatly. In Abu Dhabi, every Emirati pays between Dh50 and Dh100, depending on how much they use.

In Dubai, the first 91,000 litres are free, and every litre after that costs 0.33 fils. In other parts of the country, Emiratis are charged at 0.44 fils a litre, with no free amount.

"In Sharjah, we can sometimes pay Dh3,000 to Dh5,000 for a whole family," said Mr Al Shamsi. "If it's someone living alone it can be around Dh300 to Dh500."

He said he was not asking for free water and electricity, "which could increase waste", but for parity between households.

Mr Al Hamli said: "As the member said, there are different rates in different places, 5.5 fils and 7.5 fils, according to my understanding. The ministry had decided it should be 7.5 fils. If local authorities want to charge less, it is up to them."

He said the federal prices were higher because the cost of gas had increased.

"In the old times, diesel and gas prices were close to each other," Mr Al Hamli said. "Now a gallon of diesel is Dh15, before it was around Dh2 to Dh3. So some emirates were able to get contracts for less."

Mr Al Shamsi said consumers were not concerned about the technicalities and simply wanted the inequalities to be ironed out.

He said it was the federal authority's responsibility to work with local authorities to devise a unified price system.

Most members agreed to put a recommendation to the Cabinet to investigate equal charges.

Equalisation would not be without risks. While it could mean all Emiratis pay the same as those who now pay least - Dh100 a month for water and electricity - there would be concerns that a uniform rate would be higher.

While not keen on any increases for themselves, Emiratis who spoke to The National agreed it was unfair for others to be paying more.

KD, who lives in an eight-room shaabi house in Al Ain, pays about Dh3,000 a month for electricity and water bills.

Her friend MH in Abu Dhabi pays Dh100 a month for a 10-bedroom villa.

"Maybe I use more electricity than them," said KD. "Probably not, but maybe there is a reason for the difference."

UAE residents consume on average 550 litres of water a day, among the highest rates in the world.

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Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

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Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
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Sugary teas and iced coffees

The tax authority is yet to release a list of the taxed products, but it appears likely that sugary iced teas and cold coffees will be hit.

For instance, the non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.

Cold coffee brands are likely to be hit too. Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.

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2015 DheepanJacques Audiard

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2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux

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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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Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
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.
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Engine: Direct injection 4-cylinder 1.4-litre
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