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Oil set for biggest weekly drop since October on tariff uncertainty

US West Texas Intermediate crude futures rose 8 cents, or 0.08 per cent, to $66.44 a barrel

Reuters
Reuters

07 March, 2025

Oil set for biggest weekly drop since October on tariff uncertainty
Image credit: Getty Images

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Oil prices were little changed on Friday but were set for their biggest weekly decline since October as the uncertainty around US tariff policy is creating concerns about demand growth at the same time major producers are set to increase output.

Brent futures rose 13 cents, or 0.19 per cent, to $69.59 a barrel by 0217 GMT. US West Texas Intermediate crude futures rose 8 cents, or 0.08 per cent, to $66.44 a barrel.

Read-UAE announces fuel prices for March 2025

However, for the week Brent is down 4.9 per cent, set for its biggest weekly decline since the week of October 14. WTI is set to drop 4.8 per cent, also its biggest weekly fall since that week.

Markets, including oil, have been whipsawed by the fluctuating trade policy in the US, the world’s biggest oil consumer.

On Thursday, US President Donald Trump suspended the 25 per cent tariffs he had imposed on most goods from Canada and Mexico until April 2, although steel and aluminium tariffs would still go into effect on March 12 as scheduled.

The amended order does not fully cover Canadian energy products, which are under a separate 10 per cent levy.

The tariffs themselves are considered a drag on economic growth and therefore oil demand growth. But the uncertainty over the policy is also slowing business decisions, which is also impacting the economy.

Brent prices on Wednesday fell to their lowest since December 2021 after US crude inventories rose and in the wake of the decision by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to increase their output quotas.

The group said on Monday that it had decided to proceed with a planned April output increase, adding 138,000 barrels per day to the market.

Some of the downward momentum in prices has eased as the US is looking at steps to halt exports from a key OPEC producer.

Hajj, Umrah service: Qatar Airways introduces off-airport check-in for pilgrims

Effective March 1, the airline launched the service in partnership with Saudi Ground Services (SGS)

Nida Sohail
Nida Sohail

06 March, 2025

Hajj, Umrah service: Qatar Airways introduces off-airport check-in for pilgrims
Image credit: Supplied

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Qatar Airways has introduced an off-airport check-in service in Makkah for Hajj and Umrah passengers. This new service offers seamless check-in, baggage collection, and boarding pass issuance in Makkah, enhancing convenience for pilgrims.

Effective March 1, the airline launched the service in partnership with Saudi Ground Services (SGS). It enables passengers to complete check-in formalities, receive their boarding passes, and have their baggage collected from the city, ensuring a smooth journey to the airport.

Read-Qatar Airways GCEO unveils vision for airline’s future, marks it as a ‘new era’

“At Qatar Airways, we recognize the profound significance of Hajj and Umrah and remain committed to enhancing the travel experience for our passengers. By introducing the off-airport check-in service in Makkah, in partnership with Saudi Ground Services, we are ensuring that pilgrims can begin their journey with convenience and peace of mind. This initiative reflects our dedication to delivering world-class services tailored to the needs of our passengers, reaffirming our commitment to seamless and innovative travel solutions,” said Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer, shedding light on how beneficial the service would be for pilgrims.

Qatar Airways passengers departing from Jeddah can take advantage of the new service at the Makkah Clock Royal Tower, a Fairmont Hotel. Conveniently located at the hotel entrance from the ring road on L2, the off-airport check-in service streamlines the process, reduces waiting times at the airport, and allows pilgrims to focus on their spiritual journey with ease and comfort.

The check-in service is advantageous as it enables passengers to benefit from an expedited departure process, with their baggage securely transported to the airport. This ensures minimal waiting at check-in counters.

“At Saudi Ground Services, we are honored to continuously expand our innovative Hajj & Umrah off-airport solutions in collaboration with our partner airlines, ensuring we fulfill our commitment to serve all Hajj & Umrah passengers. Our partnership with Qatar Airways reflects our shared dedication to delivering seamless and innovative travel experiences, enabling pilgrims to focus on their spiritual journey while we take care of their travel needs with convenience, efficiency, and peace of mind,” said Saudi Ground Services Chief Executive Officer, Mr. Mohammad Abdul Kareem Mazi.

DWTC, Informa Group partner to create global MICE entity

The partnership aligns with DWTC’s commitment to tripling Dubai’s MICE sector GDP contribution to Dhs54bn annually by 2033, as outlined in the D33 Dubai Economic Agenda

Neesha Salian
Neesha Salian

06 March, 2025

DWTC, Informa Group partner to create global MICE entity
Image: DWTC

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Dubai World Trade Centre (DWTC) and Informa Group have joined forces to create a global leader in exhibitions and event management, headquartered in Dubai.

Informa Group, an FTSE-100 company, has been operating in the UAE for over 25 years, specialising in B2B events, digital services, and academic markets.

DWTC owns and operates two major venues in Dubai: the Dubai International Convention and Exhibition Centre (DICEC) and the Dubai Exhibition Centre (DEC).

The new joint venture, Informa International, will be fully operational by Q4 this year and focus on the Middle East, South Asia, and Africa regions, with ambitions to expand globally.

This strategic partnership brings together two industry giants with complementary assets and capabilities, creating a powerhouse with over $700m in revenue.

Informa International will encompass a portfolio of more than 40 market-leading brands, including Gulfood, GITEX, GISEC, WHX, Middle East Energy, and the Dubai Airshow.

“This strategic partnership is set to be a transformation engine for cross-border trade and enterprise, co-creating sustainable value for the industries and economies served through the convening power of B2B events,” said Helal Saeed Al Marri, Director General of Dubai World Trade Centre Authority.

DWTC-Informa entity to strengthen Dubai’s position as a MICE hub

The venture aims to:

  • Combine DWTC and Informa’s events businesses in Dubai and connected markets, creating a market leader with significant scale and growth potential.
  • Leverage the combined strengths of both entities to export homegrown megabrands to high-growth markets across the Indian Subcontinent, Asia, the Middle East, Europe, and Africa.
  • Attract marquee events from Informa’s 100+ specialist brands to Dubai, supporting the city’s economic agenda and leveraging new venue infrastructure coming online in 2026.

“We already have a great partnership in Dubai with DWTC and today’s announcement will further expand our relationship, allowing us to create something unique and special together in what is a highly vibrant and fast-growing market,” said Stephen A Carter, group CEO of Informa.

This partnership aligns with DWTC‘s commitment to tripling Dubai’s MICE sector GDP contribution to Dhs54bn annually by 2033, as outlined in the D33 Dubai Economic Agenda.

Read: DWTC execs reveal ambitious plans for Dubai Exhibition Centre

Dubai’s new AI traffic cameras detect seatbelt violations, illegal U-turns

Exceeding the maximum speed limit by more than 80 km/h incurs a fine of Dhs3,000

Nida Sohail
Nida Sohail

06 March, 2025

Dubai’s new AI traffic cameras detect seatbelt violations, illegal U-turns
Image credit: Dubai Media Office/Website

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The General Department of Traffic at Dubai Police has outlined the different types of violations recorded by AI-enabled radar systems.

The authority has also provided details on the fines associated with these traffic offenses, as well as the vehicle impoundment durations and black points incurred for each violation, a WAM report stated.

Listed below are all the offences that these new AI-radars can detect:

Exceeding speed limits

Exceeding the maximum speed limit by more than 80 km/h incurs a fine of Dhs3,000, a 60-day vehicle impoundment, and 23 black points on the driver’s license. Similarly, if the speed exceeds 60 km/h, the fine is Dhs2,000, along with a 20-day vehicle impoundment and 12 black points.

Read-Dubai Metro, Tram launch new integrated system to benefit commuters

Additionally, a fine of Dhs1,000 applies for exceeding the speed limit by more than 50 km/h, while a fine of Dhs700 is imposed for exceeding it by more than 40 km/h. Exceeding the speed limit by more than 30 km/h results in a fine of Dhs600, and exceeding it by more than 20 km/h incurs a fine of Dhs300.

Running a red light

Running a red light incurs a fine of Dhs1,000, a 30-day vehicle impoundment, and 12 black points. Similarly, if a vehicle fails to stay in the mandatory lane, the driver faces a fine of Dhs400. For heavy vehicles that fail to comply with mandatory lane regulations, the fine increases to Dhs1,500, along with 12 black points.

Driving against the traffic flow

Driving against the flow of traffic results in a fine of Dhs600, a 7-day vehicle impoundment, and 4 black points. Additionally, if a motorist uses the shoulder of the road in violation of regulations, the fine increases to Dhs1,000, accompanied by a 30-day vehicle impoundment and 6 black points.

Not wearing a seatbelt

Individuals caught not wearing a seatbelt will face a fine of Dhs400 and 4 black points. If a driver is caught using a phone while driving, the fine increases to Dhs800 with 4 black points. Additionally, exceeding the allowed tint limit on a vehicle’s windows incurs a fine of Dhs1,500.

Maintaining a safe distance between vehicles

Failing to maintain a safe distance between vehicles results in a fine of Dhs400 and 4 black points. Furthermore, driving a vehicle that produces excessive noise results in a fine of Dhs2,000 and 12 black points. Not giving way to pedestrians at designated crossing areas incurs a fine of Dhs500 and 6 black points.

Other offenses

Turning into or driving into non-designated areas results in a fine of Dhs500 and 4 black points. Similarly, driving with an expired license also carries a fine of Dhs500 and 4 black points. Most importantly, stopping a vehicle in the middle of the road without a valid reason incurs a fine of Dhs1,000 and 6 black points.

For heavy vehicles entering prohibited areas, the fine is Dhs1,000 and 4 black points. Stopping behind other vehicles in a manner that blocks their movement results in a fine of Dhs500.

This information regarding offenses and fines was announced during a press conference at the Research and Development Centre at Dubai Police Headquarters. The event was attended by Brigadier Issam Ibrahim Al Awar, Acting Deputy Director of the General Department of Traffic, Brigadier Engineer Mohammad Ali Karam, Director of Traffic Technologies in the General Department of Traffic, as well as several senior officers and journalists.

UAE’s talabat completes acquisition of instashop for $32m

talabat has completed the acquisition of 100 per cent of instashop’s share capital from Delivery Hero, effective and consolidated in talabat’s financial accounts from February 25

Gulf Business
Gulf Business

06 March, 2025

UAE’s talabat completes acquisition of instashop for $32m
Image: Getty Images

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UAE-based delivery platform talabat has finalised its acquisition of instashop, the grocery delivery platform, from its German parent company Delivery Hero for $32m.

This strategic move strengthens talabat’s grocery and retail portfolio in the UAE and Egypt, bringing its pro forma gross market value in those sectors to over $2.5bn for the previous year.

The acquisition, first announced in September 2024, was funded entirely through its internal cash reserves.

The company stated that the agreed purchase price reflects instashop’s capital amount rather than fair value due to Delivery Hero’s corporate restructuring and talabat’s initial public offering in December.

talabat to offer better services to customers across UAE and Egypt

“By integrating instashop’s platform, we aim to create a more seamless and efficient delivery experience for our customers across the UAE and Egypt whilst also driving further product and technology synergies across our business,” said Tomaso Rodriguez, chief executive of talabat.

Instashop, founded in 2015, has become a leading online grocery marketplace in the MENA region, connecting users with vendors and offering a wide range of products, from groceries and pharmacy items to beauty essentials.

In 2024, instashop achieved strong growth with a gross market value of $631m, a 16 per cent increase from the previous year.

This acquisition promises to unlock operational and technology efficiencies for both businesses, with integration activities already underway. Instashop will continue to operate as an independent brand within talabat’s Grocery and Retail vertical.

Rodriguez said: “This acquisition supports and complements our strategy to grow our Grocery and Retail offering and is a testament to our commitment to enhancing customer experience and providing customers with even greater choice and convenience.”

New chapter for instashop

Nikola Cabarkapa, CEO of instashop, also expressed enthusiasm about the partnership, stating, “This partnership will enable us to leverage talabat’s extensive network and operational expertise, allowing us to enhance our service delivery and continue our mission of providing exceptional convenience to our customers.”

The acquisition is expected to generate substantial operational synergies for talabat, including the expansion of its partner network, optimised operations through shared resources, and improved product and technology integration.

75% of UAE residents expecting a bonus in 2025 – survey

The YouGov survey also highlights that 68 per cent of UAE residents feel secure about their current financial situation.

Gareth van Zyl
Gareth van Zyl

06 March, 2025

75% of UAE residents expecting a bonus in 2025 – survey
Credit: Getty Images

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Three quarters of UAE residents expect to receive a bonus in 2025, up from 68 per cent in 2024, according to a new survey by YouGov.

Findings of the survey, which was commissioned by Zurich International Life Limited, indicate a growing sense of financial confidence among UAE residents.

The survey also highlights that 68 per cent of UAE residents feel secure about their current financial situation. Those who have sought professional financial advice report even higher confidence levels, with 79 per cent stating they feel better prepared for the future.

The trend of seeking expert guidance is on the rise, with financial advisory consultations increasing from 39 per cent in 2024 to 55 per cent in 2025.

“As financial awareness continues to grow across all generations, it’s clear that UAE residents are becoming more proactive in managing their money,” said David Denton-Cardew, head of propositions at Zurich International Life Middle East.

“Younger age groups, in particular, are leading the way, signalling a shift toward long-term planning and financial stability being ingrained in culture,” he added.

The results come amid reports that the UAE economy is growing strongly. On Wednesday, the Ministry of Economy revealed that the UAE’s non-oil sector expanded by 4.5 per cent to Dhs987bn for the first nine months of 2024.

Overall, the UAE’s real GDP grew by 3.8 per cent in the first nine months of 2024 compared to the same period in 2023, reaching Dhs1.3tn, according to the Ministry of Economy’s latest economic data.

Read more: Non-oil sector now makes up nearly 75% of UAE’s economy

Saving bonuses, investing in the future

The survey underscores a measured approach to finances, with 68 per cent of respondents planning to save at least a portion of their bonus.

Among them, 55 per cent are focused on future investments, 46 per cent are building emergency funds, and 38 per cent are saving for their children’s education.

At the same time, spending remains a priority. Sixty per cent of those using their bonus plan to allocate funds for travel and holidays, while 27 per cent intend to invest in skill-building, reflecting a trend towards personal and professional development.

Generational shifts in financial planning

Younger UAE residents are increasingly prioritising savings. Thirty-one per cent of Gen Z (18-24) plan to save their entire bonus, highlighting their strong focus on financial security. Millennials (25-34) follow closely, with 63 per cent opting to save all or most of their bonus.

Meanwhile, 52 per cent of those aged 45 and above prefer to save most rather than all of their bonus, indicating a more flexible financial strategy.

Retirement planning on the rise

Confidence in retirement planning is growing, with 75 per cent of UAE residents optimistic about having enough funds for their later years.

However, 61 per cent believe that Dhs5m or less is sufficient for retirement, suggesting a gap in financial awareness. The survey also found that 65 per cent rely on workplace savings or gratuity, despite the risks of overestimating their long-term value.

While optimism is high, financial experts stress the need for structured savings and proactive investment strategies to ensure long-term security.

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