{"id":92633,"date":"2024-06-03T00:00:00","date_gmt":"2024-06-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/fuel-prices-slashed-for-the-first-time-in-five-months\/"},"modified":"2024-06-03T00:00:00","modified_gmt":"2024-06-03T00:00:00","slug":"fuel-prices-slashed-for-the-first-time-in-five-months","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/03\/fuel-prices-slashed-for-the-first-time-in-five-months\/","title":{"rendered":"Fuel prices slashed for the first time in five months"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>We have a relatively compact issue for you to start out the week, with the major news of the day being Opec\u2019s agreement to extend oil cuts into 3Q 2024 \u2014 and boost the UAE\u2019s production capacity \u2014 and Alef increasing the size of the retail tranche in its IPO.<\/span><\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n

#1- W<\/strong>EATHER- Brace yourself for a hot week ahead. Abu Dhabi\u2019<\/strong>s skies will be sunny today with a daytime high of 40 \u00b0C and a low of 26 \u00b0C. The heat will gradually rise over the next three days, peaking at 44 \u00b0C on Thursday, with overnight lows ranging between 24-23 \u00b0C. Mercury will hit 42 \u00b0C in Dubai <\/strong>today, with an overnight low of 29 \u00b0C. The heat will rise to 45\u00b0C on Thursday, with overnight lows gradually cooling from 26\u00b0C on Tuesday to 23\u00b0C on Thursday, the National Center of Meteorology forecasts<\/a>. <\/p>\n

<\/a> #2- Fuel will cost less this month: <\/strong>The Fuel Price Follow-up Committee approved a 6% fuel price cut for June, following four consecutive months of price hikes that had boosted prices to a seven-month high<\/a>, the Emirates General Petroleum Company (Emarat) said on X<\/a>. <\/p>\n

The breakdown:<\/strong> Super 98 is now AED 3.14 per liter, Special 95 is now AED 3.02 per liter, and E-Plus now costs AED 2.95 per liter. Diesel prices also decreased, now costing AED 2.88 per liter, down from AED 3.07 in May.<\/p>\n

<\/a> #3- It\u2019s that time of the year again \u2014 outdoor work will be limited:<\/strong> Outdoor workers will receive a midday break starting from 15 June to 15 September, the Human Resources and Emiratisation Ministry said in a statement<\/a>. The directive prohibits outdoor work between 12:30 pm and 3:00 pm, with exceptions for essential sectors such as water, electricity, traffic management, and road work. Employers violating this rule will face fines starting at AED 5k for each worker, and up to AED 50k for multiple violations. Companies are also required to provide shaded areas and water to workers during the midday breaks.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

SPORTS-<\/p>\n

Shabab Al Ahli set a new record for the biggest victory in the Emirates Pro League<\/strong> after scoring 10 goals against a goalless Hatta yesterday, breaking Bani Yas\u2019 record which was set in 2014 with a 7-0 victory against Fujairah. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>Ad<\/strong>noc to keep M&A ball rolling:<\/strong> Abu Dhabi National Oil Company (Adnoc) has a \u201chealthy\u201d M&A pipeline, Adnoc\u2019s chief investment officer and former Morgan Stanley banker Klaus Froehlich, who leads Adnoc\u2019s international expansion plans, told Bloomberg<\/a> in an interview, responding to speculations that Adnoc has halted its M&A activities. Adnoc withdrew its offer to acquire a USD 2.1 bn stake in Brazilian petrochemicals company Braskem last month and put a USD 2 bn takeover bid for NewMed<\/a> on hold in March. <\/p>\n

All is on track, Forehlich says:<\/strong> \u201cAdnoc is executing on its plan and creating a portfolio of businesses across key verticals in gas, LNG, chemicals as well as renewables and little by little, the puzzle is now coming together,\u201d Froehlich explained. \u201cWe are a big believer in gas and its future as a transition fuel. In order to optimize our LNG business today and to be a reliable supplier to our customers, we need to have positions globally,\u201d according to Froehlich.<\/p>\n

REMEMBER- The oil giant has been making acquisitions to expand its LNG business and diversify operations. <\/strong>Last month, Adnoc marked its first US acquisition, securing a minority stake<\/a> in NextDecade\u2019s LNG export project in Texas, along with a 20-year supply agreement.  It also acquired a 10% stake<\/a> in a natural gas project in Mozambique, and is mulling a stake acquisition in AmeriGas<\/a>, the propane distribution unit of US utility holding company UGI Corp, as part of plans to diversify away from oil as well as a USD 800 mn<\/a> transaction to acquire Shell\u2019s downstream assets in South Africa.<\/p>\n

No news on Covestro or Borouge: <\/strong>Covestro is \u201ca great platform with a fantastic management team,\u201d Froehlich said, declining to comment on the status of the stalled<\/a> takeover discussions with the German chemicals company and the potential merger<\/a> of their plastic unit Borouge with Austrian Borealis.<\/p>\n

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<\/a> #2- RTA unveils AED 16.8 bn land transport strategy: <\/strong>Dubai\u2019s Roads and Transport Authority (RTA) has unveiled a new roadmap that looks to boost the land transport and logistics sector\u2019s contribution to Dubai\u2019s economy to AED 16.8 bn, increase technology adoption by 75%, cut carbon emissions by 30%, and improve operational efficiency by 10%, according to a statement<\/a>. The authority has identified 17 projects in its pipeline that include digitization, a heavy freight services platform, construction equipment rental services, road freight data centers, and updates to trucking fleets. <\/p>\n

#3- <\/strong>Dubai Islamic Ins. Company (Aman)<\/a><\/strong> is set to offload its individual life ins. portfolio in <\/strong>3Q 2024<\/strong> as part of its plan to address its accumulated losses, which topped AED 149 mn as of 1Q of this year, the insurer said in a DFM disclosure (pdf)<\/a>. Pending approval from the CBUAE, Aman will then proceed to exit its remaining ins. portfolio and transition into an investment company.<\/p>\n

Background:<\/strong> Aman\u2019s board greenlit the plan (pdf)<\/a> to sell its life ins. portfolio to Abu Dhabi National Takaful Company (ADNTC)<\/a> in a transaction valued at AED 37.5 mn in June of last year. <\/p>\n

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#4- Boeing will take years to recover from its ongoing crisis<\/strong>, Emirates President Tim Clark told Bloomberg (watch, runtime: 18:35<\/a>). \u201cFor me, this will be a five-year hiatus starting from now,\u201d he said. He expressed doubt about Boeing's ability to fully regain their production capacity across all aircraft models. The Boeing 777-9 model, of which Emirates has more than 100 orders, is running approximately five years behind schedule, and the airline has yet to receive a clear revised timeline from Boeing.<\/p>\n

Boeing\u2019s delays mean higher costs for Emirates: <\/strong>This delay has prompted Emirates to expand the retrofitting of its Boeing 777 fleet, resulting in a cost increase from USD 2 bn to USD 3.5 bn. <\/p>\n

Emirates is cautious about ordering more Airbus A350s due to engine performance concerns<\/strong>, he added. \u201cIt\u2019s a great plane,\u201d he said regarding the A350 model. \u201cBut you\u2019ve got to get it somewhere where you can put your hand on your heart,\u201d he said. <\/p>\n

Clark warns of rising airfare costs as aviation hubs grapple with surging demand for air travel<\/strong>, which is projected to potentially double in certain regions over the next decade, in an interview with CNBC<\/a>. Clark expressed concerns about the persistent gap between available capacity and growing demand, anticipating a rise in ticket prices due to this imbalance in the near future. <\/p>\n

HAPPENING THIS WEEK- <\/p>\n

#1- Dubai Chamber to head to Senegal, Morocco:<\/strong> The Dubai International Chamber will kick off a trade mission to Senegal and Morocco from 3 to 7 June as part of its African roadshow aimed at promoting and expanding Dubai-based companies\u2019 foothold in the continent, according to a statement<\/a>. The trade mission\u2019s agenda will include holding meetings between Dubai-based companies and their counterparts in Senegal and Morocco, with a focus on exploring collaboration, expansion strategies, and forging new partnerships and trade agreements. <\/p>\n

#2- S&P Global will publish PMI figures for May next Wednesday.<\/strong> The non-oil sector continued to expand in April, though at a slightly slower pace due to the impacts of the storm. <\/p>\n

#3-<\/strong> The World Air Transport Summit and International Air Transport Association (IATA) is <\/strong>holding its annual general meeting and the World Air Transport Summit <\/strong>until tomorrow. The event, hosted by Emirate Airlines, is being held in the UAE for the first time and brings together some 1.5k participants including industry leaders, government officials and media to discuss challenges facing the international aviation sector. <\/p>\n

THE BIG STORY ABROAD- <\/p>\n

It\u2019s an unusually busy Monday morning<\/strong>, with a handful of stories fighting for a spot on the front pages.<\/p>\n

IPO WATCH- Fast-fashion retailer Shein will soon file a prospectus with the UK\u2019s <\/strong>Financial Conduct Authority ahead of its anticipated London IPO<\/strong>, which could value the company at over USD 64 bn. This is Shein\u2019s second attempt at going public after it tried to make its debut in New York but faced regulatory hurdles due to its ties to Beijing. (FT<\/a> | Reuters<\/a>)<\/p>\n

ELECTION SEASON is in full swing: Mexico could welcome its first female president. <\/strong>Mexicans headed to the polls yesterday to cast their ballots in a historic presidential race, with two female candidates in the lead \u2014 leftist former head of government of Mexico City Claudia Sheinbaum and conservative Xochitl G\u00e1lvez. Results should be announced shortly. (Reuters<\/a> | CNN<\/a> | AP<\/a>)<\/p>\n

ALSO- South Africa\u2019s African National Congress is scrambling to conclude coalition talks <\/strong>and has a few \u201cvery difficult\u201d days ahead, one political analyst told Sky News<\/a>. As we noted yesterday, the ANC lost its parliamentary majority for the first time since the fall of white rule. President Cyril Ramaphosa called yesterday for unity and said he would not step down despite the loss at the polls, Politico<\/a> reports.<\/p>\n

AND- The US presidential elections are fast approaching <\/strong>and a Reuters poll<\/a> breaks down where each of the leading candidates \u2014 Joe Biden and Donald Trump \u2014 stand among voters in comparison to this time four years ago, when they went head- to-head for the first time. <\/p>\n

All this election talk got you overwhelmed? <\/strong>We have everything you need to know about the upcoming elections this year in an Enterprise Explains<\/a> published late last year.<\/p>\n

IN LOGISTICS- <\/strong>The economic fallout of ships diverting away from the Red Sea to avoid Houthi attacks is still receiving coverage, with Bloomberg\u2019s daily supply chains newsletter<\/a> \u2014 Supply Lines \u2014 dedicating yesterday\u2019s issue<\/a> to the topic. <\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Outdoor work will be limited as of 15 June in time for summer<\/p>\n","protected":false},"author":1,"featured_media":92634,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[57,19,143,99,1344,5,1367,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-adnoc","tag-economy","tag-energy","tag-logistics","tag-ma","tag-roads-and-transport-authority","tag-transport","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"8a8ae20f-5a85-4dfd-b8e2-629b5c832396","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/38.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Fuel prices slashed for the first time in five months + RTA unveils AED 16.8 bn land transport strategy","related_issue":[92631],"teaser":"Plus: Outdoor work will be limited as of 15 June in time for summer","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.3f357f52-051a-4621-8c7e-331d7dbe2296.mp3"},"yoast_head":"\nFuel prices slashed for the first time in five months - 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