{"id":93376,"date":"2024-07-01T00:00:00","date_gmt":"2024-07-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/were-paying-less-at-the-pump-this-month-again\/"},"modified":"2024-07-01T00:00:00","modified_gmt":"2024-07-01T00:00:00","slug":"were-paying-less-at-the-pump-this-month-again","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/01\/were-paying-less-at-the-pump-this-month-again\/","title":{"rendered":"We\u2019re paying less at the pump this month, again"},"content":{"rendered":"

Good morning, wonderful people<\/strong>, and welcome to the start of a new month. We kick off the workweek with a compact issue, which is usually the case with Mondays.<\/span><\/p>\n

THE BIG STORY here at home<\/strong> is news of a USD 25 bn FDI program approved by the Dubai Executive Council. Plus: We have news of Mubadala offloading part of its stake in its JV operating the Colombia gold project, and preliminary data on Ajman\u2019s GDP in 2023. <\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n

<\/a> #1- We\u2019re going to pay even less at the pump this month: <\/strong>Following a 6% fuel price cut last month, the Fuel Price Follow-up Committee slashed fuel prices by 4.7% for July, the Emirates General Petroleum Company (Emarat) said on X<\/a>.<\/p>\n

The breakdown:<\/strong> Super 98 is now AED 2.99 per liter, Special 95 is now AED 2.88 per liter, and E-Plus now costs AED 2.8 per liter. Diesel prices are up marginally, now costing AED 2.89 per liter, up from AED 2.88 in July.<\/p>\n

<\/a> #2- New regulations for social media ads take effect today:<\/strong> Influencers and businesses in Abu Dhabi must obtain a permit to use social media ads to promote their businesses as of today, as mandated<\/a> by the Abu Dhabi Department of Economic Development. Non-compliance with these regulations may lead to penalties of up to AED 10k and potential closure of the business.<\/p>\n

WEATHER-<\/strong> We\u2019re looking at a sunny day today<\/strong>, with a daytime high of 41\u00b0C and an overnight low of 32\u00b0C in Dubai<\/strong>, and a high of 37\u00b0C in Abu Dhabi<\/strong> before clouds form and the mercury dips to 32\u00b0C at night. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Masdar is eyeing a stake in Spain\u2019s Saeta Yield: <\/strong>Masdar is set to submit a final bid to acquire Brookfield\u2019s<\/a> Spanish renewables firm Saeta Yield<\/a> next week, Spanish news outlet Cinco Dias<\/a> reported on Friday. China Three Gorges<\/a>, Engie<\/a> and TotalEnergies<\/a> are among the companies also expected to submit bids. The company is currently valued at around EUR 1.7 bn.<\/p>\n

The details:<\/strong> Saeta Yield<\/a> \u2014 which Brookfield acquired from ACS for EUR 1 bn<\/a> in 2018 \u2014 boasts a portfolio of 28 wind farms, 10 photovoltaic parks, and seven solar thermal plants across Spain and Portugal with a total capacity of 1.2 GW. The acquisition will include the entire renewables portfolio, excluding its solar thermal plants. Brookfield \u2014 which started the sale process<\/a> last December \u2014 had tapped Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Group<\/a> and Santander Bank<\/a> to advise on the transaction.<\/p>\n

ALSO FROM MASDAR-<\/strong> USD 10 bn, 10 GW wind project in Egypt to kick off construction in March 2026:<\/strong> Construction of Egypt\u2019s USD 10 bn, 10 GW wind project \u2014 one of the biggest in the world underdevelopment by Infinity Power, Hassan Allam Utilities, and Masdar \u2014 is expected to begin in March 2026, chairman of Infinity Power Mohamed Ismail Mansour told Bloomberg<\/a>. Construction was initially set for this year but fell behind due to land procurement issues in West Sohag. The project will begin electricity generation in 2032, he added. <\/p>\n

REMEMBER- The consortium is working on surveys and studies to prepare for breaking ground: <\/strong>The consortium inked a land access agreement<\/a> with the Egyptian government in May for over 3k sq km of land in West Sohag that will allow the group to conduct surveys and studies needed before construction begins. The companies had signed the land allocation agreement in June 2023, eight months after the companies signed an MoU on the sidelines of COP27. <\/p>\n

#2- Emirates faces more Airbus A350 delivery delays:<\/strong> Emirates has postponed the launch of its Airbus A350 aircrafts on routes to the Middle East, India, and parts of Europe due to delays in aircraft deliveries, Bloomberg<\/a> reports. Originally set for September, the flights will now commence from early November, starting with services to Edinburgh, Bahrain, and Kuwait. Destinations including Mumbai, Muscat, and Lyon are scheduled to follow in early 2025. \u201cOnce we begin receiving our A350s, we will expedite their entry into service as quickly as possible and will work hard to minimise the impact of the delays,\u201d the carrier said.<\/p>\n

#3- Brazilian chain operator Zamp, backed by Mubadala, is exploring the chance to potentially <\/strong>operate the<\/strong> Subway brand in Brazil<\/strong>, it said in a regulatory filing (pdf)<\/a>. Brazilian newspaper O Globo reported that Zamp was in advanced negotiations<\/a> to acquire the operational rights for the Subway brand last Friday. The chain operator, which last month secured an agreement<\/a> to operate Starbucks, already manages Burger King and Popeyes in the country.<\/p>\n

#4- The UAE's securities authority launches initiative to regulate bond and sukuk <\/strong>issuances:<\/strong> The Securities and Commodities Authority is set to roll out an initiative to regulate the private placement of bonds, sukuk, and securitized financial instruments, aimed at diversifying investment opportunities and instruments, according to a statement<\/a>. The project will introduce a new platform for professional investors, with the goal of attracting new investor pools and boosting the value of UAE financial markets. <\/p>\n

#5- UAE-India to initiate digital platform development for logistics corridor: <\/strong>Development has begun on a digital platform to streamline information exchange for vessel, voyage and cargo-related procedures between the UAE and India, in preparation to break ground on the first leg of the India-Middle East-Europe Economic Corridor, the Times of India<\/a> reported. The digital platform is scheduled to launch within the first 100 days of Indian Prime Minister Narendra Modi\u2019s third term, which began in June.<\/p>\n

ICYMI- <\/strong>Indian press reported last week<\/a> that officials have kicked off work on the corridor, with efforts underway to streamline procedures across the Indian ports of Mundra, Kandla and Nhava Sheva as well as the UAE ports of Jebel Ali and Fujairah. <\/p>\n

DATA POINT-<\/p>\n

Dubai's Jebel Ali Port saw a 5% y-o-y increase in ship arrivals in 2023<\/strong>, with 23k ships passing through, Al Khaleej<\/a> reports. Container handling at the port rose 3.6% to 14.47 mn twenty-foot equivalent units (TEUs). <\/p>\n

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

It\u2019s once again all politics, all the time<\/strong> on the front pages of the world\u2019s business press, and centrist and left-of-center politicians, pundits, and journalists are wringing their hands across much of the northern hemisphere. <\/p>\n

#1- France\u2019s far-right Rassemblement National took the first round in snap parliamentary <\/strong>elections <\/strong>called by President Emmanuel Macron. Projections see the RN taking 33.2% of the vote. The leftist Nouveau Front Populaire likely took 28.1%, while Macron\u2019s Ensemble took just 21%. Turnout was high \u2014 20% points better than in 2020<\/strong>, France\u2019s Les Echos<\/a> writes.<\/p>\n

It\u2019s the second round run-off that really matters<\/strong>, Germany\u2019s Handeslblatt<\/a> notes, and it\u2019s scheduled for July 7. \u201cThe final result will depend on days of horsetrading before next week's run-off,\u201d Reuters writes.<\/p>\n

Want more? <\/strong>Wall Street Journal<\/a> | Financial Times<\/a> | Reuters<\/a> <\/p>\n

#2- British voters go to the polls on Thursday<\/strong>, and Labour still enjoys what the BBC calls a \u201cbig lead\u201d<\/a> (about 20 percentage points) over Rishi Sunak\u2019s Conservatives. <\/p>\n

#2- Joe Biden\u2019s top advisors are fighting calls that he step down as the Democrats\u2019 <\/strong>nominee<\/strong>, portraying his poor performance on Thursday night as a \u201cblip\u201d<\/a> and the result of \u201cbad preparation and exhaustion\u201d<\/a> as his family tells him to keep fighting<\/a> and plots the ouster of his top advisors<\/a>, who they blame for the performance. <\/p>\n

The bottom line: <\/strong>A new poll on Sunday showed that nearly three quarters of voters think he<\/a>should end<\/a> his re-election campaign. <\/p>\n

ALSO WORTH KNOWING on this hot summer morning:<\/strong><\/p>\n