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Gulf Business
30-04-2025
- Automotive
- Gulf Business
UAE fuel prices: Here's what motorists will be paying in May
Image credit: WAM The UAE has announced slightly higher fuel prices for the month of May, the price for Diesel has however been reduced for the month. The revised rates, effective from May 1 , are as follows: Super 98 petrol will cost Dh2.58 per litre, down from Dh2.57 in April. Special 95 petrol will be priced at Dh2.47 per litre, compared to Dh2.46 last month. E-Plus 91 petrol will cost Dh2.39 per litre, down from Dh2.38 in April. Diesel will be charged at Dh2.52 per litre, compared to Dh2.63 previously. The Oil drops, poised for biggest monthly fall in three years Oil prices extended declines on April 30 and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed. Brent crude futures fell by 75 cents, or 1.17 per cent, to $63.50 per barrel by 0641 GMT. U.S. West Texas Intermediate crude futures dropped 79 cents, or 1.31 per cent, to $59.63 a barrel. Read- Brent and WTI have lost 15 per cent and 17 per cent respectively so far this month, the biggest percentage drop since November 2021. Both benchmarks slumped after US President Donald Trump's April 2 announcement of tariffs on all US imports. They then sank further to four-year lows as China responded with its own levies against US imports, stoking a trade war between the top two oil-consuming nations. Trump's tariffs on imports into the US have made it probable the global economy will slip into recession this year, according to a Reuters poll. China's factory activity contracted at the fastest pace in 16 months in April, a factory survey showed on Wednesday, April 30. Demand amid trade war Worries about demand amid the trade war have weighed on investor sentiment, said ANZ bank senior commodity strategist Daniel Hynes. 'There are also concerns that recent strength in US economic data was only temporary, due to stockpiling ahead of the tariffs that now appears to be abating,' he added. US consumer confidence slumped to a nearly five-year low in April on growing concerns over tariffs, data showed on Tuesday. Recent signs of a de-escalation in the trade wars, including a pair of orders Trump signed on Tuesday to soften the blow of his auto tariffs, eased some jitters among global investors. That said, analysts believe the oil market will stay under pressure as the Trump administration continues to prioritise lower oil prices to manage inflation. Mounting supply from OPEC+ Oil prices were also undermined by fears of mounting supply from the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+. Several OPEC+ members will suggest a ramp-up of output hikes for a second straight month in June, sources told Reuters last week. The group will meet on May 5 to discuss output plans. On the supply front, US crude oil inventories rose by 3.8 million barrels last week, market sources said on Tuesday citing American Petroleum Institute data. US government data on stockpiles is due at 10:30 am ET (1430 GMT) on Wednesday. Analysts polled by Reuters expect, on average, an 400,000 barrel increase in US crude oil stocks for last week. (With inputs from Reuters)
Khaleej Times
09-04-2025
- Business
- Khaleej Times
Dubai realty continues to ride a wave of resilience
Dubai's property market is riding a wave of resilience and reinvention in the first quarter of 2025, blending robust demand for ready homes with a thriving off-plan sector. Buoyed by a surge in investor confidence, a steady stream of tourists, and savvy government moves that keep this megacity a global investment darling, Dubai's real estate scene continues to dazzle. Haider Khan, CEO of dubizzle and Dubizzle Group Mena, sums it up: 'Favourable conditions, high rental yields, and strategic initiatives have further enhanced Dubai's allure.' The numbers back him up—sales are spiking, rentals are trending upward, and the market feels unstoppable. Luxury properties remain the crown jewels. Dubai Marina holds its throne as the go-to spot for high-end apartments, with average sales prices hitting Dh2.52 million and rents averaging Dh139,000. For villas, Dubai Hills Estate steals the show, commanding a hefty Dh17.77 million average sales price, while Al Barsha tops the rental charts at Dh448,000 annually. Investors are cashing in too — Dubai Hills Estate boasts a 6.95 per cent return on luxury flats, and Damac Hills delivers 5.62 per cent for villas. ValuStrat's Dubai Price Index (VPI) for March paints an even rosier picture. Villa values climbed two per cent month-on-month and a whopping 30.3 per cent year-on-year. Hotspots like Jumeirah Islands, Palm Jumeirah, and Emirates Hills have soared over 40 per cent in a year, now sitting 165 per cent above post-pandemic levels. Apartments are not far behind, posting a solid 1.2 per cent monthly gain and 21.4 per cent annual growth, though most still linger eight per cent below their 2014 peaks. Exceptions like JBR, Palm Jumeirah, and The Greens have already surpassed those highs, signaling a selective recovery. Off-plan sales, the market's driving force, accounted for nearly 70 per cent of transactions, despite a 7.4 per cent dip in registrations from February. Ready homes saw a 2.4 per cent monthly drop but remain 1.1 per cent up from last year—a testament to enduring buyer appetite. Luxury's shine hasn't dimmed either, with 23 homes above Dh30 million changing hands across Dubai Hills Estate, Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island. The mid-tier market is equally vibrant. Jumeirah Village Circle (JVC) reigns supreme for apartments, with asking prices averaging Dh1.18 million and rents at Dh79,000, while Al Furjan leads for villas at Dh5.8 million sales and Dh 322,000 rents. Al Furjan has emerged as a favourable choice for mid-tier villas with a yield of 8.37 per cent, and JVC villas hit 8.29 per cent. On the affordable end, Dubai Silicon Oasis (DSO) draws buyers with Dh 1.03 million sales prices, while International City lures tenants at Dh52,000 rents. Damac Hills 2 (Akoya by Damac) dominates affordable villas, averaging Dh1.96 million to buy and Dh118,000 to rent. Dubai Investments Park steals the ROI crown, offering 8.79 per cent for apartments and an eye-popping 12.16 per cent for villas. However, the VPI's 1.6 per cent monthly growth in March—the slowest in nearly two years—hints that Dubai's breakneck pace might be easing, realty market analysts said. 'After years of steep climbs, could this be a breather? For now, the market straddles a dynamic line: luxury thrives, mid-tier and affordable segments hum, and off-plan keeps the engine roaring,' they said.
