Fuel prices in the UAE decreased in March, offering some relief to drivers after an uptick in February.

This drop followed a two-month price freeze in December and January.

Effective March 1, the per-litre rates for petrol and diesel were Dhs2.73, down from Dhs2.74 for Super 98 in February; Dhs2.61, down from Dhs2.63 for Special 95; Dhs2.54, down from Dhs2.55 for E-Plus 91; and Dhs2.77, down from Dhs2.82 for Diesel.

Oil slips on recession fears but posts 3rd weekly gain

Oil prices fell on March 28, due to concerns that US tariff wars could spark a global recession, but gained for a third consecutive week after Washington ramped up pressure on OPEC members Venezuela and Iran.

Brent crude futures fell 40 cents, or 0.5 per cent, to settle at $73.63 a barrel. US West Texas Intermediate crude futures (WTI) fell 56 cents, or 0.8 per cent, to close at $69.36 a barrel.

US President Donald Trump plans to announce reciprocal tariffs targeting a wide range of imports, effective on April 2.

The trade war has investors worried about a potential recession, according to JPMorgan analysts.

“Concerns about a trade war, coupled with elevated US policy uncertainty, are weighing heavily on sentiment,” they said.

Although recession risks are high, high-frequency oil demand indicators have held up relatively well, JPMorgan noted.

Mid-week data from the Energy Information Administration showed US crude inventories fell by 3.3 million barrels to 433.6 million barrels last week, compared with analysts’ expectations in a Reuters poll for a 956,000-barrel draw.

On a weekly basis, Brent futures gained 1.9 per cent, while WTI rose 1.6 per cent. Since hitting multi-month lows in early March, Brent is up more than 7 per cent, and WTI has rebounded over 6 per cent.

“The key theme this week was the Trump administration ratcheting up the pressure on the Maduro regime in Venezuela,” said Barclays analyst Amarpreet Singh.

Trump on Monday announced new 25 per cent tariffs on potential buyers of Venezuelan crude.

These measures could worsen the anticipated 200,000 barrel-per-day decline in Venezuelan crude oil output this year, Singh added.

This has compounded uncertainty for buyers and halted Venezuelan oil trade to top buyer China. Elsewhere, sources said India’s Reliance Industries, operator of the world’s biggest refining complex, will halt Venezuelan oil imports.

The OPEC+ group is set to begin its program of monthly increases to oil production in April. The group, which comprises OPEC and allies led by Russia, is likely to continue raising oil output in May.

(With inputs from Reuters)

Abu Dhabi’s economy has shown strong growth in 2024, with the emirate’s gross domestic product (GDP) expanding by 3.8 per cent year-on-year, according to preliminary data released by the Statistics Centre – Abu Dhabi (SCAD).

The growth, which reached an all-time high of Dhs1.2tn, is largely attributed to the continued expansion of the non-oil sector, which recorded a 6.2 per cent increase and now accounts for 54.7 per cent of the total GDP.

This marks the third consecutive year that both total GDP and non-oil GDP have reached record values, underscoring the success of Abu Dhabi’s economic diversification efforts.

Non-oil economy drives growth in Abu Dhabi

The non-oil sector has remained the primary engine of economic growth, with its added value reaching Dhs644.3bn in 2024.

Key sectors such as manufacturing, construction, finance, insurance, and information and communication contributed significantly to this growth. Manufacturing alone contributed 9.5 per cent to the total GDP, achieving Dhs111.6bn in value, while the construction sector saw an 11.3 per cent growth rate, contributing Dhs107.4bn.

Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (ADDED), credited the steady growth to the emirate’s forward-thinking policies and proactive responses to global economic challenges. “The consistent, remarkable performance of the Falcon Economy is a testament to Abu Dhabi’s forward-thinking economic strategies, progressive policies, and proactive response.”

He added that with a record-breaking Dhs1.2tn GDP and 6.2 per cent growth in non-oil sectors, the growth reinforces Abu Dhabi’s status as a rising “economic powerhouse”.

Strategic economic policies yield results

The robust performance of the non-oil sector reflects the success of Abu Dhabi’s Economic Diversification 2.0 strategies, which aim to transform the economy into a smart, diversified, and sustainable model.

The financial and insurance sector grew 10.7 per cent, contributing Dhs77.8bn to the economy, while the information and communication sector achieved a record value of Dhs32.2bn 6.6 per cent from the previous year.

Abdulla Gharib Alqemzi, director-general of SCAD, highlighted the success of these diversification strategies, noting that non-oil activities now contribute 54.7 per cent to GDP, a record high. “This milestone reflects our commitment to fostering an investment-friendly environment and empowering high-growth sectors,” he said.

Key sectors show strong performance

Other sectors also showed notable growth. The wholesale and retail trade sector achieved Dhs62.7bn in value, contributing 5.3 per cent to GDP. Meanwhile, the transportation and storage sector saw the highest growth rate among all industries, expanding by 16.9 per cent, driven by significant infrastructure investments and increased trade activity.

The sector’s contribution to GDP reached Dhs27.8bn.

The real estate sector grew by 4.2 per cent, contributing Dhs41.7bn to the economy, while education and health sectors achieved their highest-ever values, underlining Abu Dhabi’s focus on human capital development. Education reached Dhs20.4bn, and health reached Dhs7bn in 2024.

Quarterly performance remains strong

In the fourth quarter of 2024, Abu Dhabi’s GDP grew by 4.4 per cent, with the non-oil economy expanding by 6.6 per cent.

The non-oil sector’s contribution remained steady at 54.7 per cent, continuing its record-high share of total GDP.

Autogo, a UAE-based autonomous mobility solutions company, has announced the launch of its RoboTaxi service trials in Abu Dhabi.

The company, operating under Kintsugi Holding, has announced the launch in preparation for full-scale operations by 2026.

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The launch aligns with a strategic partnership with Apollo Go, the autonomous mobility subsidiary of Baidu, one of the world’s leading companies in large-scale self-driving transportation.

The launch aims to bring next-generation mobility technologies to the streets of Abu Dhabi.

RoboTaxi: Features and functions

RoboTaxi vehicles offer a smart and seamless transportation experience, designed to meet the needs of modern cities and their residents. With advanced electric design and AI-driven systems, the vehicles ensure precise and consistent driving with real-time responsiveness to surrounding conditions.

The RoboTaxi ensures safety on the roads by reducing human-related driving errors. Its fully electric operation also makes it a more sustainable option, helping to reduce emissions, alleviate traffic congestion, and contribute to reimagining the future of smart cities.

The sixth-generation RT6 RoboTaxi was specifically developed for autonomous ride-hailing services. It features a safer, smarter, and more comfortable design.

As the first company in China to offer fully autonomous ride-hailing, Apollo Go continues to integrate AI, big data, and automation to support the development of future smart cities.

Operational trials for RoboTaxi

The operational trials are being carried out in coordination with Abu Dhabi’s Integrated Transport Centre (ITC) to ensure that the service aligns with local transport strategies, regulatory frameworks, and infrastructure requirements as part of the emirate’s efforts to enhance smart mobility.

“The launch of RoboTaxi trials in Abu Dhabi marks the beginning of a large-scale transformation in urban mobility. RoboTaxis serve two key goals: enhancing road safety and achieving more sustainable transportation,” said Sean Teo, Managing Director of Kintsugi Holding.

Autogo and Apollo Go will also work together to test performance in real-world environments, engage with the public, and prepare for broader deployment of the technology across Abu Dhabi by 2026.

Apollo Go, also known as Luobo Kuaipao, is Baidu’s platform for autonomous ride-hailing services. It is one of the leading global companies in this field. Its fleets have logged over 150 million kilometers of autonomous driving with a strong safety record. By March 2025, it had exceeded 10 million autonomous ride orders.

Emaar has revealed the date for the final show of the Dubai Fountain before its refurbishment.

The iconic fountain, located in the heart of Downtown Dubai, will perform its last show on April 19, 2025, before temporarily closing for a comprehensive restoration aimed at preserving its brilliance.

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The fountain has become a defining symbol of Dubai’s creative prowess, drawing millions of visitors from around the world with its stunning synchronised performances of water, light, and music.

The upcoming renovation will preserve the fountain’s spectacular displays, ensuring it continues to mesmerise and inspire visitors for years to come.

Submerged within the 30-acre Burj Lake at the foot of Dubai Mall, the fountain features powerful water jets strategically positioned across an area the length of two football pitches. It can jet up to 22,000 gallons of water as high as 140 meters in the air at any given time.

“Dubai Fountain stands as a reflection of Dubai’s bold vision and its ability to captivate and inspire on a global scale. This restoration underscores our commitment to maintaining its legacy as a beacon of creativity and excellence. We look forward to welcoming guests back to experience the fountain in all its renewed splendor,” said Mohamed Alabbar, Founder of Emaar.

While the Dubai Fountain undergoes its scheduled maintenance, visitors can continue to enjoy the vibrant experiences of Downtown Dubai. From world-class shopping and dining at Dubai Mall to awe-inspiring views of Burj Khalifa, the area remains a dynamic hub for both tourists and residents alike.

Jebel Ali Free Zone (Jafza) is boosting its logistics infrastructure with a strategic Dhs90m investment in the second phase of its Logistics Park.

The expansion will add 360,000 square feet of Grade-A facilities to the existing infrastructure.

This move aligns with the UAE’s goal to grow its logistics sector to Dhs200bn annually within the next seven years and reinforces Dubai’s position in global trade.

Jafza’s Logistics Park to several features

The second phase will offer world-class infrastructure, including modern offices, customisable units, temperature-controlled warehouses, loading docks, and enhanced power capacity to support various industries.

Abdulla Al Hashmi, COO, Parks & Zones, DP World GCC, stated, “The expansion reflects our commitment to supporting global business competitiveness and attracting foreign investment to Dubai. Phase 1 was fully leased before completion, highlighting strong demand for quality logistics and warehousing, and Phase 2 further enhances our offering with flexible, high-quality solutions.”

This expansion brings the total area of Jafza Logistics Park to over 922,000 square feet.

With the Middle East and Africa’s freight and logistics market projected to reach $235.8 billion by 2031, demand for advanced warehousing is increasing, particularly in Dubai, driven by sectors like manufacturing, logistics, construction, and e-commerce.

The expanded park addresses this demand by leveraging Jafza’s connectivity with Jebel Ali Port, offering advanced storage and handling solutions including contract logistics, freight forwarding, and freight management for diverse goods.

It also provides value-added services such as packaging, labelling, and quality control, along with real-time inventory tracking, and facilitates re-exports, domestic fulfillment, and import-export consolidation.

The park incorporates sustainable design elements, including precast concrete and off-site construction to minimise environmental impact, and skylights to reduce energy consumption.

A key contributor to Dubai’s economy

Jafza currently hosts 10,890 companies from 150 countries, supporting over 160,000 jobs and contributing Dhs620bn in trade annually.

Phase 1, completed in November 2023, spans 562,507 square feet and features Grade-A dry and pharma storage units, temperature-controlled warehouses, and office spaces.