The rental market for electric-powered bicycles and scooters is “going berserk” in the UAE as more people go green. At least that’s been the experience at Dubai-based eBike, a company that sells and rents out electric-powered bicycles, scooters and skateboards that use the same technology as Tesla for motor power.
The trend spans from workers commuting into Downtown Dubai to 1,600 other cities worldwide, where start-ups like Lime and Bird have taken urban areas by storm. In China alone, more than 40 bicycle-sharing companies have begun operations in the last two years. One, Ofo, has already made profits of $1.2 billion (Dh 44bn).
"I just got off a scooter," Saoud Khoory, a co-founder of eBike says of Lime, in a phone interview with The National from Los Angeles.
Mr Khoory is not the only entrepreneur banking on the rise of more eco-friendly modes of transportation.
Last December, Californian-based firm Qwikly launched its scooter rental scheme in Dubai and Abu Dhabi.
The firm, which also has plans to expand into the Philippines, Korea and Japan, distributed 75 scooters at various locations in the two emirates, including 25 on Abu Dhabi’s Corniche.
"This scheme is primarily for people who want to get from their home or office to the metro station," says UAE country manager Ammr Shaladi, in an interview last month with The National.
“People spend a lot of time in taxis to make short trips whereas it may only take a few minutes by scooter. You can use scooters on the sidewalk and save time.
“We are talking about someone being able to save time on a 20-minute walk by taking a scooter and covering the same distance in six minutes.
“The majority of people using this service will be looking to make a two to three-mile journey.”
Unlike in the sunny UAE, two of the largest electric scooter and bike start-ups, fresh off raising hundreds of millions of dollars last year, are looking to raise hundreds of millions more, but are finding their futures are not as bright. The latest hard-fought deal terms for Lime and Bird Rides both peg the companies’ worth at far less than the lofty valuations the start-ups once sought, according to Bloomberg.
New funding rounds for Lime and Bird value the California-based companies at about $2 billion. That’s down from the roughly $3 billion-or-higher valuations the companies were said to be chasing as recently as a few months ago.
Founded in 2017, Lime and Bird became two of the youngest start-ups ever to reach unicorn status (valued at more than $1bn), after interest in electric vehicles exploded last year. But as the new valuations attest, winter has finally come for scooter companies.
In recent months, as the weather has turned colder in the United States and Europe, wet and rainy conditions have deterred riders, forcing companies to reshuffle scooters to warmer climates. Cities have been limiting the number of scooters allowed on their streets. And competitors have flooded many markets -- prompting investors to begin to question the companies’ ambitious financial targets.
Start-ups in the industry will also now increasingly find themselves up against Uber, which is piloting electric scooters in 10 new cities through a subsidiary called Jump.
Uber and Lyft (which also has an electric scooter offering) both plan to go public this year, and are eager to show investors that they’re positioned to cash in on new transit trends. In addition to offering scooters of its own, through its brand Jump, Uber is also manufacturing electric bikes in China, importing at least 8,000 into the United States at the end of last year.
With so many companies vying for the same customers, many believe that consolidation in the scooter industry is inevitable. Though no deal has come together, both Lime and Bird have discussed a potential acquisition by Uber. And Softbank, Uber’s largest investor, is said to have talked with most of the major scooter companies about an investment. None has been announced.
Despite the industry chill, though, there is a new, perhaps unanticipated use for electric-powered vehicles.
Mexicans faced with a fuel shortage are turning to bikes and scooters, generating business for start-ups that rent those alternative rides, but straining operations for ride-hailing service Uber in some cities, Reuters reports.
The shortages came after Mexican President Andres Manuel Lopez Obrador closed some vulnerable pipelines in a crackdown on fuel theft. There have been long lines at pumping stations this week in several states.
Uber said the fuel shortage posed challenges in some cities in the central state of Guanajuato and the Western state of Michoacan. Users are requesting fewer trips in those cities, but with fewer Uber drivers on the road, demand has increased for those who are working, said company spokesman Saul Crespo.
Mobility as a Service for Latin America, a trade group representing firms such as Chinese bike-sharing company Mobike and California scooter outfit Bird, reported a spike in demand as people who normally drive scramble for alternatives.
"It's a big opportunity for those companies to show that new alternatives can be substitutes for traditional cars, for short distances," said Miguel Abad, who leads public affairs for the group.
Mobike, which entered Mexico with its fleet of bright orange bikes last year, said its trips jumped an additional 10 per cent above normal growth over the past few days.
For Grin, a Mexico City-based scooter company, demand had more than doubled and was climbing further on Thursday, co-founder Sergio Romo wrote in an e-mail to Reuters.
"Don't worry, Grin is electric," the company advised users on Twitter.
In Dubai, which is set to build 850 kilometres of cycling lanes by 2030, up from the current 316km of bike paths, demand for e-bikes and e-scooters is tracking with expansion.
"The demand has increased by far, people are understanding sustainability and people are shifting from petrol to electric,” says Mr Khoory of eBike.
For now, his venture has been self-funded since it launched in March 2014. But with a record-setting year for eBike in 2018, venture capital funding may well be in its future.
“The market is still quite early in the UAE but this year should be a very good year for us,” he says, adding that eBike is going after two markets: high net worth individuals who can rent or buy an Australian brand it distributes that can accelerate to 80 kph and costs Dh40,000; or middle-income commuters who will shell out around Dh3,500 for an entry-level Saluki (eBike’s own brand) that tops out at 30kph.
If eBike chooses to go the venture funding route, the new fundraising for Lime and Bird, and forays by Uber and Lyft, show that investors remain optimistic about scooters. Many likely still buy into the premise that small electric vehicles could transform urban transit. And there’s another upside: Spring is always right around the corner.
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
25%20Days%20to%20Aden
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Structural%20weaknesses%20facing%20Israel%20economy
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Switching%20sides
%3Cp%3EMahika%20Gaur%20is%20the%20latest%20Dubai-raised%20athlete%20to%20attain%20top%20honours%20with%20another%20country.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVelimir%20Stjepanovic%20(Serbia%2C%20swimming)%20%3C%2Fstrong%3E%0D%3Cbr%3EBorn%20in%20Abu%20Dhabi%20and%20raised%20in%20Dubai%2C%20he%20finished%20sixth%20in%20the%20final%20of%20the%202012%20Olympic%20Games%20in%20London%20in%20the%20200m%20butterfly%20final.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJonny%20Macdonald%20(Scotland%2C%20rugby%20union)%20%3C%2Fstrong%3E%0D%3Cbr%3EBrought%20up%20in%20Abu%20Dhabi%20and%20represented%20the%20region%20in%20international%20rugby.%20When%20the%20Arabian%20Gulf%20team%20was%20broken%20up%20into%20its%20constituent%20nations%2C%20he%20opted%20to%20play%20for%20Scotland%20instead%2C%20and%20went%20to%20the%20Hong%20Kong%20Sevens.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESophie%20Shams%20(England%2C%20rugby%20union)%20%3C%2Fstrong%3E%0D%3Cbr%3EThe%20daughter%20of%20an%20English%20mother%20and%20Emirati%20father%2C%20Shams%20excelled%20at%20rugby%20in%20Dubai%2C%20then%20after%20attending%20university%20in%20the%20UK%20played%20for%20England%20at%20sevens.%20%0D%3C%2Fp%3E%0A
The low down
Producers: Uniglobe Entertainment & Vision Films
Director: Namrata Singh Gujral
Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark
Rating: 2/5
THE SPECS
Range Rover Sport Autobiography Dynamic
Engine: 5.0-litre supercharged V8
Transmission: six-speed manual
Power: 518bhp
Torque: 625Nm
Speed: 0-100kmh 5.3 seconds
Price: Dh633,435
On sale: now
Zombieland: Double Tap
Director: Ruben Fleischer
Stars: Woody Harrelson, Jesse Eisenberg, Emma Stone
Four out of five stars
COMPANY%20PROFILE
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Tu%20Jhoothi%20Main%20Makkaar%20
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