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Dubai's toll operator Salik has denied a widely circulated note on social media about the company’s impending implementation of dynamic pricing for toll gates in the emirate.
“We wish to clarify that the publications that are being circulated on some social media platforms are inaccurate,” Salik CEO Ibrahim Sultan Al Haddad said in a statement published by Dubai Financial Market (DFM) on Wednesday.
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The viral post listed time slots and corresponding amounts and said, "Be prepared to say goodbye to AED4 Salik rates". It claimed toll fees would be "0 AED from 3am to 5am" and "8 AED from 3pm to 7pm". These details, however, are not true, Salik said.
“We strongly advise customers and shareholders to refer exclusively to official sources, the DFM and Salik website (www.salik.ae), for any official announcements or updates," the company's CEO said.
“Salik is fully committed to adhering to the disclosure and transparency guidelines set by the Securities and Commodities Authority (SCA) and DFM. As always, any significant information will be promptly shared with the market first once confirmed and finalised.”
Dubai Financial Market temporarily suspended trading on Salik shares pending disclosure and concerns about market speculation regarding the "dynamic pricing" rumours that followed a stock price hike.
The suspension would stabilise trading and allow time for the market to absorb and react to accurate information. At times, market volatility could also result to halt in trading to prevent market manipulation or panic selling.
Meanwhile, the 10th Salik gate in Dubai – located in Al Safa South, between Al Meydan Street and Umm Al Sheif Street – is now up but not yet operational.
The other new Salik – the ninth toll gate – is located on Business Bay Crossing along Al Khail Road.
Haddad confirmed to Khaleej Times in an exclusive interview in early September that the two new toll gates will be operational by the end of November.
A subsequent announcement will be issued to the public by Dubai’s Roads and Transport Authority and Salik PJSC prior to the commencement of operations,” he added.
Last year, about 593 million journeys went through Salik's toll gates. From January to June this year, 238.5 million trips passed through the eight toll gates, resulting in Dh1.1 billion half-year revenue, up by 5.6 per cent from the same period last year.
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