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How UAE’s new banking plan will support businesses and individuals

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The Central Bank of the UAE has rolled out a new financial support package designed to keep banks strong and ensure they continue supporting and safeguarding the broader economy amid global and regional uncertainty.

The package was endorsed during a high-level board meeting chaired by Sheikh Mansour bin Zayed Al Nahyan, underscoring the UAE leadership’s proactive approach to maintaining economic stability.

Built around five key pillars, the initiative is designed to provide banks with greater liquidity, enhanced flexibility, and temporary regulatory relief, ensuring they can continue to support businesses and individuals during uncertain times.

Under the new measures, banks will gain expanded access to liquidity, including the ability to utilise reserve balances and secure term funding in both dirhams and US dollars. This step is expected to keep credit flowing across key sectors of the economy.

The Central Bank has also introduced temporary easing of liquidity and funding requirements, giving financial institutions more room to continue lending. Capital buffer requirements will be relaxed as well, allowing banks to deploy excess capital to support economic activity.

Additionally, new provisions will offer greater flexibility in managing credit risk, including delaying the classification of certain loans affected by current market conditions—providing relief to borrowers facing temporary challenges.

Authorities emphasised that banks are expected to maintain lending and continue supporting customers as part of the UAE’s broader economic response strategy.

Despite global pressures, the UAE’s financial system has shown strong resilience. During its meeting, the Board confirmed that current market conditions have had no significant impact on the health of the banking sector or the efficiency of payment systems.

The Central Bank also highlighted the country’s robust financial position, with foreign exchange reserves exceeding AED 1 trillion and a strong monetary base. The UAE’s banking sector, valued at over AED 5.4 trillion, continues to demonstrate solid fundamentals.

With liquidity levels remaining high and reserves strong, the CBUAE reaffirmed its readiness to take further action if needed to protect financial stability and sustain economic growth.

With over 35 years of experience in journalism, copywriting, and PR, Michael Gomes is a seasoned media professional deeply rooted in the UAE’s print and digital landscape.

Announcements

Good news for businesses: Sharjah slashes fees and fines

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Businesses in Sharjah can now benefit from a range of temporary fee reductions after Sharjah Police unveiled a new package of incentives aimed at easing costs and supporting the emirate’s business community.

The measures, introduced in line with a decision by the Sharjah Executive Council, include 50% discounts on several security-related fees, along with reduced fines and lower training costs for companies.

What discounts are available?

Under the new initiative, eligible businesses will receive:

  • 50% off security permit renewal fees for commercial activities
  • 50% off security system subscription fees
  • 50% reduction on eligible violations and fines
  • 20% off mandatory training programme fees for companies

Sharjah Police said the initiative is designed to support commercial establishments, encourage business sustainability and further strengthen the emirate’s position as an attractive destination for investment.

How long will the discounts last?

The incentives will be available for three months from the date the decision comes into effect.

Businesses seeking more information about the discounts and eligibility can contact the Sharjah Police Call Centre on 901.

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Dubai to build region’s first falcon market and transform the creek into night-time destination

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Dubai is set to welcome a one-of-a-kind falcon market and a spectacular new lighting experience along Dubai Creek after Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, approved a series of major development projects aimed at enhancing the city’s cultural, tourism and public spaces.

The new initiatives, announced by Dubai Municipality, include the Dubai Falcon Market, the first integrated falcon market of its kind in the region, and the Dubai Creek Lighting Project, which will transform one of the city’s oldest landmarks into a vibrant night-time destination.

Region’s first integrated falcon market

Designed to celebrate the UAE’s rich falconry heritage, the Dubai Falcon Market will combine tradition with modern architecture inspired by the wings of a falcon.

Spanning around 50,000 square feet and built at an estimated cost of Dh50 million, the market will feature specialist falcon shops, equipment stores, cultural exhibition spaces, heritage events, a dedicated veterinary clinic and visitor experiences, all within a purpose-built destination showcasing one of the country’s most treasured traditions.

The project also forms part of Dubai’s wider strategy to develop rural and desert areas while preserving Emirati heritage and creating new attractions for residents and tourists.

Dubai Creek to shine with new night-time experience

Dubai Creek, one of the emirate’s most historic waterfronts, is also set for a major makeover.

The Dubai Creek Lighting Project will introduce an innovative lighting system stretching across 8km of the creek, illuminating promenades, heritage markets, waterfront walkways, building façades and key entry points.

The aim is to transform the area into a lively evening destination while highlighting its architectural and cultural significance.

Once completed, visitors can expect enhanced pedestrian areas, interactive public spaces and a striking visual experience designed to bring new life to the historic district after sunset.

The project is expected to be completed in the first quarter of 2027.

Commenting on the projects, Sheikh Hamdan said Dubai remains committed to developing people-focused urban spaces that combine innovation, sustainability and advanced technology while preserving the emirate’s identity and cultural heritage.

The latest initiatives form part of Dubai’s long-term vision to create world-class public spaces, strengthen the tourism and creative sectors, and enhance the quality of life for residents and visitors alike.

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India’s new passport fee rules explained: Who pays more and who gets discounts ?

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India will increase passport issuance and renewal fees by as much as 75% from 1 July, according to amendments to the Passport Rules notified by the Ministry of External Affairs (MEA).

The revision, announced through a gazette notification issued on 20 June, marks the first major increase in passport fees since 2012. The move comes a day after the Indian government clarified that a passport is primarily a travel document and should not be treated as proof of citizenship.

How much will a new passport cost?

Under the revised rates, a standard 36-page passport will cost Rs2,500 under the normal scheme, up from Rs1,500. Applications under the Tatkaal (expedited) scheme will rise from Rs3,500 to Rs5,000.

A 60-page passport will now cost Rs3,500 under the normal process and Rs6,000 under Tatkaal, compared with the current Rs2,000 and Rs4,000 respectively.

For Non-Resident Indians (NRIs), fees will also increase significantly, with a standard 36-page passport rising from $75 to $125 and a 60-page passport from $100 to $175.

Higher charges for lost or damaged passports

Applicants seeking a replacement for a lost or damaged 36-page passport will have to pay Rs5,000 under the normal scheme and Rs7,500 under Tatkaal, up from Rs3,000 and Rs5,000 respectively.

For a 60-page passport, the fee will rise to Rs6,000 under the normal process and Rs8,500 under Tatkaal.

What about children’s passports?

Passport fees for minors have also been revised upward.

For applicants below 18 years of age, a fresh 36-page passport will now cost Rs1,750 under the normal scheme and Rs4,250 under Tatkaal, compared with the current rates of Rs1,000 and Rs3,000.

The cost of replacing a lost or damaged passport for minors has also increased, with fees now set at Rs4,250 under the normal scheme and Rs6,750 under Tatkaal.

Changes to other passport-related services

The government has also increased charges for services such as Police Clearance Certificates (PCCs), Surrender Certificates, Global Entry Programme verification and other passport-related certificates.

The fee for these services will now be Rs750 under the normal scheme. For NRIs, the charge will be $40.

Any relief for applicants?

The revised framework introduces a 10% discount on fresh passport applications for children up to eight years of age and senior citizens aged above 60.

However, the concession will apply only to new passport applications and not to passport reissues.

Why does it matter?

The increase represents the first passport fee revision in 14 years and will affect millions of applicants in India and abroad. With fees rising across nearly all categories, the cost of obtaining or renewing a passport is set to become significantly higher from July 1.

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