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UAE banking sector assets to record up to 10pc growth in 2022: UBF Chairman

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UAE Banks Federation (UBF) Chairman AbdulAziz Al Ghurair has projected that the UAE’s banking sector assets will surge in the range of 8 to 10 percent next year.

He said the banking sector will benefit from the economic revival as the country’s economy will also increase about 5 per cent in 2022.

AbdulAziz Al Ghurair said that the UAE’s economy will reap benefits from Expo 2020 for about nine years with more international investors attracting to the country.

He highlighted that banks are already seeing improvements in key performance matrixes such as asset quality, capitalisation, loans and deposit growth, profitability, loans to deposit ratio, costs, and liquidity.

Al Ghurair predicts that the non-performing loans ratio of the UAE’s banking sector will moderate from the current 8 per cent to 2 per cent in 2022.

Even before the third quarter 2021 results, figures show that the UAE banks are entering a period of healthy growth in assets and profits.

The UBF chairman said that the coronavirus pandemic has already expedited digitalisation, especially in the banking sector as most of the customers have been forced to try digital solutions of their banking problems. It is indeed a good development for banks, customers and all other stakeholders in the economy, he added.

Al Ghurair said that increased digitalisation is helping the banks reduce the number of branches and overall costs while offering a better customer experience.

Meanwhile, the latest data from the Central bank showed the digitalisation has resulted in a decline in the number of bank branches from 534 at the end of first quarter this year to 522 at the end of second quarter. Likewise, the number of bank employees fell by 414 to 32,623 at the end of June 2021.

Al Ghurair said the central bank’s support was timely and substantial but the banking sector in the country is ready for the phasing out of the support under the Targeted Economic Support Scheme (TESS) of the Central Bank of UAE.

As the Central Bank is set for a gradual withdrawal of its direct liquidity support, Al Ghurair said the banking sector no longer needs funding. He said that some 95 per cent of the banks have already surrendered their TESS quotas. He expected a decline in loan impairments over the next few quarters.

UBF Chairman Al Ghurair said the UAE’s healthy banking system is supportive of the economic growth momentum, while banks are also gaining benefit from the underlying strength of the operating environment. He said the post-COVID-19 recovery in the economy is going to benefit all sectors that were negatively impacted during the pandemic.

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Soon, flying cars will let you travel from Dubai to Bahrain in just 2 hours by 2027

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A futuristic vision once confined to science fiction is now approaching takeoff in the UAE. By 2027, flying cars may become part of the country’s transportation reality, slashing travel times between key GCC cities and ushering in a new era of mobility.

Imagine gliding from Dubai to Bahrain in just over two hours or reaching Muscat from Abu Dhabi in 2 hours and 20 minutes, without ever stepping foot on an aircraft. This vision is being brought closer to reality by Dutch company PAL-V, which recently showcased its pioneering flying car, the Liberty, at the Sharjah Research Technology and Innovation Park (SRTIP).

The PAL-V Liberty is a sleek, three-wheeled vehicle that seamlessly transforms into a gyroplane in under 10 minutes. With a top airspeed of 180 km/h and a flight range of up to 500 kilometres, the Liberty is designed for both practicality and performance. It is powered by a combustion engine and requires just 200 metres of runway for takeoff, making it suitable for a wide range of environments.

Designed for both road and air use, the Liberty has already received European road certification and recently achieved a significant aviation milestone: a “No Technical Objection” (NTO) certification from the European Union Aviation Safety Agency (EASA). This makes it the first vehicle of its kind to be cleared for both land and air travel within the FlyDrive category.

In a bold move towards integrating flying cars into the region’s transport ecosystem, Dubai-based company Aviterra has placed an order for over 100 Liberty units. The aircraft’s versatility is key to its appeal, it can serve roles ranging from emergency medical response and border surveillance to personal intercity travel.

However, piloting the Liberty will require more than a conventional driver’s licence. Operators must also obtain a gyroplane licence, with PAL-V establishing global training centres through its PAL-V Institute to facilitate certification and pilot readiness.

With the UAE’s continued commitment to innovation and smart mobility, flying cars could soon be a common sight in its skies.

(Source: Travels Dubai)

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Dubai announces free bus rides for churchgoers during Easter weekend: How to use the service

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Dubai’s Roads and Transport Authority (RTA) has announced free bus services for residents and visitors attending Easter celebrations this weekend. From (Good) Friday, April 18, to (Easter) Sunday, April 20, between 8:00 am and 8:00 pm, free shuttle buses will operate between Energy Metro Station and the Church Complexes in Jebel Ali.

For those heading to Easter events in Oud Metha, the RTA recommends using the Dubai Metro to reach Oud Metha Station, followed by a short walk to nearby churches.

This initiative aligns with the UAE leadership’s directives to foster coexistence, tolerance, and harmony within society, reflecting the RTA’s commitment to engaging with Dubai’s diverse communities.

Where to Catch the Free Buses:
The RTA will run free buses between Energy Metro Station and the Church Complexes in Jebel Ali, from 8 am to 8 pm during the three-day period. Whether you’re attending services or visiting family and friends, this makes getting there easier and cost-free.

Heading to Oud Metha?
Visitors attending Easter events at churches in Oud Metha Road can hop off at Oud Metha Metro Station and reach their destination with just a short walk.

For detailed schedules and updates, passengers can refer to the RTA’s official channels or visit their timetable portal.

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UAE plans big boost for Emirati talent, take steps to protect national identity and target harmful content

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The UAE is making big moves to improve its media sector, and it’s putting Emirati talent at the heart of it.
The Federal National Council (FNC) has put forward a set of important recommendations to improve the UAE’s media landscape and better reflect the country’s culture, values, and identity.

During a recent meeting in Abu Dhabi, the FNC discussed ways to enhance the national media’s role in promoting Emirati identity and ensuring high-quality content. The session was attended by key officials, including Minister Abdulrahman Al Owais and Abdulla Al Hamed, Chairman of the National Media Office and the UAE Media Council.

Key Goals: More Emiratis in Media and Stronger Oversight

One of the main focuses was increasing Emirati representation in leadership roles across media organisations, both public and private. The FNC also recommended using experienced Emirati media professionals as mentors and trainers.

Other suggestions included working closely with universities to prepare students for modern media jobs, and updating academic programmes to match the real-world needs of the media industry.

The FNC also called for clearer roles and responsibilities between media outlets, and for stronger leadership from the National Media Office to guide and unify media efforts across the country.

Cultural Accuracy in Media Matters

FNC member Naema Al Sharhan raised concerns about the incorrect use of Emirati symbols, language, and clothing in media. She urged for more respect and accuracy in how the UAE’s culture is portrayed.

In response, Al Hamed confirmed that actions were taken against past violations. A new policy now requires that anyone speaking in the Emirati dialect about national projects must be an Emirati and wear traditional dress.

Fighting Harmful Content and Supporting Good Media

The UAE Media Council revealed it had blocked over 9,000 pieces of harmful media content in 2024 and conducted more than 6,600 inspections to ensure compliance with regulations. It also approved 149 TV shows, films, and plays that align with national values.

To involve the public, a new national platform is being developed where residents can report media violations. The aim is to protect the community from misleading or inappropriate content and promote responsible media.

More Emiratis in Media Jobs

One of the FNC’s main goals is to see more Emiratis in leadership positions across TV, radio, newspapers, and digital platforms. They also want to prepare the next generation of local media professionals by providing training, mentorship, and real-world experience.

Experienced UAE media figures will be brought in as trainers and advisors to guide newcomers and help shape the country’s media future.

The government is actively encouraging young Emiratis to join the media sector. At least 60 nationals have recently graduated through special training programmes, and a committee of 50 experts is helping build a stronger media system for the future.

Efforts are also being made to improve public awareness, especially among the youth, about how the media works and how to use it responsibly.

(Source: Wam)

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