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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.

Education

CBSE announces new date for answer sheet verification portal

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The Central Board of Secondary Education (CBSE) has postponed the launch of its online portal for verification, photocopy requests and re-evaluation of answer sheets related to the 2026 board examinations.

The board announced that the Post-Result Activities portal will now go live on June 1 instead of the previously expected schedule.

According to CBSE, the delay is intended to ensure a smoother and more transparent experience for students applying for post-result services following the declaration of board exam results.

In an official statement, the education board said the additional preparation time would help strengthen evaluation protocols and minimise technical issues during the application process.

CBSE added that the revised timeline is aimed at maintaining accuracy and ensuring the system operates efficiently for lakhs of students expected to access the portal for answer book verification and re-evaluation requests.

Students seeking assistance or clarification regarding the process can contact the CBSE Tele-Counselling Helpline or submit queries through the board’s official support email.

The post-result services allow students to apply for answer sheet verification, obtain photocopies of evaluated answer books and request re-evaluation of specific responses after board results are announced.

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Norway Chess 2026: Magnus Carlsen defeats world champion Gukesh in crucial clash

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Round 4 of Norway Chess 2026 produced another dramatic day of elite competition in Oslo, with Magnus Carlsen claiming a crucial victory over reigning world champion Gukesh Dommaraju in the marquee matchup of the day.

Playing with the black pieces, Carlsen navigated a tense, strategically rich encounter before gradually taking control in the middlegame. Although the position remained balanced for long stretches, mounting pressure and severe time trouble eventually pushed Gukesh into inaccuracies that allowed the Norwegian star to convert his advantage into a full classical win.

The victory marks an important turnaround for Carlsen after a difficult opening phase of the tournament and significantly improves his standing before the home crowd.

Tournament leader Alireza Firouzja was held to a classical draw by Wesley So following a cautious positional battle in which neither player managed to create decisive winning chances. Wesley So later secured victory in the Armageddon tiebreak, earning the additional points.

In another closely fought encounter, Vincent Keymer and Praggnanandhaa Rameshbabu shared the points after a balanced contest featuring opportunities for both players. Praggnanandhaa later triumphed in Armageddon to collect the bonus points.

Despite the Armageddon loss, Firouzja remains at the top of the standings after four rounds, while Carlsen’s classical victory has reignited his challenge near the top of the leaderboard.

The women’s section of the tournament also delivered another intense round, with all three classical games ending in draws before being decided in Armageddon playoffs.

Humpy Koneru and Zhu Jiner fought a tense encounter that remained level throughout, before Zhu Jiner emerged victorious in the Armageddon decider.

Defending women’s world champion Ju Wenjun managed to hold a difficult position against tournament leader Bibisara Assaubayeva in classical play. Assaubayeva later won the Armageddon game to strengthen her lead in the standings.

Meanwhile, Divya Deshmukh pushed strongly for victory against Anna Muzychuk during a complex middlegame battle, but Muzychuk defended resiliently before going on to win the Armageddon tiebreak.

After four rounds, Assaubayeva continues to lead Norway Chess Women, with Muzychuk, Divya and Zhu Jiner remaining firmly in contention as the tournament heads deeper into its decisive stages.

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Crime

Dubai Police issue cybercrime warning over fake banking websites

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Dubai Police has warned residents against purchasing or attempting to use stolen credit cards and banking data being illegally promoted through suspicious websites and social media platforms, stressing that offenders could face severe legal penalties under the UAE’s cybercrime laws.

According to police officials, organised fraud networks operating outside the UAE are increasingly using fake online platforms to advertise stolen financial information, including compromised credit card details and unauthorised banking access.

Officials said criminals were targeting internet users through deceptive websites and online pages designed to lure buyers seeking illegal financial services or discounted payment methods.

Authorities stressed that anyone found purchasing, sharing or using stolen banking information could face imprisonment, in addition to financial penalties reaching up to Dh2 million under federal cybercrime legislation.

Officials explained that many victims unknowingly compromise their own financial information after entering banking details on fake websites carefully designed to imitate trusted companies, online stores or service providers. Cybercriminals also frequently use fraudulent payment links sent through messages, emails or social media platforms to steal card information from unsuspecting users.

Police said stolen banking data is often circulated through organised cybercrime networks, where compromised card details are bought and sold before being used in fraudulent transactions. Authorities noted that the misuse of stolen information may occur days or even weeks after the original breach, making it harder for victims to trace exactly when or where their financial data was exposed.

Dubai Police also urged residents to closely monitor bank accounts and credit card statements and report any suspicious or unauthorised transactions immediately. Officials explained that quick reporting significantly improves the chances of freezing fraudulent activity, tracing transactions and recovering stolen funds before larger financial losses occur.

The warning comes as cybercrime and online financial fraud continue to evolve across digital platforms, with authorities repeatedly advising the public to avoid dealing with unverified websites, suspicious online advertisements or unknown payment channels.

Police further encouraged residents to rely only on secure banking applications and official payment platforms when conducting financial transactions online.

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