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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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UAE warns drivers: Fines up to Dh2,000, 23 black points for risky driving during heavy rains

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Authorities across the UAE have issued a fresh warning to motorists, urging them to exercise extreme caution during ongoing unstable weather conditions. The reminder comes as part of efforts to enhance road safety and prevent accidents in high-risk areas such as valleys, flood zones, and near dams.

The UAE authorities emphasised that strict penalties are in place for violations during rainfall. Motorists found driving near valleys or flood-prone areas could face a fine of Dh1,000 along with 6 black points on their license.

More severe penalties apply to those who deliberately drive into flooded valleys, regardless of the water level or perceived danger. Offenders risk fines of up to Dh2,000, 23 black points, and a 60-day vehicle impoundment.

Additionally, authorities warned against obstructing emergency responders or traffic officials during adverse weather situations. Such actions could result in a Dh1,000 fine, 4 black points, and vehicle impoundment for up to 60 days.

Officials continue to urge drivers to prioritise safety, follow official advisories, and avoid unnecessary travel during severe weather conditions to prevent accidents and ensure smooth emergency response operations.


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Rains in UAE: Free public parking extended in Sharjah amid unstable weather

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In response to ongoing unstable weather conditions, Sharjah City Municipality has announced an extension of its public parking fee exemption across the emirate. The decision, effective from Monday, March 23, will remain in place until further notice, offering temporary relief to residents and visitors.

The waiver applies to all standard public parking zones, including those that typically require payment on weekdays and official holidays. These areas are identifiable by blue informational signage installed throughout the city.

However, authorities clarified that smart parking yards are excluded from the exemption and will continue to operate under regular paid parking rules.

Officials have urged the public to stay informed through official communication channels, including the municipality’s social media platforms and helpline services, as weather conditions continue to evolve.

The move reflects Sharjah’s ongoing efforts to support public safety and convenience during periods of disruption, ensuring smoother mobility across the city.


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Look: How Dubai’s RTA works round the clock to keep roads safe amid unstable weather

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Behind every safe journey in Dubai, a massive coordinated effort is underway. Safety during rainy conditions remains a top priority, says the Roads and Transport Authority (RTA).

The authority has been operating 24/7 on the ground during the recent spell of unstable weather, working to manage traffic flow, clear water accumulation and provide real-time alerts to motorists across the city.

RTA teams are closely monitoring conditions through a central command system in coordination with strategic partners, ensuring quick response times and minimal disruption on key roads.

Motorists have been urged to follow safety guidelines and drive cautiously during rainy conditions.

At the same time, Dubai Municipality has activated its full emergency response system, deploying more than 2,800 personnel, including engineers, supervisors and field workers, to tackle waterlogging and weather-related incidents.

The large-scale operation includes hundreds of pumps, tankers and heavy vehicles working continuously to drain flooded streets, particularly on major roads and previously affected areas. Ongoing maintenance of drainage networks is also being carried out to boost capacity and reduce water pooling.

Together, these efforts reflect a city-wide response aimed at ensuring residents remain safe and traffic continues to move smoothly despite challenging weather conditions.

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