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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.

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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Norway Chess 2026: India’s Praggnanandhaa stuns World No 1 Magnus Carlsen in major upset

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Round three of Norway Chess 2026 delivered another explosive day of elite competition, with Indian grandmaster Praggnanandhaa Rameshbabu scoring one of the biggest wins of his career against World No 1 Magnus Carlsen.

The highly anticipated clash unfolded as a tense strategic battle before turning dramatic in severe time pressure. Praggnanandhaa held the initiative for much of the game and appeared to be steadily outplaying the Norwegian star. Carlsen briefly turned the tables late in the contest, creating hopes of another escape act, but a critical blunder moments later forced the five-time world champion to resign immediately.

The victory marks another significant milestone for the Indian prodigy, who continues to establish himself among the strongest players on the global chess circuit.

Meanwhile, tournament leader Alireza Firouzja faced reigning World Champion Gukesh Dommaraju in a hard-fought encounter that ended in a classical draw after a tense positional struggle.

Firouzja later emerged victorious in the Armageddon tiebreak, earning the extra points needed to preserve his lead at the top of the standings.

The third matchup between Vincent Keymer and Wesley So also remained evenly balanced throughout the classical portion before Wesley So claimed victory in Armageddon.

Women’s round

In the women’s tournament, every classical game once again ended level, forcing all three matchups into Armageddon deciders.

Women’s World Champion Ju Wenjun and Zhu Jiner produced a tense battle in which Zhu held strong winning chances at one stage but could not fully convert her advantage in classical play. Zhu later recovered to win the Armageddon game and secure the additional points.

Anna Muzychuk and Humpy Koneru also split the point in classical chess before Muzychuk prevailed in the tiebreak.

Another intense matchup saw tournament leader Bibisara Assaubayeva battle rising Indian talent Divya Deshmukh in a complicated struggle that eventually finished drawn. Divya later captured the Armageddon victory to continue closing the gap in the standings.

Despite the strong performances from her rivals, Assaubayeva remains in first place in Norway Chess Women after three rounds of intense competition in Oslo.

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Sending Eid greetings while driving could cost drivers in UAE Dh800

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With roads across the UAE expected to become significantly busier during the Eid Al Adha holidays, Abu Dhabi Police has called on motorists to avoid using mobile phones while driving, particularly for sending or checking Eid greeting messages.

Officials warned that even a few seconds of distraction behind the wheel can dramatically increase the risk of traffic accidents, especially during the festive period when many families travel for prayers, social visits and celebrations.

Drivers were urged to remain fully attentive while on the road and avoid interacting with messaging applications or social media platforms during their journeys. Authorities advised residents to share Eid greetings either before leaving home or after safely parking their vehicles.

Police stressed that taking one’s eyes off the road, even briefly, can reduce reaction times and make it harder for drivers to respond effectively in sudden emergency situations.

Violators face fine and black points

Under UAE traffic regulations, motorists caught driving inattentively can face fines of Dh800 along with four black points on their licence. Violations include using mobile phones while driving as well as other distracting activities such as eating, applying makeup or adjusting in-car devices while the vehicle is in motion.

Strict rules in Dubai

Authorities in Dubai also highlighted stricter traffic enforcement measures. Dubai Police has been authorised to impound vehicles for up to 30 days for dangerous driving offences, including mobile phone use, tailgating and sudden lane swerving.

The vehicle impoundment penalties are applied alongside existing federal fines and black point violations, as authorities continue efforts to improve road safety and reduce preventable accidents across the country.

Police have urged all road users to drive responsibly during Eid and cooperate with traffic laws to help ensure a safer holiday period for residents and visitors alike.

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