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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.

India

Why Indian passport renewals in the UAE could face longer delays

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Indian expats in the UAE waiting to renew their passports or access other consular services could face continued delays after the Why Indian passport renewals in the UAE could face longer delaysCourt ordered a fresh tender process for outsourced consular operations.

The ruling affects the Indian Embassy in Abu Dhabi and the Consulate General of India in Dubai, as well as Indian missions in Kuwait, Singapore and Australia.

The court cancelled the previously awarded contract and directed India’s Ministry of External Affairs (MEA) to issue fresh Requests for Proposal (RFPs) within one month.

Why did the court intervene?

The case was brought by two companies that were eliminated during the technical evaluation stage of the bidding process.

While they did not challenge the technical assessment itself, they argued that the evaluation lacked transparency.

The Delhi High Court agreed, ruling that the authorities had failed to disclose how technical marks were awarded, effectively invalidating the tender process.

What happens now?

The contract had been awarded to Alhind Tours & Travels, which was due to take over consular operations from July 1 after submitting the lowest financial bid.

The Kerala-based company had already prepared to operate 16 service centres across the UAE, including a large facility in Bur Dubai with more than 45 service counters.

However, following the court’s ruling, Alhind can no longer formally assume the contract until a fresh tender process is completed.

How are passport services operating now?

Since July 1, passport, visa and other consular services have been handled directly by the Indian Embassy in Abu Dhabi and the Consulate General in Dubai, marking the first time in 17 years that the missions have managed these services in-house.

The missions currently process applications for:

  • Passport renewals
  • Visa services
  • Overseas Citizen of India (OCI) cards
  • Police Clearance Certificates (PCC)
  • Surrender Certificates (SC)
  • Global Entry Programme (GEP) verification
  • Document attestation

Authorities have also warned applicants against unauthorised agents claiming to secure appointments, stressing that bookings through the official portal are free of charge.

Will services be disrupted?

The High Court said existing service providers may be allowed to continue temporarily to minimise disruption, but the final decision now rests with the Indian missions and the Ministry of External Affairs.

Until a new tender is completed and a service provider is officially appointed, applicants may continue to experience longer waiting times for appointments and document processing.

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Free Bus On Demand rides are coming to Al Quoz: Here’s how it works

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Getting around Al Quoz is about to become easier, and for a limited time, it won’t cost a dirham.

Dubai’s Roads and Transport Authority (RTA) has expanded its popular Bus On Demand service to Al Quoz, with free unlimited rides available for the first two weeks from July 20.

Once the promotional period ends, fares will return to the standard Dh5 within the zone and Dh7 for interzone trips.

The RTA also confirmed that the service will soon expand to Al Satwa and Mirdif, although launch dates have yet to be announced.

How does Bus On Demand work?

Unlike traditional buses, Bus On Demand doesn’t follow fixed routes or bus stops.

Using the Dubai Bus On Demand app, passengers simply enter their pick-up and drop-off locations. The app then dispatches a shared minibus to collect them, operating much like a ride-hailing service.

Each vehicle can carry up to 13 passengers, offering an affordable alternative to taxis while providing more flexibility than conventional bus routes.

Where is the service available?

With Al Quoz joining the network, Bus On Demand now serves these communities:

  • Al Barsha 1, 2 and 3
  • Al Karama
  • Al Mankhool
  • Al Nahda
  • Al Qusais
  • Al Quoz
  • Al Rigga
  • Al Warqa’a
  • Barsha Heights
  • Business Bay
  • DIFC
  • Downtown Dubai
  • Dubai Academic City
  • Dubai Investments Park
  • Dubai Silicon Oasis
  • Jumeirah Village Circle
  • Oud Metha
  • Port Saeed

Fares after the free period

After the introductory offer, fares will be:

  • Dh5 for trips within the same zone
  • Dh7 for travel between zones
  • Dh2 for trips within Business Bay
  • Dh4 for each additional passenger included in the same booking

Operating hours

The service operates:

  • Monday to Thursday & Saturday: 5am to midnight
  • Friday: 5am to 1am
  • Sunday: 8am to midnight

The Bus On Demand service forms part of the RTA’s efforts to provide more flexible first and last-mile public transport options across Dubai, particularly in residential communities not directly served by Metro or traditional bus routes.

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Want a free taxi ride in Dubai? Here’s how to book the new autonomous cab

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Dubai residents can now experience the future of transport with free autonomous taxi rides in parts of Jumeirah and Umm Suqeim.

The Roads and Transport Authority (RTA) has started public operations of its driverless taxi service in partnership with Apollo Go and autonomous driving technology company WeRide.

Passengers can book the vehicles through the Uber or Apollo Go mobile apps at no cost during the current trial phase.

Announcing the launch on social media, the RTA said: “Your next ride could be autonomous, and it’s currently free.”

The rollout follows the introduction of Dubai’s commercial autonomous taxi programme earlier this year, which began with a fleet of 100 driverless vehicles. The fleet is expected to expand gradually as demand grows.

The initiative forms part of the Dubai Self-Driving Transport Strategy, which aims to increase the adoption of autonomous transport and reinforce the emirate’s position as a global leader in smart mobility.

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