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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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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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Sharjah new ticketless parking rules: How to avoid fines in Aljada

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Drivers visiting Sharjah’s Aljada will now pay for parking in selected areas after a new smart parking system went live on July 15.

Launched by Parkin in partnership with Arada, the system uses Automatic Number Plate Recognition (ANPR) technology, allowing motorists to enter and exit without tickets or barriers. Parking fees are paid digitally through Parkin’s payment channels.

Where is paid parking available?

The new system covers selected parking locations across Aljada, including:

  • On-street parking along East Boulevard
  • Designated off-street parking lots
  • Retail parking at The Boulevard, Tiraz, and Misk

How much does parking cost?

Parking charges vary depending on where you park:

East Boulevard (On-street parking)

  • Dh6.30 per hour (including VAT)
  • Operates 24 hours a day

Off-street parking

  • Dh4.20 per hour (including VAT)
  • Charged from 8am to midnight

Retail parking

Visitors parking at The Boulevard, Tiraz and Misk receive:

  • First two hours free
  • Dh10 per hour after the free period

What about residents?

Residents will continue using their allocated parking spaces, while any additional parking will be charged under the new tariff. Seasonal subscriptions will also be available for eligible parking areas.

The rollout marks Parkin’s first operation in Sharjah, expanding beyond Dubai as the company grows its smart parking network.

The ticketless system is designed to improve parking availability and traffic flow across Aljada, one of Sharjah’s fastest-growing mixed-use destinations, which attracts residents, students, workers and visitors throughout the day.

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Visiting Dubai’s City Walk? Here’s What you need to know about the new ticketless parking

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If you’ve ever fumbled for a parking ticket while leaving City Walk or queued at a payment machine, those days are over.

Dubai’s popular lifestyle destination has rolled out a barrierless, ticketless parking system, allowing motorists to drive in and out without collecting a ticket or stopping to pay before exiting.

The new system, introduced by Parkin, uses automatic number plate recognition technology to record when vehicles enter and leave the parking facility, making the entire process faster and more convenient.

How the new parking system works

Instead of paper tickets and exit barriers, cameras identify your vehicle when you enter and exit City Walk.

Parking fees are calculated automatically based on the length of your stay.

If you have a Parkin account, the fee is deducted automatically. Visitors without an account, or those with insufficient balance, will receive a payment link to complete the transaction digitally.

The move is part of Dubai’s wider shift towards smart mobility and cashless services.

Parking charges at City Walk

Visitors can still enjoy one hour of free parking at City Walk.

After the complimentary period, parking is charged at:

  • Dh5 per hour, or part of an hour.

For visitors heading to The Boulevard, a different tariff applies.

The first 30 minutes are free, after which parking costs Dh20 per hour. According to City Walk, these charges are automatically deducted through the visitor’s Salik account.

How to get free parking

Visitors spending Dh50 or more at participating outlets can receive up to three hours of complimentary parking.

To claim the benefit, shoppers and diners must validate their parking at the participating retailer before leaving.

Parking validation is also available for eligible visitors at attractions including Roxy Cinemas, The Green Planet and selected participating outlets.

Part of a growing smart parking network

City Walk is the latest destination to embrace ticketless parking as Dubai continues expanding digital payment solutions across the city.

Earlier, Parkin announced a five-year agreement with Al Ghurair Centre to introduce a similar smart parking system.

Under that arrangement, visitors receive three hours of complimentary parking before charges apply from Monday to Saturday, while parking remains free on Sundays and public holidays.

With barrierless parking now becoming more common across Dubai, motorists can expect quicker entry and exit, fewer queues and a smoother parking experience, without the hassle of paper tickets.

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