Connect with us

News

UAE banking sector assets to record up to 10pc growth in 2022: UBF Chairman

Published

on

Spread the love

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.

Announcements

UAE announces early spring break for all educational institutions

Published

on

Spread the love

The Ministry of Education, along with the Ministry of Higher Education and Scientific Research, on Wednesday, March 4, announced that the commencement of spring break for all academic institutions has been pushed forward to March 9, with the last working day to be March 6. Normal classes are scheduled to resume from March 30. 

The academic calendar placed the spring break dates originally from March 16 and ending on March 29 which has now moved from March 9 to March 22. The change comes in light of the ongoing regional conflict, with the safety of students and staff at schools and universities as the highest priority. 

Classes had transitioned to online learning at the beginning of this week as a precautionary measure for all students and staff, which was further extended up to the end of this week. Exams for students have also been shifted to a remote format, allowing them to complete their assessments safely from home. 

Students, parents, and staff are advised to stay updated via official channels only, as the measures aim to protect the safety of all in the education sector.

(By Shura Kola)

Continue Reading

News

US Embassy, Consulate in UAE closed: What it means for residents

Published

on

Spread the love

The US Embassy in Abu Dhabi and the US Consulate General in Dubai have suspended operations until further notice due to escalating regional tensions.

According to an official update, the US Department of State ordered non-emergency US government employees to depart the UAE on March 3 due to the heightened threat of armed conflict.

No walk-in or visa services

For the large American community living and working in the UAE, the closures mean:

  • No in-person consular services
  • No visa services for foreign nationals
  • No passport collections until security conditions improve

The mission confirmed that passport services for Americans without valid US passports will resume once it is safe to do so. Foreign passports currently held by the mission will also be returned when conditions permit.

Residents have been urged not to approach embassy or consulate premises for any reason at this time.

Why this matters for expat community

The UAE is home to tens of thousands of American citizens, alongside millions of expatriates from around the world. The temporary closure of US diplomatic missions may affect:

  • Visa applicants in Dubai and Abu Dhabi
  • Americans renewing passports
  • Families with pending consular appointments
  • Residents awaiting document collection

Americans urged to depart

Earlier advisories encouraged US citizens planning to leave the UAE to do so via:

  • Commercial flights
  • Land borders with Oman and Saudi Arabia, which remain open

Those unable or choosing not to leave have been advised to shelter in place and take safety precautions.

The State Department has also urged Americans in multiple Middle East countries affected by the ongoing conflict to depart immediately due to “serious safety risks.”

Safety instructions for US citizens

Residents are being advised to:

  • Contact airlines immediately to check flight availability
  • Keep mobile phones fully charged
  • Pre-programme emergency numbers (999 police, 998 ambulance, 997 fire)
  • Keep travel documents accessible
  • Shelter in place during alerts
  • Avoid windows and exterior walls
  • Stay away from military or government sites

Americans seeking assistance must complete the official Crisis Intake Form and should not submit it multiple times.

Emergency contact details

US Embassy Abu Dhabi
Tel: +971 2 414 2200
Email: ACSAbuDhabi@state.gov

US Consulate General Dubai
Tel: +971 4 309 4000
Email: DubaiACS@state.gov

For emergency services in the UAE, dial 999.

Local airlines, travel operators, and border crossings may also experience increased traffic as some residents consider departure options.

Authorities say further updates will be shared as the situation develops.

Continue Reading

News

Dubai orders early salary payment for public sector employees ahead of Eid Al Fitr

Published

on

Spread the love

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, has directed that salaries for Dubai Government employees be paid early, 17 March 17, ahead of Eid Al Fitr.

The move aims to help employees meet their families’ needs and share in the joy of the upcoming holiday.

Eid Al Fitr holiday dates

The Federal Authority for Government Human Resources confirmed that federal ministries, institutions and public sector entities will observe the Eid holiday from March 19 to 22, with official work resuming on March 23.

For private sector employees, the holiday will run from March 19 to 21. Authorities added that if Ramadan lasts 30 days, the private sector break will be extended to include March 22.

According to the UAE’s official public holiday calendar, Eid Al Fitr is observed from Shawwal 1 to 3 and is classified as a non-transferable public holiday.

Meanwhile, the Islamic Affairs and Charitable Activities Department (IACAD) has indicated that Eid Al Fitr in 2026 is expected to fall on March 20  and continue until March 22, subject to the official moon sighting.

Moon-sighting committees will convene on the 29th day of Ramadan to determine the start of Shawwal. If the crescent is sighted on March 18, Eid would begin on March 19, potentially resulting in a four-day break from March 19 to 22, aligning Sunday with the usual weekend.

Continue Reading

Popular

© Copyright 2025 HEADLINE. All rights reserved

https://headline.ae/