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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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Dubai’s iconic Toyota Building to be demolished in 2027

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One of Dubai’s most recognisable landmarks on Sheikh Zayed Road is set to disappear, with the Toyota Building scheduled for demolition in 2027.

The confirmation comes from the real estate division managing the property, following recent social media videos showing residents moving out and sharing memories of their time in the building.

Tenants with existing rental contracts are understood to be able to remain in the property until December 2026. However, a specified timeline for the demolition has yet to be set according to reports.

A Sheikh Zayed Road landmark since the 1970s

Officially known as the Nasser Rashid Lootah Building, the 15-storey residential building was completed in 1974, at a time when Sheikh Zayed Road looked dramatically different from the densely developed skyline seen today.

Standing at around 65 metres tall, the building was among the first three structures to rise in the area around what was then known as the First Roundabout.

Over the decades, it became an unmistakable part of Dubai’s cityscape.

Why was it called the Toyota Building?

The building earned its famous nickname thanks to the large Toyota sign that once illuminated its rooftop.

The bright red Toyota logo was installed in 1981 and remained a familiar sight above Sheikh Zayed Road for almost four decades.

The sign was eventually removed in 2018 after the advertising agreement ended, briefly changing the appearance of the landmark.

But Dubai residents got a nostalgic surprise in June 2022, when Toyota UAE brought the iconic logo back, restoring one of the building’s most recognisable features after nearly four years.

A piece of old Dubai

The building has housed generations of residents in its one-, two- and three-bedroom apartments and has watched Dubai transform from a relatively low-rise city into the global metropolis it is today.

For many people who have lived in or travelled along Sheikh Zayed Road over the years, the Toyota Building has been more than just a residential property — its rooftop sign became part of the visual identity of the road.

With residents preparing to leave by the end of 2026 and demolition planned for 2027, another piece of old Dubai is set to make way for the city’s next chapter.

The demolition will mark the end of more than five decades for a building that became an unlikely icon of Dubai’s rapidly changing skyline.

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How to rent a car at Etihad Rail stations from Dh80 with no deposit

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Etihad Rail passengers now have another option for getting around after they step off the train, with a new car rental service offering vehicles from Dh80 to Dh200 per day.

The Rail to Road service, launched through Thrifty Car Rental’s Flexy offering, is currently available at Etihad Rail’s Abu Dhabi and Fujairah passenger stations. The service is designed to solve the first- and last-mile transport challenge for travellers continuing their journey by road.

One of the biggest advantages is that no security deposit is required. Rentals also come with 60km of included driving and prepaid fuel, meaning passengers do not need to worry about refuelling before returning the vehicle.

Three car categories to choose from

Travellers can select from three vehicle categories depending on their needs and budget.

Essential is aimed at passengers looking for a practical and affordable option, with cars such as the Toyota Yaris, Suzuki Baleno and Hyundai Accent.

Comfort steps up to larger cars and compact SUVs, including models such as the Mazda CX-3, Hyundai Creta and Mazda 6.

For those wanting something larger or more premium, Stretch includes vehicles such as the Audi A3, Mazda CX-90, Jeep Cherokee, Nissan Patrol and Jeep Wrangler.

Prices range from around Dh80 to Dh200 per 24-hour rental, depending on the vehicle category.

You can rent a car when you arrive

Passengers do not have to book weeks in advance. The service allows travellers to reserve a vehicle before their train journey, book after reaching the station or simply walk in and rent a car, subject to availability.

The rental period is based on a 24-hour cycle rather than being linked to the customer’s train arrival or departure time. This gives passengers more flexibility if their travel plans change.

Additional kilometres beyond the included 60km can also be purchased for an extra fee.

Cars can be returned to other Thrifty locations

The service is primarily designed for passengers to collect and return their vehicles at the same Etihad Rail station.

However, customers can arrange to return the car at another Thrifty location for a nominal one-way fee. This gives travellers more flexibility when their onward journey does not bring them back to the original station.

Car rental can be added to your train booking

The rental option has been integrated into the Etihad Rail booking journey, allowing passengers to add a car when arranging their train travel.

The system is expected to be further developed to make the car rental option more visible and easier to use.

The Rail to Road initiative forms part of a five-year partnership between Etihad Rail and Thrifty, focused on improving connections between passenger stations and final destinations.

Thrifty plans to invest more than Dh10 million over five years in expanding its fleet, digital systems and customer services. An initial fleet of around 500 vehicles is planned, with the potential to grow as demand increases and Etihad Rail expands its passenger network.

The wider rollout is also expected to include digital kiosks and customer assistance desks across Etihad Rail’s 11 passenger stations.

With train travel connecting more parts of the UAE, the new service could make the journey considerably easier for passengers whose final destination is beyond the rail station.

EtihadRail RailToRoad UAE AbuDhabi Fujairah UAETransport DubaiTransport PublicTransport CarRental Thrifty UAETravel AbuDhabiTravel FujairahTravel TravelUAE UAETravelNews FirstMile LastMile SmartMobility UAENews TravelUpdate

Etihad Rail passengers can now rent cars from Dh80 a day with no deposit

Etihad Rail passengers now have another option for getting around after they step off the train, with a new car rental service offering vehicles from Dh80 to Dh200 per day.

The Rail to Road service, launched through Thrifty Car Rental’s Flexy offering, is currently available at Etihad Rail’s Abu Dhabi and Fujairah passenger stations. The service is designed to solve the first- and last-mile transport challenge for travellers continuing their journey by road.

One of the biggest advantages is that no security deposit is required. Rentals also come with 60km of included driving and prepaid fuel, meaning passengers do not need to worry about refuelling before returning the vehicle.

Three car categories to choose from

Travellers can select from three vehicle categories depending on their needs and budget.

Essential is aimed at passengers looking for a practical and affordable option, with cars such as the Toyota Yaris, Suzuki Baleno and Hyundai Accent.

Comfort steps up to larger cars and compact SUVs, including models such as the Mazda CX-3, Hyundai Creta and Mazda 6.

For those wanting something larger or more premium, Stretch includes vehicles such as the Audi A3, Mazda CX-90, Jeep Cherokee, Nissan Patrol and Jeep Wrangler.

Prices range from around Dh80 to Dh200 per 24-hour rental, depending on the vehicle category.

You can rent a car when you arrive

Passengers do not have to book weeks in advance. The service allows travellers to reserve a vehicle before their train journey, book after reaching the station or simply walk in and rent a car, subject to availability.

The rental period is based on a 24-hour cycle rather than being linked to the customer’s train arrival or departure time. This gives passengers more flexibility if their travel plans change.

Additional kilometres beyond the included 60km can also be purchased for an extra fee.

Cars can be returned to other Thrifty locations

The service is primarily designed for passengers to collect and return their vehicles at the same Etihad Rail station.

However, customers can arrange to return the car at another Thrifty location for a nominal one-way fee. This gives travellers more flexibility when their onward journey does not bring them back to the original station.

Car rental can be added to your train booking

The rental option has been integrated into the Etihad Rail booking journey, allowing passengers to add a car when arranging their train travel.

The system is expected to be further developed to make the car rental option more visible and easier to use.

The Rail to Road initiative forms part of a five-year partnership between Etihad Rail and Thrifty, focused on improving connections between passenger stations and final destinations.

Thrifty plans to invest more than Dh10 million over five years in expanding its fleet, digital systems and customer services. An initial fleet of around 500 vehicles is planned, with the potential to grow as demand increases and Etihad Rail expands its passenger network.

The wider rollout is also expected to include digital kiosks and customer assistance desks across Etihad Rail’s 11 passenger stations.

With train travel connecting more parts of the UAE, the new service could make the journey considerably easier for passengers whose final destination is beyond the rail station.

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UAE official denies reports of worker visa cancellations amid regional tensions

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The UAE has rejected reports claiming it is cancelling workers’ residency visas or providing financial facilities to Iran, calling the claims false and part of what it described as a wider media campaign.

Dr Anwar Mohammed Gargash, Diplomatic Adviser to the UAE President, said on Wednesday that the country remains focused on managing regional developments and preparing for the next phase rather than being distracted by misinformation.

In a post on X, Gargash said some platforms were circulating what he described as false information about the UAE while authorities continued to focus on developments on the ground.

He specifically dismissed rumours about the cancellation of workers’ residency visas and alleged financial support for Iran, saying the claims were incorrect.

Gargash said the UAE’s response to such reports would be through “work and achievements on the ground”, arguing that verifiable facts and tangible results were stronger than rumours.

His comments come amid heightened regional tensions and a wave of unverified claims circulating online. The UAE official urged attention to facts and concrete developments rather than what he described as media noise.


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