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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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Sharjah announces remote work for government employees 

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Authorities in Sharjah have announced remote work for government employees, effective immediately through Thursday, March 26, as part of ongoing safety measures.

The Sharjah Human Resources Department has authorised department heads, directors general, and managers across government entities to implement a “work from distance” system where necessary, ensuring business continuity while prioritising employee safety and flexibility.

Officials clarified that the directive does not apply to essential roles that require physical presence at workplaces.

The move aligns with broader precautionary measures across the United Arab Emirates, where authorities continue to adapt working arrangements amid unstable weather and regional developments.

Earlier, the Ministry of Human Resources and Emiratisation had advised private sector companies to adopt remote working wherever possible. Schools and universities across the UAE have also shifted to distance learning, with the measure recently extended to ensure student safety.

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UAE weather update: Heavy rains, strong winds trigger safety guidelines and flight disruptions

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Authorities across the UAE have stepped up safety measures as unstable weather continues to impact multiple regions, bringing rainfall, strong winds, and reduced visibility.

The National Centre of Meteorology (NCM) has issued yellow and orange alerts across most parts of the country, warning of varying rainfall intensity and winds reaching up to 50 km/h. While sea conditions remain light to moderate in the Arabian Gulf and Sea of Oman, residents have been strongly advised to avoid valleys, flood-prone areas, mountainous regions, and the sea.

Drive safely

Authorities are urging motorists to drive cautiously, reduce speed, and maintain safe distances due to slippery roads and poor visibility. Dubai Police confirmed full readiness to respond to emergencies and stressed the importance of following traffic laws and avoiding risky areas such as watercourses and valleys.

Emergency contact numbers have been shared by officials in Dubai and Abu Dhabi, ensuring residents can quickly seek assistance when needed. For emergencies, the public can contact 999, while non-emergency cases can be reported via 901.

Flight disruptions

Meanwhile, major airlines including Emirates, flidubai and Air Arabia have issued travel advisories. Passengers are urged to allow extra travel time to airports, check flight status regularly, and stay updated on potential delays or schedule changes. Air Arabia noted that operations in Sharjah, Abu Dhabi, and Ras Al Khaimah may be affected. Passengers have been urged to check their flight status ahead of departing for the airport.

Residents urged to remain indoors

The National Emergency Crisis and Disaster Management Authority also reassured the public that emergency alert systems remain active, clarifying that warning sounds should not be confused with weather-related disturbances.

Residents have been urged to remain indoors during severe weather and avoid going out unless absolutely necessary, stressing that precautionary behaviour is essential to prevent injuries and accidents during sudden weather changes.

The ministry also advised residents to protect vehicles and outdoor property by covering them where possible.

Weather conditions are expected to persist through the week, with authorities emphasising the importance of staying informed through official channels and avoiding unnecessary travel.

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Sharjah closes public parks, announces free parking amid heavy rains

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Unstable weather conditions have prompted authorities in Sharjah to take precautionary measures, including the temporary closure of all public parks and medical fitness centres to ensure public safety.

Residents are urged to avoid open areas and follow official weather updates as heavy rainfall continues to impact the emirate. A massive response effort is underway, with over 1,200 personnel deployed alongside water tankers, high-capacity pumps, and recovery vehicles to manage flooding and assist stranded motorists.

Free parking

In a move to ease mobility during the disruption, Sharjah has also announced a temporary exemption from public parking fees across all zones for today. Authorities confirmed that normal parking charges will resume once weather conditions improve.

Stay safe, stay informed, and avoid unnecessary travel during this period.

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