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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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New Indian passport centres open across UAE under Al Hind

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Hundreds of Indian nationals visited the UAE’s newly launched Indian Consular Application Centres (ICACs) on Wednesday as the new network officially began operations, marking a major overhaul of Indian passport and consular services in the country.

The centres, operated by Al Hind Tours & Travels, have taken over passport, visa, attestation and other consular application services previously handled at the Indian Embassy in Abu Dhabi and the Consulate General of India in Dubai.

A total of 16 ICAC centres are now operational across the UAE, making it easier for Indian residents to access consular services closer to home.

Speaking at the opening of the flagship centre at UW Mall in Bur Dubai, Mohammed Haris, Chairman and Founder of Al Group of Companies, said demand was high from the moment bookings opened.

Largest centre in Bur Dubai

The Bur Dubai branch is the largest Indian Consular Application Centre in the UAE, featuring 70 service counters with the capacity to serve around 600 applicants a day. The second-largest facility is located in Dubai Investment Park.

Once all 16 centres are fully operational, the network is expected to process up to 8,000 applications daily. Around 350 employees have been recruited to manage operations across the country.

Dh19 service fee

Applicants will pay a Dh19 service charge in addition to the applicable Government of India fee.

The charge includes several services that were previously paid for separately, including passport photographs, photocopying, printing and form-filling assistance.

Al Hind confirmed there are no premium service options, with all applicants receiving the same level of service.

Faster application process

Officials said most applications can be completed in around 30 minutes, provided applicants arrive with the required documents.

Appointments can be booked through the new online portal, with fresh slots released twice daily at 9am and 9pm.

Services available

The new centres offer a full range of Indian consular services, including:

  • Passport applications and renewals
  • Visa services
  • Document attestation
  • OCI (Overseas Citizen of India) services
  • Other consular applications

With the launch of the ICAC network, applicants will no longer need to visit the Indian Embassy in Abu Dhabi or the Indian Consulate in Dubai to submit most routine consular applications.

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New firefighting motorcycle to help Sharjah respond faster to fires

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Sharjah has introduced a new firefighting motorcycle to help emergency crews reach fire incidents faster, particularly in areas affected by heavy traffic.

The Sharjah Civil Defence Authority said the specially equipped motorcycle will enable firefighters to carry out initial firefighting operations while larger fire engines are on their way, helping reduce response times during critical emergencies.

The new vehicle is expected to be especially useful during the summer months, when soaring temperatures increase the risk of fires linked to overloaded electrical systems, air-conditioning units and the handling of hazardous materials.

To mark the launch, the authority released a short video showcasing the firefighting motorcycle and its role in improving emergency response across the emirate.

The announcement comes as the General Directorate of Prevention and Protection continues inspections of fire alarm systems, firefighting equipment and safety installations across Sharjah. Recent field inspections were carried out to ensure suppliers comply with approved technical standards and fire safety regulations.

Sharjah has also been investing in long-term fire prevention measures. The emirate is exploring the use of artificial intelligence (AI) to improve building safety and strengthen fire resilience.

In addition, Sharjah Municipality is continuing its Dh100 million fire safety programme to replace building facades with fire-resistant materials. Five buildings have already been upgraded, with plans to complete similar improvements on a total of 40 buildings.

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Invite friends to Dubai and you could get over Dh3,000 in free rewards

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Thinking of convincing your family or friends to visit Dubai?

Now you have an extra incentive.

The Dubai Department of Economy and Tourism (DET) has launched A Dubai Invite, a new programme that rewards UAE residents and citizens for inviting loved ones from overseas to visit the emirate.

If your guests arrive in Dubai between July 20 and October 31, you could unlock more than Dh3,000 worth of rewards, including hotel stays, dining vouchers, attraction tickets and exclusive lifestyle offers.

How to claim the rewards

Getting started is simple.

Before your guest travels, register their details through the A Dubai Invite online nomination form.

Once they arrive in Dubai, their entry is verified automatically, so there’s no extra paperwork or check-in required.

Within 72 hours, you’ll receive an email with details of your reward package and instructions on how to redeem it.

Who’s eligible?

You can take part if you:

  • Are a UAE resident or citizen aged 18 or above
  • Have a valid Emirates ID
  • Invite friends or family who live outside the UAE
  • Register their visit before they arrive

Visitors must enter Dubai between July 20 and October 31, whether by air, land or sea.

The programme doesn’t include visas, so visitors must arrange their own travel documents if required.

What’s included?

Each successful nomination unlocks a reward package worth more than Dh3,000.

Offers cover:

  • Hotel stays
  • Restaurants
  • Tourist attractions
  • Lifestyle experiences

Participating brands include Careem, Hala, W Dubai Mina Seyahi, The Westin Dubai Mina Seyahi, Le Méridien Mina Seyahi Beach Resort & Waterpark, Meliá Desert Palm, and IHG Hotels & Resorts.

A few rules to remember

There are a few conditions before you start sending invites:

  • You can nominate up to five visitors per submission.
  • Each resident can receive up to three reward packages during the campaign.
  • Each visitor can only be nominated once. If someone has already registered them, another nomination won’t qualify.

The rewards will be available until December 31, 2026, unless stated otherwise.

If you’ve been waiting for the perfect excuse to bring friends and family to Dubai, this could be it, and you’ll be rewarded for it too.

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