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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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UAE sends strong message: No food shortages, prices under watch amid massive market crackdown

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Amid global uncertainty, the UAE is making one thing crystal clear: there is no shortage of food, and authorities are stepping up efforts to keep it that way.

During a recent market inspection, Abdulla Bin Touq Al Marri reassured residents that food supplies across the country remain stable, with warehouses fully stocked and daily imports flowing without disruption.

Speaking after a visit to a key market in Al Ain, the minister emphasised that safeguarding food availability and protecting consumers are top national priorities. The visit is part of a wider push to monitor prices, ensure fair trade practices, and maintain stability in the market.

Strict monitoring

Officials confirmed that supply chains are operating efficiently, backed by strong strategic reserves and advanced logistics systems. Behind the scenes, authorities are working continuously to redirect supplies when needed and prevent any disruptions.

At the same time, enforcement has ramped up. Since the start of the current period, the Ministry of Economy and Tourism has carried out over 12,000 inspection campaigns, uncovering violations such as unjustified price hikes and issuing hundreds of warnings to businesses.

Warning against panic buying

Authorities also issued a clear message to the public: buy responsibly. Excessive purchasing and stockpiling can lead to waste and unnecessary price pressure, even when supplies are stable.

Strengthening local food production

The UAE is also boosting its domestic food production. During a separate visit to Grand Mills, officials reviewed flour production and strategic stock levels, highlighting the growing role of local industries in securing the nation’s food future.

With advanced infrastructure, flexible supply chains, and strict market oversight, the UAE is positioning itself as one of the most resilient food systems in the region.

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UAE’s mega highway plan: A new public transport system could change your daily commute forever

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The UAE is gearing up for a massive transformation in how people move across the country, and it could redefine your daily commute.

In response to rapid population growth and rising traffic pressure, the government has unveiled an ambitious infrastructure plan that includes a game-changing addition: a new national highway designed to ease congestion and supercharge connectivity.

Announced by Suhail Al Mazrouei, Minister of Energy and Infrastructure, during the UAE Infrastructure and Housing Council meeting, the project signals a bold new phase in the nation’s mobility strategy, one that aims to make travel faster, smoother, and far more efficient.

Game-changer for Dubai–Sharjah–Ajman commutes

One of the biggest highlights is a new public transport system connecting Dubai, Sharjah, and Ajman, one of the busiest commuter corridors in the country.

The plan includes 10 major routes powered by Bus Rapid Transit (BRT), a high-capacity system that runs on dedicated lanes, offering metro-like speed but with greater flexibility. With direct links to metro stations and key city hubs, the network aims to cut travel time and reduce reliance on private cars.

Officials say the move could significantly ease daily congestion while improving connectivity across densely populated areas.

Fourth federal corridor takes shape

Alongside public transport upgrades, progress is underway on the Fourth Federal Corridor, a major new highway set to stretch 68km with up to 8 lanes in each direction.

Designed to boost capacity and improve traffic flow, the corridor will feature 10 major intersections and four flyovers, strengthening links between emirates and supporting smoother movement of goods and people.

Once complete, it will join the UAE’s key highways: E11 (Al Ittihad Road), E311 (Sheikh Mohammed bin Zayed Road), and E611 (Emirates Road).

Crack down on rising car numbers

Beyond infrastructure, authorities are also looking at ways to curb the rapid rise in vehicle ownership.

According to Al Mazrouei, car growth in Dubai has surged past 8%, far exceeding the global average of around 2%. This has prompted discussions around stricter ownership policies, alongside expanding road networks and integrating smarter transport systems.

If these plans move forward as expected, daily commutes between emirates could soon look very different, faster, more connected, and far less stressful.

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Dubai Police alert: Fake insurance scams are exploding, don’t pay until you read this

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A new warning from Dubai Police is putting residents on high alert as fraudulent insurance schemes surge across the emirate, many of them spreading rapidly through social media.

As part of its ongoing BewareofFraud campaign, authorities revealed that unlicensed companies are luring victims with “too-good-to-be-true” deals, often advertising heavily discounted vehicle and health insurance packages designed to trick unsuspecting buyers.

These fake operators typically promise quick, hassle-free policies at prices far below market rates—pushing some residents to make payments without checking whether the company is legitimate. By the time doubts arise, the money is often gone.

Officials stressed that all legitimate insurers in the UAE are tightly regulated and must follow strict procedures to protect customers. Any offer that seems unusually cheap or rushed should raise immediate red flags.

Despite ongoing monitoring and legal action against fraudsters, Dubai Police made it clear: awareness is your strongest defence. Residents are strongly urged to verify licences, double-check documentation, and avoid engaging with suspicious online ads.

Anyone who encounters potential scams is encouraged to report them immediately via the eCrime platform or by calling 901, the dedicated non-emergency helpline.

With scams becoming more sophisticated, one simple rule could save you: if it feels too good to be true, it probably is.

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