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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 traffic update: New lanes on two major roads to cut peak-hour travel times

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Motorists travelling on Ras Al Khor Road and Al Khail Road can expect shorter journeys after Dubai’s Roads and Transport Authority (RTA) completed a series of road upgrades to ease congestion.

The improvements include new lanes, upgraded entry and exit points, and wider road sections, increasing road efficiency by 20 per cent, according to the RTA.

What motorists need to know

Ras Al Khor Rd

A new lane has been added in the direction of Al Khail Road, extending from the Financial Centre Street intersection.

The road has been widened from three lanes to four, boosting capacity by 33 per cent.

RTA has also upgraded:

  • The exit from Financial Centre Street towards Meydan.
  • The entrance from Financial Centre Street onto Ras Al Khor Road.

The changes are expected to cut travel time towards Al Khail Road from 15 minutes to 12 minutes during busy periods.

Al Khail Rd

A new 1km lane has also been added on Al Khail Road towards Abu Dhabi, widening the road from three to four lanes.

The additional lane increases capacity by 33 per cent and is expected to reduce peak-hour journey times by up to 20 per cent.

Traffic improvement plans

The upgrades form part of the RTA’s ongoing programme to improve traffic flow at some of Dubai’s busiest roads.

Recent works in the same corridor include:

  • Opening a new exit from Financial Centre Street to Ras Al Khor Road.
  • Widening Exit 25 from Ras Al Khor Road to Al Khail Road towards Al Meydan Street.
  • Traffic improvements at several locations in Business Bay.

The RTA said the projects are designed to keep pace with Dubai’s rapid growth while making daily journeys faster and smoother for residents and visitors.

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Dubai RTA advises commuters to use new access at Burj Khalifa/Dubai Mall Metro Station

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The Roads and Transport Authority (RTA) has opened a temporary staircase at Exit 1 of the Burj Khalifa/Dubai Mall Metro Station as expansion work continues at one of the busiest stations on the Dubai Metro network.

Key points:

  • Temporary access: The staircase at Exit 1 is now in use during construction.
  • Passenger guidance: Commuters should follow the signposted routes/maps to reach the station. RTA staff are available on-site to assist passengers.
  • Road closure: Earlier this month, the access road used by buses and taxis at the station was temporarily closed and is expected to remain closed until the end of 2026 to support the expansion project.
  • Traffic management: RTA says an integrated traffic management plan is in place to maintain safe and efficient access to public transport.

Station expansion highlights

The project is designed to significantly improve capacity and passenger flow:

  • Hourly capacity: Increasing from 7,250 to 12,320 passengers (about a 65% increase).
  • Daily capacity: Up to 220,000 passengers.
  • Station size: Expanding from 6,700 sq m to 8,500 sq m.

Planned improvements include:

  • Enhanced station entrances and pedestrian bridges.
  • Larger concourse and platform areas.
  • Additional escalators and elevators.
  • Separate entry and exit gates to reduce congestion.
  • More fare gates.
  • Expanded retail/commercial areas.
  • Better integration with buses, taxis, and other transport modes.

The expansion is expected to ease congestion during peak periods, including New Year’s Eve and major public holidays, when the station experiences exceptionally high passenger volumes.

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UAE launches world’s first AI-powered judicial platform

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The UAE has unveiled what it says is the world’s first fully integrated AI-powered judicial platform, marking a major step in the country’s drive to modernise its justice system through artificial intelligence.

The platform is designed to help judges and legal professionals work more efficiently by analysing case files, searching laws and court precedents, and generating legal insights. Officials stressed that AI will not replace judges, with all final rulings remaining under human oversight.

Innovation will make justice faster

Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court, described the launch as another global achievement for the country.

In a post on X, Sheikh Mansour said the platform reflects the UAE’s belief that innovation can create a faster and more efficient justice system while strengthening the country’s position as a global leader in government and judicial excellence.

What the AI platform can do

The system integrates AI across several stages of judicial proceedings, including:

  • Analysing case files and legal documents.
  • Searching legislation and regulations.
  • Retrieving and comparing court precedents.
  • Generating legal reports and recommendations.
  • Assisting with drafting legal documents.
  • Speeding up case processing.

Officials said the technology is intended to support judicial decision-making, not replace it.

Combining AI-powered functions

While courts in several countries already use AI for tasks such as legal research and case management, the UAE says this is the first platform to combine multiple AI-powered judicial functions into one integrated system.

The initiative is expected to:

  • Reduce litigation times.
  • Improve court efficiency.
  • Cut administrative workloads.
  • Strengthen investor confidence.
  • Enhance the UAE’s global competitiveness.

Safeguards remain in place

Officials said protecting judicial independence remains a priority.

The platform has been developed with safeguards around data privacy, cybersecurity, transparency and accountability, with judges retaining full authority over every final decision.

The launch builds on the UAE’s broader digital transformation of the justice sector, which has already introduced remote court hearings, digital litigation services and AI-powered legal assistance.

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