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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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Driving through school zones? Slow down say Abu Dhabi Police

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Authorities in Abu Dhabi are reminding motorists to exercise extra caution when driving near schools, highlighting the risks posed by distractions and heavy traffic during peak hours.

Abu Dhabi Police stressed the importance of staying fully focused on the road, particularly during morning drop-offs and afternoon pick-ups, when congestion and pedestrian activity increase significantly.

Drivers have been advised to reduce speed, respect pedestrian crossings and come to a complete stop when school bus stop signs are displayed. Officials warned that using mobile phones or engaging in other distractions while driving can pose serious dangers to students and other road users.

Police also emphasised that road safety is a shared responsibility, calling on parents and the wider community to support safe driving practices and help create a secure environment around schools.

Authorities added that awareness and enforcement campaigns will continue as part of broader efforts to enhance road safety and community wellbeing across the emirate.


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Dubai drivers could save time as new RTA project targets bottlenecks

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Authorities in Dubai have unveiled an extensive road development project aimed at easing congestion and significantly reducing travel times across some of the city’s busiest corridors.

The initiative, led by the Roads and Transport Authority (RTA), will focus on upgrading key routes, including Umm Suqeim Street, Al Wasl Road, and Al Safa Street, as well as improvements to seven major intersections along Jumeirah Street.

The project will feature a network of bridges and tunnels spanning approximately 11km, in addition to road widening works designed to increase traffic capacity and improve flow across the city.

Faster journeys on key routes

Upgrades to Al Wasl Road will extend 15km and include the construction of five tunnels, with travel times expected to drop by up to 50 per cent. Capacity along the route will increase from 8,000 to 12,000 vehicles per hour in both directions.

Meanwhile, improvements on Al Safa Street are set to dramatically cut journey times from 12 minutes to just three minutes. The plan includes two bridges and two tunnels, doubling road capacity to 12,000 vehicles per hour.

Expansion on Umm Suqeim Street

Six major intersections along Umm Suqeim Street will also be redeveloped, including links to Sheikh Zayed Road and Al Khail Road. The upgrades will include four bridges and two tunnels, alongside additional lanes and improved connections to surrounding areas.

Wider network improvements

The project also covers key junctions along Jumeirah Street, including intersections at Al Thanya Street, Al Manara Street, Umm Al Sheif Street, Al Urouba Street, 39B Street, Al Hudaiba Street and 2nd December Street.

Officials say the development is part of ongoing efforts to future-proof Dubai’s infrastructure, improve mobility and accommodate continued urban growth.

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Dubai rolls out new patrol unit to monitor e-scooters, bikes and cycles

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Authorities in Dubai are stepping up efforts to improve road safety with the launch of a dedicated patrol unit to monitor the use of e-scooters, e-bikes and bicycles across the city.

The new Personal Mobility Monitoring Unit, introduced by Dubai Police in collaboration with the Roads and Transport Authority, will begin operations on May 1.

Major roads, neighbourhoods to be patrolled

Officers will patrol key cycling tracks, major roads and soft mobility zones, including Jumeirah Beach Track, Mohammed bin Rashid Boulevard, Dubai Water Canal, Business Bay and Dubai Marina. Monitoring will also extend to residential areas such as Al Mankhool, Al Karama, Al Hamriya, Al Raffa and Al Muraqqabat.

Fine for violations

The unit will ensure that riders follow safety regulations, including using designated tracks, wearing helmets and protective gear, and adhering to speed limits. Violators may face fines, while those caught riding recklessly or carrying passengers on e-scooters could have their vehicles impounded.

Officials say the initiative is part of broader efforts to enhance safety as the use of personal mobility devices continues to grow across the emirate.

Major General Saif Muhair Al Mazrouei said the unit will support the goal of achieving the highest levels of traffic safety in the city.

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