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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 churches fully reopen from July 1: What worshippers need to know

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Two of Dubai’s largest Catholic churches have resumed full operations, ending temporary restrictions introduced in April and allowing parishioners to return to normal church activities.

Here’s what has changed.

Which churches have reopened?

The following churches are now fully open from July 1:

  • St. Mary’s Catholic Church, Oud Metha
  • St. Francis of Assisi Catholic Church, Jebel Ali

Both churches confirmed they are resuming all parish activities following the latest directives from the authorities.

What restrictions have been lifted?

Parishioners can now:

  • Attend all Masses and services.
  • Participate in parish activities and community events.
  • Return to regular church life without the temporary attendance restrictions.

Why were restrictions introduced?

The measures, announced in April, were aimed at preventing overcrowding and included:

  • Suspension of outdoor church activities.
  • Weekend Masses limited to adults aged 18 and above.
  • Mandatory online registration.
  • No entry for children or unregistered visitors.
  • Livestreamed Masses for those unable to attend.

Are any guidelines still in place?

Yes. While churches have fully reopened, worshippers are encouraged to continue following any applicable guidelines and to be respectful and considerate of others during services.

What does this mean for parishioners?

The reopening restores normal parish life, allowing families and worshippers to once again take part in religious services, community events and other church activities without the temporary restrictions.

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UAE visa-on-arrival for Filipinos explained: Who is eligible and how it works

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The UAE has introduced a visa-on-arrival facility for eligible Filipino passport holders, making it easier for many travellers to visit the country without applying for a visa in advance.

If you’re planning to travel to the UAE, here’s everything you need to know.

Who is eligible for visa on arrival?

Filipino passport holders can obtain a visa on arrival if they have a valid visa, residence permit or Green Card issued by any of the following:

  • United States
  • Canada
  • Australia
  • New Zealand
  • Japan
  • Singapore
  • South Korea
  • Any European Union (EU) member state

Travellers must ensure that their supporting visa, residence permit or Green Card is valid at the time of arrival in the UAE.

According to the DFA, the UAE introduced the new policy on June 25 in recognition of the strong and growing bilateral relationship between the two countries.

What visa options are available?

Eligible Filipino travellers can choose between two visa-on-arrival options:

14-day visa

  • Fee: Dh100
  • Valid for 14 days
  • Can be extended once for another 14 days for an additional fee of Dh250

60-day visa

  • Fee: Dh250
  • Valid for 60 days
  • Cannot be extended

Why has the UAE introduced this facility?

The new visa-on-arrival policy is expected to make travel easier for eligible Filipino tourists, business travellers and those visiting family and friends in the UAE.

It also reflects the close diplomatic ties between the UAE and the Philippines and is expected to encourage tourism, business activities and stronger people-to-people connections.

Does every Filipino passport holder qualify?

No. The visa-on-arrival facility is not available to all Filipino passport holders.

Only those who hold a valid visa, residence permit or Green Card from one of the eligible countries are covered under the new policy. Travellers who do not meet these requirements must continue to apply for a UAE visa through the standard application process before travelling.

What does this mean for travellers?

The new policy simplifies entry into the UAE for thousands of eligible Filipino travellers by reducing paperwork and offering more flexibility when planning trips. It is expected to benefit tourists, professionals and families while further strengthening travel and economic ties between the UAE and the Philippines.

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Sharjah new public parking rules start from July 1: Here’s what drivers need to know

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Motorists in Sharjah will now need to pay for public parking until midnight following the implementation of new parking regulations that came into effect on July 1.

The updated policy, introduced by Sharjah City Municipality, standardises paid parking hours across the emirate, covering Sharjah city, Kalba, Khor Fakkan and Al Dhaid. Areas marked with yellow parking signs will now follow the same operating schedule as blue-sign parking zones.

Paid Parking from 8am to midnight

Under the revised system, paid public parking is available daily from 8am to midnight.

The municipality clarified that Fridays and official public holidays will continue to offer free parking, except for designated premium parking spaces that remain chargeable throughout the week, including holidays.

More than 124,000 paid parking spaces covered

The new regulations apply to approximately 124,000 paid public parking spaces across the emirate.

While operating hours have been extended, the municipality noted that parking fee structures may differ depending on the type of parking zone, particularly in smart parking areas and popular tourist destinations where separate pricing mechanisms are already in place.

Benefits  for subscription holders

Sharjah City Municipality confirmed that the extended operating hours will not increase seasonal parking subscription fees.

Instead, subscribers will benefit from two additional hours of parking access each day, with the exemption period increasing from 14 hours to 16 hours, offering greater value without extra cost.

Why the parking timings were extended

According to the municipality, the decision was introduced to keep pace with Sharjah’s growing commercial activity and increasing demand for parking, especially during evening hours.

Many residents, restaurant visitors and café customers have experienced difficulty finding available parking after 10 PM. Extending paid parking hours is expected to improve space availability, discourage misuse of parking areas and ensure a smoother turnover of vehicles in busy commercial and residential districts.

Officials also said the move will help reduce illegal and random parking while improving traffic flow and providing better services for both residents and visitors.

Drivers urged to follow new rules

Authorities have encouraged motorists to comply with the updated parking schedule and pay parking fees through the available digital channels, including SMS and the Sharjah Digital mobile application.

Drivers are also advised to consider seasonal parking subscriptions, which offer a quick and convenient way to access public parking across the emirate.

The municipality believes the new unified parking system will improve parking management, enhance customer experience and support Sharjah’s continued urban and economic development.

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