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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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From 104 minutes to 16: How new Dubai tunnel is set to change your daily commute

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Drivers in Dubai could soon experience dramatically shorter journeys as the Roads and Transport Authority (RTA) announced that the huge Al Khaleej Street Tunnel Project is now 80 per cent complete.

Part of the wider Al Shindagha Corridor Improvement Project, the development is expected to reduce travel times from 104 minutes to just 16 minutes by 2030.

One of Dubai’s biggest road projects

The giant tunnel project stretches approximately 1,650 metres, extending from the end of the Infinity Bridge ramp in Deira to the intersection of Al Khaleej Street and Al Wuheida Street.

Once completed, the project is expected to serve around one million people across several rapidly growing districts.

The tunnel includes:

  • Three lanes in each direction
  • Capacity for up to 12,000 vehicles per hour, both ways
  • Development of 15 major intersections

Areas set to benefit

The upgraded road network will improve connectivity to several key areas, including:

  • Dubai Islands
  • Waterfront Market
  • Dubai Maritime City
  • Port Rashid

Officials say the project is designed to support population growth and keep pace with rapid urban expansion across the emirate.

Round-the-clock construction

To meet the planned completion schedule in the fourth quarter of this year:

  • 14 teams are working continuously on excavation support
  • Four additional teams are handling tunnel excavation works 24/7

Current excavation output stands at:

  • 5,000 to 6,000 cubic metres daily
  • Expected to increase to 8,500 cubic metres in the next phase

Massive safety milestone reached

The RTA also revealed the project has been completed nearly:

  • Eight million work hours
  • With zero lost-time injuries reported

The workforce currently includes:

  • 1,591 engineers, technicians and workers
  • 221 machines and heavy equipment across sites

Tunnel inspired by Dubai’s skyline

Adding a creative touch to the infrastructure project, the inside of the tunnel will feature a mosaic mural designed by Emirati artist Maryam Hathboor.

The artwork is inspired by banknote-style illustrations showcasing Dubai’s skyline, blending public art with urban engineering.

For commuters frustrated by heavy traffic, this project could eventually become one of the city’s most game-changing transport upgrades yet.

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Healthcare in the UAE is about to change forever under new national plan

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The UAE is preparing for one of its biggest healthcare transformations yet after President His Highness Sheikh Mohamed bin Zayed Al Nahyan directed the adoption of a comprehensive national healthcare system covering citizens across all emirates.

The new framework includes a fully integrated national health insurance scheme designed to guarantee access to medical care and health services for every citizen.

New era for healthcare

Officials said the move reflects the UAE leadership’s long-term vision of building an advanced healthcare sector focused on:

  • Universal healthcare access
  • Preventive medicine
  • Digital transformation
  • Innovation
  • Sustainable health services

The initiative aims to create a fully integrated healthcare model capable of improving efficiency, strengthening sector readiness and ensuring healthcare sustainability for future generations.

Focus on prevention and innovation

According to authorities, the system is designed around international best practices and modern healthcare standards, with strong emphasis on:

  • Public health
  • Smart digital health platforms
  • Long-term health outcomes
  • Resource efficiency across all emirates

Health is a national priority

Ahmed bin Ali Al Sayegh, Minister of Health and Prevention, described the directive as part of a national vision placing human health and quality of life at the centre of the country’s development journey.

He said the UAE continues advancing healthcare systems built on:

  • Prevention
  • Sustainability
  • Innovation
  • Expanded access to medical services

Integrated healthcare 

Officials also highlighted that the UAE already operates through a strong federal and local healthcare model supported by:

  • Advanced medical infrastructure
  • Connected digital healthcare systems
  • Ongoing investment in healthcare quality and accessibility

The new healthcare system is expected to further strengthen integration between health services while improving resilience and long-term care outcomes for citizens at every stage of life.

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Dubai Police energy drink warning: What parents need to know about viral trend

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Dubai Police has issued a serious warning about viral social media content encouraging people, especially children, to consume excessive amounts of energy drinks.

Officials from the Cybercrime Department at the General Department of Criminal Investigations said some online videos are chasing views and engagement without considering the potentially dangerous health consequences behind these trends.

Serious health risks highlighted

Dubai Police warned that excessive energy drink consumption can lead to major health complications, including:

  • Heart rhythm disorders
  • Convulsions
  • Loss of consciousness
  • Sudden cardiac arrest

Authorities also stressed that children may face additional risks, such as:

  • Poisoning
  • Stomach disorders
  • Increased anxiety and nervousness
  • Poor concentration and memory
  • Sleep problems
  • High blood pressure and rapid heart rate

Parents urged to monitor online content

Police are urging parents to closely monitor the content children consume online and to educate them about the dangers of blindly following social media trends.

Officials warned that many viral videos are created purely to gain views, likes and interaction, often without regard for public safety.

Report harmful content

Dubai Police called on the public to report any online content promoting dangerous behaviour or threatening community safety through:

  • The Dubai Police smart app
  • The official eCrime reporting platform
  • The non-emergency hotline 901

Awareness platform launched

As part of broader cyber safety efforts, Dubai Police also highlighted its electronic awareness platform, which guides users in both Arabic and English on:

  • Cybercrime prevention
  • Online fraud awareness
  • Digital safety tips for families and businesses

The platform is aimed at children, parents, employees, business owners and social media users across the country.

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