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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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No tuition fees, just talent: New scholarship programme offers 100% tuition fee waiver

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In a major boost for aspiring medical students, especially those facing financial challenges, Aster DM Healthcare has launched a new scholarship programme offering 100% tuition fee waivers for MBBS, BSc Nursing, and BPharm courses. Designed to support 25 deserving students every year, the initiative opens doors to high-quality medical education at no cost, removing a key financial barrier for many talented individuals across India and the UAE

The Dr. Moopen’s Legacy Scholarship & Fellowships Programme, announced by Padma Shri Dr. Azad Moopen, Founder and Chairman of Aster DM Healthcare, is the first of its kind from a private medical college in Kerala, and promises to transform access to healthcare education in underserved regions.

“No capable student should have to give up on a dream of becoming a doctor, nurse, or pharmacist because they cannot afford it,” said Dr. Moopen. “This initiative is our commitment to changing that.”

Scholarship Details:

  • 5 MBBS students will be selected based entirely on academic merit, including NEET rankings.
  • 10 BSc Nursing and 10 BPharm students will be chosen based on a combination of academic performance and financial need.
  • The scholarship will cover 100% of tuition fees.
  • Over five years, 125 students are expected to benefit, with a financial commitment exceeding INR 3 crore annually.

Applications open on July 28, 2025, and detailed eligibility guidelines are available at www.dmscholarship.in.

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UAE tightens social media advertising rules with new Mu’lin permit

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The UAE Media Council has launched Mu’lin, a new permit now required for individuals conducting advertising activities on social media platforms, whether for financial gain or otherwise.

The move is part of a broader strategy to modernise media regulations, enhance content quality, and establish the UAE as a leading hub for digital content creation and advertising.

According to the council, the Mu’lin permit aims to create a more transparent and professional digital media environment by defining clear guidelines for advertising practices, while protecting the rights of audiences, advertisers, and content creators alike.

“Mu’lin is a pivotal step in strengthening the regulatory framework for online advertising,” said Mohammed Saeed Al Shehhi, Secretary-General of the UAE Media Council. “It reinforces our vision of building a responsible and dynamic media model aligned with digital transformation and international best practices.”

Regulating the creator economy

The new permit is intended to empower content creators, boost investor confidence, and attract global talent by providing a flexible yet clear regulatory framework. It also supports the UAE’s broader ambitions to build a sustainable, innovation-driven media economy.

Al Shehhi highlighted that the initiative will contribute to increasing trust in digital content, particularly in advertising, which is a fast-growing segment of the UAE’s creative economy.

Supporting quality and compliance

Maitha Majid Al Suwaidi, Executive Director of the Strategy and Media Policy Sector at the UAE Media Council, noted that the Mu’lin permit is also designed to improve the overall quality of advertisements on social platforms, enabling responsible content creation while setting standards for professionalism.

The announcement follows the council’s issuance of over 2,500 media licences in the first half of 2025, reflecting the strong growth of the media and content creation sector in the UAE.

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UAE road upgrade: Dh750 million Emirates Road expansion to cut Dubai–Sharjah travel time by 45 per cent

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A major road upgrade is set to transform daily commutes between Dubai and the northern emirates, with the Ministry of Energy and Infrastructure announcing a Dh750 million expansion of Emirates Road, one of the UAE’s most vital federal highways.

The Emirates Road Enhancement Project, scheduled to begin in September, will widen a 25-km stretch between Al Badee Interchange in Sharjah and Umm Al Quwain from three to five lanes in each direction. The two-year project aims to reduce travel times by up to 45 per cent and alleviate congestion for motorists travelling between Dubai, Sharjah, Ajman, Umm Al Quwain, and Ras Al Khaimah.

According to the ministry, the expansion will increase the road’s vehicle capacity by 65 per cent, from 5,400 to 9,000 vehicles per hour in each direction, targeting one of the UAE’s most heavily congested corridors.

As part of the overhaul, six new directional bridges will be constructed at Interchange No. 7, covering a total length of 12.6km. These bridges alone are designed to handle up to 13,200 vehicles per hour. Additionally, the project will include 3.4km of new collector roads on both sides of Emirates Road, improving traffic flow and access to nearby areas.

Officials say the expansion will deliver a significant boost to the UAE’s transport infrastructure and support the country’s broader mobility goals.

“This upgrade will not only ease daily traffic bottlenecks but also improve road safety and connectivity across the northern emirates,” the ministry said in a statement.

Once complete, the enhanced Emirates Road is expected to offer smoother, faster, and safer travel for thousands of daily commuters.

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