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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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Massive road upgrade in Dubai: Hessa Street expansion now open

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In a major boost to Dubai’s road network, the Roads and Transport Authority (RTA) has officially opened a key stretch of the Hessa Street Development Project, transforming one of the city’s busiest corridors.

The newly completed 4.5 km section connects Sheikh Zayed Road to Al Khail Road, with the road now expanded to four lanes in each direction, significantly easing congestion.

Faster commutes, smoother traffic

The upgrade is expected to dramatically improve daily travel:

  • Journey time reduced from 15 minutes to just 4 minutes
  • Road capacity doubled from 8,000 to 16,000 vehicles per hour

Major junctions upgraded include:

  • Al Asayel Street
  • First Al Khail Street
  • Key interchanges at Sheikh Zayed Road and Al Khail Road

What’s new on Hessa Street

The project introduces several infrastructure enhancements:

  • New slip road above the Dubai Metro Red Line
  • Widened bridges at major intersections
  • Direct links towards Sharjah and Deira via Al Khail Road

These upgrades are designed to streamline traffic flow and reduce bottlenecks across the corridor.

Supporting Dubai’s growing communities

According to Mattar Al Tayer, the project supports rapid urban expansion across key residential areas like Al Sufouh 2, Al Barsha, and Jumeirah Village Circle.

The population served is expected to exceed 640,000 by 2030, highlighting the importance of this upgrade.

What’s next

Phase Two is already underway, extending the project from Al Khail Road to Sheikh Mohammed bin Zayed Road.

Once complete, it will:

  • Cut travel time from 24 minutes to 5 minutes
  • Serve around 650,000 residents across 10 communities
  • Further expand road capacity

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Crime

UAE consumers hit by price hike? Firms now face prosecution

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In a strong move to protect consumers and market stability, the UAE Ministry of Economy & Tourism has referred a group of businesses to the Public Prosecution for unjustifiably increasing poultry prices.

Authorities said the group exploited ongoing regional developments to inflate prices, a practice that directly violates consumer protection laws and threatens both food security and economic stability in the country.

What the law says

Under Article 5 of the Regulation of Competition Law UAE, businesses are strictly prohibited from engaging in practices that distort or restrict competition.

This includes:

  • Price-fixing or artificially inflating prices
  • Coordinating to limit supply or control distribution
  • Colluding in tenders or bids
  • Imposing unfair conditions on sales or purchases

The law also bans tactics like hoarding, unjustified stockpiling, or creating artificial shortages to manipulate market prices.

Why this action matters

Officials emphasised that such violations go beyond simple misconduct, they can disrupt entire supply chains and impact everyday consumers.

By taking legal action, the ministry aims to:

  • Maintain stable food prices
  • Protect consumer rights
  • Ensure fair competition in the market
  • Safeguard national food and economic security

Ongoing market monitoring

This case is part of wider inspection campaigns being carried out across the UAE to monitor pricing and prevent manipulation, especially in essential goods like food.

Authorities have signalled zero tolerance for businesses attempting to exploit market conditions for unfair gains.

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Business

Dubai launches ‘Work from Park’ at Al Barsha, a new way to work in nature

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In a city known for constantly reimagining urban life, Dubai Municipality has introduced a concept that could change how people think about both work and leisure.

Called the ‘Work from Park’ initiative, the idea is simple but powerful: turn public parks into flexible workspaces where productivity meets nature.

The first location is set to open in May 2026 at Al Barsha Pond Park, a popular green escape that will soon double as an open-air office for freelancers, entrepreneurs, and remote workers.

From green spaces to productive places

Instead of traditional office setups, the initiative brings thoughtfully designed modular workspaces into parks. These will include hot desks, meeting areas, and even creative studios, allowing people to work, collaborate, and create while surrounded by greenery.

The project is being developed in partnership with Group AMANA, which will build sustainable, modular units, and Letswork, which will operate and manage bookings through its platform.

Users can expect access to a variety of work environments, including podcast studios and content-creation spaces, making it especially appealing to creators and small businesses.

A vision aligned with Dubai’s future

The Work from Park initiative supports long-term strategies like the Dubai Urban Plan 2040 and the Dubai 2040 Parks and Greenery Strategy, which aim to enhance quality of life by making cities greener, healthier, and more adaptable to modern lifestyles.

Beyond desks and Wi-Fi, the initiative will also host educational sessions, collaborative workshops, and networking events. The goal is to build a vibrant community where ideas grow as naturally as the surrounding greenery.

With more locations planned across Dubai, public parks are set to evolve into multifunctional hubs that blend work, wellness, and social life.

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