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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 traffic update: RTA just cut peak-hour travel times on Al Marabea Street by 30%

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Motorists using Al Marabea’ Street in Al Quoz can expect smoother journeys after Dubai’s Roads and Transport Authority (RTA) completed a series of road upgrades aimed at easing congestion and improving traffic flow.

The project covered a 1.1-km stretch between the Al Khail Road exit and Al Asayel Street, increasing road capacity by 30% and cutting journey times by up to 30% during peak hours.

The improvements are part of RTA’s wider programme to expand Dubai’s road network and respond to rising traffic linked to the emirate’s rapid urban growth.

Congestion cut by 50%

As part of the works, an intersection was expanded with an additional lane for vehicles travelling from Al Marabea’ Street towards Street 16A.

The extra lane has reduced congestion and vehicle queues at the intersection by 50%, according to the RTA.

New modern lighting poles have also been installed to improve visibility and road safety, particularly at night.

More upgrades coming

RTA is continuing work on Al Marabea’ Street, with a new service road and continuous pedestrian walkway planned to serve the neighbouring industrial area.

The ongoing project also includes a new access point at the beginning of the Al Khail Road exit towards Al Marabea’ Street, designed to improve access and safety.

The remaining works are expected to be completed by the end of August 2026.

Al Marabea’ Street is an important route through Al Quoz, connecting Al Khail Road and Al Asayel Street while providing access to industrial, commercial and residential areas. The corridor also serves traffic travelling to and from Al Quoz, Al Meydan, Business Bay and Downtown Dubai.


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UAE 50°C temperatures and morning fog: What UAE residents need to know before heading out

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UAE residents can expect very hot weather, rising humidity and possible fog or mist in the coming days, with a chance of rainfall over eastern areas.

According to the National Centre of Meteorology (NCM), skies will remain fair to partly cloudy, with convective clouds potentially developing over eastern areas in the afternoon and bringing rain.

Humidity is expected to increase overnight and on Tuesday morning, particularly over some western coastal areas. This could lead to fog or mist and reduced visibility.

Motorists have been advised to take extra care during early morning drives and adjust their speed when visibility is poor.

Temperatures approach 50°C

Meanwhile, daytime temperatures will remain exceptionally high across the country. Coastal areas are expected to reach 40°C to 45°C, while temperatures in inland areas could climb to 49°C.

Light winds and calm seas

Winds are expected to be light to moderate, becoming fresh at times. Sea conditions will remain slight, with waves reaching around two feet onshore and three feet offshore.

With extreme daytime heat continuing alongside higher humidity and possible fog, residents are advised to plan outdoor activities carefully and exercise caution on the roads during periods of reduced visibility.


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Etihad Rail warns passengers of Dh200 fines for ticket violations

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Etihad Rail has warned passengers that travelling without a valid ticket or misusing discounted fares could result in a Dh200 fine, denial of service and possible legal action.

Under the company’s Passenger Charter, travellers must have a valid ticket before boarding an Etihad Rail train or bus. A ticket is valid only when it carries the correct passenger name, date and travel time, and has not already been used.

What can lead to a Dh200 fine?

Etihad Rail lists four key violations that can attract a Dh200 penalty:

  • Travelling without a valid ticket, including using a ticket issued in someone else’s name.
  • Deliberately avoiding payment of the correct fare.
  • Using a discounted or category-specific ticket without being eligible.
  • Forging, altering or fraudulently obtaining a ticket.

Invalid or fraudulent tickets may be confiscated by authorised staff, with no compensation payable for confiscated tickets.

Passengers found without a valid ticket may also have to purchase a Flexible ticket at the applicable fare for their journey.

Ticket checks can happen throughout the journey

Passengers must carry their ticket and valid identification and produce them when requested by Etihad Rail staff or authorised personnel.

Checks can take place at departure stations, during the journey, at intermediate stations and when passengers leave the platform at their destination.

Travellers using electronic tickets are responsible for ensuring their phones have enough battery to display the ticket when required.

Passengers must also travel in the coach and seat shown on their ticket, unless instructed otherwise by Etihad Rail.

Repeat offenders could face travel bans

Etihad Rail said repeated or serious violations could lead to passengers being refused travel, required to end their journey or barred from using its services for a specified or indefinite period.

The company may also refer cases to the relevant authorities, including the Public Prosecution. Additional penalties, including imprisonment where provided by law, may apply.

Passengers denied travel or service because of a violation may not be entitled to a refund or compensation.

Etihad Rail also prohibits buying tickets from unauthorised sources, altering tickets to defraud the company, or transferring unused or partially used tickets where the ticket conditions do not allow it.


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