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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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How parking changes at Palm Jumeirah could affect your daily walks and drives

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If Palm Jumeirah Crescent is part of your daily routine, whether for walking, running or quick evening drives, there’s a new change you’ll want to know about.

Paid parking has now been introduced along the entire Palm Jumeirah Crescent, including the much-loved Palm Boardwalk, one of Dubai’s most popular waterfront paths.

Previously, free parking spots have been replaced by a ticketless, automated system operated by Parkonic, meaning residents now need to pay every time they park, at any hour of the day.

What’s changed?

  • Parking now costs Dh10 per hour
  • Charges apply 24/7, including weekends and holidays
  • Covers all zones along the Crescent, including Zone P108
  • Applies to People of Determination parking spaces

How to pay

  • Automatic payment via Salik
  • SMS payment using instructions on parking signs

The move is designed to reduce congestion and improve space turnover in one of Dubai’s busiest lifestyle destinations. Similar systems have already been rolled out in other residential areas across the city.

If you regularly spend time at Palm Jumeirah, it’s worth planning your visits and parking a little differently.






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Dubai Loop explained: What Elon Musk’s underground transport project means for city’s residents

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Getting around Dubai could soon become much faster and easier. The city has confirmed that work on the Dubai Loop, an underground high-speed transport system developed by Elon Musk’s Boring Company, is set to begin soon, starting in some of Dubai’s busiest areas.

The announcement was made by Matar Al Tayer, Director General and Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA), at the World Government Summit.

The project aims to cut travel times, reduce traffic congestion, and make daily commutes smoother, especially in high-density districts.

So, what exactly is the Dubai Loop?

The Dubai Loop is a network of underground tunnels where electric vehicles will transport passengers directly from one station to another, without stopping in between. Think of it as skipping traffic lights, junctions and road congestion altogether.

Once completed, the system will span 24 kilometres and could move up to 20,000 passengers every hour, with plans to expand capacity even further in the future.

Where will it start?

The first phase of the project will launch in key areas that many residents already commute through daily:

  • Dubai International Financial Centre (DIFC)
  • Dubai Mall area

These locations were chosen because they see some of the heaviest traffic in the city, especially during peak hours.

When is it happening?

According to Dubai’s Roads and Transport Authority (RTA), construction on the first phase will start immediately once contracts are finalised.

  • First phase: 6km (costing Dh600 million)
  • Total project: 24km (Dh2.5 billion)
  • Estimated completion: Around two years

How fast will it be?

Very fast. The vehicles inside the Dubai Loop could travel at speeds of up to 160km/h, meaning residents could move between major destinations in just minutes.

Why underground?

By going underground, Dubai avoids:

  • Road closures and surface disruption
  • Weather-related delays
  • Expensive road expansion projects

The tunnelling technology used is also cheaper and faster than traditional road construction, helping the city deliver infrastructure efficiently.

How will this help residents?

For people living and working in Dubai, the Dubai Loop could mean:

  • Shorter commutes in congested areas
  • Less time stuck in traffic
  • Better connections between business districts, malls and transport hubs
  • A smoother “first and last mile” journey to metro stations

The system is expected to serve around 13,000 passengers daily in its early stages, with numbers growing as the network expands.

Has this worked elsewhere?

Yes. A similar underground transport system already operates in Las Vegas, where it has carried more than 2 million passengers since 2021. Dubai’s version will build on that experience, adapted for local needs.

What’s next?

Dubai Loop is part of the emirate’s broader push towards smart, sustainable transport. If successful, the network could expand to more areas of the city, helping residents get from A to B faster, without adding more cars to the roads.

For Dubai residents, this could mark the beginning of a new era of stress-free commuting beneath the city streets.










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Sharjah to introduce toll gates as government approves new reforms

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Sharjah residents can expect smoother traffic flow as the emirate moves to introduce electronic toll gates for trucks, part of a broader set of reforms approved by the Sharjah Executive Council.

The Council, chaired by Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, approved a resolution that will see existing truck toll gates converted into electronic “Masaar” gates. 

The move aims to regulate heavy vehicle movement, reduce congestion, improve road safety, and enhance the overall efficiency of Sharjah’s transport network.

For motorists, the shift to electronic tolling is expected to ease pressure on key roads, particularly during peak hours, by managing truck traffic more effectively. 

The digital system will also streamline crossing procedures and support Sharjah’s wider push towards smart, tech-enabled public services.

Alongside transport reforms, the Council also approved a draft law regulating the Correctional and Punitive Institution in Sharjah. The proposed legislation focuses on rehabilitation and reform programmes, while ensuring the dignity, rights and wellbeing of inmates are protected. The draft law will now be referred to the Sharjah Consultative Council to complete the legislative process.

The decisions form part of ongoing efforts by the Sharjah government to modernise infrastructure, improve public services, and enhance the quality of life for residents across the emirate.

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