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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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UAE set for long weekend as Arafat Day and Eid Al Adha approach

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Good news for residents, one of the longest breaks of the year is just around the corner, as the UAE gears up for Arafat Day and Eid Al Adha in May.

When is the holiday?

  • Arafat Day is expected on Tuesday, May 26.
  • Eid Al Adha will likely run from Wednesday, May 27, to Friday, May 29.

Since Arafat Day itself is a public holiday, many residents could enjoy a bumper long weekend, up to six days off when combined with the weekend.

What is Arafat Day?

Arafat Day is one of the most significant days in the Islamic calendar. It falls on the 9th day of Dhul Hijjah, just before Eid Al Adha, and marks the day when pilgrims gather at Mount Arafat during Hajj.

For Muslims, it’s a day of:

  • Fasting (highly recommended for those not performing Hajj)
  • Prayer and reflection
  • Charity and seeking forgiveness

Whether you’re planning a quick getaway or just some well-earned rest, this holiday stretch is one of the best opportunities in the year to unwind.

Just remember, official dates depend on moon sighting, so they may shift slightly.

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Dubai set to unify government services within one year under new digital vision

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Dubai is taking a bold leap into the future of governance, with a sweeping directive aimed at making government services faster, simpler, and smarter for everyone.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has announced that all Dubai government entities must integrate their services into a single unified digital ecosystem within one year. The goal? Cut through complexity and deliver seamless, user-friendly experiences for both individuals and businesses.

Speaking during a visit to Digital Dubai, Sheikh Hamdan emphasised reducing the number of platforms people need to use, replacing them with streamlined, specialised systems that save time and effort.

“Our goal is to make life easier, and strengthen Dubai’s competitiveness as a global hub for business and investment,” he said.

Government powered by AI and data

This isn’t just about merging apps; it’s about reimagining how government works.

Dubai is building a fully AI-driven model, where:

  • 100% of government performance will be data-based
  • An algorithm bank will store ready-to-use machine learning models
  • AI accelerators will power faster decision-making

The ambition is huge:

  • Boost GDP by over Dh10 billion within two years
  • Rank among the world’s top 10 cities in AI readiness
  • Ensure 80% of policies are backed by AI-driven insights
  • Upskill leaders so 100% are proficient in AI and analytics

Smarter systems, smoother services

Sheikh Hamdan also reviewed next-gen projects designed to make government operations more connected and efficient:

  • Unified resource planning systems covering finance, HR, payroll, and procurement
  • Agentic AI assistants that let users complete services through simple conversations
  • Smart city sensors (IoT) that can detect risks like smoke or fires and instantly alert authorities

Imagine requesting a government service just by chatting with an AI, and having it completed in seconds. That’s the direction Dubai is heading.

By putting technology, data, and people’s needs at the centre, Dubai is aiming to create a system where government services feel less like bureaucracy and more like a seamless, everyday experience.

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Dubai expands family benefits: Free parking, transport discounts for seniors and people of determination

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Dubai is rolling out a major set of family-focused benefits, offering free parking, transport discounts, and fee exemptions to support Emiratis and strengthen family life across the city.

Under a new partnership between the Ministry of Family and Dubai’s Roads and Transport Authority (RTA), senior Emiratis will soon enjoy free parking and reduced public transport fares. The move is part of the wider ‘Family First’ programme, aimed at easing daily costs and improving quality of life.

Even more significantly, People of Determination will receive sweeping benefits. These include exemptions from Salik toll fees, parking charges, public transport fares, and even vehicle registration and renewal costs. 

Additionally, they will benefit from 50 per cent discounts on taxi fares and driver licensing fees, making mobility far more accessible.

Students are also included in the initiative, with discounted public transport rates, helping families manage education-related expenses.

Officials say the initiative aligns with the National Family Growth Agenda 2031, which focuses on building stronger, more sustainable communities by putting families at the center of planning.

Sana bint Mohammed Suhail, Minister of Family, emphasised that cities prioritising families are better positioned for long-term, balanced development. Meanwhile, Mattar Al Tayer of the RTA highlighted that the collaboration will help shape future transport systems and urban spaces around family needs, reinforcing Dubai’s reputation as a global leader in human-centred planning.

More initiatives announced

As part of the broader Year of Family efforts, the RTA has also introduced a range of community-driven initiatives:

  • Mass weddings for Emirati employees
  • Support for home-based businesses
  • A mobile nursery bus for working mothers on Fridays
  • Digital content promoting Emirati family values and culture
  • Special nol cards dedicated to the Year of Family

Additionally, the RTA continues to expand inclusive services:

  • Dedicated Metro and Tram cabins for women and children
  • Thousands of student nol cards issued
  • Hundreds of driving licences granted to People of Determination
  • Ongoing support services benefiting hundreds of families

This latest move signals Dubai’s continued push toward creating a more inclusive, supportive environment, where families, accessibility, and quality of life take centre stage.

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