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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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Indian passport applicants in UAE warned: Use your own email and phone number

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Indian passport and consular service applicants in the UAE have been advised to use their own email address and mobile number when booking appointments, or risk delays or even rejection of their applications.

The warning comes from the newly launched Indian Consular Application Centres (ICACs), which took over passport, visa, attestation and other consular services across the UAE on July 22.

Mismatch could delay process

According to the ICAC, the email address and phone number used during the appointment booking must belong to the applicant.

These details will be verified when the application is submitted at the centre.

The ICAC warned that any mismatch could delay processing or lead to the application being rejected. Please ensure all information and supporting documents are accurate before attending your appointment.

Booking for a family member?

If someone else, such as a relative, books the appointment on the applicant’s behalf, proof of the relationship must be provided during the application process.

Applicants should carry all required supporting documents to avoid delays.

New appointment system

Following the Government of India’s appointment of Alhind Tours & Travels as the new service provider, all passport, visa, consular and attestation appointments must now be booked through the official consularsevainuae.com portal.

New appointment slots are released twice daily at 9am and 9pm.

New ICAC centres

The new network includes 16 Indian Consular Application Centres across the UAE, handling passport, visa and other consular services.

Meanwhile, Indian Ambassador Dr Deepak Mittal visited the ICAC centre in Sharjah, where he reviewed operations and met with staff and applicants as the new system began.

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Two new Etihad Rail passenger stations to open in Abu Dhabi this November

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Etihad Rail’s passenger network is expanding, with two new stations in Abu Dhabi’s Al Dhafra region set to open on November 30.

The opening date for the Madinat Zayed and Liwa stations was confirmed after Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra, met Etihad Rail officials at Al Nakheel Palace on Wednesday.

According to the Abu Dhabi Media Office, Sheikh Hamdan directed that both stations be operational in time for Abu Dhabi’s busy festival and entertainment season, making travel easier for residents and visitors.

Where are the new stations?

Madinat Zayed: The station will connect one of the Al Dhafra region’s largest towns to the UAE’s national passenger rail network.

Liwa: Located in the famous Liwa Oasis, the station is expected to improve access to the region’s iconic desert attractions.

Passenger network rollout

The UAE officially launched Etihad Rail’s passenger service on June 30, with three daily services operating between Mohammed Bin Zayed City in Abu Dhabi and Al Hilal in Fujairah.

More stations will open in phases:

  • September 30, 2026: Jumeirah Golf Estates (Dubai) and Al Dhaid.
  • November 30, 2026: Madinat Zayed and Liwa.
  • December 30, 2026: Al Dhannah and Al Sila.
  • March 30, 2027: University City in Sharjah.

The phased rollout will continue expanding the UAE’s national passenger rail network, improving connectivity between major cities and regional destinations.

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UAE workplace injury compensation: Know the rules before you claim

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The UAE’s Ministry of Human Resources and Emiratisation (MoHRE) has clarified six situations in which employees may not receive compensation for workplace injuries or occupational diseases.

The rules are part of the country’s occupational health and safety framework, which aims to reduce workplace accidents while ensuring employers and employees follow safety standards.

When compensation can be denied

According to MoHRE, employees may lose their right to compensation if they:

  • Intentionally injure themselves.
  • Are under the influence of alcohol, drugs, or other intoxicating substances at the time of the incident.
  • Deliberately ignore clearly displayed workplace safety instructions.
  • Cause the injury through intentional misconduct.
  • Refuse, without a valid reason, to undergo a medical examination or follow prescribed treatment.
  • Are found by authorities to have intentionally violated workplace safety regulations.

Employer responsibilities

Under UAE labour laws, employers must provide a safe workplace by:

  • Supplying personal protective equipment (PPE) free of charge.
  • Training employees on workplace safety.
  • Conducting health checks where required.
  • Keeping records of workplace injuries and occupational diseases.
  • Reporting workplace accidents to the relevant medical and police authorities.

Employers are also required to investigate workplace incidents and maintain health records for employees exposed to occupational risks.

Compensation rules

Employers must cover medical treatment costs for work-related injuries and occupational diseases.

Compensation is calculated based on the employee’s latest basic salary and should be paid within 10 days of the medical report determining the level of disability.

If a workplace injury results in permanent disability or death, compensation is paid according to UAE labour regulations, with the final assessment made by a specialised medical committee.

Importantly, employers cannot terminate an injured employee’s contract until all legal entitlements have been settled.

What counts as a work injury?

A work injury includes accidents that happen while performing job duties, as well as certain accidents during direct travel to or from work. Occupational diseases linked to an employee’s job are also covered under UAE law.

Focus on prevention

MoHRE says the regulations are designed to balance employee protection with personal responsibility. While workers are protected when injuries occur during the course of employment, they are also expected to follow workplace safety rules.

The ministry continues to inspect private-sector companies to ensure compliance, helping create safer and healthier workplaces across the UAE.

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