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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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New RTA vehicle testing centre opens in Al Qusais: 7 lanes and extended hours to beat the rush

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In a move to further slash waiting times for motorists, Dubai’s Roads and Transport Authority (RTA) has officially inaugurated a state-of-the-art vehicle testing and registration centre in Al Qusais.

Operated by Al Mutakamela, the new facility is designed to provide a “qualitative shift” in how residents and businesses handle their annual vehicle inspections and registrations.

High capacity, modern tech

The centre is built to handle heavy daily volume, featuring:

  • Seven dedicated lanes for light vehicles.
  • One specialised lane for motorcycles.
  • The latest automated inspection technologies to ensure every vehicle meets the UAE’s strict safety standards.

Focus on accessibility

The RTA emphasised that the Al Qusais centre has been specifically designed to be inclusive. Dedicated support staff are on hand to assist People of Determination and senior citizens (both Emiratis and residents), ensuring a seamless experience for those who may require extra help navigating the registration process.

Extended operating hours

One of the biggest advantages of the new Al Mutakamela centre is its extended operating schedule, catering to those who cannot visit during standard office hours.

  • Monday to Thursday & Saturday: 7:30am – 10:30pm
  • Friday: 7am – 12pm (Break for prayers) 3pm – 10:30pm
  • Note: The centre is closed on Sundays.

By adding eight new lanes to the local infrastructure, the RTA is significantly reducing the pressure on existing centres in the area, meaning shorter queues and faster “Pass” certificates for thousands of car owners.

Whether you are an individual car owner or a business managing a commercial fleet, the new Al Mutakamela centre offers a high-tech, high-speed solution to your registration needs.

 

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Sharjah announces Dh1,000 fines and new EV tariffs in massive green move

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In a decisive step toward a sustainable future, Sharjah has officially regulated its electric vehicle (EV) landscape. Under Executive Council Resolution No. 15 of 2026, the Emirate has introduced a comprehensive framework that standardises charging prices while imposing strict penalties for “squatting” in charging bays.

Whether you drive a Tesla or a traditional petrol car, these new rules, effective immediately across all of Sharjah, including free zones, will change how you park and power up.

The cost of power

Gone are the days of price uncertainty. Sharjah has set a unified tariff for all public charging stations:

  • Slow AC Charging: Dh0.7 per kilowatt-hour (kWh).
  • Fast DC Charging: Dh1.2 per kilowatt-hour (kWh). (Note: Both rates are subject to VAT).

The 10-minute rule

One of the most critical updates for EV owners is the introduction of a waiting fee. To ensure chargers remain available for everyone, motorists are granted a 10-minute grace period once their charging session ends.

  • After 10 minutes, A fee of Dh2 per minute kicks in.
  • The Cap: This fee is capped at 60 minutes, but don’t get comfortable leaving your car connected beyond this could result in a Dh1,000 fine.

The Dh1,000 ‘blocker’ fine

If you drive a non-electric vehicle, be warned: parking in an EV-designated spot or blocking access to a charger now carries a heavy Dh1,000 penalty.

Furthermore, Sharjah Police have been empowered to impound any vehicle (electric or non-electric) left in a charging space for more than 24 hours. The owner will be responsible for all towing and storage costs.

Strict licensing for property owners

For developers and private homeowners, the law is clear: installing or operating a charging station without prior approval from authorities like SEWA or the Sharjah RTA is illegal.

  • Dh10,000 fine for operating without a license.
  • Dh5,000 fine for failing to meet safety and technical standards.
  • Dh2,000 fine for damaging any charging infrastructure (plus repair costs).

The implementation is a multi-agency effort involving SEWA, Bee’ah Group, Sharjah Police, and the RTA. By standardising digital payments and remote monitoring, Sharjah is ensuring that its infrastructure is ready for the 2026 surge in EV adoption.

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Your one-step guide to Emirates ID and residency visa renewal in 2026

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For years, the visa run or the medical-to-ID process was a familiar rite of passage for newcomers to the UAE, often involving multiple steps and repeated paperwork. New employees as well as residents were required to complete a mandatory medical test before applying for or renewing their residency visa, followed by a separate application for an Emirates ID.

As of April this year, that era has officially come to an end. Under the latest reforms introduced by the Federal Authority for Identity, Citizenship, Customs and Port Security, the UAE has streamlined these procedures by fully integrating residency and identity services into a single, seamless digital process, marking a significant shift toward efficiency and ease for residents.

Here is everything you need to know to finish your renewal in minutes, not days.

1. What is the one-step process

The one-step renewal is a unified application. When you initiate your residency renewal (whether through your employer or as a self-sponsored resident), the system automatically triggers your Emirates ID renewal in the same application.

  • No more separate forms: One fee, one application, one approval.
  • Unified Data: The system pulls your updated medical results and insurance status directly from the health authorities.

2. The digital checklist

Before you log in, ensure you have clear digital copies of:

  • Original Passport: Must be valid for at least six months.
  • Current Emirates ID: You will need the ID number for the login.
  • Personal Photo: A high-quality digital photo with a white background (no glasses/accessories).
  • UAE Pass: This is now the mandatory key to access all ICP services. Ensure your UAE Pass is upgraded to verified status.

3. How to renew in 4 minutes

  1. Log In: Open the UAEICP Smart App or visit the ICP portal. Log in using your UAE Pass.
  2. Select Renew Residency & ID: The system will show your current profile. Click on the renewal button for yourself or your dependents.
  3. Review Retrieved Data: The magic of 2026 is that your medical fitness results and health insurance data are now automatically linked. If they don’t appear, simply click Refresh Data.
  4. One-Time Payment: You will see a single total fee. This includes the residency sticker (e-version), the Emirates ID issuance, and courier fees.
  5. Biometrics (The exception): If you have renewed before and your fingerprints are on file, you are done. If you are a new resident or your data needs an update, the app will generate a Biometric Appointment slot for you automatically.

4. Fees and timelines

  • Cost: Fees can vary based on visa duration (1, 2, or 10 years). Visa charges are stated on each service card on the websites of ICP and GDRFA-D.
  • Printing: Once approved, your digital Emirates ID is available immediately on the UAEICP app and the UAE Wallet.
  • Delivery: Your physical card will be delivered to your doorstep via an authorised courier within 3 to 5 working days.
  • Visa regulations and costs are subject to change and should always be double-checked with your travel agent or local Embassy of the UAE before travelling.

5. Avoid late fines

The grace period has been standardised in 2026. You generally have 30 days to renew after expiry. After this, a per-day fine is applied for both residency and ID delays.

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