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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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Sharjah wants residents to cut down on single-use products: Here’s how you can help

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Sharjah has launched a new sustainability campaign encouraging residents to swap single-use products for reusable alternatives as part of its efforts to create a cleaner and greener emirate.

Called ‘Sharjah Deserves the Best’, the initiative will run until December 31 to help individuals, families and businesses adopt environmentally friendly habits in their everyday lives.

Here’s everything you need to know.

What is it all about?

The campaign focuses on reducing waste by encouraging people to replace disposable items with reusable alternatives.

It is part of Sharjah’s wider sustainability strategy and supports the UAE’s environmental goals by promoting responsible consumption and protecting natural resources.

How can residents help?

The campaign encourages simple everyday actions such as:

  • Carrying reusable shopping bags.
  • Using refillable water bottles.
  • Choosing reusable coffee cups.
  • Avoiding disposable cutlery and straws.
  • Using reusable food containers instead of single-use packaging.
  • Reducing unnecessary waste at home and work.

The idea is that small lifestyle changes, when adopted by many people, can have a significant environmental impact.

How will the campaign reach people?

Throughout the year, residents can expect to see:

  • Awareness campaigns on TV, radio and social media.
  • Educational programmes in schools and communities.
  • Interactive exhibitions and workshops.
  • Community events promoting sustainable living.
  • Distribution of reusable shopping bags at shopping centres.

The campaign is designed to engage people of all ages and make sustainable choices easier to understand and adopt.

Why is Sharjah focusing on single-use products?

Disposable products are one of the biggest contributors to household waste and environmental pollution.

Replacing them with reusable alternatives can help:

  • Reduce landfill waste.
  • Cut plastic pollution.
  • Conserve natural resources.
  • Lower carbon emissions linked to manufacturing disposable products.
  • Encourage more sustainable consumption habits.

Across the UAE, authorities have introduced measures to phase out many disposable products while encouraging businesses and consumers to adopt more sustainable alternatives.

Sharjah’s initiative complements these efforts by focusing on public awareness and long-term behavioural change.

The campaign highlights that sustainability doesn’t always require major lifestyle changes. Simple actions, such as bringing your own shopping bag or reusable water bottle, can collectively reduce waste and help protect the environment.

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You can now pay for parking at Dubai Harbour using Salik account

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Paying for parking in Dubai just became easier.

Motorists using the new Harbour West Car Park at Dubai Harbour can now pay parking charges directly through their Salik account, eliminating the need for paper tickets, cash or payment machines.

The new service, launched through a partnership between Salik and Shamal in collaboration with Parkonic, came into effect on July 13.

Here’s what drivers need to know.

How does the new Salik parking system work?

The system uses automatic number plate recognition (ANPR) technology to identify your vehicle when you enter and exit the car park.

Instead of taking a ticket or paying before leaving, the parking fee is automatically charged to your linked Salik account.

The process is completely contactless and requires no manual payment.

Where can you use it?

The service is currently available at the new Harbour West Car Park in Dubai Harbour.

The nine-storey facility offers:

  • 845 parking spaces
  • Rooftop parking
  • Easy access to Dubai Harbour attractions

Who will benefit?

The car park is expected to serve visitors travelling to:

  • Dubai Harbour
  • Dubai Marina
  • Marina Walk
  • Jumeirah Beach Residence (JBR)
  • Dubai Media City
  • Dubai Internet City

The location is designed to accommodate both residents and tourists visiting one of Dubai’s busiest waterfront districts.

What are the benefits for drivers?

Using Salik for parking offers several advantages:

  • No paper parking tickets.
  • No cash payments.
  • No waiting at payment machines.
  • Faster entry and exit.
  • Automatic payment through your Salik account.
  • A smoother parking experience.

The system also helps reduce queues and improves traffic flow within the parking facility.

Is Salik becoming more than a toll system?

Yes.

While Salik is best known for collecting road tolls across Dubai, the company is gradually expanding into a broader digital mobility platform.

The addition of parking payments is part of Salik’s strategy to offer integrated transport and payment services beyond toll gates.

The partnership supports Dubai’s ambition to become one of the world’s smartest cities by making everyday transport services more seamless and digital.

For drivers, it means fewer payment steps, quicker exits from parking facilities and a more convenient experience, whether commuting or visiting popular destinations around Dubai Harbour.

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Dubai’s Palm Monorail back in service after 6-month shutdown

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The Palm Monorail has officially resumed operations after a six-month maintenance closure, once again providing residents and tourists with a quick and convenient way to travel across Palm Jumeirah.

The operator announced the reopening on social media, confirming that services are back on track following planned maintenance work that began in January.

The reopening restores an important transport link connecting some of Dubai’s most popular attractions, hotels and residential communities.

Route and stations

The elevated 5.5-kilometre monorail runs from Gateway Station at the entrance of Palm Jumeirah to Atlantis Aquaventure, with stops at several key destinations along the way.

Stations include:

  • Gateway Station
  • Palm Jumeirah Mall
  • Al Ittihad Park
  • Golden Mile Galleria
  • Atlantis Aquaventure

The journey provides easy access to shopping centres, beachfront resorts, entertainment venues and residential areas across the island.

Journey time

A complete trip from Gateway Station to Atlantis Aquaventure takes approximately nine minutes.

Travel time between individual stations is around three minutes, making it one of the fastest ways to get around Palm Jumeirah.

Ticket prices

Passengers can choose from several ticket options.

Current fares include:

  • Single journey: Dh10
  • Return ticket: Dh15

Family packages and unlimited travel passes are also available.

Tickets can be purchased online or through the Palm Monorail’s official booking channels.

Operating hours

The Palm Monorail operates daily with trains running every 15 minutes.

From Gateway Station:

  • First train: 9am
  • Last train: 9am

From Atlantis Aquaventure:

  • First train: 9:15am
  • Last train: 10am

With affordable fares, frequent departures and direct access to major attractions, the Palm Monorail service is expected to ease travel across one of Dubai’s most visited destinations.

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