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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 weather for Eid: Temperatures to hit 48°C during holidays

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The National Centre of Meteorology (NCM) has forecast hot weather across the UAE throughout the Eid Al Adha holiday period, with temperatures expected to climb as high as 48°C in inland areas.

According to the forecast covering May 25 to May 31, inland regions will experience particularly intense daytime heat, while coastal areas and islands are expected to remain relatively hot. Weather conditions will generally stay fair, with occasional partly cloudy skies over the eastern parts of the country.

Night-time and early morning conditions are expected to be more moderate, although humidity levels will rise in some coastal areas, increasing the possibility of fog or light fog formation on Monday and Friday mornings.

Winds are forecast to be light to moderate overall but becoming active at times during the daytime, especially in open areas where blowing dust may reduce visibility.

Sea conditions in both the Arabian Gulf and the Oman Sea are expected to remain slight throughout the holiday period.

The NCM said maximum temperatures could range between 35°C and 43°C along coastal areas and islands, while inland regions may see highs of 43°C to 48°C. Mountainous areas are expected to remain comparatively cooler, with temperatures between 28°C and 35°C.

Residents have been advised to avoid prolonged direct exposure to sunlight during peak daytime hours, particularly during outdoor Eid activities.

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Dubai freezes private school fees for academic year 2026–27

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The Knowledge and Human Development Authority (KHDA) has confirmed that private school fees across Dubai will remain unchanged for the 2026–27 academic year following a leadership directive aimed at supporting families and maintaining stability in the education sector.

The decision was issued under the guidance of Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, and comes as part of wider measures designed to strengthen Dubai’s private education system while easing financial pressure on parents.

The announcement follows approval of Dubai’s second economic incentives package worth Dh1.5 billion, bringing the total value of recent support measures introduced across the emirate to Dh2.5 billion.

Financial support for schools and nurseries

As part of the latest package, private schools regulated by KHDA will receive several forms of operational support, including deferred licence renewal fees and delayed payment of fines.

Early childhood centres will also benefit from exemptions on licence renewal fees, fines and Dubai Municipality market fees.

Additional support from Knowledge Fund Establishment will include partial rent exemptions and extended rent-free periods for centres currently under development.

Authorities said the measures are intended to help education providers maintain operational stability while ensuring families continue to have access to affordable learning options.

Stability for families

Officials said the fee freeze and support measures aim to balance the needs of both families and education providers while reinforcing long-term confidence in Dubai’s education system.

Additional measures announced include temporary freezes on rent increases, deferred rental payments and suspension of certain contractual penalties for education institutions

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Dubai announces free parking and extended public transport timings for Eid

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Roads and Transport Authority has confirmed a series of transport and parking changes across Dubai for the Eid Al Adha 2026 holiday, including free public parking, extended Dubai Metro operating hours and updated public bus schedules.

The announcement covers public parking zones, the Dubai Metro, Dubai Tram, buses, marine transport services and customer happiness centres during the long Eid break.

Free parking across city

Dubai residents and visitors will be able to use public parking spaces free of charge from Monday, May 25, until Friday, May 29.

The RTA clarified that the free parking arrangement applies to all public parking zones except multi-storey parking terminals, which will continue operating with regular paid tariffs.

The update comes shortly after Parkin expanded its smart parking system across parts of Dubai using AI-powered parking cameras and digital payment technologies.

Metro and tram timings

Dubai Metro Red and Green Line stations will operate daily from 5am until 1am the following day between May 25 and May 31, giving commuters and Eid visitors extended travel flexibility across the city.

Meanwhile, Dubai Tram services will run from 6am to 1am the following day during the Eid holiday period.

The extended operating hours are expected to support increased movement across shopping destinations, tourist attractions and Eid events taking place around Dubai.

Bus schedules

RTA also confirmed temporary adjustments to some bus services during the holiday.

Passengers travelling between Dubai and Abu Dhabi should note that the Bus Route E100 from Al Ghubaiba Bus Station will be suspended from May 25 to May 31.

Travellers heading to Abu Dhabi are instead advised to use Bus Route E101 operating from Ibn Battuta Bus Station.

Updated bus schedules and timings will remain available through the S’hail smart application.

RTA centres

All RTA Customer Happiness Centres will remain closed during the Eid Al Adha break.

However, Smart Customer Happiness Centres at Umm Ramool and smart kiosks across locations, including Deira, Al Barsha, Al Tawar, Al Kifaf and the RTA Head Office, will continue operating 24 hours a day throughout the holiday.

Dubai typically sees a major rise in public transport usage during Eid holidays as residents and tourists move across shopping malls, beaches, entertainment destinations and family gatherings throughout the emirate.

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