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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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Dubai Ruler calls on citizens and residents to raise UAE flag in nationwide show of unity and resilience

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In a powerful message of national unity, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has called on everyone across the nation to raise the UAE flag over homes, buildings, and institutions.

The call underscores a renewed emphasis on national identity, collective responsibility and social cohesion, reinforcing the flag’s role as a unifying symbol across the country.

Sheikh Mohammed said the UAE had navigated recent challenges with strong unity, emerging more cohesive and aligned across all segments of society, including citizens and residents, as well as public and private sectors.

“The UAE faced recent challenges united and has come through them stronger and more cohesive. Everyone stood behind one flag,” he said.

“The UAE flag reflects our strength and what we have built as a country. I invite everyone to raise it across homes and workplaces.”

He added: “We take pride in our country, our President, our Armed Forces, our economy, and all citizens and residents who move this country forward every day.”

Sheikh Mohammed further urged that the flag be raised across every home and building, describing it as a reflection of unity and a shared sense of belonging.

The initiative highlights the importance of national identity and shared values, while recognising the contributions of individuals and institutions across the country, including frontline teams and those supporting the UAE’s continued development.

It also reinforces that raising the flag is a collective expression of solidarity, reflecting cohesion across society and a shared sense of belonging.

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Dubai’s new shop and park cashback initiative to help motorists offset parking fees by supporting local businesses 

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As the city navigates a complex month of regional shifts and unsettled weather, Parkin Company, Dubai’s largest provider of paid public parking, has launched a timely initiative to revitalise local commerce. The new Spot for Shops programme, unveiled on Thursday, allows motorists to offset their parking fees by supporting neighbourhood shops across the city.

Turning parking into local support
Under the new scheme, customers making qualifying purchases at participating small businesses can have their parking fees credited back to their Parkin wallet. The validation process is handled seamlessly via the Parkin app using the customer’s mobile number.

“Small businesses play a vital role in Dubai’s economic landscape,” said Osama AlSafi, Chief Operating Officer at Parkin. “By connecting parking with everyday retail experiences, we are making it easier for customers to access neighbourhood destinations while supporting the city’s growth.”

The first wave of ‘Hidden Gems’
The pilot phase, set to go live in early May 2026, includes 15 initial outlets. High-profile neighbourhood staples such as the legendary Ravi Restaurant, Beirut Blendz, Cycle 2 Cycle, and Naif Bakery are among the first to join the programme. This move is expected to significantly boost footfall for community retailers at a time when residents are staying closer to home due to intermittent rainfall and regional travel caution.

Navigating a shifting landscape
The launch comes as the Dubai entertainment and music industry continues to pivot toward localised experiences. With international event schedules being recalibrated due to the ongoing regional crisis, the “Spot for Shops” initiative aligns with a broader city-wide trend: a return to community-centric living.

How to claim your parking cashback:

  1. Park: Use any paid Parkin space near a participating business.
  2. Pay: Complete your initial parking fee via the app or SMS as usual.
  3. Shop: Visit a participating outlet (look for the Spot for Shops signage).
  4. Validate: The merchant validates your parking via your mobile number.
  5. Earn: The cashback value is credited instantly to your Parkin wallet.

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Dubai mosques to get EV charging stations in new sustainability move

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Your local mosque parking lot is get about to become a green hub. Dubai’s Islamic Affairs and Charitable Activities Department (IACAD) has signed a major deal to bring electric vehicle (EV) charging stations to mosque parking spaces across the city.

The 8-year agreement was signed (April 8), with the Emarat EV Charging Stations Company (UAEV). This move turns mosque parking areas into convenient spots for residents to power up their cars during prayer times or visits.

This isn’t just about a few plugs; it’s a full-scale smart infrastructure project:

  • Advanced Tech: Installation of modern, high-speed charging units.
  • Smart App: A dedicated digital application will show you exactly where the nearest available mosque charger is in real-time.
  • Easy Payments: Secure, integrated smart payment systems for a seamless experience.
  • Continuous Care: UAEV will handle all maintenance and performance monitoring.

This initiative follows just days after the announcement of 600 new supercharging spaces being installed at public parks and beaches.

  • Community Hubs: Mosques will now serve as multi-functional spaces that support sustainable mobility.
  • Environmental Goals: The project supports the UAE’s mission to have 50% of vehicles on the road be battery-electric by 2050.

Finding a charger in Dubai is getting much easier. By integrating clean energy into community spaces like mosques, Dubai is making eco-friendly living a natural part of daily life.

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