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.
UAE residents looking for something to do after sunset can turn their eyes to the sky tonight as the Perseids meteor shower makes an appearance.
For the best chance of seeing the celestial display, darker locations away from the bright lights of the cities could be worth the drive. The UAE’s mountainous areas, including Jebel Jais and Jebel Hafeet, are among the cooler options for spending an evening outdoors.
The meteor shower arrives as the country experiences another hot summer day, with temperatures expected to reach 45°C in Dubai, Abu Dhabi and Umm Al Quwain.
Where can you watch the shower in the UAE?
The UAE’s mountainous regions can offer more favourable conditions for stargazing because they are farther from urban light pollution.
Jebel Jais in Ras Al Khaimah and Jebel Hafeet in Al Ain are two popular options for those looking to escape the city lights and watch the night sky.
The National Centre of Meteorology (NCM) expects temperatures in mountainous areas to remain comparatively lower, at around 32°C to 38°C.
If you’re planning to watch from a remote location, choose an established and safe viewing area, and check conditions before setting out.
Chances of rain in the east
While the skies may be the main attraction tonight, the weather earlier in the day could be less predictable in parts of eastern UAE.
The NCM forecasts fair to partly cloudy conditions, with the possibility of convective clouds developing over eastern areas during the afternoon.
That could bring rainfall to places such as Fujairah, Kalba and Khor Fakkan.
Sea conditions remain slight
The NCM expects slight sea conditions in both the Arabian Gulf and the Sea of Oman.
Anyone planning marine activities should check the latest official forecast before heading out.
So while the UAE remains firmly in summer mode, tonight offers residents a chance to swap city lights for the night sky and look out for the Perseids.
Public sector employees in Dubai will get a day off on Friday, August 28, as the emirate marks the birthday of the Prophet Mohammed (PBUH).
The holiday has been announced for authorities, departments and institutions operating under the Dubai Government.
Normal work will resume on Monday, August 31, giving government employees a three-day weekend.
Who gets a holiday?
The holiday applies to employees working for entities affiliated with the Dubai Government.
However, it does not cover everyone working within government organisations.
Employees whose jobs require them to work on shifts, provide services directly to the public or operate essential public-service facilities may still be required to work during the holiday.
Individual government entities will decide the working arrangements for these employees based on their operational needs.
Essential services will continue
The Dubai Government Human Resources Department said arrangements will be made to ensure that public services continue normally during the holiday.
Employees whose roles are essential to maintaining government operations may therefore have different working schedules.
Their working hours will be determined by their respective government departments and authorities.
This approach allows the holiday to be observed while ensuring that critical services and facilities remain operational.
When do Dubai government offices reopen?
Government employees who are covered by the holiday will return to work on Monday, August 31. The Friday holiday, followed by the weekend, means eligible employees will have three consecutive days away from work before returning on Monday.
Why is August 28 a holiday?
The holiday marks the birthday of the Prophet Mohammed (PBUH), an occasion observed across the region.
The Dubai Government Human Resources Department also extended its congratulations to the UAE leadership, citizens and residents on the occasion, wishing the country continued security, prosperity and progress.
For Dubai government employees, the announcement means a three-day break at the end of August, while essential government services will continue operating according to individual departments’ requirements.
Businesses across the UAE that play music for commercial purposes will face a new licensing system from December 2026, under rules announced by the Ministry of Economy and Tourism.
The new framework introduces licensing fees for a wide range of businesses and organisations that use music commercially, including restaurants, cafes, hotels, shopping malls, gyms and airlines.
Radio and television broadcasters, as well as concert organisers, will also fall under the new system.
The changes are outlined in the ministry’s new Collective Management in Music Guide, which sets out how music copyright and related rights will be managed across the UAE.
Which businesses will have to pay?
The new licensing requirements will apply to venues and businesses that commercially use music.
This includes:
Restaurants Cafes Hotels Shopping malls Gyms Airlines Radio stations Television channels Concerts and other commercial music events
The amount businesses pay will not be the same across the board. Instead, fees will be calculated using a sliding-scale system, taking into account factors such as the type of music use and the size or nature of the business.
When do the new UAE music fees start?
The new licensing fees are scheduled to come into effect in December 2026.
Businesses that require a licence will receive a renewable one-year licence. The fees will be collected through the organisations responsible for managing music rights, including the Emirates Music Rights Association and Music Nation.
These organisations represent rights holders across the music industry, including composers, songwriters, singers, instrumentalists, record producers and music publishers.
Why is the UAE introducing the new system?
The government says the new framework is designed to create a more structured system for managing copyright and related rights in the UAE.
According to the Ministry of Economy and Tourism, standardising licensing requirements and fees should help reduce copyright violations while bringing the UAE’s approach more closely in line with international practices.
For businesses, that means music used as part of the customer experience, whether in a restaurant, hotel, gym or another commercial setting, will be subject to clearer licensing requirements.
Who is exempt from the music licensing fees?
Not every organisation or event will be covered by the new commercial licensing requirements.
The guide identifies exemptions that include: Schools and academic institutions Non-commercial celebrations National events
This means the new fees are primarily focused on the commercial use of music rather than private or educational settings.
New fund will support UAE music talent
The new framework also includes a support mechanism for the country’s music industry.
A Cultural Support Fund in the Field of Music will be established to provide financial assistance and technical support to artists, performers and producers.
Under the new system, 10 per cent of the fees collected will be directed towards the fund.
The money will be used to support emerging musical talent and help promote Emirati music internationally.
What does this mean for UAE businesses?
For businesses that regularly play music for customers, the biggest change will be the introduction of a formal licensing requirement and associated annual fees.
The exact amount will depend on how the music is being used and the characteristics of the business, rather than being a single flat charge for every venue.
Businesses that rely on music as part of their atmosphere or entertainment offering will therefore need to factor the new licensing requirements into their operations from December 2026.
At the same time, the government says the system is intended to ensure creators and other rights holders receive appropriate recognition and compensation when their work is used commercially.
Music licensing rules:
Start date: December 2026 Licence period: One year, renewable Applies to: Commercial users of music Examples: Restaurants, cafes, hotels, malls, gyms and airlines Also covered: Radio, television and concerts Fee structure: Sliding scale based on use and business characteristics Exemptions: Schools, academic institutions, non-commercial celebrations and national events Music support fund: 10% of collected fees
For UAE businesses, the new rules mark a significant change in how commercial music use will be licensed, while the accompanying support fund is designed to put part of those revenues back into the country’s developing music sector.