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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.

Crime

UAE issues stark warning on price fixing: ‘It’s a crime’

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Price manipulation isn’t just unfair, it’s illegal in the UAE.

The UAE Public Prosecution has issued a strong warning to businesses, making it clear that inflating or fixing prices crosses the line into criminal activity, not clever strategy.

In a statement shared online, authorities reinforced that the UAE’s free-market system is built on fairness, transparency, and strict legal oversight. Any attempt to distort competition or exploit consumers is taken seriously and can carry legal consequences.

At the centre of this is Federal Decree-Law No. 36 of 2023, which bans monopolistic behaviour, price-fixing agreements, and the misuse of market dominance. The goal: keep markets open, competitive, and fair for everyone.

The Public Prosecution also highlighted its role in cracking down on economic crimes, working closely with other authorities to detect violations and protect consumers.

The message is simple: if you manipulate prices, you’re not just bending the rules — you’re breaking the law.

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Don’t drive away: New Sharjah campaign targets minor hit-and-run cases

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Motorists in Sharjah are being reminded to stay put after any accident, no matter how minor.

Sharjah Police has issued a fresh warning that leaving the scene of a collision, even a small scratch or low-speed bump, can lead to serious legal and financial consequences.

As part of a new awareness campaign, authorities stressed that every traffic accident must be reported, regardless of how insignificant it may seem. What some drivers consider a harmless parking lot scrape is officially treated as a hit-and-run if they drive away without reporting it.

The reminder comes as officials aim to clear up a common misunderstanding, many motorists assume minor incidents in residential areas or parking spaces don’t need to be reported. According to police, that’s simply not the case.

Under current traffic rules, leaving the scene of a minor accident can result in a Dh500 fine, eight black points on a driver’s record, and vehicle impoundment for seven days. Release fees can go up to Dh5,000, and repeated violations may even lead to licence suspension.

To drive the message home, police released an awareness video showing how quickly small accidents can happen in tight spaces like parking lots and narrow streets, and how easily they can turn into bigger legal issues when drivers fail to stop.

Authorities are urging motorists to stay at the scene, check on everyone involved, and report the incident through official channels, including the police app or by calling 901 for non-emergency situations.

In the end, officials emphasise that reporting an accident right away is the safest and simplest option, helping resolve matters quickly while avoiding penalties that can far outweigh the original incident.

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Education

Driving through school zones? Slow down say Abu Dhabi Police

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Authorities in Abu Dhabi are reminding motorists to exercise extra caution when driving near schools, highlighting the risks posed by distractions and heavy traffic during peak hours.

Abu Dhabi Police stressed the importance of staying fully focused on the road, particularly during morning drop-offs and afternoon pick-ups, when congestion and pedestrian activity increase significantly.

Drivers have been advised to reduce speed, respect pedestrian crossings and come to a complete stop when school bus stop signs are displayed. Officials warned that using mobile phones or engaging in other distractions while driving can pose serious dangers to students and other road users.

Police also emphasised that road safety is a shared responsibility, calling on parents and the wider community to support safe driving practices and help create a secure environment around schools.

Authorities added that awareness and enforcement campaigns will continue as part of broader efforts to enhance road safety and community wellbeing across the emirate.


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