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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 airport welcomes travellers with special Dubai World Cup passport stamp

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Travellers arriving at Dubai International Airport are being greeted with a unique souvenir, a special stamp on their passports celebrating the Dubai World Cup 2026.

The initiative, launched by the General Directorate of Identity and Foreigners Affairs (GDRFA), marks the 30th edition (Pearl Jubilee) of one of the world’s most prestigious horse racing events.

A grand sporting celebration

The iconic Dubai World Cup will take place on Saturday, March 28 at Meydan Racecourse, drawing global attention from racing fans and elite stables.

This year’s event promises high-stakes action:

  • 100 horses from top international stables
  • Nine races across the evening
  • Total prize pool of $30.5 million

Spotlight on the main race

The highlight of the night is the $12 million Dubai World Cup race, sponsored by Emirates Airline.

Run over 2,000 metres on dirt, the Group 1 race will feature some of the world’s top thoroughbreds, including:

  • “Hit Show” – last year’s winner
  • “Forever Young” – UAE Derby and Saudi Cup champion
  • “Imperial Emperor”
  • “Meidan” – Super Saturday winner

A memorable arrival experience

The commemorative passport stamp adds a celebratory touch for visitors landing in Dubai, tying their arrival to one of the city’s biggest sporting spectacles.

With excitement building ahead of race day, Dubai is once again showcasing its ability to blend world-class sport with unique visitor experiences.

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Education

Dubai schools extend remote learning until April 3

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Private schools and early learning centres in Dubai will continue with remote learning until April 3, authorities have confirmed, as precautionary measures remain in place.

The Knowledge and Human Development Authority (KHDA) announced the extension on Friday, citing ongoing monitoring of conditions across the emirate.

Weekly review in place

The Ministry of Education UAE had earlier confirmed that distance learning for nurseries, public, and private schools will continue until April 3, with the situation under weekly review.

Authorities stressed that updates will be shared promptly as conditions evolve.

Return to classrooms under review

KHDA also noted that a flexible mechanism will be introduced, allowing private schools to request a return to in-person learning when appropriate.

These decisions will depend on:

  • Each school’s operational readiness
  • Student safety and wellbeing
  • Overall conditions across the education sector

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Rain in Dubai: Why your food and grocery deliveries may be delayed today

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If your food or grocery delivery is taking longer than usual, the reason lies in the severe weather currently sweeping across the city.

With heavy rains, strong winds, and thunderstorms hitting Dubai, Dubai Police has advised delivery riders to temporarily halt services during unsafe conditions, putting safety ahead of speed.

Safety first, deliveries later

Authorities have urged riders to avoid travelling during intense rainfall, especially in:

  • Flooded streets
  • Low-visibility conditions
  • Areas prone to water accumulation

This means many delivery services may be paused or significantly delayed, particularly during peak rainfall hours.

Why delays are necessary

Officials warn that riding in such conditions can be dangerous. Risks include:

  • Slippery roads and skidding
  • Poor visibility due to heavy rain
  • Waterlogged streets that can stall bikes

To reduce accidents, riders are being encouraged to wait until conditions improve before resuming deliveries.

Even taxis are running late

Taxi drivers have also been told to drive cautiously and avoid flooded areas, which could slow overall traffic movement across the city, adding to delays.

What you should expect

  • Longer wait times for food and grocery orders
  • Temporary service interruptions in some areas
  • Limited rider availability during storms

What you can do

  • Plan ahead and order earlier if possible
  • Expect delays and track orders in real time
  • Avoid placing urgent orders during peak storms

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